We are aware of numerous websites which use false celebrity endorsements to send customers to unregulated brokers or call centers. Our website will only send customers to partners who have provided us with the required regulatory assurances. This is a marketing offer and our regulated partners will indicate what services they have available upon registration.
People are magnetised to cryptocurrencies because the markets seem to offer a way of making big money fast. How can anyone ignore the big newspaper splashes exhorting the runaway returns people are making on Bitcoin?
It’s very easy to get sucked in, but the harsh reality when most people start trading crypto for the first time, they lose money. And it’s usually because of two things: bad money management and emotions. Take these things out of the equation and the chances of success, and decent returns, are greatly improved.
This is where trading bots are useful. Bots are basic algorithms that strip out the fear and greed and trade only when certain conditions are met. They are devoid of emotion and run purely on instructions according to their code.
Bitcoin Profit is one such bot. This review will outline what Bitcoin Proft is, compare it to other algorithmically programmed trading tools on the market and hopefully help you to make an informed decision about which bot is best for your trading strategy.
What Is Bitcoin Profit?
Bitcoin Profit is reportedly an award-winning trading software designed to help cryptocurrency traders make the most of the many opportunities within the cryptocurrency market. The website claims that the bot uses advanced technologies like artificial intelligence and machine learning to decipher vast amounts of market data. Thanks to sophisticated algorithms and smart analytics, it is said that the bot can make rapid calculations and predict likely market movements at lightning speeds, thereby executing trades based on this information.
Who’s Behind Bitcoin Profit?
It states online that James Roberts designed Bitcoin Profit. He reportedly has an extensive background in finance as an analyst in stock markets but was drawn towards cryptocurrencies a decade ago in the wake of the financial meltdown that saw many institutions go bankrupt. Roberts is quoted saying that he fell in love with cryptocurrencies due to the power they gave to people over their finances. It is said that he began researching the technology and realised that he could make a fortune by trading the new asset classes. Using his knowledge of financial markets and having used auto traders like MetaTrader 4 previously, he sought to design something similar to help cryptocurrency traders navigate the crypto trading jungle with ease. He teamed up with a team of skilled software developers. They helped him develop a trading software that would automate crypto trading while offering users a higher success rate than existing solutions.
How to Use Bitcoin Profit
1. Getting Started
To get started, you will have to visit the bot's official website and signup. Once on the site, you will see a form to register by entering your name, email address, and phone number. Once done, click on "Register Now," and you will be linked to a broker where you will be able to access various trading markets. However, it's essential to use your official name as it appears on your government issued ID or passport since you have to verify the account and the information needs to match.
2. Make a Deposit
After you are logged in, it's time to deposit funds to your Bitcoin Profit account. You will be taken to a page where you will have to enter your card number and other details plus the amount you will be depositing. The minimum deposit is $250, and the maximum is $10,000. Once you are done with funding your account, you will have to verify your account by uploading pictures of your government-issued ID and an official document that shows your residence.
3. Start Trading
Now that you are done depositing and verifying your account, it's time to trade. You will be taken to the dashboard where you can place your trades. The user interface is well designed and simple to use. But before you engage in live trading, try the demo account where you will use virtual money to learn how trading on the platforms works. Once you feel that you have gained enough confidence and can set your own parameters, proceed to live trading.
Key Features of Bitcoin Profit
When choosing the best auto trader for your needs, there are many factors to consider, like how it ranks against other trading bots? Does it charge fees? How is customer support? As a reported top platform, Bitcoin Profit claims to have plenty to offer its users. Below, we will take a look at five unique features that users state has this trading software stand out.
The bot claims that users can make thousands of dollars in a day, and there are claims from existing customers who have made tremendous amounts using the auto trader. If you scroll on the platform's homepage, you will find a section that displays the amounts that traders have made within the past 24 hours. After opening our accounts, our experience was quite pleasant even though we didn't make nearly as much compared to what others had had attested to, and we were operating with the bare minimum deposit of $250.
