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.
Bitcoin Trader 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.
Is Bitcoin Trader legit?
Yes Bitcoin Trader is 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.
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 Bitcoin Trader:
- 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 Bitcoin Trader 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.
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.
- Step 1: Registration – The first step to using the services of the Bitcoin Trader 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.