What is Bitcoin Lifestyle and what can I do with it?
Bitcoin Lifestyle is an algorithm that automates cryptocurrency trading by scanning markets and historical data. Apart from using technological solutions like AI, it also uses natural language processing to access news, read charts, and derive broader insights. The Bitcoin Lifestyle robot claims that it generates profits by leveraging its algorithm that is 0.01 seconds ahead of the market.
Apart from this, it also provides a seasoned trader broader access to the trading signals by processing data at a much faster rate than human capacity. It enables faster analysis of charts that can guide an expert trader on which assets to buy, when to open, and when to close the trade. Bitcoin Lifestyle offers options for manual trades that work with predefined conditions set by each trader.
Is Bitcoin Lifestyle legit?
Yes, Bitcoin Lifestyle is legit. However, testimonials present on its website are unlikely to be true. Extracting testimonials from other resources suggest that Bitcoin Lifestyle has indeed helped users with cryptocurrency trading, but don’t indicate the same huge sums of money earned as claimed on the website. Bitcoin Lifestyle also claims to have won trading awards but we could not find any relevant proof to this statement.
It is also worth bearing in mind that trading in cryptocurrencies without any knowledge can result in the loss of your trading capital. Hence, study the markets, do your own fundamental and technical analysis, before making the decision to invest.
How does Bitcoin Lifestyle work?
Bitcoin Lifestyle’s automated software analyses a vast amount of data so as to extract the best positions for opening and closing a trade. Trades are facilitated through partnerships with robots that offer cryptocurrency trading on their platforms. An API connects the robot’s platform with your broker’s trading account, constantly sending trading signals to the broker which then executes that particular trade accordingly.
From what we have found in our research, while claims that Bitcoin Lifestyle can make you rich without doing anything are ridiculous – the app can help you make money.
It’s really a shame. Like anything that people don’t understand, Bitcoin Lifestyle is being labelled a scam because first-time investors have been lured into using the system by dodgy marketers. Ultimately, newcomers simply don’t understand trading and are doomed to lose money, which they do. Many people do lose money using this system.
That said, why have misleading adverts been allowed to run? And why hasn’t anything been done about it?
Actually, things are being done. It’s just a little slow. Essentially, dodgy marketers have used loopholes in advertising platforms like Facebook Ads to bypass spam-filters. These marketers essentially create adverts, write fake-news articles, use fake imagery and quotes from celebrities.
Someone with the skills to do this can easily create a marketing scam in just a couple of hours. And this is the issue. By the time a celebrity’s legal team or advertising platform has caught onto the scam that’s happening, it’s too late. This results in marketers scams being taken down, yet being promoted again by a different celebrity within hours.
Celebrities and shows whose names have been used include; Gordon Ramsay, This Morning (Phillip Schofield, Holly Willoughby), Martin Lewis, Hugh Jackman and many more.
We believe there are a lot of marketing scams happening with this product. However, we do not believe the product itself is a scam.
Bitcoin Lifestyle key questions, answered!
Which broker can I use with Bitcoin Lifestyle?
According to its website, Bitcoin Lifestyle works with regulated and reliable cryptocurrency brokers that provides a user with a secure environment for online cryptocurrency trading. These may include well-recognised broker names like 24Option and UFX.
What cryptocurrencies are supported?
Bitcoin Lifestyle has a very small number of supported cryptocurrencies. Currently trading on the platform is limited to:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- EOS (EOS)
Can I use Bitcoin Lifestyle on mobile and desktop?
Yes. Bitcoin Lifestyle is compatible with any version of a desktop. While there is no mobile application available, a user can trade on the mobile web browser with an internet connection.
Can I trade assets with leverage?
Yes. Bitcoin Lifestyle offers leveraged trading of up to 1:1000. In other words, you can trade 1000 times more than the capital you invested. This is because the robot has associated with cryptocurrency brokers that further offer the option to leverage trading.
However, the higher the leverage, the bigger the risk. You can lose enormous money, including your capital if things do not go your way. Hence, it’s always good advice to start small.
Can I open long and short positions?
Yes, you can open long and short positions on Bitcoin Lifestyle. You can also input manual trading conditions and the robot will place a trade when the crypto asset hits the particular position.
A trader takes a ‘long’ position when he expects that a particular cryptocurrency price will move up. A short position is when the trader bets that the price of the cryptocurrency will move down.
