Review of Bitcoin Power
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Bitcoin Power is a trading robot that provides access to automated trading in cryptocurrency assets. Its official website claims that the platform will help generate 1000% returns on your investment.
The autotrading bot offers testimonials of prominent personalities who have profited using its services. In this Bitcoin Power robot review, we verify the authenticity behind such claims. We also explore the different features and functionalities offered by the bot to its customers.
Pros & Cons
Pros:
Cons:
What is Bitcoin Power and what can I do with it?
Bitcoin Power is automated software that uses mathematical algorithms to make trades in cryptocurrencies like Bitcoin. Its robot uses a multitude of factors, including historical trends, latest news, technical indicators, and fundamental analysis, to create trading signals. When it finds an opportunity, Bitcoin Power automatically opens and/or closes a trade accordingly.
Aside from automated trading, Bitcoin Power also facilitates manual trading in crypto assets. Cryptocurrency markets function 24/7 and it is difficult to enter or exit a position at preferred conditions. The bot acts as an vehicle for a trader to manually input their desired criteria for a trade. It monitors the market and executes the order when those criteria hit.
How does Bitcoin Power work?
Bitcoin Power has partnered with a network of brokers who process the actual trades. It calculates trading signals through its software and then sends these signals to a partnered broker. Then the broker executes the trade according to the signals sent by the bot.
Bitcoin Power key questions, answered!
Which brokers can I use with Bitcoin Power?
Bitcoin Power has partnered with regulated brokers that offer the services of margin trading in digital assets. As they are regulated, the brokers follow the KYC and AML guidelines. Our research suggests that some of the partnered brokers include UFX and 24Option.
What cryptocurrencies are supported on Bitcoin Power?
The robot offers services of automated trading in prominent cryptocurrency assets including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Bitcoin Cash (BCH)
Can I use Bitcoin Power on mobile and desktop?
Yes. You can access the services of Bitcoin Power on any OS from a web browser on a desktop or laptop. The trading bot does not have an official mobile app, but it can be accessed from a web browser on Android and IoS.
Can I trade assets with leverage?
Yes. The brokers associated with Bitcoin Power let you use leveraged trading in cryptocurrency assets through contracts for difference (CFDs). These are a way of letting you speculate on the price of crypto assets without having to own the assets themselves. trade in different cryptos without actually owning the underlying asset.
You may be able to trade with up to 1:1000 leverage, but we strongly advise caution when you use any leverage at all. Leverage introduces significantly more risk into trading and can lead to major losses.
Can I open long and short positions with Bitcoin Power?
Yes. Bitcoin Power allows you to open long and short positions as its partnered brokers offer margin trading.
In trading, a long position basically refers to a trader’s bet that the price of an asset will move up. In contrast, a short position refers to a trader’s bet that the price of an asset will move down.
What are the payment methods and withdrawal/deposit limits?
There is a minimum deposit of $250 to enable automated trading in cryptocurrencies on Bitcoin Power. The available methods for deposit include bank transfer, eWallets, credit/debit cards like Visa and Mastercard.
The bot does not place any limits on withdrawals on the minimum amount or time duration. A user can request for withdrawals without any restrictions and the amount is credited into the trader’s bank account. The process usually takes 24-48 hours.
Are there any costs and fees involved?
No. As per Bitcoin Power’s website, the trading robot does not levy any fees in exchange for using its services. However, our research indicates that a trader may have to pay a charge with every trade performed through the broker’s account.
How do I get paid? What about payouts?
You can withdraw your profits or trading capital through a withdrawal request. A user can submit a request for withdrawals from the trading interface. Traders need to comply by KYC and AML guidelines and fill details of your banking account before placing the request. The payouts are directly credited into your bank account.
What is the registration and verification process?
The registration process on Bitcoin Power is straightforward. To sign up, you have to fill a registration form on the home page. You are required to fill with your basic details including your name, contact number, and email address. Once you have completed verification, you can access the services of Bitcoin Power.
At the time of registration, you are not required to submit any identification proof. However, you may be required to complete KYC/AML guidelines before starting to trade through the platform.
What is their customer service like?
Bitcoin Power provides 24/7 customer service to their registered members. Users can access their customer service through email and phone number. However, the robot does not provide any options to contact its team prior to registration.
Is Bitcoin Power legit?
Bitcoin Power offers the services of automated and manual trading in digital assets, but it uses unethical and false claims to promote its services. A trader must proceed with caution and refrain from believing its dubious claims.
While its software uses technological tools to predict profitable crypto trading signals, it does not have an ROI of 1000% as stated on its official platform. Also, it uses very questionable marketing methods, like using the names of celebrities that are not associated with the company in any way.
Skilled traders can access services such as manual trading and backtesting of Bitcoin Power. However, it is advisable to use the robot as one of the tools and not entirely depend upon it for trading in digital currencies.
Has Bitcoin Power been recommended by celebrities or appeared on TV?
Our research on Bitcoin Power indicates that a number of sources, including its official website claims that various personalities are associated with the robot. Upon verifying these claims, our team found that no celebrity or leading names are affiliated with Bitcoin Power.
To help you find accurate information, we have carried out fact checks on three claims we repeatedly came across online.
Is it true that Chris Brown endorsed Bitcoin Power?
No, Chris Brown is not associated with Bitcoin Power. He has neither advertised nor used the services of this robot. Chris Brown is an American singer and songwriter who has performed in several talent shows as well as released multiple albums. He has also been accredited with several awards including a Grammy award.
Fact check: False. Our team could not find any evidence that Chris Brown is affiliated with Bitcoin Power.
Is it true that Ant McPartlin uses the Bitcoin Power website?
In a number of external websites, it is claimed that Ant McPartlin uses the services of Bitcoin Power. This is not true. Ant McPartlin is a British television presenter, TV producer, singer, comedian, and actor who has starred in various television series.
