The Quick Low Down
Name: The Dubai Lifestyle App
Price: Free to sign up, but actually you have to pay a minimum of $250 into a trading account.
Overall Ranking: 1 out of 5
Don’t be its latest victim. Read this post and get clued-up on what the Dubai Lifestyle app is all about.
So what is the Dubai Lifestyle app all about?
The Dubai Lifestyle app is a binary options auto trader that runs completely on auto pilot. It claims to generate $7,138.80 a day in profits. Remember this is supposedly on auto pilot.
So how does it achieve such awesome profits with no work? Well the app is supposed to have a 99.8% accuracy for winning trades.
That kind of accuracy is unheard of in this market and was my first red flag for this project.
If you can speak to professional traders they will tell you the odds for binary options trading are no where close to what the Dubai lifestyle app is boasting.
So what are Binary Options?
In case, you aren’t familiar with the term binary option (I wasn’t), it 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.
You can only get two results with binary options – all or nothing.
So for example, you might bet that the share price of company Y will be above $10 tomorrow at 2pm, 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”.
There are only two possible outcomes. If you guessed correctly and the price at 2pm soars to $20 (above $10), then you get paid out $200. That’s $100 profit for you, woohoo!
But if the price is $10 and below, then you leave empty-handed. It is all or nothing.
So the example is just to give you some context to the claims of the app being able to win 99.8% of the time. That’s being able to tell the outcome of a roulette game 99.8% of the time or able to see into the future.
So who is came up with this 99.8% accurate app anyway?
The Dubai Lifestyle app was founded by Scott Hathaway.
Once upon a time, he was a nobody from Iowa with only $500 in this pocket with a dream to make money. One day, he jets off the Dubai and that day his lucky stars aligned. In the posh 7 star hotel of Burj al Arab, Scott met the Mahmood Brothers (Ali and Farid).
These filthy rich brothers decided to invest a whooping $430,000 in Scott’s binary trading app. No idea why but they just had heaps of money and were looking to throw it at some poor dude from Iowa with a dream.
With the new-found investment, Scott hired top-notch programmers to further develop his system and after 6 months a miracle happens – the app achieves a 99.8% success rate at making you money. WOW!
And all the Mahmood brothers wanted in return for their generous investment was homage to their hometown of Dubai. This is why the app is called the Dubai lifestyle app.
How does that story sound to you?
The story sounded dubious to me.
But hey there is a small chance it might just be true.
But wait, he seems to be the face of many other websites as well? Is he a CEO of many companies? Or is this a stock photo that has been used by many websites around the world?
I would think the latter.
At this point, this just screams scam to me and I would advise you to stay well away!
If you are looking for a legitimate way to make money online, then you might want to check out my no. 1 recommendation here. This is the platform I personally use and I love it.
But anyway if you are still unsure, let’s talk about the other red flags.
The paid actor providing a video testimonial
When you first land on the website, this South African man is the first person to share how this app has changed his life. He talks about how it was so easy and he only took 5 minutes to get set up. Then from then on, he just made lots of money on autopilot.
Well, he’s a paid actor off Fiverr. So he really isn’t a Dubai lifestyle app successful story at all!
The fear and pressure tactics to get you to join right away
Firstly, there is a huge fake timer running in the top right-hand corner just to give you a bit of time pressure to make a fast decision.
Then there is the FOMO (fear of missing out) element that they play on. They tell you that if you don’t take this opportunity today, then it will be gone FOREVER. And worst still, your friends are all going to laugh at you for passing up at this amazing chance to earn money.
These are all just classic scam tactics to suck you in!
The SEC Warns About Such Unregistered Binary Options Brokers
The Securities Exchange Commission (SEC) warns that much of the binary options market operates through Internet-based trading platforms, do not complying with applicable U. S regulatory requirements and may be engaged in illegal activity.
So at its worst, this is app is engaging in illegal practices. At best, you are trading with brokers that are unregulated. That should sound scary enough as it is. This means that if you get cheated, the SEC will not be able to investigate or get your money back.
This whole system just looked and smelt like another binary options scam
Have you heard of the Canuck Method, The Brit Method or the Kiwi Method? You can read my full review here to see the scary similarities.
Have you had any experience with these methods?
I would love to hear from you in the comments below.
If you want to make good money online in a legit way, then 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 can you are willing to commit time and effort, then check it out.