In 2015 the company marketed the product under the name GPS Trader, and it will quickly dropped and no longer supported. Recently, we found them again trying to sell it under the name Multiplexer.
Before you “invest” your money at a shady binary options broker with the Satellite Trader, read this article about the way these scams work.
Satellite Trader Fraud
When we clicked on the link in the email we received from a know spammer, we saw the Satellite Trader pitch video. Basically the man in the video is willing to tell you anything so that you use his “trading software”.
They write on their website:
“The average user makes at least $850 per HOUR in pure profits”
A real trading software will never make such insane claims, and there is not a financial regulator in the world who would authorize such misleading advertising.
Sadly, there are many people just like you who fall victim to these scams, and you can read their complaints in the binary options forum.
Satellite Trader Review
There are many auto trading systems for binary options, but the real ones see here have multiple controls like; maximum daily trades, asset selections, daily stop loss, and more.
The Satellite Trader is such a stripped down software, that all it lets you do is adjust a “risk setting”. It does not allow you to determine how much money will be traded each time, and in theory your entire account will get wiped out in a matter of a few hours.
We have never seen such a poorly designed product.
Warning About Scam Brokers
The binary options industry is filled with online scam and unlicensed brokers. Criminals setup on fake brokerage firms in offshore location to look like real brokers. You must be aware that the only place to trade binary options is by a locally licensed and regulated broker.
Go here to see the popular licensed binary options brokers.
Interesting Tip: Most brokers only make money when you lose money. You can read how binary option brokers make money.