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Bitcoin Up is a trading robot designed to carry out automated trades in cryptocurrency markets. According to its official website, the platform has been running for the last five years, but details of its founders and team are absent from the platform’s website.
Bitcoin Up’s trading platform claims to have a success rate of 99.4% in cryptocurrency trades, which is a bold claim especially in a volatile market such as cryptocurrency. In this comprehensive review, we are going to investigate the claims made by the platform and assess how reliable this robot is for trading cryptocurrencies.
Pros & Cons
What is Bitcoin Up and what can I do with it?
Bitcoin Up is a trading robot that carries out automatic trades in cryptocurrency markets without a trader’s mediation. It uses algorithmic tools as well as technologies like Artificial Intelligence (AI) to analyse vast amounts of data and place trades in light of that information. The software assesses market conditions, trends, historical data, and patterns to find precise conditions for opening or closing a trade. The robot claims to use all this data to place trades with a high success rate.
Apart from automated trading, Bitcoin Up’s cryptocurrency bot also facilitates manual trading for experts. Traders can input their parameters including the asset to trade, stop loss, limits, and the price at which to buy or sell on the trading interface. As soon as the trading conditions are met, the robot executes the trade. This enables an expert trader to place the trades they want without having to monitor market conditions 24/7.
How does Bitcoin Up work?
Bitcoin Up has partnered with various brokers across multiple jurisdictions, and uses an API to place trades with those brokers after it has analysed the market. The robot first assesses vast amounts of data and retrieves optimum trades under present marketing conditions. Through the use of an API, it sends the trading signals to the broker platform, which further executes the order. The execution is automated and does not require human intervention.
Bitcoin Up key questions, answered!
Which brokers can I use with Bitcoin Up?
Bitcoin Up partners with regulated brokers that offer CFD trading instruments in crypto markets. Some of the popular brokers that the robot partners with include EuropeFX and 24Option.
What cryptocurrencies are supported on Bitcoin Up?
On Bitcoin Up, a trader can trade many prominent crypto assets. The list includes:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
Can I use Bitcoin Up on mobile and desktop?
Yes. This is an auto-trading software which can be accessed through a web browser from your desktop or laptop, and also via a mobile browser – although the platform does not have a dedicated smartphone app.
Can I trade assets with leverage?
Yes. While the website does not mention the leverage that Bitcoin Up offers to its users, most similar robots offer leverage of 1:1000. Hence, a trader can trade upto 1000 times the amount deposited. Subsequently, a trader’s bet will be 1000 times the profit or loss.
Trading with higher leverage is very risky, especially in cryptocurrency markets as they pose greater volatility in prices. We advise against trading with leverage for inexperienced investors, and against allowing automated software to place leveraged trades on your behalf. A trader stands to lose all their capital in the case that the trade does not work in their favour.
Can I open long and short positions with Bitcoin Up?
Yes. With Bitcoin Up, a trader can open long and short positions. It partners with brokers that enable traders with options to go long or short.
For a beginner, a long position in the trading market refers to a bet placed on a market moving up, and a short position refers to a bet placed on a market moving down.
What are the payment methods and withdrawal/deposit limits?
In order to use the services of Bitcoin Up, a trader needs to make a minimum deposit of $250 to their account. The available methods for depositing funds include debit/ credit cards, Western Union, Wire Transfer, and e-wallets such as Skrill and Neteller.
The robot has no stated limit on withdrawals, and these can also be carried out on a daily basis without any restrictions on the minimum amount. In order to process withdrawals, you need to submit a request and the amount is credited in your bank account within 24-48 hours. You will need to provide identification when withdrawing funds.
Are there any costs and fees involved?
No. The official website of Bitcoin Up claims that there are no hidden fees, trading fees, or brokerage fees involved while using its services. It is likely you will be charged fees by the broker when withdrawing your finds, however.
How do I get paid? What about payouts?
A trader can withdraw their profits or capital anytime. These payouts can be directly credited to your bank account. Since there are no limits, a trader only needs to submit a request for withdrawal. For payouts, you will be required to provide your identification documents and your bank details.
What is the registration and verification process?
