Highlights
Pros&Cons
Pros
- There are no pros, this website is a scam
Cons
- Poor reviews on Trustpilot
- Requires a phone number for registration
- A customer will be contacted by an agent and aggressively pursued to make “a minimum deposit” of “only” $250
Key takeways
- Part of a criminal network created by one group.
- No trader uses this platform as it is a scam.
- There is no real exchange software behind the registration.
- You will not get anything except for the loss of funds and personal data.
- Aggressive treatment of clients with the requirement to make a deposit.
Overview
Table of Contents
Full review of Bitcoin Trader
Indeed, crypto trading bots do exist. They are automatization tools that can perform well by using algorithms and the fact that automated processes can operate faster than humans. They are sometimes called – grid bots. Because they simply behave, buy and sell, by pre-programmed parameters, taking the advantage of crypto volatility. Reputable crypto exchanges deploy them, like KuCoin, as well as specialized crypto platforms, like Pionex.
The algorithms can get pretty sophisticated, beyond the grid trading, automating buy low and sell high strategy. There are rebalancing bots that keep your portfolio balanced, then there are spot-futures arbitrage bots that use price volatility to buy short positions in the future market while holding the same amount in the spot market, but no matter how sophisticated, these bots save time and money. They can’t make you money all the time. They are not AIs. They don’t have machine learning features.
But there is definitely no automated trading software that is fully automated with a return promise of over 90%. That’s why Bitcoin Trader and similar websites are a scam. They lure people with a promise of great returns but just aim for their deposit.
Characteristics of Bitcoin Trader
Sadly, there are no pros. This website is a scam. Actually, it’s a cloud of websites using the same logo, similar web design layout, and copy, but a multitude of addresses. Each of the addresses has poor reviews on Trustpilot and outstanding reviews on supporting websites.
There are many fake review sites that will push claims that Bitcoin Trader is a reliable software suitable for beginners.
The scam works through phone numbers. Namely, reputable crypto exchanges will take your email address, then require several steps for verification. This is not only because of the KYC (know your customer) protocols but also for customer protection. Bitcoin Trader requires a phone number for registration.
After a while, a customer who falls for the scam will get a phone or WhatsApp call. Believe it or not, each of these scam websites has it spelled out in the disclaimer section at the footer. The fine print reads: “By leaving your personal details you allow us to share your personal information with third parties providing trading services”. So, a customer will be contacted by an agent and aggressively pursued to make “a minimum deposit” of “only” $250 or 250 EUR (depending on the region).
The agents are quite aggressive and will milk the customer making various excuses, most commonly reported is – that crypto trading is risky and that big win is just around the corner. Ironically enough, this is also written in the disclaimer, so you can’t sue them, and you surely won’t get your money back.
A well-known scamming pattern
This is not a bot, but a scam. There is no crypto service here. You won’t be able to trade. To be fair, many of the websites that use the same fraud don’t claim it to be a bot. The exact definition is often hidden. For example, they speak of ‘BTC trader group’ or ‘award-winning software’ but never declare Bitcoin Trader to be a bot or crypto exchange.
The trading bot exploits exactly the same fake strategy as applied by a number of other scam crypto bots we have been warning about:
Bitcoin Trader web platform review
The big red flag that this is a scam is a multitude of websites that claim to be Bitcoin Trader. They have a slightly different layout and copy, but the idea is the same. Prominent are methods to urge a customer to register before the time runs out. There are fake pictures of customers who allegedly earned money on the platform. Random price numbers are displayed, never with an explanation of what they represent.
Websites use logos of respectable companies like Norton security, McAfee antivirus, BitGo, CNN, Forbes. Often there is namedropping. Namely, popular millionaires are displayed in video or pictures, figures like Bill Gates, Elon Musk, but also celebrities known for their interest in crypto, like LeBron, Gordon Ramsey, Ashton Kutcher. If you read the copy carefully, it states something like “It is known that <name> holds crypto, but they never purchased any from us”.
There are also FAQ sections claiming that the platform takes little of your time, claiming promises of a 90% return on investment, though the exact method is not displayed. Real trading platforms express gains in APR or APY. Some websites even promise $150-1300 per day, which used to be possible in the crypto space, but now good yields are $1-10 per day at best.
Bitcoin Trader is a cloned website, made by the same criminal team behind a series of scam crypto bots such as:
Security, licensing, and payments of Bitcoin Trader
This is not a secure website. There are no licenses and surely no payments. You will lose your money. They will pursue you to make a minimum deposit of $250. No money to be made here.
Pro tips for investing with Bitcoin Trader
Since this is a scam, there is no way to make money here. Pro tip we can give you is to stay clear of this fraud. Stick with respectable crypto exchanges, especially if you are a beginner. Centralized exchanges like Coinbase or Binance are way better to start with.
Traders’ feedback on using Bitcoin Trader
No trader uses this platform. It’s a fraud. Trustpilot is sometimes filled with fake reviews. So fake that the number of stars is random, so you will see reviews praising the platform with only one star. Sadly often there are reports of people being scammed, being called names by agents when they refused to deposit. Avoid being exposed to ugly unpleasantries, by not registering on this website or any other with the Bitcoin Trader logo.
Similar Trustpilot reviews have several scam crypto bots we have written about:
Is Bitcoin Trader legit or a scam? – Our verdict
This is a scam. Many red flags. From copy and web design that is connected to well-known and proven frauds to lack of access to customer support, to absolute lack of any proof that there is actual exchange software behind the registration (respectable exchanges show you what the platform looks like), to fake promises and namedropping.
You will see this exact layout on many other fraudulent websites. They are featured at IndexUniverse, a known promoter of crypto scams.
Their registration points to a fake website. Check the exact same logo and similar layout. Also note that the web address is looking weird.
Tips on how to check if a bot is a scam
Time needed: 20 minutes.
Check 3 points:
- Check namedropping
Always check if the website mentions celebrities. The most popular bait is Elon Musk, but there are others too, from Mark Lewis to LeBron, to Kanye West, to as we saw here – Gordon Ramsey.
- Check copy and web design
Web design and layout for this kind of site are always the same. Not sure why. Even if they change the actual design (like Anon bot), the layout and the flow are the same. Some truths mixed with the lure of a quick return of investment.
- Check support and contacts
The red flag which reinforces the others is when there are no social media links, when you can’t contact the support or when there are no contacts other than a regular website e-mail form.
Reviews
If you’re considering using Bitcoin Trader, don’t do it. I learned the hard way. It’s poorly designed, the promised profits unrealistic, and the people behind it are only interested in taking your money.
Do you like playing roulette? Then you’ll love Bitcoin Trader! It’s a bit like gambling, but with the added bonus of feeling like a complete idiot when you realize you’ve lost your entire investment. They just took the deposit and disappeared! They called me for days, ironic that I can’t reach them now…
Author
