Bitcoin Formula – Crypto Trading Bot Review by Traders
Full Review: How to Use Bitcoin Formula (And Why You Shouldn’t)
The crypto industry is developing much faster than regulation. In turn, a legal gap is opening, which is unfortunately fertile soil for criminal activities. Various individuals and criminal groups take advantage of people’s poverty and lack of experience, promising stellar profits if they only make small deposits. However, these people usually stay empty-handed, when criminals stop replying to their emails and run away with their money.
Therefore, in this Bitcoin Formula review, we are not only speaking about another scam crypto robot. We are also showing how to spot a scam crypto robot. In time, we believe people will become able to recognize fake platforms and notice red flags on time. Hopefully, before they entrust criminals with their money and personal information.
Risks of Trading With Bitcoin Formula
- High risk of personal data harvesting
- Unethical marketing
- Fake customer reviews
- Crude web design
- No licenses
- No cybersecurity protocols
- Unrealistic gain promises
- Reports of stolen deposits and unavailable withdrawals
Bitcoin Formula Trading Robot: What Is It and What’s Phishy About It?
Bitcoin Formula is, allegedly, a platform that offers its users a crypto trading algorithm. This algorithm is AI-based, has access to the user’s deposit, and is allowed to use this deposit to buy and sell cryptocurrencies.
The “company” claims not to have a target audience, and “everyone” can join in. However, they also say that their users usually are unemployed and older, retired people.
What Bitcoin Formula fails to admit here is that they know very well who their target audience is. It is either people who are in desperate need of money or older people, who aren’t very good with computers and are especially easy to deceive with false promises.
So, as per their founders and friendly affiliates, the advantages of Bitcoin Formula, are:
- Speed – the “superior technology” behind Bitcoin Formula is capable of foreseeing and making deals 0.1 seconds before they change
- Accuracy – the award-winning app can predict the changes with 98% of accuracy
However, anyone with at least basic knowledge in crypto technology knows that, if this speed and accuracy were true, it wouldn’t be technology, but magic. Simply, it is impossible to predict a highly volatile crypto market with 98% of accuracy. Even the best and most expensive platforms predict with 70% accuracy. Let alone completely free platforms such as Bitcoin Formula.
Speaking about “superior technology” everyone can get for free, we don’t know who were these generous people that developed it. Also, while affiliates are so full of praise for the technology, they don’t tell us much about the features available on the platform. Everything we know about the available options is that there is a demo mode, live trading mode, and broker’s assistance.
Bitcoin Formula Application: Many Red Flags and Evidence of Scam
The minimum amount of money users need to deposit to start trading on the Bitcoin Formula app is $250. The platform promises up to $5000 of profit a day, which is obviously way overestimated.
Poor Web Design
The official Bitcoin Formula website has only one single landing page. And what’s even more suspicious, this landing page contains only vague information about the best cryptocurrencies to invest in. No mention of the developing team, no “Contact us” section, and no tutorials on how to use the platform.
Probably, there aren’t any tutorials because the entire platform is fake, and there isn’t much to learn?
Furthermore, there is one important thing on this single landing page, and it is very disturbing. As can be seen from the drawing above, Bitcoin Formula openly states that they can and will sell their users’ sensitive data. Therefore, those who are happy to share their phone numbers, credit card details, and money with whomever these criminals see fit, is free to use the platform.
Bitcoin Formula Behaving Badly Since 2018
Bitcoin Formula has been a notorious crypto trading bot for some time now. According to some reports, Bitcoin Formula is a member of a rogue affiliate network. Along with ProfitsTrade, LucromPro, or FXCM Group, these guys make an international organized crime group.
According to some reports, since at least 2018, they have been involved in promoting fake crypto platforms on social media using fake celebrity endorsements and fake news. For those who fall for their lies, Bitcoin Formula and their mates have a lot of unpleasant surprises, such as stolen data, impossible withdrawals, unstoppable phone calls, and so on.
Security, Licenses, and Payments
And while elsewhere brokers advise users on the best possible trades, those working for Bitcoin Formula “keep an eye on AI bots” and protect users from phishing and hacking. It remains unclear why these brokers, knowledgeable in both the crypto market and cybersecurity, don’t have any official licenses to work as brokers.
Speaking of licenses, there is no information that Bitcoin Formula has one either.
Finally, except for meagre SSL encryption, there is absolutely no protection for using Bitcoin Formula’s website. Most legit platforms have site stamps as proves that their website has been regularly audited and protected against hackers’ attacks and viruses. With Bitcoin Formula, it is not the case, so users are strongly advised to stay away from their website, let alone trade with them.
Traders’ Feedback: Bitcoin Formula Caught Lying
Bitcoin Formula must be working hard to hide the evidence of their wrongdoings. However, they can run, but they cannot hide.
On Trustpilot, they have 100% of positive reviews. Looks too good to be true, right?
Another thing that is suspicious is that, although all reviews are 5-star, the final rating is 4.0. How is this possible?
Based on this questionable rating on Trustpilot, there are two options. One, this is the perfect platform, the best app that has ever existed, and it will turn the entire humanity into millionaires. Or, two, this is a preposterous lie, and all of the reviews are fake. And we know the positive reviews are fake because they all have the label “Invited”. This means that the platform invited users to rate them in an email. And since all these “users” have only one review, one doesn’t have to be a genius to understand that these accounts were made only for the purpose of making this review.
Finally, some reviews from less popular customer rating platforms such as SiteJabber confirm our hypothesis. Despite fictively high ratings there as well, one user says that he sued Bitcoin Formula in order to get his money back.
Final Verdict: Bitcoin Formula Is A SCAM!
To an experienced eye, it is as clear as day that Bitcoin Formula is a scam. The website is cheap, there are no cybersecurity measures or licenses, and all of the available customer feedback is clearly fake. On top of everything, the website openly admits that they trade with their users’ personal data.
Finally, their marketing strategies aren’t only foolish. Fake news and celebrity support resemble the same cunning tactics used by dozens of similar crypto trading bots we have already written about.
Therefore, traders are warmly advised to stay away from Bitcoin Formula and entrust their money to reliable and approved crypto trading platforms.
What is Bitcoin Formula?
Bitcoin Formula is a platform only presenting itself as a crypto trading bot. In reality, it is a criminal creation whose only purpose is extracting data and money from unsuspecting users.
Is Bitcoin Formula safe to use?
Absolutely not. This platform operates without any license and applies no online security protocols whatsoever.
How much money can I earn using Bitcoin Formula?
In reality, it is impossible to earn money using Bitcoin Formula, because it doesn’t have any operating algorithm. More likely, users will lose all the money they deposit on the platform.
Is Bitcoin Formula legit or a scam?
Bitcoin Formula is a scam, and there is countless evidence to support that claim. Unethical marketing, fake customer feedback, and the absence of licenses are only some of the reasons why traders should avoid this platform at any cost.