Review of Bitcoin Prime
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Bitcoin Prime uses AI to automate trading in cryptocurrencies like Bitcoin and Ethereum. The robot was developed by an ex-software developer named Steve McKay, and the founder alleges that the software has helped him generate millions of dollars. In this Bitcoin Prime review, we analyse the trading software’s actual performance, features, trading dashboard, and the robot’s functionalities.
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Pros & Cons
What is Bitcoin Prime?
Bitcoin Prime is software that automates the process of opening and closing trades on cryptocurrency assets. It uses Artificial Intelligence (AI) and mathematical algorithms to develop trading signals and execute trades via third-party brokers.
Bitcoin Prime also lets its users trade manually, creating their own triggers for the robot to execute trades. That means traders don’t need to monitor the market 24/7 as the robot will perform trades whenever their criteria are met.
Bitcoin Prime summary
|Supported cryptocurrencies||50+ including BTC, BCH, ETH|
|Withdrawal speed||24 hours|
|Leverage available||Yes, 1:1000|
About the Bitcoin Prime platform
How does Bitcoin Prime work?
Bitcoin Prime works by sending trade signals to brokers through an API. The trading platform helps you trade Bitcoin and other cryptocurrencies. The broker’s platform will automatically execute the trading order sent by Bitcoin Prime.
Bitcoin Prime’s algorithm ensures that the entire procedure is automated and does not require manual intervention. However, if you’re an experienced Bitcoin trader you can trade manually based on the trading signals you get from Bitcoin Prime. The trading platform is flexible and you can use it however you wish.
What assets and products can be traded on Bitcoin Prime?
Our research suggests that Bitcoin Prime offers more than 50 cryptocurrencies. Users can trade Bitcoin (BTC) with prominent crypto assets and fiat currencies like USD, GBP, and EUR. The list of digital currencies includes
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Bitcoin Cash (BCH)
How much does Bitcoin Prime cost to use?
You can access Bitcoin Prime for free. You can also sign up and use its demo account for free. However, contrary to its claims, you may be required to pay a trading fee or commission on your trades. This will depend on the cryptocurrency broker you go with and is usually between 1-3% per trade you make.
What are the payment methods accepted by Bitcoin Prime?
In order to use Bitcoin Prime, a trader needs to make a minimum deposit of $250. After the deposit, you can use the services. The available methods for deposit include bank transfer, and credit/debit cards like Visa and Mastercard. Here is a list of the available payment methods accepted by Bitcoin Prime.
- Bank or wire transfer
- Credit card
- Debit card
Is there a Bitcoin Prime app for both mobile and laptop computers?
You can access the Bitcoin Prime trading software through your desktop or laptop using a web browser. There is no Bitcoin Prime mobile app currently available, however, you can use the trading software on your mobile divide through its web browser. According to our research, a Bitcoin Prime mobile app may be released. Right now, you can use Bitcoin Prime in the following ways.
- Mobile phones
Bitcoin Prime key features
Bitcoin Prime boasts a few features that help it to stand out from the crowd of other crypto bots. Here are some of our favourites.
Some crypto trading platforms do charge for taking your money out, but with Bitcoin Prime, you won’t have to worry about any fees. Bitcoin prime makes it easy to withdraw your profits earned through the software. All withdrawals are free and processed within 24 hours so you’ll get your money back swiftly.
When you trade the cryptocurrency market using Bitcoin Prime, you get access to leverage. Depending on your trading platform, you can get up to 1:1000 leverage. This means you can trade much bigger positions without depositing large sums of money.
Forex trading and stock trading
Bitcoin Prime is designed to work on the cryptocurrency market, but many users have reported it works equally well on other assets. With the Bitcoin Prime platform, you can use it for forex trading and stocks like Apple, Google, and Tesla. The automated software gives you more opportunities to profit.
Which brokers can I use with Bitcoin Prime?
