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Bitcoin Trader is a robot that uses algorithms to place and execute cryptocurrency trades automatically after users open accounts and invest funds. The platform’s website makes a variety of claims about the size of the profits that can be made by using the software, but how much of this is to be believed?
In this review, we will take you through the details of the service offered by Bitcoin Trader and investigate the legitimacy of the claims it makes.
Pros & Cons
What is Bitcoin Trader and what can I do with it?
Bitcoin Trader is an auto trading robot that uses algorithms to maximise trading potential in Bitcoin and other cryptocurrencies. It enables buying, selling, and trading Bitcoin without the need for human intervention.
To make trades, it analyses historical data, charts, patterns and graphs sourced from across the internet to derive the best trading strategies. It then executes trades with brokers in light of the information it gets from using statistical and progression methods.
The platform claims that by doing this, its algorithm can operate 0.01 seconds ahead of the market. It can then leverage this market advantage by acting within microseconds. This is a big claim to make, however, and it’s worth noting that it’s wise to set some parameters on how the robot operates to ensure you’re protected against volatility in cryptocurrency markets.
The software also allows experienced traders to use the platform for manual trading. Given that cryptocurrency markets run 24/7, a trader can ensure to be active at all times by setting predetermined parameters to enter and exit a particular trade by telling the Bitcoin Trader robot at what price to buy and sell. It will automatically execute the trade upon the set criteria without the need for intervention from the trader.
How does Bitcoin Trader work?
Bitcoin Trader analyses a vast amount of data, using technology and statistical algorithms, in order to figure out the best trading opportunities in the cryptocurrency market. It then uses this information to place trades with established brokers 24/7.
It connects to its partnered brokers through an API that works in real-time. The robot continuously sends and receives data back and forth through this API, to place trades and assess its performance.
Bitcoin Trader key questions, answered!
Which brokers can I use with Bitcoin Trader?
Bitcoin Trader works with a number of brokers that offer leveraged trading in cryptocurrencies. These aren’t listed explicitly on its site, but are likely to include EuropeFX, UFX, and 24option.
What cryptocurrencies are supported?
The following cryptocurrencies are supported with the robot:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
In addition to this, it also offers to trade multiple pairs in crypto and fiat currencies including XRP/EUR, BTC/EUR, BTC/USD.
Can I use Bitcoin Trader on mobile and desktop?
Yes. It is accessible on all desktop and mobile operating systems. You don’t need to download any software or an application, so as long as you have a browser and an internet connection you can access Bitcoin Trader.
Can I trade assets with leverage?
Yes. It allows leveraged trading through the brokers with which it is partnered. Neither the robot nor the website give details of the leverage criteria, however.
Please note that trading with leverage is highly risky and should not be attempted by beginner traders. While leverage can lead to bigger profits, it also generates bigger losses and can lead to your capital being wiped out quickly if the market fluctuates – which is common with cryptocurrency. Always start small so that your losses are minimal.
Can I open long and short positions?
Yes, you can open long and short positions with Bitcoin Trader. A trader can manually enter a specific position/trade that he wants to execute and the robot will automatically carry it out.
If you’re unfamiliar with the terms, check out our position trading course. But in short, a long trading position is when a person believes the price of something will rise, and a short position is when they believe it will fall.
What are the payment methods and withdrawal/deposit limits?
To fund your account and begin trading, you would require to make an initial deposit of $250. The available payment options include Maestro, Mastercard, and Visa.
Withdrawals are carried out through the broker’s website with which the robot has made the trades on your behalf. They can be made without any limits on time or amount, but they may take up to 24 hours to process and transfer to your bank account.
Are there any costs and fees involved?
No, Bitcoin Trader does not charge any fees or commission charges. Registration on the platform is also free.
How do I withdraw money?
In order to withdraw your funds, you need to fill out a withdrawal form. Please note that at this point you will also be asked to submit your identification documents as this is part of necessary Know Your Customer checks.
All your profits and trading capital can be withdrawn directly to your bank account and you can request for payouts daily as well. According to the website, Bitcoin Trader doesn’t charge any fees for this process.
What is the registration and verification process?
Registering on Bitcoin Trader first requires you to provide your name and email address. In the next step, you will be asked to set a password and provide your contact number. You do not need to provide any personal identification documentation in this step. Once you have registered, verification usually takes a few minutes.
What is their customer service like?
Prior to registration, you can contact Bitcoin Trader by filling a contact type form available on their website. After you have successfully registered on their website you can access their customer service via email and live chat. It is unclear whether you can access this service 24/7 or only in business hours.
How does it compare against other autotraders?
The Bitcoin Trader software holds up well compared to its top competitors; Bitcoin Revolution, Bitcoin Era, and Bitcoin Superstar. While they all offer virtually the same product, its the ease of use, coins on offer, and security which set it apart. We suggest taking a look at our list of the best bitcoin robots before signing up for an account.
Is Bitcoin Trader legit?
Bitcoin Trader seems to be a legit platform to use for auto trading in cryptocurrencies, but it is to be used with caution and it is very unlikely that stories of users making fortunes overnight are true.
Additionally, the lack of information on its developers or founders of the robot is also concerning, as it’s hard to verify the truth of claims about its accuracy. However, research from external platforms suggests that some traders who have used this robot are satisfied and some have made profits using it.
Please note that you should conduct your own research before making an investment in cryptocurrency. The cryptocurrency market is volatile and your capital will be at risk when trading – nothing is a sure-thing when it comes to investing so always be sure to do your homework.
Has Bitcoin Trader been recommended by celebrities or appeared on TV?
Many online platforms have made claims that Bitcoin Trader has been used by high-profile celebrities, or that the platform has been talked about on popular television shows. Invezz has researched these claims and can find no evidence that any of them are true. If you read about different celebs promoting this robot, you should be wary of the platform which has published that information.
