What is a crypto trading robot?
Many crypto trading robots and algorithms have appeared on the internet. All promise to increase your performance in the cryptocurrency trading using sophisticated computer programs without your manual intervention. It usually seems like a pretty good deal and you may be tempted to try one of them, but how reliable are these programs really?
Crypto trading robot: the promises
As researchers, it’s our job to visit multiple platforms to find out what they have to offer and recommend the best options to our readers. After testing several crypto trading robot platforms, there are a few similarities we noticed:
Unreasonably high returns
Like any good scheme, creators know that people are drawn to the possibility of quick wins. That’s why when you read a crawler’s website, you can see that the program is promoted as having a success rate of over 80% for example or that it can generate hundreds or thousands euros per day.
Who wouldn’t want to earn several thousand dollars a day? Of course, no one! Plus, the payouts are almost guaranteed, so you’re not really taking any risk, are you? The bait has been dropped and now is the time for you to take the bait…
Low minimum deposit
Most of the Bitcoin trading robot platforms we have reviewed require a minimum deposit of 250 Euros. For example, you only need 250 euros to start using the robot Bitcoin Evolutionbut you are encouraged to deposit more depending on your goals.
Indeed, the main objective of the platform is to get you through the door. They will also point out that the use of the platform is completely free.
Little effort on your part
Finally, you are told that the crypto trading program will take care of the most difficult tasks while you sit back and watch the money roll in. Platforms like Bitcoin Era indicate that you will need about 10 minutes to set up your trading platform, after which you can go about your business.
Read also Top 3 price predictions for Bitcoin, Ethereum and XRP, the Bull Market seems to be back!
Crypto trading robot: the reality
However, most of the time what you get is the exact opposite of what you were originally promised.
- In general, no program of trading automated is not provided. Instead, the trader is directed to an online broker that has a very simple trading platform for trading cryptos. Which means you have to trade manually.
- The online broker is generally unregulated. Brokers must obtain a license from the authorities of regulations financial, but victims often sign up with an unregulated offshore broker.
- Disappointed, maybe you want to withdraw your money and try something else. But you can’t, because of a myriad of possible excuses. After days, weeks, or months, most people give up, which is exactly what they expect from you.
Should you use crypto robots?
The truth is that we have yet to find a reliable and free crypto trading robot, even after reviewing dozens of them. What we have realized is that most of these websites are actually just affiliates of unregulated brokers to which you are redirected. In some cases, it is downright of scammers who take your money and don’t give it back.
Be aware that active crypto trading is difficult and there are no shortcuts. What we recommend is finding a trusted online broker, practicing on a demo account, and finally making the investment yourself. If this advice should change, we will let you know :).