If you have been looking to invest in bitcoin, it is likely that you have heard about bitcoin robots. Bitcoin bots are a set of software, or auto-trading tools that are equipped with sophisticated technologies to enable users to bet on bitcoin prices hands-free. In other words, a bitcoin robot is a computer program that automatically trades bitcoin on behalf of the user.
The best crypto bots have an alleged win rate of up to 98%. With such a win rate, these bots can supposedly turn a $250 deposit to over $1500 in less than 8 hours of trading. But are bitcoin trading robots legit?
However, research shows that at least 90% of all trading robots are a scam. This means that it is important to carry out enough due diligence before depositing funds into any auto-trading software. Cryptovibes has carried out in-depth research and prepared this guide to help you differentiate the legit from the fake.[table_of_contents]
Best bitcoin robots for 2020
We have tested the robots listed below and found them to be trustworthy. Moreover, feedback from users confirms the alleged profitability. We also rate them highly on ease of use, deposit and withdrawals and customer service. Here is a list of the 10 best bitcoin trading robots in 2020. You can click any of them to read a comprehensive review.
We rate these robots as top 10 given their alleged profitability and superior technologies. For instance, Cryptosoft can allegedly give a return on investment (ROI) of up to 400% daily. Some of the reviews we have seen indicate that this bot can convert a deposit of $250 to over $10000 in less than a month.
The BTC bots in our top ten list are also among the oldest in the industry. This means that they have been around for long enough to be considered as highly trustworthy. The likes of Bitcoin Revolution and Bitcoin Era were founded years before the crypto boom.
What is a bitcoin robot?
A bitcoin robot is a computer program powered by sophisticated algorithms made out of the trading techniques used by professional bitcoin traders. Most bitcoin robots are invented by crypto trading gurus who have supposedly made millions trading bitcoin. These gurus automate their trading strategies by coding them into a computer program. The goal is to have the computer program conduct all trading on their behalf.
While most do not share their programs with the public, a few do in the aim of attracting huge deposits and charging commissions on the earnings made. The best bitcoin robots are usually in high demand with some attracting billions of dollars in investment.
Bitcoin robots trading techniques include short-selling, an approach that enables users to speculate on falling prices. This means that users still generate earnings even when the markets are plummeting. Moreover, the best bots rely on artificial intelligence to enable the bot to adapt to changing market conditions.
Through a subset of AI known as Natural Language Processing, bitcoin robots are able to read human language. This means that they can trade news with an alleged accuracy level of up to 99.4%. But this is not to mean that the bots are risk-free. A slight miscalculation can lead to enormous losses and hence traders should always take precaution.
Bitcoin robots are usually 100% auto. This means that users do not require any expertise to trade with them. Bitcoin robots eliminate all the hassles involved in buying or trading bitcoin manually. Moreover, they eliminate the human emotions of fear and greed in trade. Warren Buffet, the world best value investor once said that fear and greed are the biggest barriers to successful trading.
How does a crypto robot work?
Carries out trading research on your behalf
A bitcoin robot conducts trading research and comes up with insights which it relays to a given partner broker system.
Partners with brokers
Bitcoin trading robots are usually in partnership with select brokers. The role of these brokers is to execute the orders sent by the robot.
The broker picks the trading signals and executes them into orders. Bitcoin robots brokers usually rely on advanced trading systems to ensure instant order execution.
The other role of the partner broker is to receive deposits and facilitate transactions. Bitcoin robots are usually not registered as a financial institution and hence lack the legal mandate to receive deposits from the public. They must, therefore, rely on the brokers to receive the funds and oversee transactions.
Works with regulators
Regulators require all brokers to segregate clients’ funds and submit reports on how they use them. This ensures that no broker or robot can misuse deposits. With regulators such as the FCA and ASIC, users have a guarantee that their money is safe. Cryptovibes also conducts robot broker reviews to ensure that they are legit.
Utilizes leverage to maximise earning potential
Robot brokers also provide leverage to enable traders to place huge trades using a small deposit. The best provide leverage of up to 1:5000 which means that traders can bet on positions worth up to five thousand times their capital. New traders should keep it in mind that leverage is a double-edged sword that has the potential to magnify both the returns and losses. The rule of thumb when trading on such high leverage is to always trade with what you can afford to lose.
Tested bitcoin robots updated list 2020
As mentioned above, there are many BTC robots out there but only a few of them are legit. We have done the heavy lifting for you and identified nearly 90% of all the legit trading robots out there. But how do we determine that a robot is legit? We analyze thousands of users’ reviews on platforms such as TrustPilot and also on social media.
Here is a list of tested and proven bitcoin robots 2020
A good robot should have a user rating of 3.5/5 and from more than 100 reviews. From the user reviews, we look at factors such as performance, ease of use, withdrawal process, customer service, and safety. A legit bitcoin robot should have a proven track record and should be easy to use. It should also provide a seamless withdrawal process, excellent customer services, and fully secure platforms.
Furthermore, we conduct background checks on any information published on the robot’s website. At least 99.9% of the information published on a given robot website should be verifiable. Cryptovibes also conducts a series of testing on the robot’s platforms to determine if the proclaimed technologies are real. One of the bots we recommend is Bitcoin Revolution, with an alleged win rate over 90%. Click the link below to go to their website.
Bitcoin robot scams updated list 2020
For the keen eye, scam bitcoin robots are not hard to detect. Firstly, the information they present on their website is usually unverifiable. Secondly, their customer service is not reachable through phone or any other method that can be traced.
