What is Bitcoin Profit and what can I do with it?
Bitcoin Profit is an automated tool designed to analyze trends and signals in the cryptocurrency market in order to gain an insight into the best trading strategy. It uses technology to take actions of automatically opening and closing trades in microseconds. It further eliminates the equation of human emotions like fatigue that can hamper a trader’s decision-making and ability to make trades. Analyzing constant data, it’s algorithm scans the market to derive optimal entry and exit points in a trade.
Additionally, Bitcoin Profit provides its services to experienced traders by enabling them to test out their trading strategies, assisting traders in their day-to-day jobs. Moreover, an experienced trader can leverage the auto trading application to manually enter their customised trades and allow the robot to execute trades automatically when the market moves to match the criteria set by the trader.
Is Bitcoin Profit legit?
Yes, Bitcoin Profit is legit. The testimonials available on its website are bold claims that are hard to verify, however, and it’s likely the huge sums they mention have not been legitimately made on Bitcoin Profit. Also, the robot’s claim to be 99% accurate is very hard to believe, as not even the most expert traders get near this level of accuracy.
However, outside of the more extreme claims, external website reviews and testimonials suggest that some users have also made reasonable profits with the platform.
How does Bitcoin Profit work?
It operates through connecting with brokers that offer trading in cryptocurrency, who can then action the trades determined by the robot. An Application Program Interface (API) is the intermediary that connects the robot to the broker.
After deriving an optimal point to open or close each trade, the robot instantly sends data to the broker through this API. In turn, the broker executes that particular cryptocurrency trade, with the whole process happening virtually instantly.
Bitcoin Profit key questions, answered!
Which broker can I use with Bitcoin Profit?
As can be found on their website, the platform has partnered with reputed and reliable brokers. Some of which may include Investous and EuropeFX. All transactions are encrypted so as to provide security to the user.
What cryptocurrencies are supported?
Trading robots don’t typically have the same range of cryptocurrency trading options that you can find on other platforms such as exchanges. The following cryptocurrencies are currently supported with Bitcoin Profit:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
In addition to this, the platform also offers to trade cryptocurrency pairs including BTC/USD, ETH/USD, BTC/EUR, and crypto/crypto among others.
Can I use Bitcoin Profit on mobile and desktop?
Yes. It can be accessed via a browser on either a desktop or mobile device. You can use it on any operating system so long as you have an internet connection. That being said, the website’s functionality is better on a laptop or computer than on a smartphone.
Can I trade assets with leverage?
Yes, Bitcoin Profit partners with regulated brokers in order to offer leveraged trading to its users. Since a user is trading through speculation on the price of bitcoin rather than trading actual bitcoins, there is no need to have access to a bitcoin wallet and leveraged trades can be made with fiat currency.
Please note that trading with leverage is risky and if not exercised in an appropriate manner, it can also lead to huge losses in short spaces of time. Do not attempt leveraged trading before doing detailed research.
Can I open long and short positions?
Yes, a trader can open long and short positions on Bitcoin Profit. A seasoned trader can also open manual positions that are not automated by the robot using the option of manual trading.
A ‘long’ position is when a trader believes 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 begin trading with Bitcoin Profit, you need to make an initial minimum deposit of $250. This can be done using payment methods of Skrill, Merchant Pay, Visa, Mastercard, Safepay, and Giropay.
A user needs to access the broker’s platform in order to withdraw funds. There are no limits set on withdrawals so a trader can withdraw at any time. The time taken for the amount to be transferred into a trader’s account is 24 hours.
Are there any costs and fees involved?
No, Bitcoin Profit does not charge any charges for registration nor any fees for using its services.
How do I withdraw money?
To withdraw your capital or profits, you first need to submit an application along with your bank account details. At this point, you will also be asked to submit your proof of identity and proof of residence; this is to ensure compliance with anti-money laundering legislation. There are no limits on accessing payouts, so you can make daily withdrawals if you want. This process usually takes up to 24 hours.
What is the registration and verification process?
You can sign up by providing basic details including your name, email address, and contact number. It is free and simple. Also, there is no need to provide any identification or proof of your residence documents until the point at which you wish to withdraw funds. Your account will be verified within a few minutes of signing up.
However, please note that you will only be able to register if brokers are available in your country.
What is their customer service like?
Prior to registering on Bitcoin Profit, you can submit your query through a contact form. After registration, you can access their customer service 24/7 via e-mail.
How to trade with Bitcoin Profit
Bitcoin Profit has a simple interface that helps you navigate between different options from the dashboard. You can switch between the demo version and live trading from the control panel. You can also access your entire trading history, including your profits and losses, from the control panel itself, but first you’ll need to open an account.
- Step 1: Registration – The first step is to register on the platform, which usually takes a few minutes. You have to set your password in this step. Bitcoin Profit has SSL encryption to secure all your personal data.
- Step 2: Deposit – The next step is to either use their demo account to familiarise with cryptocurrency markets, or to deposit the minimum funding of $250 to start auto trading or put manual trades. Once you have deposited the minimum amount, you now have access to all the features on Bitcoin Profit’s platform.
- Step 3: Trade – Now a trader can start auto trading. In order to activate it, you need to specify details that include the asset, set risk limits, daily take profit, and daily stop loss. A seasoned trader can set in manual conditions for trade by specifying additional parameters.
Our top robot trading tips for beginners
People should familiarise themselves with knowledge of both trading and cryptocurrencies before signing up for services such as Bitcoin Profit. Trading cryptocurrencies is complicated, and these are the five steps our experts recommend should be followed.
- Learn about trading before you use a robot. If you are a beginner, make sure that you understand the basic schematics of cryptocurrency trading before choosing to use any robot. An expert can use this as a tool to fine-tune their trading strategy, but just because the service is automated it doesn’t mean you should use it with no knowledge.
- Learn more about cryptocurrencies. Before trading a cryptocurrency, such as Bitcoin, you should make sure you have a good knowledge of it and its value.
- Use the demo account to practice. It is advisable that whenever you sign up to a new platform you use their demo account to familiarise yourself with the services offered. This way you can set up trades and assess your trading performance before putting your hard-earned cash into the system.
- Try with small amounts and build up gradually. Always start trading in a small amount and gradually build your trading portfolio. Take out a certain percentage of profit each time so as to lower the risks. Trading success doesn’t happen overnight, and by keeping an eye on the long term you’ll have a better chance at maximising the growth of your investments.
- Only invest what you can afford to lose. The first and the last rule of trading is only invest what you can afford to lose. The market of cryptocurrency is extremely volatile and money can be made and lost quickly, so ensure you don’t take unnecessary risks.
Bitcoin Profit’s claims of people making huge sums of money very quickly are likely not true, but external resources seem to indicate that Bitcoin Profit has helped traders in generating reasonable profits. The automated trading software can be set up by traders to be used as an efficient tool in a trading strategy, but you will want to take the time to set it up properly to ensure this process happens effectively.
Any beginner should not use Bitcoin Profit’s robot as their sole interaction with the cryptocurrency market. It’s always a good idea to do your research and use a variety of ways to trade cryptocurrencies. Robot trading doesn’t guarantee profits, but skilled traders do find them useful.
This robot proves its usability through its ability to absorb more information than would be possible for a human, and to be able to interact trades at lightning quick speeds along parameters that have been set previously by the trader.
One thing that is worth noting is the small number of cryptocurrencies you are able to trade on Bitcoin Profit. If you’re looking to build a portfolio that encompasses investments in a wide variety of cryptos, you’d likely be better off looking elsewhere.