The bot is partnered with licensed brokers to provide margin trading in cryptocurrencies. The broker platforms are regulated; hence, you must comply with KYC and AML guidelines. Our research indicates that partnered broker platforms include EuropeFX and UFX.
Can I trade assets with leverage?
Yes. You can trade with leverage thanks to its associated brokers. These cryptocurrencies are available using contracts for difference (CFD). This means you can speculate on their price, but you do not own the asset itself. A CFD is a contract that follows the price movements of the underlying cryptocurrency.
Please note that trading in leverage is risky, and cryptocurrency markets are volatile. You should not use leverage unless you have lots of experience, and even then, use it with caution as it can result in big losses.
Can I open long and short positions with Bitcoin Prime?
Yes, you can open long and short positions on Bitcoin Prime and place trades in up trending and/or down trending markets. A ‘long’ position is when a trader speculates that the price of a certain cryptocurrency will rise. A ‘short’ position is when the trader instead speculates that the price will fall.
How do I get paid? What about payouts?
There are no limits placed on withdrawals. To request a withdrawal, a user must submit a request and give banking details. The amount is credited into your bank account within 24-48 hours. We have heard from users of Bitcoin Prime that withdrawals have often been processed much faster.
What is Bitcoin Prime’s customer service like?
The account owners of Bitcoin Prime can access their 24/7 customer service through different modes, including a live chat, phone number, and email. However, without registration, the robot does not provide any options to access its customer service.
Safety and security
Is Bitcoin Prime safe to use?
Bitcoin Prime appears to be a safe crypto trading robot, although claims made on its website cannot be verified. Its software cannot help you generate a million dollars in profit.
A video on its official platform indicates that users have generated $14,000 with a $250 investment in a single day. However, such claims are highly dubious and unlikely to be true. It also claims that the robot is endorsed by leading celebrity names, but we could not find proof of any personalities associated with Bitcoin Prime.
Is Bitcoin Prime regulated?
Bitcoin Prime is crypto automated software, so it is not regulated. However, it partners with many top-rated brokerage platforms that are regulated. Bitcoin Prime states that most trading platforms are regulated in Europe under CySEC, the Cyprus Securities and Exchange Commission.
Is my money protected on Bitcoin Prime?
When you use Bitcoin Prime you do not deposit any money into the trading platform, Instead, you deposit funds with cryptocurrency brokers who are all regulated by CySEC, The Cyprus Securities and Exchange Commission. Many of these crypto trading platforms also are protected through compensation schemes if they ever go out of business.
Who owns Bitcoin Prime?
According to its official website, the Bitcoin Prime trading robot was developed by Steve McKay along with a team of 25 members. Steve McKay is an ex-software developer who claims to have earned millions of dollars through this robot. Although, the research conducted by the Invezz team suggests that the information is quite vague and likely false. We could not find any details behind the founder on external websites.
What is the registration and verification process?
It is easy to get yourself registered with Bitcoin Prime. To sign up, you have to fill out the registration form available on its homepage. Details including your name, email address, and contact number are required. You will be asked to verify your email and phone number, after which you can access Bitcoin Prime.
As the robot partners with licensed brokers, you must submit ID proof, residential proof, and banking details before starting to trade. Below are the steps you can follow to register with Bitcoin Prime.
How to start trading with Bitcoin Prime
Step 1. Create an account with Bitcoin Prime
The first step in the registration process requires filling out the signup form with your contact information. You do not have to provide ID proof at this stage and the process takes less than 30 minutes before you can start trading.
Step 2. Make a minimum deposit of $250
To enable auto trading, you have to make a minimum deposit of $250 into the platform. All of 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. Set up your Bitcoin Prime trading system
Once you have funded your cryptocurrency trading platform, it is time to configure your robot. This is an important step and will determine how well the software works for you so it’s recommended that you take your time. You can change certain settings and parameters to meet your needs, so that you can trade Bitcoin the way you want to.
