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Are you fed up sitting in front of the charts night and day, going long and short and watching your capital dwindle away before your eyes? Well, you’re not alone. All around the world, ambitious people eager to make money in the markets are doing the very same thing, and the sad fact is that around 90 percent of them are also losing money.
What people don’t realise is that successful traders hone their craft over many years. Contrary to popular belief, the thing they work on isn’t so much technical analysis as it is working on themselves. That’s right, the biggest hurdle most traders must overcome to be successful is their own obstinate psychology.
Humans are, by and large, emotional creatures. Unpacking all of the cognitive biases a human has can be a lifelong process. And it’s these biases along with good old fear and greed that make mincemeat out of balance sheets. One of the best ways to circumvent the problems associated with emotional trading is to invest in a trading bot and programme it to buy or sell when certain conditions are met.
This review will cover one such bot, Bitcoin Trader, and test whether or not it’s worth investing in.
What Is Bitcoin Trader?
Bitcoin Trader is reportedly a software that uses smart algorithms, artificial intelligence, and machine learning to automate the cryptocurrency trading process. Doing this takes the hard work off the process of manually analysing charts and technical data to place winning trades. The crypto market moves fast, and it's almost impossible to beat. The website claims that this trading robot can analyse, calculate, and make decisions in a fraction of a second, thereby giving its users an edge.
Who’s Behind Bitcoin Trader?
The people behind this bot have chosen to remain anonymous, just like Satoshi Nakamoto and other blockchain project pioneers who value their privacy. Such individuals don't seek acknowledgement for personal gratification but aim to make a difference in the world by offering products that make a difference in people's lives. Judging by how sophisticated this trading bot is reported to be by user testimonials, the team behind this platform would have to be people who are well-versed in developing complicated trading software and have knowledge of how the trading markets work.
How to Use Bitcoin Trader
1. Getting Started
On the official website for Bitcoin Trader, scroll to the middle section and click on "Join Now." This will open a form where you have to enter your name, email address, phone number, and then click on "Register Now." You will be linked to a broker that helps you access various trading markets where you will have to click on "Open Terminal."
2. Make a Deposit
Once you open the terminal, you will be sent to a page where you can fund your account. Enter your address and other relevant details, then click "Continue." You will be taken to a page where you will choose how you would like to make the deposit. You will find several options, including credit/debit cards, Neteller, Skrill, Bitcoin, Rave, and DusuPay. Select the most appropriate mode for you and proceed to make the deposit. The funds will immediately appear in your account, but, at times, this process can take up to a few hours.
3. Start Trading
Before you begin trading, you have to verify your account by submitting photos of your official ID or passport and a document that shows your place of residence. Then visit the demo account where you will use the platform's funds to practice how to trade cryptocurrencies and set strategies using the auto trader. Once you are confident with your skills, proceed to set up your strategy and allow the bot to trade for you.
Key Features of Bitcoin Trader
In a market that is full of automated cryptocurrency software, how do you choose the best of them all? What are the key things you should look out for to ensure that you make the best decision? Below, we will go over five features on Bitcoin Trader that users claim has the bot stand out from the rest.
We utilised the demo account where we were assigned $100,000 virtual money to practice and perfect our strategy. We feel that although the platform could help investors earn a profit, certain conditions would have to be in place, such as plenty of experience, greater trading capital and favourable market conditions.
After signing up and depositing funds, you will be required to verify your account before trading. This is necessary because the platform abides by specific rules and regulations since it's a money-making platform. You will have to upload a picture of your national ID or passport and an official document like a bank statement that shows your place of residence. The platform will review the documents, and if everything checks out, the account will be approved in an hour or so. One vital detail to pay attention to if you don't want to fail this verification process is to ensure that you register the account using your official name.
The Withdrawal Process for Bitcoin Trader
The payouts are instant on Bitcoin Trader, but what of withdrawals? Users of won several trades during our testing, and we withdrew immediately to our bank account since we had it linked during the signup process. We are pleased to inform you that all the requests were processed within 24 hours. Also, given that there are several payment modes supported on this platform, it's possible to withdraw using the method that suits you best.
Costs and Fees
Bitcoin Trader is entirely a free trading bot that doesn't charge any fees during deposits or withdrawals. But, you are likely to experience some costs when depositing or withdrawing depending on the mode of payment you choose to use.
Once you sign-in on the platform, you will receive a call from the customer desk who will welcome and walk you through various aspects. They will even advise you on making the best of the trading robot, like using the demo account to practice and ensuring that you regularly check the bot and adjust your strategy according to how the market is moving. You can reach the support via email, and they will get back to you within 24 hours, or you can also contact them via the chatbox located on the bottom corner of your dashboard and receive immediate help.
To enable traders based in various locations worldwide to access different markets, Bitcoin Trader associates with several brokers regulated within the jurisdictions they operate. Once you sign up, you will be linked to a broker that works within your area.
Is Bitcoin Trader a Scam?
Based on our extensive research of user testimonials and online reviews, Bitcoin Trader appears to be a legit cryptocurrency trading bot that offers fast payouts and processes withdrawal requests within 24 hours. Also, the customer support was quite responsive and professional. Any issues we had while using the bot, they were on hand to offer support, and their services were around the clock. Additionally, this platform will require one to verify their identity by uploading official documents since it has to comply with regulators who watch over the money-making platforms to ensure no fraud or phoney business is going on.
