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1K Daily Profit Review - Is it scam or safe?

1K Daily Profit Review - Is 1kdailyprofit.com a good binary options robot or a scam?

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 1K Daily Profit is another binary options robot that promises great profits with no effort. To be more precise, it promises $1000 a day. You don't need to know about trading and investing. All you need is sign up for the “one time limited offer”, deposit $250 and let the robot “do its magic”.


 

Sounds like a scam? It probably is.

 

  

Despite it being around for a while, this so-called trading robot appears it is still very much operative and is actively advertising on the internet. We have come across the 1K Daily Profit through an adwords ad on the site of a highly reputable business magazine. We are not holding it against them – we all know how adwords work.


 

 

Who is behind it?


 

There is no information about the developers or the way the bot actually works. There is some vague mambo-jambo about algorithms and how it was developed by one John Becker, founder of 1K Daily Profit and his partner from Goldman Sachs. They claim to have made $100 million from “the financial crisis”.


 

It is worth noting that the name-dropping of major financial institutions is a fairly common method employed by the scammers. We have seen it with many scam bots like the Kiyosaki Formula, for example.


 

While watching the video on the 1K Daily profit site, we noticed that the partnering binary options broker is the notorious Banc de Binary. It used to be one of the major binary options brokers, until it lost its Cyprus and Belize licenses earlier this year and announced it is shuttering its business.

 

 

This should serve as a big red flag to those who still have doubts whether this bot is legitimate or not.


 

Oh, and there is one last thing... The testimonials. Remember this guy? He is the same one that made $70 000 in the first month of using another trading bot – the Retired Millionaire. This guy must be filthy rich by now. Or maybe not.

 

 

This is our friend from the freelance portal Fiverr – Generatecashbiz who can record anything you want for a small fee. The guy is the same, the backdrop with the books is the same. Only the shirt is different. He does sound convincing, though. Drama has lost a great talent.

 


 

Strategy


 

There is no strategy here. It's just “brain dead easy” and promises $7000 a week. Just don't forget to “fund your account right now!” and “do not put off funding your account!” Hurry up! There are just 21 spots left!


 

We have to grant it to the creators of the promotional videos – the constant repetition of “right now” really creates a sense of urgency. They are in a great hurry to get your $250.


 

 

Performance


 

The 1K Daily Profit bot promises “99.8% accuracy – unheard of”. Unheard of, indeed. And there is no real proof of the claims.


 

In the first promotional video the narrator runs a copy of the software to show the viewer how within hours it can make over a thousand dollars a day. It is striking that the algorithm has made 20 consecutive profitable trades. Rather impressive, but most likely untrue. After all, anyone can make a simple video nowadays.



 

How does it make money for the developers?


 

There may have been times when the developers were taking commissions from the binary options broker. Now that Banc De Binary does not seem to operate anymore, at least in our area, most likely the developers pocket the entire sum for themselves. We can only guess.


 

 

The bottom line


 

The 1K Daily Profit has “scam” written all over it. It makes impossible promises and partners with a broker that is already out of business. It is also using proven fake testimonials. Do not fall into this trap.


 
 

The alternatives


 

If you want to invest some money in trading, but are not very experienced, there are other properly regulated companies who offer copy trading and similar services.


 

One option is eToro – one of the largest forex brokers. It has a license from UK's FCA and the Cyprus Securities and Exchange Commission and offers both regular trading and social trading where one can copy the trades of others. As a matter of fact, eToro is the largest social trading network.


 

There are also other options like the copy trading platforms MyFxBook and ZuluTrade, properly regulated trading robots like RoboX an brokers that offer various versions of copy trading and PAMM systems.


 

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