What are the payment methods and withdrawal/deposit limits?
The minimum deposit amount is $250 that you can pay with payment options including Visa, Mastercard, Skrill, and Neteller.
There are no limits on withdrawals and a trader can access it any time. The amount will be reflected in the user’s account within 24 hours.
Are there any costs and fees involved?
No, Bitcoin Lifestyle does not charge any fees or charges for registration. It takes its profits in the form of commission while you trade with the registered broker.
How do I get paid? What about payouts?
Your profits will directly be transferred to your bank account when you supply the details.
What is the registration and verification process?
Signing up and registering for an account on Bitcoin Lifestyle is free and can be completed in a few simple steps. It requires providing basic details such as your name and email address, and setting a password. Your account will be verified within a few minutes. But please note that registration will only be successful if the broker partners are available in your country.
You need to submit your valid identification details at the time of withdrawing funds from your account. This is a required step as all the brokers are regulated to comply with anti-money laundering legislation.
What is their customer service like?
Before registration, you have the option to contact Bitcoin Lifestyle via a type form provided on their website. After registration, you have 24/7 customer service. This includes the option of email and on-call service as well.
How to trade with Bitcoin Lifestyle
Bitcoin Lifestyle has a simple interface that is easy to navigate. Traders can view their open orders from the dashboard itself. Users can also access their profits and losses by accessing their trading history from the control panel. In addition to this, the same dashboard helps user Users access the demo account.
To get started on Bitcoin Lifestyle, you need to register an account. It only takes a few minutes and we’ve detailed the steps you need to take here.
- Step 1: Registration – Registering and opening an account with Bitcoin Lifestyle only takes a few simple steps. The website has SSL encryption to ensure the safety of your personal information.
- Step 2: Deposit – After logging in to your account, the robot will direct you to one of their affiliated and regulated brokers. On the broker account, you need to fund the minimum investment amount of $250. You can also consider using a demo account in order to grasp the platform.
- Step 3: Trade – Once you have funded your account, you can start live trading instantly. As a trader, you would still need to specify parameters such as stop-loss, daily profits, etc. Alternatively, an expert trader can specify the parameters at which they want to open or close a trade. Since crypto markets run 24/7, the robot facilitates trading at all times based on the parameters you set.
Our top robot trading tips for beginners
When using a robot to trade cryptocurrencies, there’s a lot that you need to be aware of. It may just feel like you deposit funds and let the robot do the rest, but our team of experts have come up with the following advice that it’s important to read before getting started:
- Learn about trading first. Trading cryptocurrencies is a complex process, and it’s important to have a grasp of the basics before you get involved. By learning about trading in general you will be better able to set up the trading robot to work most effectively.
- Learn more about cryptocurrency. Having more knowledge of the asset you are trading is important when making any trade, but especially so in such a wide-ranging environment as cryptocurrency.
- Start with a demo account. Even though you can start live trading immediately upon setting up an account on a robot, we strongly advise you to trade on the demo account first. This will help you familiarise yourself with the platform before risking any of your capital.
- Start small. The best strategy is to start with a small amount of money and grow your portfolio and profits over time. This will help you hone your trading skills and keep risk to a minimum.
- Only invest what you can afford to lose. This is a central tenet of trading, it’s always important to be financially responsible when investing in anything. Markets can be volatile and losses can come as easy as profits, so don’t risk money you couldn’t live without.
Conclusion
Bitcoin Lifestyle’s cryptocurrency trading robot is a useful tool for carrying out crypto trades, but users should be sure to have an understanding of what they are doing before using the robot. There are reviews online demonstrating that many people have made money using the technology, but not typically in the large amounts claimed on the platform’s own testimonials.
The high amounts of leverage offered by Bitcoin Lifestyle can make the platform attractive to seasoned traders, but beginners should proceed with caution and do some research before using this feature. Cryptocurrency investments, especially leveraged trading, comes with its own set of risks. The key is to keep them small and be careful while making any investment decision.
Bitcoin Lifestyle is a suitable tool for experts who can trade in a market that runs 24/7. By offering trading signals through constant monitoring of charts and data, it can enable a trader to make stronger trading strategies.
One drawback is that currently you are only able to trade four cryptocurrencies on Bitcoin Lifestyle, meaning you don’t have too much flexibility for investing in multiple assets within your portfolio.