5 Reasons to Use Bitcoin Trader for Trading
1. Intuitive User Interface
When your account is verified, you will be taken to the dashboard with a user interface that is both graphically appealing to the eyes and appears neat. Everything is arranged in an orderly manner, making it simple to navigate. You will be able to see various instruments, including currencies, commodities, indices, and stocks. Then there is a buy and sell button on your top left and a chart of the market at the centre. On the bottom bar, you can also see the open positions and orders. Plus, there are price alerts and various reports.
2. Boasts Market-Leading Win Rate
Among the many trading robots available today in the market, Bitcoin Trader boasts one of the highest win rates on all trades placed. According to their website, the figure is above 90%. Although this statistic is achievable for well-developed trading software, we do feel that it is likely an example of the maximum performance of the robot while operating under ideal market conditions.
3. Faster Than Manual Trading
Since the auto trading platform claims to employ sophisticated algorithms, AI, and ML, as an auto trader, it should be able to do millions of calculations and analysis of market data at breathtaking speeds before executing trades based on the findings. These technologies make software faster and more accurate with decisions as compared to a human trader.
4. Smart Analytics
Smart analytics involves the ability to use smart software to collect data and process it to useful information. Bitcoin Trader reportedly uses smart technology to collect vast amounts of relevant data surrounding the cryptocurrency market from news, press releases, etc. It can then determine the likely influence the piece of information will have on the market and execute its trades based on that, thereby giving the user advantage and ensuring that it maintains its high win rate.
5. Remove Human Error
What makes robots stand out from human beings is the ability to execute decisions based on facts without emotions. Feelings are what make us human, but they can mess with our judgment, especially when we are under pressure from trying to analyse vast amounts of data and make fast decisions. As psychologists say, the heart will always win when the mind has to compete with the heart. By automating your trades, you eliminate the chances of failing.
Advantages and Disadvantages of Bitcoin Trader
Bitcoin Trader: What Sets it Apart from Competitors?
When comparing Bitcoin Trader to many other trading bots, such as Bitcoin Era or Bitcoin Code it holds its own with some traders reporting a more than 75 percent success rate, according to the website.
Bitcoin Trader can make a high number of trades each minute and does this by tracking the underlying price movement and reacting when certain price conditions are met. We found that Bitcoin Trader works particularly well in ranging markets with medium volatility.
The main advantage of Bitcoin Trader is it takes the guesswork out of trading. When set up correctly, the bot gets to work, buying and selling and making profits.
It’s worth remembering, though, that market conditions can and do change. While prices are ranging, Bitcoin Trader does well and the 75 percent returns are realistic. But if volatility and volume pick up and there’s a breakout, you may find that you need to use a different bot better suited to the new conditions.
Bitcoin Trader: Our Conclusion
Bitcoin Trader is a strong performer in one area, and that is range trading. It’s easy to set up and use but isn’t as inspiring as other bots that perform well in different market environments such as CryptoHopper.
But if you’re looking for a bot to complement an existing strategy and need something that’s good in one area to further sharpen your edge in the markets, Bitcoin Trader can provide solid support
The main downside with Bitcoin Trader is that you really have to pick your markets. You need to find a pair with relatively low volatility—which is difficult to find in crypto—where price is boxed in between two distinct levels.
The other issue is that when a range reveals itself, prices have usually been stuck between two barriers for a while. This means that by the time you recognise price has been boxed in, the probability of a breakout in one direction or another increases. This factor coupled with high volumes typical with genuine breakouts will render the Bitcoin Trader bot practically useless.
In short, if you don’t want a bot that’s a one-trick pony, Bitcoin Trader probably isn’t for you.
Methodology - How do we Review Autotrading Tools?
We picked more than a dozen trading robots and thoroughly tested them against each other before selecting the ones that showed promise. Checking each trading bot to ascertain the likelihood that it would stand up to different market conditions was the number one priority. And if we noticed that a particular bot excelled in one area, with more than a 70 percent success rate, we also included those.
We tested the bots’ individual performances, compared this to the other bots on a like for like basis. We also aggregated the data to get an overall average of performance and compared each individual bot with that average.
With Bitcoin Trader, we tested it over several weeks in uptrends, downtrends, and ranging markets. In markets where a strong trend was in play and volumes were high, Bitcoin Trader performed poorly, with a less than 10 percent success rate and many losing trades. But in ranging markets with low volatility, it more than held its own, consistently yielding between 70 and 80 percent. Find out more about how we test and ensure our content is well-researched and accurate in our editorial policy.
Frequently Asked Questions
During our investigation, we encountered user statements affirming that Bitcoin Trader is a legitimate trading robot.
The official Bitcoin Trader website claims that an average user needs to spend between two and three hours each day to set up Bitcoin Trader.
Bitcoin Trader’s website claims users can earn up to $1,500 in daily income using the software, but we feel this figure is impractical. Nonetheless, you could earn this figure if you stake a high-enough trading capital, and that you practice well enough.
You should start by practising. Bitcoin Trader incorporates a demo account that facilitates training to understand the working of the software. Having mastered the software, you should now seek as much information about crypto markets as humanly possible.
In testing, we redirected to a broker’s trading platform from where we could carry out crypto trading activities. Bitcoin Trader performs the redirections to facilitate trading but fails to provide guarantees regarding the legal standing of the brokers. Make sure to check the regulatory status of the broker first.
No. Price gyrations in crypto markets are mind-blowing, which denies trading robots the ability to guarantee income generation, no matter how well-designed.
Yes. Visit our robot hub to view robots we have previously reviewed.
No. There are such claims but they lack supporting evidence.