Altronix App is a binary options automated trader which was released close to a year ago. Just as a disclaimer, it is not in any way related to Altronix Inc., the electronics company. In fact, the only common thing between them is the name. Altronix Inc, on the other hand is a reputable private company which manufactures quite great electronics. With that said, let’s turn our attention back to Altronix App, a binary options broker or automated binary options robot as it represents somewhat both, about which you are here to read.
Is Altronix App a scam? It might be. However, that is not enough and we will tell you why you should keep your distance. As always we don’t believe in rumors or hearsay and our arguments are always supported by proof.
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Altronix is a binary auto trader developed and owned by Frank Saunders. He is said (on the site) to be a professional Wall Street trader who developed a liking to binary options and the profit making potential it promises. Apparently, Frank used his extensive trading knowledge from his Wall Street days to create the app, which he says will make you quit your job in 90 days. And not because of stress and exhaustion, although from what we know about this software, that could be a possibility. What he means is that the app will make you so much money that you won’t see the need of sitting behind a painfully uncomfortable desk with a heap of papers waiting for you, anymore.
Surprisingly, Frank Saunders and co. don’t mention how much to expect in daily profits as all other similar sites do. Even so, we don’t believe that this is a sign that they are legit; rather it is something they had to do out of necessity. See, Frank Saunders might be a con, but he isn’t stupid by any means. It is also not the first time that he is doing this, so he, of all people knows what critics look at when reviewing auto traders. He knows that the ‘Sign up and become a millionaire’ bullshit doesn’t work anymore. As such, he pretty much rephrased it to ‘Sign Up and you could be leaving your job in three months’. The two taglines basically mean the same and are very common in scam sites but, being an experienced can, Frank knows to play around with words to achieve the same effect. Unfortunately for him and his ilk, we are always one step ahead of them and can see through any crap sent our way.
How Altronix App works
Frank Saunders talks about designing his software to work like the brain of a professional Wall Street trader, including the efficiency and accuracy. It monitors millions of social media posts, corporate reports such as profit or loss announcements and scans through market news. It then analyzes the data and trades according to the overall market sentiments. To their credit, Frank and his team are right on this (if it is true). Market trends are generally determined by the actions of traders, a concept that has been used in Wall Street for decades. Basically, if more traders are buying a certain stock or commodity, the price of that commodity tends to increase. The opposite is also true. Also, since all traders are human being and are vulnerable to emotional responses, predicting these reactions helps to determine market prices. For instance, if a certain company is expected to announce huge 2nd quarter profits, traders, looking for quick profits, will rush to buy the company’s stock as soon as possible hoping to sell at higher prices. As a result, the stock’s price rises up even before the quarter results are announced.
To cut the long story short, Altronix App does not really rely on technical indicators such as RSI to generate its signals; it relies on the human factor, so to speak. In most cases, Auto Traders which operate this way rarely go wrong. However, these are very few – the legit ones that is. Otherwise, Frank Saunders is very economical with the truth regarding how Altronix works. As such, we have some doubts about his whole presentation, in particular the part where he explains how the app functions. We noted that he provided very little details apart from the general statement. Thus, the whole thing sounds more like a sales presentation than an introduction to a trading app said to be among the most profitable. Again, we are not told what type of algorithm(s) the system is programmed with. These are usually meant for collection and analysis of data and are very crucial in the whole process. The same applies to the technical indicators which, in this case should complement the human data analysis and assist in the generation of even better signals. If you are a trader who, from past experience, prefers to know the finer details of an auto trader before signing up, the Altronix sales video will be a disappointment.
The charges you will pay for using Altronix App are relative. They depend on whether you plan to open an account with one of their affiliated brokers or link to the site using your existing broker account. Basically, opening both an Altronix App account and broker account at the site gives you free access. Not really free as when you make a deposit Altronix will receive a certain percentage as commission, but it isn’t like you are going to get directly charged.
