Bitcoin robots have taken the world by storm. There are hundreds, if not thousands, of these robots spread all over the Internet. This leaves users confused over what they should actually use.
A Bitcoin robot is a tool designed to make the decision to buy and sell BTC coins on behalf of the trader. The accuracy level of Bitcoin robots is supposed to be as high as that of humans, and often times – claimed to be higher.
An automated trading tool promises to place trades with top-notch accuracy. According to the promotional points of such robots, you do not have to be physically present for it to execute its mandate. Typically, just 20 minutes of your time in a day is enough to set it on the right path but these claims are hard to confirm.
A Bitcoin robot should base its operations on complex algorithms that scan the markets and make decisions. Each decision is based on the signal detected, which can be a host of things like news, trending events, and market panics.
The ability to scan the market at a go, factoring in all events, is what should make Bitcoin robots more effective than human traders. Furthermore, all of this information is evaluated in a matter of seconds.
Even though Bitcoin robots are generally effective in assisting online traders, the level of efficacy varies from one bot to another. That is why we will guide you in choosing the best tool that meets your needs. Before delving into that, let us have a look at the merits and demerits of using these platforms.
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Having a clear grasp of the ups and downs of automated trading tools is sure to help you make an informed decision. Generally, these tools have some exciting features that make them stand out from trading manually. Their varied and unique differentiation from human traders makes them more accurate, but also – riskier.
Here is a look into the pros and cons:
Before choosing a Bitcoin robot, there are a couple of factors you can keep in mind to ensure that you are on the right track. These include:
Determining the security level of a robot is easy. For unprotected platforms, your browser will often warn you when you visit them.
On the other hand, secure platforms tend to have a padlock icon on the left-hand side of the URL. Clicking on this padlock will indicate some writings like “Connection is Secure”.
In addition, legit robots would apply full transparency policies, including about risks and the platforms they are integrated with and can be used on.
This entails the verification of your identity by providing a government-issued ID and a proof-of-address like a bank statement or a utility bill. Such verification sets in place measures that ensure only you will have access to your account and the ability to deposit and withdraw money.
In comparison, trading robots rarely ask for such information as they don’t have it as their priority to secure your account. It might be a tedious process but it’s the only way to guarantee that your money is safe.
Reliable and trustworthy platforms allow you to start with very low deposits ranging from $50 to $200. In comparison, unregulated robots ask for a bit more than that, starting at $250 or even $500. Legit brokers and exchanges will allow you to start with as much as you see fit, giving you access to different account types.
Unregulated robots don’t give you that option and ask you to start with a fixed amount of money. At the same time, they don’t disclose their fees.
Fees related to online trading are often overlooked as well. If you trade directly on a broker or exchange platform, you have immediate information about the fees. When applying algorithmic trading, it is unclear how the robots make money from giving you its services, and as a result – there are often hidden fees that catch you unawares.
Typical options are:
And they would be offered to an extent by the different trading solutions. We recommend trading with a regulated broker or an exchange, instead of a trading bot, because you will have more options to choose from when making a deposit and, consequently, when withdrawing money. When you choose a bot, you usually have limited options to choose from.
One of the simplest things you can do is to sign up and trade on Bitcoin robot. This straightforward process is normally similar to all Bitcoin robots because they all have one goal – to get you as their client as quickly as possible. Here are the whole process and the moments you should be wary off when it comes to bots.
The operation of a Bitcoin Robot is closely tied to its underlying algorithm. The more efficient the algorithm is, the faster the robot would be at executing desired operations. One key operation entails market analysis in order to make a trading decision.
These bots normally perform all trading activities automatically. You do not have to be physically present for the bot to make investments. This greatly limits your ability to exert control over the trading processes.
Due to the lack of control, unless you’re trading manually, it is our advice you always opt for platforms that give you full control like brokers and exchanges.
One fact that we observe with Bitcoin robots is that there are lots of promises of money to be made. These tools are supposedly designed in such a manner that no trading signal should pass them. Hence, they should have a higher chance of making money.
But there are zero guarantees that you’ll many any money at all. Given that this is a highly unregulated sphere, and that you don’t get enough tools and control, it’s highly likely that you won’t make any money with algorithmic bots.
Of course, that would depend on whether the bot you choose is reliable or not. But our advice is that you choose only brokers and exchanges that would give you sufficient control and tools to develop your skills as an online trader.
Most algorithmic robots are hurriedly designed without key considerations. These do not have such a robust opportunity to help you with the desired results. You need to always be keen on how much the bot says you will earn. Scam trading robots have the tendency of making wild, false claims so that you get enticed to invest.
