Spectrum 7 is a new binary option auto-trading scam and as scams go, it’s one of the lazier ones. Why do we call it a lazy scam? Those familiar with such auto trading swindles know that the heart and soul of the aggressive marketing campaign, that is essentially the part that actually makes the scam work, is the promotional video. It is around this video that the entire mini-site Spectrum7.co built for the purpose of pushing the scam, is structured. Well, these guys didn’t really make such a video. What they have instead is a narrator feeding us the BS with a spoon, while the text is displayed on screen, through various graphical artifices, in order to sort of make a better point.
One would think that with such a video, and with all the money saved on the actors that usually push such scams, the scammers would focus of the actual script and on its credibility. Wrong. As soon as the Spectrum 7 show gets on the road, its true nature is inevitably revealed. First of all, the person who claims to be the CEO, the boss and the head honcho of the operation, Derek Folsom, doesn’t put his face on the operation. Nothing inspires trust more than a promoter who makes sure his face isn’t seen. Anyway, this Derek Folsom person doesn’t actually exist – as you may have guessed. He’s just a character invented for the purpose of promoting this scam. A quick Google search will reveal that his online presence is restricted to scam reports such as this one. That’s obviously the most memorable accomplishment of this non-existing entity. Also, there is no Spectrum 7 company that anyone knows of.
At one point, Folsom even mentions that listeners may actually recognize his voice – citing this as something supporting his reputation. If anyone recognizes his voice though, that’s because he’s a rather well-known Fiverr.com actor, who has already lent his vocal chords to more than a handful of binary option scam efforts.
Secondly, As soon as the Spectrum7.co video begins, Folsom starts telling us, would-be victims, about how his operation isn’t a get rich scheme, and how he’s not promising to make people rich overnight. He has the gall to state all this, even as right above the video, the statement “quickly earns you up to $1,560.72 daily” is displayed in capitals. If that isn’t a typical get-rich-quick promise, what exactly would qualify as that, according to Mr. Folsom? Make no mistake, despite Folsom lying bold-facedly about it, this is a get-rich-quick scam. In fact, it’s a textbook example of this genre of cyber-crime.
The text above the video also mentions that there’s “verifiable and undeniable proof delivered”. Where exactly that is to be found remains a mystery though, not only through the first promotional video, but also through the second one, which is played after one provides some personal data for registration. The video talks a lot, and says next to nothing. There’s no information delivered on how the magical software will produce money for its users. In this respect, the “effort” deviates from your garden variety auto trading scam. Some scammers focus on cooking up far-fetched stories of fabled technology and various backdoor approaches. These guys never bother with that though. They’re so taken up with their Beta-testing approach – one that is gaining popularity and traction in binary option scam circles – that they never pay a second thought to cooking up this little bit of additional lie.
The undeniable and verifiable proof that the Spectrum 7 Technology site mention, probably comes in the shape of two testimonials, one faker than the other, which are the only actual video parts of the “video”, and which both seem to have been recycled from another such scam. The first one, featuring the older guy in a kitchen, is very familiar indeed. That same person in that same setting has been used for another scam video testimonial.
As said above, the main selling point of this “trap” is the fact that it’s a beta testing group Folsom’s talking about. One is offered membership in this beta testing group, which is supposed to lend the whole thing an aura of authenticity, while also injecting the urgency-factor into the equation. There are obviously, only a few spots left in the group and if one fails to sign up right now, those spots will be gone. The software will of course be available at a later date, for $3,000 per month. Does that sound like a familiar story? It most probably does, because it’s a textbook binary option scam-component. Rest assured, if you check back a day or two later, you will still find the same few free spots still available. They’re apparently reserved for those ignorant and deluded enough to deserve to be scammed.
Another factor we considered in this review, that blows the cover of this thinly-veiled pile of BS, comes in the shape of various certifications and awards, displayed under the video. You’ll notice that none of these icons are actually clickable, and none of them lead to an actual certificate of any sort. What’s more, those who take a closer look, will realize that TraderVerify as seen on Spectrum7.co doesn’t even exist. It’s a figment of the collective imagination of a group of not-too-creative scammers.
Throughout the presentation, Folsom insists that his software is not capable of making millionaires, and that it’s not throwing around massive numbers, like some of the other scams out there. Then, he goes on to do just that. He claims that Spectra 7 is capable of generating $10,000-$20,000 a month for its users. That’s a VERY bold claim indeed – do not let the perceived modesty of these numbers blind you. If you could indeed generate that sort of money with little to no effort, you would indeed be on your way to becoming a millionaire.
As things are though, Spectrum 7 Technology may only make a small group of scammers richer as we’ve clearly exposed in this review. Let’s hope it’s not very successful in this respect. These guys give the entire binary option trading industry a bad name, and instead of illicit revenues, they should be served with a legal warrant coupled with a cease and desist order.
Review Verdict: Spectrum 7 Technology is a SCAM!
Blacklisted website – Spectrum7.co
Please help the binary options community by sharing your experience with Spectrum 7 below this important review. For help with disputes and complaints, we invite you to contact us directly at BinaryoptionsWatchdog@gmail.com and we will assist you at no charge. Unfortunately we’re seeing many scam sites surface every other day, some are very convincing and therefore you must always do some research prior to any investment in order to make sure you are dealing with reputable brokers and signals providers.
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