The first and most obvious question: Is it smart to buy into the “Smart Cash System”? Or is the Smart Cash System a scam? Many have been asking about this one, so I decided to take a look and write a review on it.
Read on to find out the truth….
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Company Name: Smart Cash System
Owners: Tom Wilson
Price To Join: $12
My Rating: 0/10
~ The “Smart Cash System” Review ~
What Is The “Smart Cash System”?
The Smart Cash System starts off with a quote stating you can easily make $4000 a week, and this is without advertising, selling anything, referring anyone to anything, or even having a website.
Big red flag waving right from the very beginning.
The website is just the basic one page sales pitch which is very common among online scams, or programs that never really live up to their hype. Basically it’s just filled with financial stats about money earned and a whole bunch of rhetoric to push the emotional money making triggers. It doesn’t really tell the reader anything about what Smart Cash System actually is or how you are going to make all this easy money with it.
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Apparently you will only have to work 1 or 2 hours a day and the pay is virtually instant.
Here’s a list of what you DON’T have to do:
- No building websites
- No selling products – in any way shape or form
- No advertising
- No data entry
- No AdSense
- No mailing lists
- No envelope stuffing
- No real estate investing
- No applying for grants
- No social media advertising
- No rebate processing
- No recruiting new members – this is not MLM
- No uplines or downlines
- No gambling
- No chain letters
- No cash gifting
- No surveys or "paid to read" programs
Okay, so now that we are well aware of what we don’t have to do, what do we have to do? How do we make money with Tom Wilson’s magic system?
The answer to that is never mentioned on the website. You first have to pay the joining fee to find out. Another huge red flag flapping in the wind.
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It’s actually all about trading Forex. Why this isn’t mentioned on the website makes you wonder. If there is nothing to hide, then why not just offer up some details before people part with their cash? Why the big secret?
When you start investing in the Forex currency market you need a good wad of your own cash. So even after you pay Tom his $12 so he will reveal his secret system to you, you still need to part with more money to make trades.
Forex trading isn’t for the uninitiated. There is a huge learning curve to be mastered first before you should even consider risking your hard-earned money on it.
Tom says this is easy money with very little effort.
Nothing could be further from the truth. I’ve traded Forex. Apart from the learning, you have to have balls of steel, keep your emotions in check and monitor the market hour after hour, making trades and ending trades. You can make money with Forex trading to be sure, but it’s far from simple.
Basically when you join the Smart Cash System you are paying Tom Wilson for the privilege of joining his brokerage firm. You then trade with your own money and the firm takes a percentage of every trade you make, win or lose. You can join legitimate brokerage firms for free any day of the week. They all take a commission. Why pay Tom a fee just to join a brokerage firm?
It’s a scam. Not an expensive scam, but a scam nonetheless.
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Who Is The Target Audience?
Anyone who is looking to make money online. Those who are drawn to get rich quick schemes that don’t require much effort.
- More red flags waving than at the Olympic Games.
- The joining fee is totally unnecessary.
- Forex trading is a complicated endeavour. It’s not easy money like Tom claims.
- You could just as easily lose a lot of money.
- Tom’s website is deceptive in just about everything he states.
Tools and Training
You need a lot of training to learn how to trade Forex effectively, but I don’t think Tom Wilson and the Smart Cash System provide any.
How Much Does The “Smart Cash System” Cost?
Only $12 to join. Which gives you access to Tom’s partner brokerage firm, who will then take a commission on all of your trades. You also have to cough up some decent money for investment. Overall Forex trading is like gambling. It’s highly risky, takes a lot of learning, and you really need to know the markets and monitor the markets all the time.
Is The “Smart Cash System” A Scam?
I definitely don't recommend this.
For starters, Tom refuses to tell you that you’ll be trading Forex through his brokerage firm. And secondly, there is no need to pay this guy $12 for the opportunity to trade Forex. There are hundreds of brokers out there with free trading platforms that you can trade through; and they even have demo versions so you can practice with dummy money first before betting the real stuff.
Paying the $12 joining fee is just fleecing you of cash. Sure, it’s not a lot of cash, but this guy is still relieving everyone of their money, and then making money on any trades you might happen to make, win or lose. And that's provided the trading software is legit.
Give it a miss.
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Hi there. Very informative article, well researched. I have often felt an urge to jump into forex trading, but it seems so complex to get started and a lot of the advertised programs cost large lumps of money. So at $12 investment I suppose for some it would be an affordable entry. However if you now say there is no training and you pay the brokerage whether you win or lose, then there is no advantage in joining. Another one to avoid. Thanks for your extensive exposure. I will keep my investment in my pocket. Regards, Chris
Thanks Chris. All brokerage firms charge a trading fee in return for giving you a platform on which to trade. I used to be heavily in Forex and I never came across any that charged a joining fee. Just an initial investment amount with which to trade. The $12 Tim Wilson wants to charge is just a scam. It gets you nothing that you don’t already get for free.
Thanks for the warning!
Even though I have not come across this ‘wonderful’ webiste, it is good to know in advance what you should avoid.
You say you used to be haevily in Forex. May I ask why aren’t you any more? I don’t want to be intrusive, I just would like to know if it is too difficult or the risk is too high?
Thanks again and keep up the great job!
I was actually really interested in Forex and I spent months studying all I could on it before trying it. It’s a hell of a learning curve, and once you start making trades, you’ve gotta have balls of steel and totally keep yur emotions out of it. Which is really hard to do when you’ve got money on the table and you’re watching that little red line travelling in the opposite direction to what you want it to go.
I was usin a demo platform, where you get to practice with dummy money but on real life trades. I was doing alright with it, so I decided to invest some of my own money. Funny thing was, once I was using real money, just about all the trades did the opposite of what I was expecting. Very unlike how it went in the demo version. To me it seemed like the system was rigged. As soon as the currency went in the opposite direction and reached my “Stop” point (which is like a safety net, putting in a point where you want the trade to end so you don’t lose too much money. Anyway, as soon at the currency reached my stop point, the line would immediately turn around and start heading in the opposite direction.
The problem with many of these trading systems is you don’t know if what you are seeing on the software is the real deal. It could just be scam software designed to take your money.
Trading currencies is exactly like going to the casina and gambling. It’s no different.
You have build your article nicely and make the point really well. I am really glad I read your review.
I almost once fell for a scam like that and I am glad I had the instinct to see those red flags – they are very similar if not exactly the same as the red flags you mentioned in your article. I guess these guys use the same ideas all over!
Thanks for this review, I have learned quite a bit from it!
Smart Cash System is actually very similar to so many other bogus money making systems out there. It really is a con, hence the 0 out of 10 in my review. Thanks for reading. Glad you found it helpful.