Step 4. Adjust risk management settings
Adjusting Bitcoin Primes risk settings is easy to do. Just open up the software and navigate to the risk tab where you can make changes. It is a good idea to adjust your risk parameter settings to a level you are comfortable with. If you want to gamble, set them high, although it’s probably best to keep it quite low.
Step 5. Start trading with Bitcoin Prime
You can choose to access the demo trading feature or you can enable auto trading from the dashboard. A skilled trader can specify criteria to open or close a trade. You may want to download the Bitcoin Prime app so that you can access your trading account on the go as well as on your desktop.
Has Bitcoin Prime been recommended by celebrities or appeared on TV?
While researching Bitcoin Prime, we found that a number of sources indicate that leading personalities endorse this robot’s services. Upon verifying these claims, our team found that no celebrity or leading names are affiliated with Bitcoin Prime.
To help you find accurate information, we have carried out fact checks on three claims we repeatedly came across online.
Is it true that Richard Brandson endorsed Bitcoin Prime?
No. Richard Branson has neither endorsed Bitcoin Prime nor is associated with the robot. Richard Branson is a businessman and the founder of Virgin Atlantic airline as well as Virgin Galactic, a spaceflight corporation. He was also placed in the Time’s list of 100 most influential people.
Fact check: False. Our team could not find any evidence that Richard Branson has endorsed Bitcoin Prime.
Is it true that Daniel Craig uses the Bitcoin Prime website?
External sources indicate that Daniel Craig uses Bitcoin Prime’s services for trading. However, there is no evidence that he is associated with this robot. Daniel Craig is a leading British actor and producer best known for playing the famous fictional spy James Bond in the most recent films of the franchise.
Fact check: False. Daniel Craig has never used Bitcoin Prime’s services.
Has Connor McGregor recommended Bitcoin Prime?
Conor McGregor has neither endorsed nor recommended using Bitcoin Prime. Conor McGregor is an Irish professional mixed martial artist and boxer, and one of the most famous UFC fighters of all time.
Fact check: False. Invezz could not find any connection between Conor McGregor and the Bitcoin Prime automated trading bot.
Is there a Bitcoin Prime alternative?
There are varios other cryptocurrency trading robots on the market and if Bitcoin Prime isn’t for you, then it’s worth checking out what else is available. Some focus solely on crypto, while others include automated forex trading or stock investing. Here are five options you can have a look at.
- Oil Profit does not trade the cryptocurrency market but uses the commodities sector to generate trades. It has a strong focus on the price of oil.
- Immediate Edge is one of the most popular cryptocurrency trading robots and finds opportunities in the whole crypto market.
- BitIQ is a good option if you want to trade smaller altcoins which are often more volatile but provide bigger moves.
- Ethereum Code is one of the few crypto trading robots that trade coins operating on the Ethereum blockchain.
- Bit Index AI uses artificial intelligence to identify profitable trading opportunities and send them to partner broker platforms automatically.
Our top robot trading tips for beginners
Here is a quick list of top tips to help you get started with a crypto robot. This advice applies both to Bitcoin Prime and to all other trading bots out there.
- Familiarise yourself with trading. If you’ve never traded in the crypto market then it’s important to take the time to learn about trading before starting with a robot. Bitcoin Prime does the heavy lifting for you, but that doesn’t mean you shouldn’t learn the basics first.
- Understand cryptocurrency space. The cryptocurrency market is still in its infancy and changes rapidly. It can be a good idea to set up a free account first and use a virtual or demo account to practice before you start, so that you understand how the market moves.
- Practice with a demo account. Lots of new users fall into the trap of thinking trading is easy. It’s not, and you should always use a demo account before risking live funds. Crypto robots often advertise unrealistic profits and one way to test Bitcoin Prime out is by using it on a demo.
- Start small and build gradually. Always make sure you start small and grow your account slowly. Bitcoin Prime could help generate consistent returns over the long term. It’s best that you start off small and withdraw profits regularly as your account size grows.
