We were shocked by what we found! The Banker Profit System is a Binary Options auto-trader by Andrew Teegan launched on the 12th of October 2015. We got to see their website ahead of the launch and this review of the Banker Profit System is based on what we uncovered. The preliminary feedback that we're getting from people is telling us that we were spot on, this is a scam!
Disclosure: We might get a commission fee if you sign up through any of our links.
Banker Profit System Review Summary
- Annoying Browser Pop-Ups: Yes
- Fake Scarcity Counter: Yes
- Paid Actor Testimonials: Yes
- Impossible Revenue Gains: No
- Comes Across As Authentic: No
- Convincing Proof of Profits: No
- Possibility of Being a Scam: 50%
- Price: Free. Have to sign up with one of their brokers.
The Good, The Bad and The Ugly
The Banker Profit System has some elements to it that are truthful and accurate. For instance, Andrew Teegan tells us that it is not a good idea to trade 60 second Binary Options, and that it's much safer to trade 30 minute expiries. That's actually true, trading 60 second or even worse, 30 second binary options does not allow for a lot of trading analysis and you end up with more of a gamble than a trade.
They also very clearly tell us a number of times that the banker profit system only does 30 minute trades, and that Binary Options trades like this are much safer. They claim that they had programmed thousands of algorithms into their auto-trader and that it will only pick the best trades. We must point out that as far as automated trading systems go, I think everyone would agree that you would expect a system like the banker profit system to do exactly that. I was quite amused by this statement, but as the presentation video continued, I was shocked to see how this bot trades!
I'm not exactly sure why the developers of the system thought this was such a great idea, but they are seemingly very proud to point out that their trading robot makes trades that are 61.96% accurate! It's slightly hidden below the video controls, but it is clear when you watch the video. They even mention it a number of times.
This is where I knew there were completely losing the plot. With Binary Options trading, you need to be accurate at least 57% of the time just to break even. If they're only aiming for 62% (they later mention 60%) accuracy, you are barely making money at all.
The Banker Profit System is a Martingale Gambling System
As I was watching their video, it hit me! This is a martingale gambling system! What that means is that if you have a losing trade, the amount you put down for the trade gets doubled (and in this case, more than doubled!). The erroneous reasoning behind this is that with each losing trade, your potential for a profitable trade increases. This is simply not true!
They start off trading with 2.5% of your bankroll (your account total). This is perfectly normal and accepted trading practice, but remember that they themselves said that the Banker Profit System scam is only 60% accurate.
When this trade loses, they increase the amount for the next trade the auto-trader uses to 22.5% of your total account value. Remember that by their own admission you have a 40% chance of that happening, so you are going to see this a lot.
If this trade also loses, the Banker Profit System scam increases the amount they trade with to 67.5% of your bankroll. If you do the math, you will see that together with the previous 22.5% of your trading account, 67.5% of what is left will pretty much leave you without anything if this trade fails.
Don't fall for this, having an automated system martingale your trading account like this can only lead to disaster! This is especially true if the auto-trader has an accuracy rate of a mere 60%.
On top of all of this, I found out that the Banker Profit System scam used fake testimonials and stock photos for their so-called beta testers! This is supposedly “Henry F. from Liverpool, UK”:
However, a very quick search on Google reveals that this is not the Henry F. that we thought we were looking for:
If all of this is not convinced you yet to stay away from the Banker Profit System scam, then take a look at the two images below. The first is a screen capture from their video, claiming that this person is Elizabeth, and below that you will see that we found her profile on Fiverr.com. She's an actress!
Here is her profile on the micro-jobs site Fiverr.com, they simply paid her $5 to do this testimonial!
Consistent 80% Plus Accuracy Alternative
I don't normally give a direct alternative to a scammy system unless it is so bad that I want to do everything I can to keep you away from it. This is one of those cases, so I want you to take a quick look at this for me:
What you're seeing here are the actual trading performance of the top admins and traders that you will get to meet in Mike's Facebook group. This is an invitation-only hidden group.
If you recall what the Banker Profit System scam said about their trading bot, you will remember that they said it is 60% accurate. Well, in Mike's Facebook group, you cannot even become an admin unless you can prove that you are consistently performing at an accuracy rate of 70% or better!
We strongly advise you to not even consider signing up for the Banker Profit System, but to rather sign up for Mike's AutoTrader and Facebook group. Both are free when you sign up for Mike's AutoTrader through one of the brokers provided. If you are a US trader and you cannot find a broker that will accept you, check out our special offer through TradeThunder.