Bitcoin Trader – Is it Legit?
If you are considering getting into cryptocurrency trading and investing money in the likes of Bitcoin Ethereum, Litecoin, and other popular digital currencies, you must have considered trying one of the many auto trading services online. These services are all about getting you to invest in cryptocurrencies and will usually sell you on the positives of Bitcoin trading on their homepage (passive income, massive profits, etc.) However, auto trading is very unreliable and comes with a certain amount of risk.
Within this review, we’ll be taking a look at Bitcoin Trader, one such auto trading service, and everything you need to consider if you want to create an account on their platform.
So, is Bitcoin Trader the investment opportunity you’ve been waiting for, or are you about to lose all your money with unreliable bets?
Check out our Bitcoin Trader review for more information.
What is Bitcoin Trader?
Bitcoin Trader is an auto trading platform that entices users with the promise of a potentially lucrative yet passive income. Bitcoin Trader requires a deposit when you create an account and will then invest your deposit into the Bitcoin market, purchasing cryptocurrencies when the price is low, hoping that the price will rise again in the future so you can sell them again. In addition, the platform utilizes AI technology to perform trades for you automatically, meaning you can potentially earn money with little effort – or so they say.
You must remember that the cryptocurrency market is unreliable, unpredictable, and volatile. Bitcoin Trader does not advertise the risk associated with this type of trading. Instead, they draw you in with promises of a substantial price rise in the near future and convince you to start investing today.
It is easy for someone to fall for the advertising and promotional copy, especially if they are unaware of the risks involved with these types of deals and technologies. However, while the site states that all crypto investments come with risk, the warning pales in comparison to their positive slant on cryptocurrency trading. In short, these risks are unlikely to pay off, and you’ll probably end up losing your deposited fund if you place your trust in an auto trading platform such as a Bitcoin Trader.
We recommend that you remain apprehensive about trying Bitcoin Trader. We noted high leverage options and could not confirm whether Bitcoin Trader’s partnered brokers were regulated or not. In our opinion, you would be better off choosing a more trusted training platform like eToro if you are interested in cryptocurrency investment.
Pros and cons of using Bitcoin Trader
Pros
- Low minimum deposit of $250
- Free demo so you can figure out the platform before investing
- Only 2% commission
- Available in many countries and languages
- Easy-to-use interface
Cons
- No information on regulated brokers
- Auto trading bots are very risky
- Some online testimonials are fake
Bitcoin Trader markets, assets, and options
What assets and products can you trade using Bitcoin Trader?
Bitcoin Trader lets you trade numerous cryptocurrencies. These include the most popular currencies such as Bitcoin, Ethereum, and others.
What leverage trading options are there?
Like many other auto trading bots available online, Bitcoin Trader offers high leverage to users in a bid to maximize their profits. However, their leverages are much higher than the usual leverages you would see on the likes of eToro. There are some instances where Bitcoin Trader’s brokers have offered 1000:1 leverage on your trades. On the one hand, this looks like a potentially lucrative way to make a lot of money. However, you can only expect these types of leverage rates for unregulated brokers and exchanges. When you risk your money with such a high leverage option, you’ll often end up in serious debt with no real way to pay it back. Therefore, you should exercise caution before trying leveraged auto trading.
How does leveraging work in crypto trading? And can you trust a broker that offers such a high loan? Let us explain.
When a broker offers leverage, they are essentially lending you a certain amount of money that you will then use to invest in cryptocurrency on your trading service. So, for example, if a broker offers 1000:1 leverage, you’ll be able to invest 1000% more than you had initially deposited into your account. If you deposit $500, you’ll be able to make a $500,000 investment. However, if the market price on your investment fails to go up, you’ll end up owing an awful lot of money.
What are the spreads?
As we have stated, the Bitcoin market is highly volatile and unpredictable at the best of times. Therefore, you can expect the buy and sell prices on Bitcoin Trader to differ from broker to broker. Remember, spreads are variable, and you’ll see fluctuating pip values as a result.
Fees, limits, and payment options on Bitcoin Trader
How much does Bitcoin Trader cost?
Like plenty of other auto trading services, Bitcoin Trader lets you create an account for free. However, you cannot use your account unless you deposit $250 into your fund. The bots use this minimum deposit to make trades on your behalf. Therefore, you cannot proceed further than account creation unless you have completed this step.
What are the payment methods accepted by Bitcoin Trader?
You can withdraw and deposit funds on Bitcoin Trader via numerous payment methods. These include:
- PayPal
- Mastercard
- Visa
- And more
Does Bitcoin Trader also charge fees and commissions?
Currently, the only charges you will incur on Bitcoin Trader are the 2% commission rates on any profits you make purchasing Bitcoin and other types of cryptocurrency.
Bitcoin Trader trade sizes and limits
Bitcoin Trader has a minimum trade limit of $250. However, we found it difficult to find any information regarding their maximum limit. As such, you can assume that the service will let you deposit and trade as much money as you want. That being said, we advise that you stick to the minimum amount (or at least what you can afford), or better yet, try another service with reputable brokers and more transparent limits. Auto trading bots are risky, and you are likely to lose your money rather than earn a profit.