For registering on Bitcoin Up, a trader needs to submit their basic details including their full name, email address, and phone number. The verification process involves verifying your email address by clicking the link sent to you. The services of the robot are not available in all countries.
What is their customer service like?
Bitcoin Up offers various options to contact their customer support team. Their team is available 24/7 and you can contact them via customer form, live chat option, and email.
How does it compare against other autotraders?
The Bitcoin Up service does well against its best competitors; Bitcoin Revolution, Bitcoin Era, and Bitcoin Bank. The products are very similar, but its safety and security, available cryptos and customer support make it fairly unique. We suggest taking a look at our list of the best bitcoin robots before signing up for an account.
Is Bitcoin Up legit?
Bitcoin Up offers services that have benefitted traders, but not everything they say about their platform should be believed. The statements and testimonials of users generating $1200 in profits each day do not carry any substance and are incredibly unlikely to be true. While the robot does automate trading and some of its features are helpful to experts, you cannot earn millions in profits with no experience in trading, despite what is stated on its website.
A trader should always perform thorough research in different aspects to crypto trading and not solely rely on the bot. Never invest in something that you don’t understand.
Has Bitcoin Up been recommended by celebrities or appeared on TV?
There have been a variety of assertions that Bitcoin Up has been promoted by famous celebrities or discussed on TV shows in multiple countries. We have looked into these claims, with some of our findings listed below, and we could find no evidence that any celebrity or television show has ever promoted this robot.
Below you can find our fact checks of the three claims that are most often made about various celebrities recommending the platform.
Is it true that Paul McCartney endorsed Bitcoin Up?
There are some stories floating around online that Paul McCartney has recommended people to use Bitcoin Up, but these are all false. One of the most famous musicians alive, Paul McCartney is best known as being the bassist and co-lead-singer of British 1960s rock band, The Beatles.
Fact check: False. Paul McCartney has never endorsed Bitcoin Up.
Does Peter Lim use the Bitcoin Up website?
Famous Singaporean businessman Peter Lim does not use this crypto robot website. Peter Lim made the majority of his $2 billion through selling his shares in the holding company Wilmar and other high profile stock trades. Today he is a well known philanthropist and owner of La Liga football team Valencia CF.
Fact check: False. Reports that Peter Lim uses Bitcoin Up are untrue.
Has Phillip Schofield publicly recommended the platform?
No, Phillip Schofield has never spoken publicly about Bitcoin Up. Phillip Schofield is a familiar face on UK television, hosting the popular ITV breakfast show This Morning with Holly Willoughby every Monday-Thursday.
Fact check: False. We found no evidence that Phillip Schofield has ever recommended this cryptocurrency robot.
How to trade with Bitcoin Up
All the options of trading can be accessed easily through Bitcoin Up’s trading interface. The dashboard provides all the tools for using the services of the robot, and through the control panel a trader can also view their trading history, check their open trades, and view assets available to trade.
From the control panel, a trader can set up manual limits and stop loss so as to have more control over their trading activity. The platform also provides the option of demo trading for beginners to familiarise themselves with the interface and cryptocurrency trading.
To open an account and start using the services, the following steps need to be followed.
How to open an account with Bitcoin Up
- Step 1: Registration – Fill the registration form available on the right side of the home page. Basic details are required, such as your name, email address, and contact number, and the process of verification takes about 30 minutes.
- Step 2: Deposit Funds – A trader needs to make a minimum deposit of $250 in order to use the auto-trading services of this robot. A demo account is also available for traders to practice before making an investment.
- Step 3: Callback- After depositing funds, you will receive a callback from a manager who discusses how the robot works, and explain the process of trading with Bitcoin Up.
- Step 4: Trade – Once the autotrading function is automated, the robot begins to execute multiple orders without your intervention. Seasoned traders can also use it for manual trading and taking control over trading crypto assets.
Our top robot trading tips for beginners
While trading robots do offer some advantages to users, you should never solely rely upon them for your trading activity. Instead, you should perform your own research on the robot and cryptocurrency trading as a whole before making an investment. Here are a couple of tips that you should consider before using the robot for trading.
