Product: China Millionaire
Is China Millionaire a scam?
I do not know where people come up with the names of this type of products nowadays. China does not even have anything to do with online trading on anything of this sort. The answer to whether China Millionaire is a scam or not is going to be a very simple YES.
I have reviewed similar products in the past and they all have the same fluff that they throw into your face. They all follow the same pattern and there is nothing spectacular or unique to this one.
The Sales video
The sales video was at least colourful to say the least but also filled with a lot of false hype. When you have done a couple of reviews around a specific niche, you can easily say whether a product is a scam just by looking at the sales video. Here are a couple of the things that made me chuckle:
1) The Chinese government wants this banned
This people always want to sell you the next big secret to making money online and some are even so bold that they will tell you that you will become a millionaire.
They will always tell you that this program is a secret that was leaked from the government and if the Chinese government wanted to ban this software, then they would have done it a long time ago.
2) Making use of false testimonials
I do not think that these testimonials are even legit. It is so easy to get a gig from Fiverr where an actor will give these types of testimonials for you. When a testimonial is fake, then it means that the product is an outright scam with no foot to stand on.
3) The video claims that you will have a success rate of 99.8% accuracy
This is an outright lie because there is no way that a software can be this accurate and let’s say that it was this accurate, then why would anyone sell it? The is a list softwares that you can get that will increase your accuracy to maybe 60% or maybe 70% and then you will pay BIG money for it.
4) The program is for free
There is another lie that you need to know about. The software might be free and all, but you need to deposit $250 into your brokers account before you can even take a look at the software.
Below I will tell you what China Millionaire is really about.
What is China Millionaire?
This is not an actual product, but only part of a sales funnel that was designed to make the owner of this landing page some money and leave your wallet dry. When you decide to give them your email address, you will be redirected to a page where you have to create a profile with a broker.
In my case I was taken to OptionFM.com which is a binary options trading platform. The thing is that once you deposit the $250 into the brokers account, the owner of this program will earn a commission for each person that deposited into the account.
Why I do not like to trade
I know that a lot of people will hate me for saying this, but I think that I need to explain myself.
- ROI is unstable. Your return on investment will never be stable throughout the whole year because there will be times when the market is stable. The times when you make money with trading is when the value of a stock is moving up or down, but when the moving increments is too small, you will not make money.
- Some days you will not make any money. This is true because there will be days when the market will not fluctuate enough for you to make money.
- Too much risk. No one will ever know whether the value of a stock will go up or down and you can only take calculated risks. There might be programs that will make this easier for you, but there is always the chance that you will lose money.
- It takes a lot of research to evaluate your trade. So many people think that trading is where you sit the whole day and push buttons, but that is far from it. You need to do some fundamental research on the stock or currencies that you want to trade with.
- You really have no business. Another definition of trading is to speculate with money and that is what it is. In the end you have nothing to show for it and only the profit that you made. The only exception is if you use that profit to invest in long term business goals.
- There is no passive income involved. This is the biggest setback for me because if you want to trade for a living, you have to sit in front of your computer screen every minute of the day to analyse the markets carefully in order to make money.
How to build a REAL passive income
To build a passive income online is very possible, but it takes some time to do and a bit of elbow grease. One blueprint I found is by doing affiliate marketing. This is where you sell the products from other companies and then when someone makes a sale, you will earn a commission from it.
In order to do this you need to build websites such as the one you are on right now and create content around the product that you want to promote. If you know what you are doing, then Google will do the rest to bring you some visitors to your website.
If you would like to get started, then you need to take a look at the online business centre that made all of this possible for me.