The fact is that most Bitcoin robots are not legit. If you do not conduct a detailed review of a trading platform before using it, you risk becoming the victim of a scam. That is why we have been testing various bots and platforms over the years to differentiate the legit ones from the scams.
Even though there are some good characters in the crypto markets, generally, the bad and scam trading bots are more in number. Such platforms have been designed with the ability to attract customers and deplete accounts. They are not considered profitable and do not bring value to the users.
Furthermore, security should be a feature that interests you. Legit platforms take the time to make their site the most secure. They understand that they need to operate for a long time. Therefore, they are motivated to invest in the latest security mechanism like SSL Certificates.
You will also be provided with the information which trading partners are available to use the bot with. If you’re not informed about that, that should raise a red flag in your mind.
In addition, do not join a trading robot with the mentality of getting rich quickly. Some robots may start off by earning you small profits that grow as you reinvest in the business. We conduct detailed reviews to help you in choosing a site that will be of benefit to you.
Although some reliable robots are available online, we encourage you to go directly to the trading parties – the brokers and the exchanges. They offer much more versatility and a more secure trading environment, including the option to copy trade professional investors if you have some doubts in your skills.
We encourage you to check out all our trading reviews on this site. Each of these reviews has a segment that evaluates their legitimacy for your own protection and is capable of making a better or alternative recommendation.
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If you come across systems that make enticing promises and try to convince you that the spots are “free and limited”, you should be wary. That’s a marketing technique that trustworthy platforms don’t apply.
Instead of waiting for these events to catch you off guard, try to protect yourself by remaining in the know. Based on what you’ve learned, you could adjust the robot’s trading strategies. The advantage of using a broker or an exchange is that they constantly keep you update through their in-built news sections.
Having a grasp of the features infused in your trading robot is a way of assuring yourself that you can make money from it. If you have even the slightest doubt that the robot doesn’t have a genuine algorithm, opt for a broker instead to have full control over the processes.
Thus, it is a good practice to set up a wide range of investments. Under this approach, you would create at least one account that’s not linked with a trading robot, so that you can hold control and mitigate negative robot results through manual trades on a legit platform. Doing so helps curb the risks linked to Bitcoin investments in an unregulated environment.
Be vigilant, don’t buy into huge and far-fetched promises, simply because they sound good. If it sounds too good to be true, it’s probably a scam. Evaluate your skills and opt for a platform that can help you develop them and boost your investments, instead of relying on mere chance.
Auto-trading robots are differentiated from Bitcoin Robots based on the assets handled. Whereas a BTC bot handles specifically cryptocurrencies, auto-trading robots handle Forex and stock trading, sometimes in addition to cryptocurrencies.
Do not take lightly the need to practice caution. From our market analysis, were able to come across some auto-trading robots that spring up overnight, accept several deposits before disappearing a couple of weeks later.
All red flags valid for Bitcoin Robots are applicable for auto-trading robots. A general rule of thumb is that it’s always better to opt for manual trading platforms like brokers and use their tools for copying other traders or optimizing investments, instead of relying on algorithmic solutions that limit your control.
The great thing here is that brokers usually give you access to a wide variety of assets. If you want to trade cryptos and forex at the same time, you don’t have to sign up for different platforms.
When evaluating the profitability of a trading platform, you need to do more than just listening to what the platform says. If it sounds too good to be true, it’s probably a scam.
Before you can use any platform, be sure to go for one that will give you a wide variety of tools and resources for the application of successful and reliable money management and risk management strategies.
When looked at from the perspective of user feedback, pay keen attention to the positive and negative comments. Listen to what others are saying concerning the auto trading robot, whether or not it met their requirements.
In our experience, most auto-trading systems are not preferred to trade online, mainly because of the lack of regulation and reliability of the algorithms.
Play the safe cards by deciding to work with an auto trading robot that has been around long enough. We are looking at about 1 year or more of consistent operation and consistent performance.
You might go over these 5 steps when you want to trade with an auto trading robot:
Anyone who has ever had an interest to trade in cryptocurrencies, forex, or stocks, using a robot is not the best way to go. These bots are normally powered by algorithms with unclear origins and capabilities. The unregulated nature of such robots creates lots of dangers for users’ privacy, funds, and the overall trading experience.
The lack of control users suffer from such bots is also a major problem. Be sure to use a trusted platform that will deliver on its promises and won’t make far-fetched ones. Consider all the factors that we have highlighted above to remain on the safe side.
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