- Learn about cryptocurrency trading first. Cryptocurrency trading requires knowledge of both cryptocurrency and trading. Hence, it is necessary for a trader to familiarise themselves with different factors like blockchain technology, trading risks, losses, trading instruments, etc before making any investment. Never trade anything you don’t understand.
- Understand cryptocurrency space. The market of cryptocurrency is new and it is volatile as compared to other markets. Research and understand the space and crypto markets before starting to trade.
- Start with a demo account. Most of these robots, including Bitcoin Up, have a demo account function for traders to practice live trading. Our advice is to start with demo practices in order to acquaint with the experience of crypto trading with a robot.
- Invest in small amounts. Start with small amounts and gradually build your capital. You don’t want to risk too much at any one time and it’s always best to gain both profits and skills at the same time.
- Invest only what you can afford to lose. Trading, especially in cryptocurrency markets, puts your money at risk. Make sure you’re financially secure even if your trades were to go wrong.
Bitcoin Up is an automated cryptocurrency trading bot that has mixed reviews on external websites and makes some bold claims on its own. While the services of the robot can be used as part of a trading strategy, a trader should not be completely dependent upon it. Furthermore, bold statements of users generating profits of $1200 daily are nothing but manipulative marketing techniques – you will not see profits like these if you use Bitcoin Up. Additionally, there are no influential personalities or celebrities associated with the platform even though the robot’s website seems to suggest there are.
A beginner should not purely rely upon the robot. Instead, you need to conduct your own research and understand cryptocurrency space before making an investment. The robot’s services can be used to generate profits alongside other trading activities.
A seasoned trader can use the robot to access some of its services that can benefit in perfecting their strategies. They can backtest their present strategy and compare it with past historical data through the websites control panel. Traders can also use the robot’s manual trading functions to execute their trades at precise market conditions.
Overall, be mindful of the complexities of cryptocurrency trading even when using the robot, and always conduct your own due diligence.
Bitcoin Up’s software does enable auto-trading in cryptocurrency, but many of the website’s claims about its effectiveness are misleading. The platform’s bold statements of becoming a millionaire with this robot are dubious, and its testimonials of people earning $1200 in profits each day are unverified and most likely untrue. Additionally, the website’s interface matches a number of other robot’s interfaces, meaning it lacks the feeling of a totally unique service. While it does offer assistance with automated and manual trading, a user should research the space and refrain from believing everything claimed by Bitcoin Up.
Yes, opening an account on Bitcoin Up is easy and the process of registration can be completed within 30 minutes. To open an account, a user needs to submit details including full name, mobile number, your country, and email address on the sign-up form available on the top right corner of the website. Please note that users may see an ‘error message’ in case if the services of the robot are not available in their country.
No, withdrawals are made in fiat currency. Withdrawals of your payouts can be made by filling a withdrawal request form, and the amount will be credited directly to your bank account. Bitcoin Up’s robot places trades with brokers who trade cryptocurrencies using CFDs, meaning no actual cryptocurrency is being transferred. This is the reason payouts are in fiat currencies.
The trading robot offers services that users can benefit from, but it uses over-the-top marketing techniques and claims users make huge profits without providing any evidence. Additionally, its website gives an impression of its affiliation with personalities like Bill Gates; this is completely false, and we could find no evidence of influential personalities who promote Bitcoin Up.
In terms of automatically executing cryptocurrency trades, yes; but you cannot become a millionaire using this robot in the way claimed by the website. Bitcoin Up has partnered with regulated brokers that offer cryptocurrency trading services, and it automatically executes trading signals through these brokers. However, please be mindful that even experts cannot attain the level of profits as mentioned on its website through robots alone.
Bitcoin Up is free to use. According to its website, there are no hidden costs or charges to leverage the services they offer. However, you will be required to pay a charge that goes towards opening or closing trade on each broker’s platform.
Before deleting your account, ensure that you have withdrawn your profits to your bank account. To delete your account, you need to submit a request to the broker’s and the robot’s platform.
It isn’t clear who founded or who owns Bitcoin Up. A number of external resources claim that the robot was made by traders on wall street and/or financial market experts, but its official website does not hold any data on its founders or team behind the robot.