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There are very many trading robots in the crypto market today and names like Crypto Xchange are very familiar on search engines. There are those that are genuine and those that are just scams.
A genuine crypto robot has one main objective and that is to generate as much profit as possible for the trader. And on the other hand, a scam also has one objective; to make as much money as possible from as many traders as possible.
To avoid falling into the hands of scammers, you will need to take your time researching on the crypto bots before investing with them. Read as many reviews as possible on various crypto bots. Also where possible, test them in their demo account first before depositing any money.
What is Crypto Xchange?
Crypto Xchange claims to be an auto cryptocurrency trading platform. It was created by a developer by the name David Richmond.
It has trading/monitoring platforms for both computer and smartphones. Therefore, you can use the software on the phone while on the go. It should not be confused to mean crypto exchanges where cryptocurrencies are bought and sold. No! the two have nothing in common.
Who is Behind Crypto Xchange?
Besides the name David Richmond, in researching Crypto Xchange we were unable to find any parties who claimed to be owners or founders of this. This lack of transparency raises greater questions on the authenticity of the service, and may make some believe that it could be a scam.
Is Crypto Xchange a legit crypto bot? Or is it a scam?
This is one of the most important questions in the mind of any crypto trader. Every trader would like to be assured that the robot he/she wants to choose is safe and that it will not scam his/her money. However, it is not always an easy task though by doing thorough research, you can clearly distinguish between a fake and genuine bot.
In the case of Crypto Xchange, there is very little information about how the system works and any genuine platform is normally very transparent. If something is legit, there is normally no need for it to keep hiding behind the wall.
Also, we found out that Crypto Xchange uses unregulated brokers. Using an unregulated broker is a risk by itself since the broker is not bound by any laws and you cannot prosecute them in case your money gets lost with them.
How does Crypto Xchange work?
We can hardly tell how the entire system really works; how it analyses the markets, the strategies that it uses and so forth.
However, to access the services of this robot, you will need to register for an account first. Then you will require to fund the account with a minimum of $250 and lastly activate auto trading to give the robot the mandate to take over all trading activities.
Want a Crypto Xchange account? Try this alternative!
Since Crypto Xchange isn’t a verified crypto bot, we would recommend investing your money with a different crypto bot like Bitcoin Trader, which is a verified cryptocurrency trading robot.
Below is the step by step guide on how to open an account with Bitcoin Trader bot:
STEP 1: Registration
If you visit the official Bitcoin Trader website, you shall notice a dialog box on your right-hand side where you are supposed to fill in your names, email address, phone number and also set your password. Then press ‘SIGNUP’ button to get an account.
However, there are countries from which Bitcoin Trader do not allow traders. If you are from one of those countries, once you click the signup button, you will see a notification at the bottom saying your country is not supported and you cannot go past this step.
STEP 2: Deposit funds
Once you get an account, you will have to activate the account by depositing a minimum of 250 €. There are a number of payment methods that you can use but credit cards are the most commonly used methods.
Your account dashboard will look like the one below through the balance there will reflect what you deposit.
STEP 3: Activate auto trading
After depositing funds into your account, the next thing that you should do is to activate the auto trading mode so as to give Bitcoin Trader bot the authority to place and close trades.
You should not confine yourself to one crypto bot. there are lots of cryptocurrency trading robots on the internet and you have the liberty to choose whichever mellows your heart; though the process of choosing one is very involving.
The first thing is to ensure that the crypto bot is legit and not a scam. Then it has to be profitable. You don’t want to invest your money with a robot that makes losses after losses. That is why we recommended opening an account with Bitcoin Trader instead of investing your money with Crypto Xchange which is unverified.