Crypto Trader – Crypto Trading Bot Review by Traders
How to Use Crypto Trader: Full Review – What Is It and How to Check for Suspicious Activity?
When you are looking to invest your money, you should always double- and triple-check all of the information you possess, as we will demonstrate in this Crypto Trader review.
You should never invest your hard-earned money if you are not familiar with the entity. When you come across an opportunity, you need to do some research. But where do you start? And more importantly, how do you look for anything suspicious?
Crypto Trader is one of those crypto trading bots that will help make you rich and earn you money even while you are off doing something else. Sounds too good to be true? Well, it probably is. Let’s take a look at some of the features their website offers.
In terms of design and ease of use, they made quite the effort. It looks professional and appealing and is fairly easy to navigate. Now it is time to dig deeper.
Crypto Trader – A Tale that Sounds (and Looks) All Too Familiar
Have you ever stumbled across something that feels already seen before? We have while looking into this Crypto Trader trading bot. Their website looks almost identical to the Yuan Pay and Bitcoin Buyer’s ones.
And there is your first red flag. Many of the crypto trading bot scams are, it seems, connected. It appears that a certain group of people (it is hardly possible for there to be only one person behind it) is creating these websites, only slightly altering the design and text.
Another one of the recurring themes of these scams is that one website has multiple domains. We’ve been able to locate 4 different websites for Crypto Trader, but there could be more.
Now, you may think to yourself, well maybe only one of those is a legitimate crypto trading bot, while the other websites are a scam version of the real one. So, you continue your investigation.
The Official Offer on Crypto Trader’s Websites
You proceed to look into the licenses, security protocols, initial deposit needed, fees, demo options, support, and other features they promise.
They offer a simple registration process, a demo training option, and support that operates 24/7. There are multiple choices when it comes to making withdrawals: credit/debit cards, e-wallets, and wire transfers.
You will need to deposit $250 to start trading. There is no fee for signing up with them or any other hidden costs, as they proudly state on all of their websites except one. On that one, they do charge a 2% commission on the profit you make.
It is clear that developing alone the type of algorithm needed to monitor and execute the trade is costly. Someone offering you that for free is simply not a viable option. That should be your second red flag.
They also state that they have a mobile app, but if you try to find it in Google Store, it comes out empty. (There is another app with a similar name, but it is a trading simulator, not a crypto bot.)
Misleading Choice of Words
On one of their websites, they state that their trading bot is equipped with “the 6 most famous trading indicators and to 7 different timeframes”. To a beginner in the industry, it may sound convincing, but seasoned professionals know that these are just words of no substance.
Yes, there are trading indicators, such as On-Balance Volume (OBV), Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), etc. These are monitored and used by traders to indicate when to enter a trade and when to sit by and wait.
Crypto bots can also monitor these for you and when they spot an opening, enter a trade on your behalf. But a very important thing to note is that you need to set up the criteria that need to be met for the bots to do this. So, the wording used on their website is just meant to deceive you.
Another misleading piece of information is that they use the SSL certificate to protect your data. This certificate encrypts the communication between you and the website’s server.
This makes it almost impossible for hackers to gain access to the privileged communication but means nothing if the people wanting to misuse your information already tricked you into providing it.
No Address on Any of the Crypto Trader Websites
If you carefully read through their “About Us” page, on the websites where there is one, you will notice they do not provide any information of substance. Also, there is no address of their headquarters anywhere to be found.
But if you search them on Trustpilot, you will see an address offered for the listing. However, the official UK government website cannot seem to find any company with the same or similar name listed on the said address.
Not offering any contact information or physical address is almost always a sign of a scam.
Furthermore, when you are on their Trustpilot page, you can notice that the logos don’t match.
Granted, anyone can post on Trustpilot, but most reputable companies have matching logos and claim ownership of the business to be in control. This is not the case for Crypto Trader.
Fake Celebrity Endorsements
Another clever misleading strategy to instill confidence is to have celebrities’ support. They did once again use deceitful language to appear as if they were supported by Elon Musk, Martin Lewis, and Gordon Ramsay.
In fact, these are mere speculations, and the language is very crafty, so they cannot get sued. But none of the aforementioned prominent figures has actually supported Crypto Trader.
Suspicious Positive Trustpilot Reviews
More times than not, websites like Trustpilot can help you know who you are doing business with. These sites offer other people’s experiences to help you determine if a company is fraudulent or reputable.
Unfortunately, the scammers have figured this out and now use an army of bots to post fake positive reviews about them. You can often spot these reviews following two very distinctive rules:
- It’s almost always just that one review; and
- It’s positive, but without any concrete proof or information.
Just take a look at these examples:
But if you carefully look for the negative reviews, you often get a pattern of behavior that can help you determine if it truly is all a scam.
As you can see, these people have multiple reviews on Trustpilot, which gives them some credibility to start with. Then they all describe how they have been deceived in great detail.
And now Trustpilot has a new feature to help you with this, a verified user. This means that the user has provided some form of photo ID to them, so you know it really is that person. Just look for the green tick in the upper right corner.
FAQ on Checking Is Crypto Trader a Scam
Is Crypto Trader a legitimate trading bot?
No, they are a platform meant to trick you into investing with them, only to never see your money again.
Is Crypto Trader a scam?
It most definitely is. As witnessed in this article, there is numerous evidence that Crypto Trader is a scam.
Is Crypto Trader safe?
No, it isn’t. They do not provide any concrete information about security protocols, licensing, or the underlying algorithm.
Can I make a profit with Crypto Trader?
Probably not. It is very risky to invest with this company, as you will not be able to get your money back and you will have wasted valuable time.
Our Verdict: Crypto Trader is a Scam
As we have extensively checked and demonstrated in this Crypto Trader review, their platform is merely a device to con you. There are multiple domains, websites that look exactly like other scamming crypto trade bots, false testimonials, and not even an address on their website.
If you do your research properly, you will notice that it is best not to waste time, or money, with this company and find a reputable broker or crypto bot. Even if you end up paying some fees, it is better than losing your money altogether.