The Quick Low Down
Name: The Canuck Method (as seen if you are in Canada)
It is known as The Kiwi Method, The Brit Method, The Aussie Method, The Singapore Method depending on where you are located in the world.
Owners: Jake Mason (for Canada and New Zealand), Jake Pertu (for Australia), Jake Taylor (for the UK) and Jake Shen (for Singapore)
Price: Free to sign up, but actually you have to pay a minimum of $250 into a trading account.
Potential earnings: Overall Ranking: 1 out of 5
Overall Comments: SCAM, stay away!
The odds are better than the Lottery! So watch out lottery?
Jake Mason’s Canuck Method promises that you can make hundreds of thousands in the next 30 days!
When I first stumbled upon this, I thought surely this is too good to be true. But just in case it was for real, I just had to have a look.
So what exactly do all these methods involve and how do you earn money?
This is an automated binary trading option software. It says all you have to do is sign up for free. The only thing require is a minimum deposit of $250 with a registered broker and then the Canuck Method, The Brit Method etc will run on autopilot and earn you hundreds of thousands. Easy!
It says how much you earn depends on how much you decide to deposit.
I could not find much more information than that. All I was told is that if I invested about $300, that I could expect to earn $800-$1000 per day.
Wow! That’s a no brainer right. I mean $500 pure profit a day with no effort – where else can you get such a good deal.
But it still didn’t sit right with me that I could not find an explanation of how they could gurantee such amazing profits. I needed something more than we have great algorithms that detect secure wins.
So what are Binary Options?
A binary option is where you take a “yes” or “no” position on the price of a stock or other asset, such as exchange traded funds (ETFs) or currencies.
There are only two results with binary options – all or nothing.
So for example, you might bet that the share price of X company will be above $15 tomorrow at 3pm, so you buy one binary call option for $100 with a predetermined pay-out for $200.This is a “call”, where you predict a price increase.
Where you predict a price decrease, this is called a “put”.
So there are only two possible outcomes – if you are right and the price at 3pm is $16 and above then you get paid out $200. A $100 profit, boom!
But if the price is $15 and below, then you lose the $100 you put in for the option.
Unless you were well clued up about the share market, binary options just sounded to be like roulette. Are you betting on red or black?
Win big or lose it all.
And Who is Jake Mason anyway?
This is where it gets interesting and I couldn’t believe what I found!
Meet, Jake Mason, Jake Pertu and Jake Taylor
and then meet the Asian Jake, who did the exact same thing as the above Jakes but in Singapore!
This was just bizarre!
The SEC Warns About Such Unregistered Binary Options Brokers
The Securities Exchange Commission (SEC), regulates the securities market (where bonds, equity and derivatives are sold) and securities brokers in the United States.
The SEC enforces security laws and ethics among agencies that broker security assets, such as binary options. If a broker is found to have cheated a trader, they will be investigated by the SEC.
However, this kind of scrutiny only applies to registered securities brokers in the United States.
All bets will be that the binary options broker behind the Canuck and Kiwi Method are not actually SEC registered. I wasn’t able to find any information about the name of the broker behind these methods and look them up on SEC’s list. This means that they operate outside of the law and from a country that will not prosecute them for any misconduct.
This means that if you get cheated out of any money as a result of the Canuck and Kiwi Method, there isn’t going to be any way to get your money back.
In fact, the United States SEC has issued a specific warning about unregistered binary options brokers.
Here are some interesting excerpts from the SEC’s report:
“… Much of the binary options market operates through Internet-based trading platforms that are not necessarily complying with applicable U.S regulatory requirements and may be engaged in illegal activity…”
“… Complaints (to the SEC) fall into at least three categories: refusal to credit customer accounts or reimburse funds to customers; identify; and manipulation of software to generate losing trades…”
I especially like the SEC’s sounds and practical advice at the end of their investor alert document: Do not invest in something that you do not understand. If you cannot explain the investment opportunity in a few words and in an understandable way, you may need to reconsider the potential investment.
For me, I was unable to find a clear explanation of how the algorithm and this method actually proposes to make me money and it also reeked of a scam. So taking the SEC’s words of wisdom into consideration, I’m going to stay well away from the Canuck and Kiwi Method. I would strongly recommend that you stay well away too.
What do you think of the Canuck and Kiwi Method? Have you had any experience with these methods?
Let me know in the comments below!
And if you are interested in generating revenue online legitimately, I suggest you check out my no. 1 recommendation here. This is for those who are serious about building an additional stream of income online. If that’s you and you are willing to commit time and effort, then check it out.