What is Bitcoin Bank and what can I do with it?
Bitcoin Bank is an automatic trading robot that allows users to place trades in cryptocurrency and forex markets without the need for human intervention. The robot uses software that combines technology and statistical algorithms to predict the outcome of a crypto or forex trade, and opens positions with brokers accordingly. With this technology, it analyses historical data and market trends to find the optimum prices for opening or closing a trade and then executes the trade automatically without human monitoring.
Bitcoin Bank also facilitates manual trading in crypto and forex trades to seasoned traders. With Bitcoin Bank , a user can define their trading parameters to open or close a trade. The autotrading bot monitors the market 24/7 and will automatically execute a trade as soon as the conditions specified are met.
Is Bitcoin Bank legit?
Bitcoin Bank’s software does appear to function as described, but the extravagant claims attested on its website are too good to be true, and you money is always at risk when placing trades in cryptocurrency or forex markets. There’s no guarantees in the financial markets, and the website’s claim of inexperienced traders making $1000 in profit on a daily basis definitely sounds too good to be true. Additionally, the robot also declares that it has received trading awards from the US trading association, but we could not find any proof to back such claims.
It cannot be stressed enough that a trader needs to conduct thorough and complete due diligence before trading in crypto or forex markets. The markets are highly volatile and the price of assets can change within seconds.
How does Bitcoin Bank work?
Bitcoin Bank partners with regulated brokers who offer trading services in cryptocurrency and forex markets. Its software analyses market conditions and other data to calculate the outcomes of a trade. Upon calculating the trading signal, it sends the data to a broker through an API. The broker then executes the trade on behalf of the trader.
Bitcoin Bank key questions, answered
Which brokers can I use with Bitcoin Bank?
Bitcoin bank claims to follow AML and KYC regulations and hence has partnered with regulated brokers that offer services of trading in forex and cryptocurrencies. Some of the popular brokers include EuropeFX and UFX.
What cryptocurrencies are supported on Bitcoin Bank?
The autotrading robot offers cryptocurrencies and currency pairs for trading. Bitcoin Bank provides multiple cryptocurrencies to trade including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Monero (XMR)
- Dash (DASH)
The robot also offers trading in forex markets for currencies including:
- US Dollar (USD)
- Euro (EUR)
- Swiss Franc (CHF)
Can I use Bitcoin Bank on mobile and desktop?
Yes, Bitcoin Bank can be accessed through browsers on desktop as well as laptop. While a mobile app is not available, you can use the browser of a smartphone to use its services. However, it is worth noting that a trader may have more functionality on a desktop than mobile.
Can I trade assets with leverage?
Yes. Bitcoin Bank facilitates trading with leverage for digital currencies and forex. The leverage offered by Bitcoin Bank is 1:1500. In other words, you can trade 1500 times the amount that you deposit in Bitcoin Bank robot. Consequently, the profits or loss are multiplied by 1500.
We strongly advise that inexperienced traders do not trade with leverage, and would never advise trading with leverage on automated trades you have no control over. If you trade with leverage and the market moves against you, you’ll rack up huge losses very quickly.
Can I open long and short positions with Bitcoin Bank?
Yes. With Bitcoin Bank, a trader can open long and short positions. With this function, a trader can make money even when markets are falling.
If you’re unfamiliar with the terms, check out our position trading course. In trading, a long position basically means that a trader bets that the price of an asset will move up. In contrast, a short position means that a trader bets that the price of an asset will move down.
What are the payment methods and withdrawal/deposit limits?
In order to leverage Bitcoin Bank services, a trader needs to deposit a minimum amount of $250. The robot supports multiple trading options for deposits and withdrawals that include eWallets, credit/debit cards like Visa, American Express, MasterCard, and Discover.
The withdrawals can be done by filling a form on the trading dashboard. There are no limits placed on withdrawals. The process of withdrawals may take 24-48 hours for the amount to reflect in your bank account.
Are there any costs and fees involved?
No. As per the autotrading bot’s website, there are no hidden costs or fees. All services including deposits, withdrawals, and brokerage costs are available for free to traders.
How do I get paid? What about payouts?
