A trading robot is an algorithm built to help traders achieve superior results while doing nothing. They are developed by people with excellent knowledge of software development and trading. In this article, we will focus on a popular robot known as Bitcoin Profit and assess whether it is a good tool to use or whether it is a scam.
What is Bitcoin profit?
The cryptocurrency has grown rapidly in the past decade. During this period, the number of cryptocurrencies has grown to more than 12,000. Their market capitalization has grown to more than $1.6 trillion, making it a major asset class.
At the same time, the number of people seeking to profit from the cryptocurrency industry has been rising. Many people are inspired by the success stories of the so-called Bitcoin millionaires.
There are several ways of making money in the cryptocurrency industry. One of them is to day trade, where you buy and sell a cryptocurrency with the goal of making a profit.
Unfortunately, day trading is often a complex process that has led to substantial losses. It also takes a substantial amount of time to master trading.
This is where Bitcoin Profit comes in. It is a trading robot that does analysis on multiple cryptocurrencies and then executes trades. According to its website, the robot is able to make money in all market conditions. It buys when it believes that the price will keep rising and sells when it expects the prices to drop. As a result, the bot has been able to generate substantial returns.
How to use Bitcoin Profit
Using Bitcoin Profit is a relatively easy process. You first need to go to its website and fill a form by answering basic questions about yourself. Some of the information that is needed includes your name, phone number, and email address.
After signing up, you will be given access to a dashboard where you will need to complete your account creation. It is at this stage that you will need to make your first deposit. As you will note, you will not be creating an account with Bitcoin Profit directly. Instead, you will be creating an account with an external broker that has partnered with Bitcoin Profit.
There is no minimum deposit although it is recommended that you start with a small amount like $200. By starting small, you will be able to see the performance of the robot before you risk more money.
Why use Bitcoin Profit
There are several reasons why using Bitcoin Profit and other trading robots makes sense. First, it is a free robot that does not charge a commission. The developers make money by receiving a commission from all traders that they refer.
Second, unlike a human being, a robot does not sleep or get tired. It works 24 hour-7 days a week to find trading opportunities for you. This is a major plus especially when you have a full-time job.
Third, Bitcoin Profit claims to generate profits in all market conditions. If this is accurate, then it is a better option of making money in the cryptocurrency market.
Is Bitcoin Profit a scam?
While Bitcoin Profit has published good information on its website, there are some red flags that potential customers should be aware of.
First, a closer look at the internet shows that there are multiple clones of the website with a different name. This is an indication that the developers have multiple sites and they have not disclosed this information to potential customers.
Second, the website is a bit plain and has no important information. In fact, it is a single-page website that has an onboarding form and a few generic information. Therefore, it is a bit risky to use it because of how little we know about it. For example, the website has not indicated who the founders are and where they are based.
Another red flag is that it is difficult to validate the information on the website. For example, it is difficult to verify the performance that it claims. This is a major issue since it is what attracts most people to the ecosystem. Further, the website does not have any contact details or social media links.
Final thoughts
Trading robots work especially when they are developed by a well-experienced team. It is also possible to buy a good robot on the internet. However, in my experience, traders should approach bots that make a lot of claims like Bitcoin Profit with a grain of salt. Before you create an account, try to find out more about the robot and its creators. Also, if you decide to use it, start with a small amount of money and test how it works. In most cases, doing that will save you a lot of money.