- Only invest what you can afford to lose. The first and the last rule of trading is only to invest what you can afford to lose. The cryptocurrency market is extremely volatile, and money can be made and lost quickly, so ensure you don’t take unnecessary risks.
Our final verdict on Bitcoin Prime
Bitcoin Prime is a top quality crypto trading bot that enables automated and manual trading in cryptocurrency Beginners might want to use features like demo trading to familiarise themselves with the market and trading. But you should not use this robot as your only trading tool or rely on it too heavily.
If you’re an experienced trader then you could consider using the Bitcoin Prime trading robot to supplement your income or use it to backtest strategies, or automate part of your strategy. However, relying solely on Bitcoin Prime to earn money is not a good idea; the crypto market is extremely volatile and robots do not always hold up well in difficult conditions.
Methodology: how we scored this Bitcoin Prime review
Every cryptocurrency trading platform that we review follows the same process. We perform basic tasks to test the service, such as creating an account, making deposits, and adjusting settings. In the case of Bitcoin Prime, we also registered with its recommended trading platforms.
In addition to the above tasks, we also conducted in-depth online research and used Bitcoin Prime reviews from other users. We also use the customer support function on the Bitcoin Prime website.
We used the information we had gathered from our testing and research to provide our final verdict. Our reviews are always unbiased and independent. No trading platforms or crypto automated software can influence our decision, however, we may earn a commission if you sign up from any of the links on this page.
Bitcoin Prime is a helpful tool for trading in digital assets, but it makes a lot of unverified claims about its effectiveness. It uses over the top marketing methods and engages in claims that sound too good to be true. It proclaims that you can become a millionaire by using Bitcoin Prime within 2 months. But these claims must be regarded with caution as it is near to impossible.
Additionally, users have benefitted by accessing its features, but it is not to the extent as suggested on its platform. External sources also indicate leading personalities to be using Bitcoin Prime’s services, but our research suggests it is simply not true. Also, the website’s interface oddly resembles other platforms.
Yes. Opening an account to use services of Bitcoin Prime is easy and can be done in a few simple steps. You have to fill their sign up form and verify your email address as well as contact number. Currently, the services of Bitcoin Prime are not available in all jurisdictions. In this case, you might not be able to register on its website.
No. The associated brokers of Bitcoin Prime offer margin trading in CFD instruments. Hence, it is simply a contract that tracks the price movements of underlying digital currency. As you hold the contract, your withdrawals are carried out in fiat currencies like USD or EUR. The payout is carried into your bank account and usually takes around 24-48 hours.
Bitcoin Prime does enable automated trading in digital assets, but at the same time, it uses over the top claims that sound suspicious. Contrary to the statements asserted on its video, you can not profit millions of dollars from using Bitcoin Prime. Its platform also does not provide extensive details on the team behind the robot.
In terms of automating trades using mathematical algorithms and technological tools, yes but you cannot generate $14,000 on a daily basis from $150 investment through Bitcoin Prime. The robot does execute trades automatically by partnering with regulated brokers. It sends crypto trading signals to the broker through an API and your trades are executed by the associated broker.
Its official website states that there are no costs or commissions involved with using Bitcoin Prime. However, this may not be true. Traders may be required to pay a commission charge or fee for using robot’s services as well as brokers.
To delete your Bitcoin Prime account, you need to submit a request to broker’s and robot’s platform. In order to delete your Bitcoin Prime account, the first step is to withdraw your funds from the broker’s platform. After that, submit a request to delete your account from both the platforms – Bitcoin Prime and the broker.
As per its official website, the robot is developed by Steve McKay along with a team of 25 members. Steve McKay is an ex-software developer who claims to have earned millions of dollars through this robot. But, the research conducted by the Invezz team suggests that the information is quite vague and likely false. We could not find any details behind the founder on external websites.
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >