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There are many ways of making money using cryptocurrencies, but some, like holding, requires patience. What if we told you that there is an easy way of doing it, crypto trading. However, this activity requires one to analyse vast amounts of data, which can be overwhelming. But it doesn't have to be this way, thanks to automated crypto traders.
In this Bitcoin Profit review, we will go over all the bot features and try to determine if it is worth testing out.
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
As a reputable media outlet, we are always on the frontline when it comes to educating the masses about awesome crypto products available in the market that can benefit them. It didn’t take us long to research more about Bitcoin Profit after seeing the buzz around the bot on various online crypto community forums. It was touted as a moneymaker, and we needed to establish if there was any truth to this, so we got to work.
From signing up, depositing, verifying the account, and trading, everything seemed above board. The customer support was helpful, especially at the start, where they explained how we would go about various processes on the platform. There was a demo account to practice, and this had all of the functionality of live trading.
Cryptocurrency markets are highly volatile, and we would suggest that you learn everything you can. Not only about operating the software, but of the market itself to help inform your trading decisions. If you want to try other bots, check out our reviews of Crypto Genius, Bitcoin Circuit, and Bitcoin Billionaire.
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.