Bitcoin Trader platform
How does Bitcoin Trader work?
Bitcoin Trader is an auto trading platform that uses AI technology to invest your deposited funds into the cryptocurrency market, purchasing Bitcoin, Ethereum, and other cryptocurrencies based on their stock price. However, the concept is high risk because this type of CFD trading is based on speculation.
As is the case with most auto traders, Bitcoin Trader will purchase low-priced cryptocurrency and automatically sell it when the price rises again, earning you a profit and then taking their 2% commission fee. However, this form of trading often sounds too good to trust – and it usually is. There are a lot of risks involved in auto-trading, and you may lose all your funds, even ending up in debt if you take up the leverage option.
On what devices can I use Bitcoin Trader?
You can use Bitcoin Trader on any device with access to an internet browser, including:
- Smartphones
- Tablets
- Desktop browser
What exchanges and brokers do Bitcoin Trader partner with?
We had a hard time finding information on Bitcoin Trader’s partnered exchanges and brokers. However, the high leverages lead us to assume that many of these brokers are unregulated and, therefore, untrustworthy.
Can I use Bitcoin Trader in my country?
Yes, you can Bitcoin Trader in any country where CFD trading is allowed. These locations include:
- United Kingdom
- Germany
- Spain
- Italy
Unfortunately, you cannot use Bitcoin Trader in the US because it is illegal there.
Is Bitcoin Trader available in my language?
Bitcoin Trader is available in multiple languages, which can be found in a dropdown menu at the bottom right of the screen. These include:
- English
- German
- Spanish
- Italian and more
How easy is it to use Bitcoin Trader?
While we generally distrust auto trading platforms, we admit that the Bitcoin Trader interface runs smoothly on most devices. The app is responsive and easy to navigate. Also, account registration is relatively straightforward. You can also demo the site before investing real money to figure out how things work.
Key features
Bitcoin Trader offers several key features to help you invest in cryptocurrencies. These include:
Customer support
Bitcoin Trader is very hands-on with new users. You’ll be paired with a broker to validate your account and take your deposit when you sign up. If you miss their call, they will continue to try reaching you, so you don’t miss out on their services ( for better or worse). In addition, the site also has a customer support form.
Low deposit
Like many other auto trading platforms, Bitcoin Trader offers a low minimum deposit of $250.
Demo account
Bitcoin Trader lets users try a demo version of their site before risking their money, helping you understand how the platform works in advance.
Security and regulation
Is Bitcoin Trader legit?
While we found plenty of Bitcoin Trader reviews, some of them have been proven to be fake. In addition, the exceptionally high leverage makes you question the legitimacy of some of Bitcoin Trader’s partner brokers.
Is Bitcoin Trader safe?
Bitcoin Trader is safe because you do not need to provide too much information to create an account. However, there have been some reports that users have struggled to withdraw their funds. In addition, auto trading presents numerous financial risks and should be used with caution.
Are me and my money protected?
Bitcoin Trader and other auto trading platforms do not hold your funds. Instead, the brokers and exchanges are responsible for keeping your finds secure. Therefore, you should make an effort to ensure they are regulated by the relevant authorities. Generally, you should look for brokers or exchanges regulated by CySec, ASIC, FCA, and FSB.
Is Bitcoin Trader regulated?
There is not a lot of information on Bitcoin Trader brokers or exchanges. Therefore, we could not confirm if all of them are regulated.
Do I have to verify my account with Bitcoin Trader?
When you create a Bitcoin Trader account, you’ll have to provide certain documents proving your address and identity.
Extra information
Educational resources
Bitcoin Trader lets you use a free demo before trading with real money, so you can learn the ins and outs of the site without risking any of your deposited funds. In addition, they have an FAQ and plenty of information regarding the Bitcoin market, though this information is written in such a way as to encourage you to sign up to the service.
Tools and charting
Bitcoin Trader offers numerous metrics and charts, which help you gauge fluctuations in the crypto market. In addition, the platform lets you adjust the figures and parameters to make more accurate investment decisions based on your own investment goals.
Customer support
Bitcoin Trader has a customer support section on its website.
How to get started with Bitcoin Trader
Follow the steps below to get started with Bitcoin Trader:
- Registration: Bitcoin Trader’s registration process is intended to get you onto the site quickly, depositing your funds and making trades. First, you’ll have to fill in the registration form, and you’ll then be contacted by a representative who will guide you through the rest of the procedure.
- Make a deposit: Once you have signed up for your account, you need to pay a minimum deposit of $250 to begin trading.
- Begin live trade: When you have completed those steps, you can start trading on Bitcoin Trader.
Conclusion
In conclusion, we strongly recommend that you reconsider creating an account on an auto trading platform like Bitcoin Trader. These services usually entice people with their low minimum deposits and high leverages, but you are unlikely to earn any money and could end up in a lot of debt. If you are new to cryptocurrency, you could easily find yourself in a difficult financial situation. If you want our advice, you should look for a trusted and regulated broker if you’re going to try crypto trading safely.