The verification process is relatively easy and fast as long as one offers the required personal information. Once you sign in, you will have to upload a picture of your government issued ID or passport to confirm your identity and submit a document that shows your place of residence. The documents will be reviewed, and if they check out, your account will be approved within an hour, and once done with this process, it's time to deposit and trade.
The Withdrawal Process for Bitcoin Profit
While signing up, you will get a chance to link your bank account to Bitcoin Profit. Withdrawals can be made directly to your bank account, or you can opt to use any other mode of payment supported on the platform. All withdrawals are processed within 24 hours.
Costs and Fees
The trading software doesn't charge any fees at all when it comes to deposits or withdrawals. But you may incur some costs depending on the mode of payment you opt to use to fund your account. The auto trader makes its money by taking commissions on spreads.
Bitcoin Profit boasts a highly responsive customer service team who are always on hand to help users with any issues they may have while interacting with the platform. Once you sign in, you will receive a call from one of the members who will guide you on verifying and depositing in your account. They will also advise you to try the demo account if you are a first-time trader to ensure that you have a good understanding of how trading on the platform works before engaging in live trading. Additionally, there is a chatbox on your trading dashboard on the right bottom corner where you can ask any questions, and a member of the customer support will attend to your queries. Finally, you can reach the platform through email with all questions answered within 24 hours.
Like other top crypto trading robots, Bitcoin Profit employs the services of various brokers who help users access different trading markets with ease. During our research, we tried a few different accounts using VPN to change our locations, and each time we were linked to the other broker. We found out that various authorities regulated the brokers associated with the platform within their jurisdictions.
Is Bitcoin Profit a Scam?
During our research on Bitcoin Profit, we came across numerous user testimonials, with the majority being positive. Users were grateful to use the trading robot, which helped automate the otherwise arduous trading process. After setting our accounts up and carrying out a test of various aspects of the platform, our experience was rather positive.
From the moment you sign up, there is a person at hand to help you in case you feel stuck anywhere. You can reach them through the chatbox or even via email. Also, even though the platform isn't regulated itself, which isn't surprising given that many other blockchain projects are not, it associates with regulated brokers from various regions. Such companies are usually very keen on who they associate with since authorities are often watching over their every move.
5 Reasons to Use Bitcoin Profit for Trading
Today there are hundreds if not thousands of trading robots available in the market. Some are legit while others are not. Some deliver results, while others don't. Below, we will go over five reasons users of Bitcoin Profit claim it is the software of choice.
1. Intuitive User Interface
The first thing that will stand out once you sign up is how sleek the user interface appears. It shouldn't intimidate you, though, as it's quite simplistic, allowing even the least tech-oriented users to perform tasks using the trading software's dashboard. Setting parameters for your auto trader is relatively easy, and so is depositing and withdrawing on the dashboard. Every element of the software is displayed in an orderly manner, and it's quite transparent, allowing one to follow up on what's going on smoothly.
2. Boasts Market-Leading Win Rate
This trading bot boasts to have one of the highest success rates compared to other trading software available in the market today. It claims it can analyse vast cryptocurrency market data, make fast calculations, predict the likely market movement, and use the information to execute trades, thereby giving the user an edge compared to manual trading.
3. Faster Than Manual Trading
As we have mentioned above, well developed auto trading software's have advanced algorithms that help the robot make multiple calculations at a lightning pace when analysing market data. No human can compute at the same speed while making decisions based on available data within a fraction of a second.
4. Smart Analytics
Users state that the trading robot is designed to pick up on new market data that can affect the market once published online. It could be news from a regulator or an exciting development by a project or even a prediction by an influencer. It is reported that the bot will analyse the data and make predictions on likely market reaction to the information and then incorporate it to its trading hence making more effective decisions.
5. Remove Human Error
As a human being, a trader's ability is compromised by their emotions, which are likely to get in the way. Even with the best trading strategy, sticking with it at times in an unpredictable market where you have to react to new information instantly could throw you off guard. Following emotions will likely lead to disaster. But trading robots are not limited by such feelings, and this gives them an edge when executing trades based on available information.
Advantages and Disadvantages of Bitcoin Profit
Bitcoin Profit: What Sets it Apart from Competitors?