Our team has researched three of the most commonly-cited claims linking the platform to celebrities, with the results of our investigations below.
Is it true that Bear Grylls endorsed Bitcoin Trader?
No, it is incorrect that Bear Grylls has recommended people to use Bitcoin Trader. Bear Grylls (real name Edward Michael Grylls) is best-known for presenting television shows in the UK around the theme of survival. He uses his former experience as a serviceman in the SAS to give tips on how to survive in extreme situations.
Fact check: False. When looking into these claims, we found no evidence that Bear Grylls has ever been associated with this platform.
Does Cillian Murphy use the Bitcoin Trader website?
Despite some online stories claiming this to be true, it is false that Cillian Murphy uses this platform. Cillian Murphy is an Irish actor and musician who is most famous for his appearances in Batman Begins, 28 Days Later, and the British TV show Peaky Blinders.
Fact check: False. Any claim that Cillian Murphy uses this crypto robot are false.
Has Karl Stefanovic publicly recommended the platform?
We found no evidence that Karl Stefanovic has spoken publicly about the Bitcoin Trader Website. Karl Stefanovic is a presenter on Australian television, and best known as the co-host on the breakfast show Today aired by Nine Network.
Fact check: False. Karl Stefanovic has no association with Bitcoin Trader.
How to trade with Bitcoin Trader
The Bitcoin Trader has a user-friendly dashboard that helps you navigate between different panels pertaining to trade. A user can find their entire trading activity under ‘Trading History’. Additionally, a trader can also define specific trading criteria and manage their live transactions from the dashboard itself.
It is worth noting that while accessing Bitcoin Trader is possible from mobile phones, it is more user-friendly from a computer or laptop’s browser. Before you start trading though, you’ll need to set up an account on the platform.
How to open an account with Bitcoin Trader
- Step 1: Registration – The first step to using the services of the robot is to register and verify on its platform. These steps have been outlined above, but simply include providing your name and email address and verifying your account.
- Step 2: Use the demo Account – Bitcoin Trader has a demo account that you can use to provide you with an insight on cryptocurrency trading. It gives you all the features and functionality for you to trade in a live environment. It is heavily recommended users do this before starting trading with their own money.
- Step 3: Funding your account – If you are already familiar with cryptocurrency trading, you can directly start auto trading. For this, you need to make an initial investment of $250. You can now start auto trading or manual trading if you have your personalised trading strategy.
- Step 4: Trade – To begin auto trading, you first need to set some trading parameters. This includes setting a stop loss, daily take profit, asset, etc. Additionally, an experienced trader can use manual options and set trading indicators matching their strategy.
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.
Bitcoin Trader’s automated trading robot offers a relatively small number of cryptocurrencies that can be traded when compared to some of its competitors, and while there are positive reviews of the platform, it is highly likely that the sensational stories of people earning fortunes in record time using the software are not true.
While it is true that cryptocurrencies have yielded considerable profits to investors, it is equally the case that traders have lost money due to the volatility of the market, and therefore beginner traders should be cautious and learn about cryptocurrency trading before trusting their money to a trading robot.
The use of Bitcoin Trader is more appropriate for traders who are familiar with cryptocurrency markets and who can use it as a tool to fine tune their trading strategies and programme it to enact trades at times when they are not able to do so.
Always be careful when investing in the cryptocurrency market and do as much research as possible before starting to trade. It is possible to make good profits, but like any investment opportunity it comes at a risk to your capital and your chances of success are likely to be higher if you arm yourself with the requisite knowledge.
Bitcoin Trader does offer automated robot trading services, but its exaggerated claims of generating millions in profits are dubious. The robot enables users to have cryptocurrency trades placed for them without the need for human intervention. Additionally, it also allows a trader to place manual trades based on customisable parameters. But it is important to note that the claims of notable celebrities having endorsed Bitcoin Trader are untrue.
Yes, the process of registering and verifying an account on Bitcoin Trader is quick and easy. First, a user needs to provide their name and email address, you will then need to submit your contact number. The process for verification might take around 30 minutes, but after that you’re good to go. Currently, the robot is not available in all countries, and you will see an error message displayed if you’re unable to access the robot’s services for this reason.
No. While you can trade in Bitcoin, Ethereum, Ripple, and Litecoin, withdrawals are paid out in the form of fiat currency. Withdrawals are carried out from the broker’s platform that are partnered with Bitcoin Trader, and as these platforms trade cryptocurrency using CFDs, no cryptocurrency coins are involved.
Bitcoin Trader does enable users to participate in automatic trading, but it also indulges in misleading marketing practices. The robot claims to have won trading awards but there is a lack of proper attestation to its statements, and reports of user making thousands of dollars overnight are unverifiable.
In terms of placing trades automatically through its robot yes, but its assertion of members generating $1300 in profits are not proven and are very unlikely to be true. The robot analyses data using algorithms in order to derive outcomes of a trade and further places the trade on behalf of the user. Overall the robot works, but maybe not as efficiently as Bitcoin Trader claims it does.
According to the Bitcoin Trader official website, there are no fees for accessing services of the robot. However, a user might incur fees as a percentage of the trade that goes towards a broker’s platform.
Deleting your account on Bitcoin Trader involves two steps: contacting the partnered broker and then closing your account with the robot. You first need to withdraw your funds from the broker’s account, and after this you can submit a request to delete your account.
It is not known who owns Bitcoin Trader. Many external sources have stated that financial experts and wall street traders are founders behind Bitcoin Trader, but there is absolutely no mention of the inventors of the robot on its official website, and our team has been unable to verify the people behind this robot.