On the other hand, if you already have a trading account with a different broker, you won’t have to open a new one if you don’t want to. The site allows you to link up directly from your broker account but you will have to pay some regular service charges. Makes sense as the site won’t receive commissions from your broker. It is also a commendable move and Altronix is one of the very few sites which allow traders to sign up with their old trading accounts. This makes it easy to split if the app doesn’t work for you as opposed to the other alternative where you have to get a new account when you split.
If you really like the Altronix App and would want to give it a try, even against our advice, below is how to go about getting started.
Open an account – This can be done by visiting AltronixApp.com and clicking on the Sign Up tab. When doing this, you have to first decide what you want. If you would like to register an account with one of the recommended brokers, the site provides that option and all you have to do is follow the prompts as they are. After doing this, fund your account and click on the Auto Trade button and you’re ready to go. The second and most convenient option is to link Altronix to your existing trading account. Note that you will be required to pay a service fee depending on the number and size of trades executed.
Start trading – After complying with all the registration requirements including funding your account, you can now start trading. We didn’t find anything to talk about as far as flexibility of trading settings go. You can however set the maximum number of trades the system can place per day and how much you want to be invested in every trade. After that, it’s all systems go, literally.
Still on the above point, it is somewhat disturbing that Altronix do not let traders choose their indicators or system of trading. Traders are different and there are those, for instance, who prefer less risky trading with consistent small profits while others are into the fast, highly risky trades with quicker and higher profits. It is a bad business move to put them all in one basket and place uniform trades.
Proof that Altronix App is a scam
All over the site, there are bits of evidence here and there which prove that Altronix is the next big scam. However, these are difficult to note for an ordinary person and only experienced traders will note the contradictions. Nonetheless, there are a few obvious statements that prove that the site is not legit. Since these are very easy to confirm, we will pay a little more attention to them. Here they are:
Use of fake actors – In the members’ area, there is a page titled “Widgets” where ‘trader’ give their testimonials saying how much Altronix doubled their earnings in days and so on. Just looking closely, you will note that all of them are positive, glowing reviews. Being a human being, you know very well that public opinion is always divided, no matter the situation. It is therefore odd that all the traders in this section speak in one voice and heap praises on Altronix. Moving on but still on the Widgets page, we noticed a few paid actors including one man called Bernard Watts. An image search of his photo took us to cd4models.com where the same man is listed as Vladimir Yegorov.
Altronix the new Citidel Ltd? – For your information, Citidel is an auto trading software that came out some time back and which we all unanimously agreed was a scam. Ironically, most of the people whose testimonials appear on the Altronix website also had the same things to say on Citidel. The photos are the same and so are the exact words. The only thing that changed are the names. From this observation, we have reason to believe that the same people who were behind Citidel are behind Altronix too.
Frank of all (illegal) trades! – As we mentioned before, this is not the first time we are meeting the man who claims to be Frank Saunders. We last saw him, minus some tweaks to his appearance, in illegal sites like Copy Buffet and Trade Fusion. Of course he had different names then, and until he proves beyond reasonable doubt that he has an identical twin, we will regard him as a conman who assumes different identities to con people.
Altronix App is nothing but an elaborate scheme to deceive you to register with unregulated brokers and deposit as much as you can in the hope of getting the advertised huge profits. We, as well as other traders who fell for the elaborate lies, can confirm that Altronix App doesn’t work at all. First of all, the site partners with the shady brokers to rip you off. The first few trades after registration are quite great, but soon after you make your second deposit – usually higher than the first – things start to go south. All of a sudden, you start making huge losses which eventually deplete your account. At the end of the day you cry all the way to the bank while Altronix and their broker partners toast an expensive drink and congratulate them for a job well done.
Bottom line is, stay away from these smarmy sites which promise to get you on the Forbes list in weeks. Instead, focus on sites like Binary Options Robot which don’t make huge promises but exceed expectations on all fronts. What really makes Binary Options Robot tick is that it features very good brokers – all of them regulated. That, and the fact that it is free of charge.
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Michael Allen is the main author at www.binaryoptionrobotinfo.com. He holds a PhD in Economics and has worked in investment banking for 24 years.
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