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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. However, the Invezz team could not find information about the founder or his team on any external sources.
Along with its bold claims, the website homepage features a video with testimonials citing how the software has helped them earn thousands of dollars within months. In this Bitcoin Prime review, we analyse the software’s actual performance, its features, trading dashboard, and functionalities of the robot.
Pros & Cons
What is Bitcoin Prime and what can I do with it?
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 individual criteria are met.
How does Bitcoin Prime work?
Bitcoin Prime partners with brokers that let you trade CFDs in cryptocurrencies. After a trade signal flares, it sends the order to make a trade to an associated broker through an API. The broker’s platform will automatically execute the trading order sent by Bitcoin Prime. The entire procedure is automated and does not require manual intervention.
Bitcoin Prime key questions, answered!
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 and hence you are required to comply with KYC and AML guidelines. Our research indicates that partnered broker platforms include EuropeFX and UFX.
What cryptocurrencies are supported on Bitcoin Prime?
Our research suggests that Bitcoin Prime supports more than 50 cryptocurrencies. Users can trade Bitcoin (BTC) with prominent crypto assets as well as with fiat currencies like USD, GBP, and EUR. The list of digital currencies include
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Bitcoin Cash (BCH)
Can I use Bitcoin Prime on mobile and desktop?
Yes. The software is accessible through an OS from your desktop or laptop on a web browser with internet connectivity. Currently, it does not have a mobile app. However, you can access it through a web browser on smartphones.
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). Which means you can speculate on their price, but you do not actually 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 uptrending and/or downtrending 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.
What are the payment methods and withdrawal/deposit limits?
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, credit/debit cards like Visa and Mastercard. Some brokers also offer eWallets like Skrill, Neteller, and Webmoney, and Bitcoin.
There are no limits placed on withdrawals. To request a withdrawal, a user needs to submit a request and give banking details. The amount is credited into your bank account within 24-48 hours.
Are there any costs and fees involved?
No. As per its official platform, you can access Bitcoin Prime for free. But, contrary to its claims, you may be required to pay a trading fee or commission on your trades.
How do I get paid? What about payouts?
Payouts of your profits of trading capital are withdrawn into your bank account. A user can submit a withdrawal request from the trading dashboard. Users need to provide their banking details and also comply with KYC guidelines. Once the request is submitted, your payouts are credited within 24-48 hours.
What is the registration and verification process?
It is easy to get yourself registered with Bitcoin Prime. To sign up, you have to fill 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 will be required to submit ID proof, residential proof, and banking details before starting to trade.
What is their 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.
Is Bitcoin Prime legit?
Bitcoin Prime uses technological tools to create an automated trading service, but it engages in bold claims that are too good to be true. It cannot help you generate a million dollars in profit through its software.
A video on its official platform indicates that users have generated $14,000 with $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.
While skilled traders can access the robot for backtesting and manual trading, it is advisable to not entirely depend upon it. Bitcoin Prime can be used as one of the tools to access crypto markets, but you should conduct your own research before investing.
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 Branson 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 who is best known for playing 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 Conor McGregor publicly recommended the platform?
Conor McGregor has neither endorsed nor recommended to use 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 Bitcoin Prime robot.
How to trade with Bitcoin Prime
Bitcoin Prime partners with regulated brokers to offer services of automated trading in digital assets. A user can access the functionalities and features of this robot from the trading dashboard. You can access functions like ‘Trading History’ from the control panel and view your open trades and profits from its trading dashboard.
A trader can also set limits like stop loss and take profit from the dashboard. Bitcoin Prime offers the option of demo trading so that traders can familiarise trading in cryptocurrencies and using robot’s features.
To access the cryptocurrency robot services, here are the steps for opening an account:
How to open an account with Bitcoin Prime
- Step 1: Registration. The registration process requires filling the signup form with basic details. You do not have to provide any ID proof at this stage and the process takes less than 30 minutes.
- 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. You can choose to access the demo trading feature or you can enable autotrading from the dashboard. A skilled trader can specify criteria to open or close a trade.
Our top robot trading tips for beginners
Cryptocurrency trading is risky and it’s important to understand the basics of investing in digital assets. You should never rely on the robot as the only tool to trade in crypto markets. Conduct your own research and due diligence. Here are some of the tips that should be taken into consideration before using a robot for cryptocurrency trading.
- Familiarise yourself with trading. If you are a beginner, make sure that you understand the basic schematics of cryptocurrency trading before choosing to use any robot.
- Understand cryptocurrency space. Cryptocurrency markets are susceptible to volatility. Also, if you are not trading with CFDs in crypto, you must understand how to store digital assets.
- Use the demo account to practice. 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.
- Try with small amounts and build up gradually. Start small and gradually build your portfolio. Take out a certain percentage of profit each time so as to lower the risks.
- Only invest what you can afford to lose. Bitcoin Prime’s official website states that you can become a millionaire by accessing its services. However, this is most certainly not true. You should never invest more than what you cannot afford to lose.
Bitcoin Prime enables automated and manual trading in cryptocurrency but its claims of people making huge sums of money very quickly are not true. It’s unlikely that the testimonials of its founder making $13,000 in 24 hours are either. The lack of information on its founder in general is another red flag.
Beginners might want to use features like demo trading to acquaint themselves with the market and trading. But you should not use this robot as your only trading tool or rely on it too heavily.
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.