Fact check: False. Ant McPartlin does not use the Bitcoin Power website and/or any other cryptocurrency robot websites.
Has Ryan Reynolds publicly recommended the platform?
Ryan Reynolds has never recommended people to use Bitcoin Power. Ryan Reynolds is an actor and a film producer who has starred in multiple blockbuster movies including the Deadpool series. He has also won various awards for his performance in different films.
Fact check: False. Invezz could not find any connection between Ryan Reynolds and Bitcoin Power.
How to trade with Bitcoin Power
Bitcoin Power partners with brokers to offer automated trading in digital assets. You can access the different functionalities of the robot through its trading dashboard. From the tab of ‘Trading History’ available on the left side of the control panel, you will be able to access your past trades and current open trades. You will be able to initiate your deposits and withdrawal requests from its trading dashboard as well. A beginner can also choose to use the demo version of the robot to acquaint yourself with different features.
To access the cryptocurrency robot services, here are the steps for opening an account:
How to open an account with Bitcoin Power
- Step 1: Registration. To use services of Bitcoin Power, you are required to complete its registration process. The process is fairly simple and you are not required to submit ID proof at this stage.
- Step 2: Deposit Funds. To enable autotrading, you have to make a minimum deposit of $250 into the platform. All your trades will be carried out through the broker assigned to you. Please note that you will be asked to complete your KYC before starting to trade through the broker.
- Step 3: Trade. To enable autotrading, slide the slider available on the trading dashboard. Bitcoin Power’s software retrieves potentially profitable trades and sends these signals to partnered brokers. Skilled traders can also access options like backtesting and input conditions for manual trades.
Our top robot trading tips for beginners
Trading in cryptocurrency assets carry risks and a beginner must understand the basics of this space before investing. Solely relying upon the robot to generate huge profits is not advisable. It is recommended to conduct your own research. Here are some of the tips that should be taken into consideration before using a robot for cryptocurrency trading.
- Familiarise yourself with trading. For a newcomer, the aspects of crypto may be difficult to understand as it works with a different approach than forex or stock markets. It is required to acquaint yourself with risk mitigation strategies.
- Understand cryptocurrency space. Cryptocurrency markets are susceptible to volatility. Also, if you are not trading with CFDs in crypto, you are required to understand how to store digital assets.
- Practice with a demo account. It is a good idea to start practising on a demo account. This allows you to familiarise yourself with crypto trading as well as robot’s services.
- Start small and build gradually. Always start small and gradually build your portfolio. The best investment strategies are always those that look to the long term.
- Only invest what you can afford to lose. Bitcoin Power’s official website states that you can generate a return of 1000% on your investments. However, refrain yourself from believing these claims and invest only what you can afford to lose.
Conclusion
Bitcoin Power facilitates automated trading in crypto-assets and offers supportive features aimed at skilled traders. While users may have benefitted in different ways by using its services, these benefits are nowhere near the claims stated on its official website.
The website indulges in fake marketing techniques that indicate affiliations with famous personalities despite the fact none of them are actually associated with Bitcoin Power.
Beginners should not solely rely upon the robot to engage in cryptocurrency trading. You should always conduct your own research and use the robot as one of the convenient tools – if that. Expert traders may also use Bitcoin Power for seeking features like backtesting and manual trades, but again should not solely rely on it.
Bitcoin Power enables automated and manual trading in cryptocurrencies, but it does not generate the scale of profits indicated on its website. It also uses unverified testimonials and fake marketing tactics to promote its services. Also, contrary to indications on its website it cannot help you generate an ROI of 1000% by only using its services.
While users have benefitted from its services, external sources have mixed reviews pertaining to robot’s services. Its homepage also has leading names including Bill Gates, Richard Branson, Al Gore, etc that seem to generate thousands of dollars in profits by using Bitcoin Power. However, our research suggests that these claims are completely false.
Yes. It is easy to register and open an account with Bitcoin Power. Users are only required to fill their basic details and not submit any identification proof while signing up. But users may be required to comply with KYC guidelines before starting to trade through a broker’s network. Also, currently, the services of Bitcoin Power are not available in all jurisdictions. In this case, you might not be able to register on its website.
No. The partnered brokers offer trading in crypto assets with CFD instruments. Contracts for difference (CFD) are derivative products wherein you do not hold the actual asset. You hold the contracts that follow the underlying price movements of an asset. Therefore, the withdrawals will directly be credited in fiat currency in your bank account.
In terms of automating cryptocurrency services, no, but it does not provide financial gains on the scale suggested on its website. It also uses deceptive claims and unethical marketing tactics to endorse its services. Contrary to its claims, you cannot generate thousands of dollars in profits each day only by using the robot.
The official website also holds vague information pertaining to the team and founders behind the robot. Information stated on its website is also oddly similar to various other robot platforms.
With respect to automating trades using advanced algorithm software in digital currencies, yes, but you cannot generate thousands of dollars in profits through Bitcoin Power. The robot has partnered with brokers offering services of CFDs in crypto. It passes crypto trading signals through an API and the broker in-turn executes the trade.
Its official website states that there are no costs or commissions involved with using Bitcoin Power. However, this may not be true. Traders will be required to pay a certain charge or fee for using the services of Bitcoin Power through its partnered brokers.
To delete your Bitcoin Power account, you need to submit a request to broker’s and robot’s platform. Ensure that all your funds are credited into your bank account before placing the request. Once your funds are withdrawn, submit a request form to permanently delete your account.
It’s not clear who owns and operates Bitcoin Power. Its official website does not mention any names on the team or the founders behind it. While external sources state that robot is developed by financial experts, Invezz could not find any substantial evidence to back it up.