For initiating a withdrawal, a trader needs to submit a request form from the trading dashboard. The withdrawal process does not have any limits and hence you can also carry out daily withdrawals irrespective of the amount. A trader will be asked to submit relevant documents including proof of identity and proof of residence along with your bank details.
What is the registration and verification process?
In order to access Bitcoin Bank’s services, you are required to register. The process of registration usually involves submitting your name, email, and contact number on the home page of the robot. After verifying the link sent to your email, the process of registration is complete. You are not required to submit identity proof for registration until you wish to withdraw funds.
What is their customer service like?
The customer service of Bitcoin Bank can be accessed through a form available on their website prior to registration. After successful registration, you can contact their customer service through live chat, phone number, and email.
How does it compare against other autotraders?
Bitcoin Bank compares well against the competition; Bitcoin Revolution, Bitcoin Era, and Bitcoin Trader. All apps offer similar services, however, its the design, coins on offer, and features which set it apart. We suggest taking a look at our list of the best bitcoin robots before signing up for an account.
How to trade with Bitcoin Bank
The interface of Bitcoin Bank is easy to use. From the dashboard, you can select the different assets that you want to trade with, trading history, and your open trades. The option for autotrading is also available on the right side through a slide bar.
A seasoned trader can place manual trades from the dashboard. You can set up various limits for a specific asset and mention the conditions for opening or closing a trade. According to the platform’s website, it also facilitates demo trading options for beginners to acquaint themselves with Bitcoin Bank robot.
To access the cryptocurrency bot services, here are the steps for opening an account:
- Step 1: Registration – For using the services of this robot, you are required to register on its platform. After verification is complete, you can log in on Bitcoin Bank’s website. You will now be asked to deposit funds, but you can try out its demo version and familiarise with the interface of the robot.
- Step 2: Deposit Funds – To begin autotrading, you are required to make a minimum deposit of $250. Once the funds are deposited, you can begin auto trading by sliding the sidebar to ‘On’.
- Step 3: Trade – If you have switched on autotrading, the robot will find potential trades for you and execute it from the broker’s platform. Alternatively, a trader can also opt for manual trading and specify the conditions for opening or closing a trade.
Our top robot trading tips for beginners
When investing, knowledge is everything. Even an experienced trader will need to research and analyse market conditions in forex and crypto before actually beginning to trade. When just starting out, avoid trading with leverage – this can incur huge losses and is best left until you know more about what you’re doing. Here are some of the tips that traders can consider before choosing to trade with Bitcoin Bank.
- Learn about trading first. For a newcomer, the aspects of forex and cryptocurrency might look different from the stock market. Therefore, it is always advisable to learn about trading in these markets as well as understand strategic tools to minimise risk levels in trading.
- Understand cryptocurrency and forex space. The key functionalities of cryptocurrency and forex are slightly different both to each other and to other markets. In case if you are not dealing with a CFD broker, you will be required to store virtual currency in wallets or on the platform. Hence, learn how to protect your crypto assets and enable security.
- Practice with a demo account. Even if you are familiar with crypto or forex trading, practice and get your hands-on demo account. This allows you to familiarise yourself with the robot’s services.
- Start small. Always start small and gradually build your portfolio. The best investment strategies are always those that look to the long term.
- Invest what you can afford to lose. Both, forex and crypto markets, are volatile and carry a certain degree of risk. Hence, the first and the last rule of trading is to invest what you can afford to lose.
Bitcoin Bankis a cryptocurrency and forex bot that does offer some beneficial services to traders, but its website over-states them. While there are users that have made profits, the claims of this robot generating $1000 in profit each day are simply not true. In addition to this, the testimonials, on its website, proclaiming thousands in profits with little to no effort, are very hard to believe and should be treated with suspicion.
As a beginner, you should always take precaution and do not instinctively believe everything that is stated on the robot’s platform. You should conduct your own research and understand trading in both the markets before choosing to trade with Bitcoin Bank.
An experienced trader can use the robot’s services to help with manual trading. Additionally, the robot allows traders to backtest their trading strategy and input manual parameters. This helps a trader to optimise their trading experience without constant monitoring of markets.
Overall, it is always best to conduct due diligence before trading in these markets or before trusting your trades to the hands of a robot.