When comparing Bitcoin Profit to many other trading bots, such as Bitcoin Code or Immediate Edge, it holds its own, yielding returns that are favourable in most market conditions. While Bitcoin Code performs well in ranging markets and Bitcoin Trader outclasses most other bots in strong bull markets, Bitcoin Profit does reasonably well in most market conditions but outshines competitors in downtrends.
The strongest correlation in terms of performance is with Bitcoin Trader, which in strong bull markets at times struck a 90 percent success rate. In bear markets, Bitcoin Trader performed about as well as Bitcoin Code at its best in a ranging market but fell short when trialled in bear market conditions. Where Bitcoin Trader had a 30 percent success rate in a bear market, Bitcoin Profit scored an impressive 80 percent in terms of success rate.
All of which highlights that, if you are going to use trading robots at all, you need to understand the conditions you are putting them into. You wouldn’t try to cross the Atlantic in a rowing boat, and you wouldn’t try to sail a cruise ship down a canal. Using the appropriate vessel in a given setting is what matters most.
The market environment is something that a lot of new traders overlook, and our research shows that this is one of the most important factors to consider when choosing a trading robot.
Bitcoin Profit: Our Conclusion
When it comes to taking the guesswork out of trading, Bitcoin Profit does well. If the market is trending down, putting Bitcoin Profit to work not only takes the emotion out of your trading but is likely to deliver decent returns.
On the flipside, if the markets are powering up in strong rallies, Bitcoin Profit isn’t your best choice. Compared to other trading robots, Bitcoin Profit’s useability is good, as in it’s fairly straightforward to use and set up and put to work in the markets.
Overall, Bitcoin Profit should be considered a frontrunner in the retail algorithmic trading space. When set up correctly and applied to falling markets, it outperforms the other trading robots tested, but we wouldn’t recommend using it if a strong uptrend is in play.
As a caveat to this, however, it’s important to remember that a bot can only make limited decisions. It doesn’t know about macroeconomics or fundamentals and is likely to break in the event of a financial meltdown precipitated by a black swan event such as a pandemic or war. In such circumstances, if you have your bot running, it’s probably best to switch it off until the markets find stability.
Above all, bots aren’t a licence to print money and there are always. Learn as much as you can about cryptocurrency trading yourself and never put more money at risk than you can afford to lose.
Methodology - How do we Review Autotrading Tools?
We chose various trading Robots to test out against each other than selected the ones that we thought were the best and again tested them. One of our main considerations was ensuring that each trading bot reviewed had at least a sporting chance of performing well in various different market conditions.
If a bot performs fairly well in different market conditions (over a 50 percent success rate in bull, bear and ranging market), or performed exceptionally well in specific market conditions (75 percent or more strike rate in either a bull or bear or ranging market), it would pass our initial criteria and be worthy of further examination.
Beyond this, by gathering together the performances of all bots and pooling them together, we were able to compare the performance of an individual bot to the average performance of all of the bots and segment the data according to different market variables. To find out more, read our full process on how we test and our our editorial policy.
Frequently Asked Questions
In researching, we identified a number of online reviews alleging that Bitcoin Profit is a legitimate trading software.
The official Bitcoin Profit website claims users need to spend just one hour each day to set up the software.
There is no definitive amount that one can ascribe because it depends on various factors, such as the depth of your crypto-market knowledge, price fluctuations, and your understanding of risk management. Ultimately, there is no guarantee of income.
Look for forums for fellow Bitcoin Profit users and try and learn what the experts are doing. You should also not forget to keep updated on market conditions.
Trading robots embed their algorithms in brokers’ trading software, and most of the transactions happen between users and brokers. Since Bitcoin Profit does not guarantee the broker’s regulatory status, it is your responsibility to check its licenses to ensure that you are dealing with a legal entity.
No. Cryptocurrency markets experience high volatility levels that elevate risks of losing money. Therefore, using Bitcoin Profit does not guarantee income generation.
Yes. Several reviews online point to various robots from which you can choose a Bitcoin Profit alternative.
No. We have encountered these allegations but our research did not yield useful information to prove their truthfulness.