I’ve never met him but based on the information available on the web I’d have to say he looks like an upright kind of guy, at least at first. He’s been a trader for decades, focusing on options and how to profit from them, with a noticeable interest in software and a penchant for writing books. According to his bio over the years he has helped exchanges such as NYSE Euronext and ISE with options software and has since branched into proprietary trading systems. Along with several books, all available on Amazon, Guy has several unique trading software packages, some including his own OVI indicator. His books cover a range of topics of interest to traders, the one most likely to interest binary traders is the Insider Edge, a study of how to follow industry insiders to wild profits.
Update January 2017: Guy Cohen is still on the scene and seems to be spending some money on SEO, and luring in new suckers. There is still no sign of binary options anywhere on his official sites but it is not unlikely there are other, not official, sites. Either way, a newbie to binary options could easily get lured into the Illuminati System, or the OVI System, or the Flag Trader System so that they too can trade just like Guy Cohen.
To be honest, it is hard to understand at first why this fellow has popped up on the binary options radar. He is not selling binary systems nor do his books attempt to teach technical analysis, or binary options trading. It became clearer, however, when you begin searching deeper for more information. It seems that Mr. Cohen may in fact be selling options scams, but not binary options scams, at least not out in the open. One of the systems he peddles on his website is the “illuminati” system, a system based on codes from an ancient society that secretly rules the world. Up until seeing that page I was on Guy’s side, once I saw that I began to smell scams in the air.
Update January 2017: Mr. Cohen seems to have doubled down on his schemes. His original website, GuyCohen.com, has been expanded upon with support sites for the OVI System, the Flag-Trader System and many others. He’s also started an affiliate site so others can use his material to try and fleece get-rich-quick-system seekers. In one scam Mr. Cohen shamefully capitalizes on the story of a young man, of no relation to him, that escaped Nazi Germany to create a trading system that made him rich. The system went with him to the grave but Guy Cohen knows the secrects.
Who is The Guy Cohen Scam, and is it a Scam?
If you go searching for Guy Cohen and Binary Options, as many of us could easily do, you will come up with a few interesting things on your search engine results page (SERP). One or two of them will be legitimate links to information about Mr. Cohen and the books he has written. One could be links to his trading club where he provides services at what I consider to be high fees, nearly $2,000 for some of the software packages. Still another could be one of his trading systems and none of these too alarming when it comes to binary options. What is alarming is that . there are true binary options scammers using Mr. Cohen’s name to make their software/systems look like a Guy Cohen system to web-surfers and search engines alike. One of these is a guaranteed get-rich-by-trading-this-way sales pitch that is unmistakeably a scam called the BinaryCode. It is based on “carefully concealed bankers techniques” that could could earn you $1,200 a day, and you only have to trade for 3 hours. What’s really funny is that when you start to read the pitch you’ll see examples of where the system clearly didn’t make $1,200 a day, and that the English is horrible. I got the feeling a monkey wrote it because it’s really bad copy. The gist is that it is based on statistical analysis and simple math using popular advice to copy what others are doing.
What this page turned out to be is a stupid pitch for the Trader Sentiment bar found on just about all of today’s top platforms. You know, the one that say 54% bullish and 46% bearish or whatever? The whole strategy is based on using this stupid, broker provided indicator to take signals for 60 second trading! No wonder it’s so easy to use, it’s based on total BS, not to mention that those indicators are free on just about any broker you go to.
My Last Thoughts On The Guy Cohen Binary Options Scam
I’m not sure what to think about Guy Cohen. Is he a scam, or a scammer, I don’t know. On the surface he appears to be legit, under the surface I get the feeling he’s a shyster and I definitely wouldn’t pay $1,997 for one of his stupid systems. His involvement with binary options is circumstantial at best so he may be the victim of marketers using his name to piggy back their scam into search results but as yet there is no proof of that. Regardless, there is a scam here so be careful, whether it is the overly priced and ultra ridiculous Guy Cohen systems or one of the cloned binary options scams. If you find yourself looking at a ridiculous sales pitch for a 60 second strategy guaranteed to make you $1200 a day in only 3 hours that is really easy to use then you may have hit upon the very scam I mean. Don’t be fooled.