Moreover, the scam bitcoin robots usually partner with sham offshore brokers. These brokers have a poor online reputation and are not regulated. Here are some scam robots that you should avoid in 2020.
There are a lot of complaints about each of the above robots and therefore it is advisable that you stay away from them. The main aim of sham bots is to still your deposit. This implies that they are willing to do anything to get you to deposit more money.
As mentioned in the introduction, at least 90% of all trading robots are a scam. The scam bitcoin robot 2020 list is, therefore, longer than this. Do not register with a trading robot without enough proof that it is legit. Feel free to request for any robot review in the comment section below.
How to trade with a bitcoin robot
Bitcoin robots are usually 100% auto and hence require zero trading experience. All you need to get started is to register a free account and click the live button. Bitcoin trading bots are usually license-free even though there are a few that require a monthly subscription fee. Those that do not charge a license fee generate income by charging a small commission on earnings made through them. We suggest that you only trade with those that are free.
It is also important to note that most robots are only available in countries where they have a regulated broker. Here is a step by step guide to help you get started with a bitcoin trading robot.
STEP ONE: Register a free account
Open any given robot homepage and click the registration button to open an account. You will be provided with a form to submit your name, email, and phone number. Legit bitcoin robots handle users’ data in strict confidentiality and are compliant to data protection measures such as the GDPR.
The BTC bots that are license-free make money by charging a small commission on any profits made through them. This model is perfect since it entices them to improve their technologies to ensure that users get a return on their investment.
STEP TWO: ID verification
As mentioned earlier, bitcoin robots rely on regulated brokers to execute trades and facilitate transactions. All regulated brokers are nowadays required to verify the identity and residence of their users. This happens to prevent money laundering.
The verification process usually involves the user uploading a clear photo of both sides of their government-issued identity. Proof of residence, on the other hand, involves uploading a recent bank statement or utility bill with the address listed on top. The whole process can take up to 24 hours.
While most brokers allow traders to proceed to deposit and trading before verification, nearly all require users to complete the process before making any withdrawal.
STEP THREE: Deposit the minimum trading capital
Most bitcoin trading robots require a minimum deposit of $250. You can deposit through most debit and credit cards, Western Union, Wire Transfer, and e-wallets such as Skrill and Neteller. Some bitcoin robots accept deposits through crypto-wallets.
Legit trading bots do not charge any deposit fees. Moreover, they allow users who opt-out of trading to withdraw their capital at no cost. All legit robots listed above have been proven to be safe and to have a friendly withdrawal process.
STEP FOUR: Demo and live trading
Most bitcoin trading bots provide a practice account. This account should help you familiarize with the robot before going live. Remember that in auto trading, a small mistake whether in settings or trading session timing can result in significant losses. It is therefore paramount that you read the trading guide provided by the trading bot in question and practice with its demo before going live.
Live trading with most BTC bots happens at a click of a button. Some given users the option to define and adjust risk settings. The semi-auto ones enable users to determine which trading insights they want to be implemented in their accounts. Complete beginners should only trade with the 100% auto trading robots. Moreover, they should avoid changing risk settings. Most robots are usually set at the recommended 10% per trade risk level by default.
Can you get rich from Bitcoin Robots?
The best trading robots have a supposed return on investment of up to 400%. This means that it is possible to build significant wealth through a bitcoin robot. Some of the legit robots listed above have supposedly made some of their users’ millionaires. Even better, some can allegedly turn a $250 deposit to over a million in less than a year of live trading. This is possible when at least 90% of all profits are reinvested.
Even the best bitcoin bots come at a degree of risk. It is therefore prudent to only trade with a capital amount you can afford to lose. We have found sad stories of people who lost their entire savings or their children college fund to trading robots.
It is imprudent to commit a lot of money to a trading bot that trades on leverage of up to 1:5000. The best trading robots have risk minimization features such as the Negative Balance Protection but remain risky nonetheless.
Bitcoin auto-trading strategies
While most bitcoin bots are fully auto, there are several things that users can do to get good results out of them. These include:
- Trade during Eastern Daylight Time – Wall Street is usually open from 8:00 am to 4:00 pm ET. This is the best time to trade with bitcoin robots given the volatility that results from the bitcoin derivatives that are traded in the market.
- Start small – Deposit what you can comfortably lose. A deposit of $250 is a great starting point for beginner traders. Starting small allows you the peace of mind to observe how the bot responds to different market conditions and come up with a robust trading guide.
- Trade for at least eight hours daily – Bitcoin robots perform better when left to run for at least 8 hours daily. You should avoid keeping checking your account given that this is likely to cause excitement or anxiety and hence end trading sessions prematurely. The top ten bitcoin robots listed in this review have a supposed accuracy level of 90% which means that the chances of reporting a loss by the end of an 8-hour trading session are minimal.
How to identify legit bitcoin bots
As mentioned earlier, good trading robots are not hard to detect for the keen eye. Here is a checklist that you should follow when choosing a trading bot.
- Reputation – Legit bitcoin robots are likely to have a good reputation on platforms such as TrustPilot and ForexPeaceArmy.
- Regulation – These robots should only operate in partnership with adequately regulated brokers. The best regulators include the FCA and ASIC.
- Transparency – Good robots should reveal all that a trader needs to know to make informed choices.
- Customer service – Their customer services should be easily reachable and should be ready to respond to all the relevant inquiries.
- Deposits and withdrawals – Legit robots should have a seamless deposit and withdrawal process. They should allow users to withdrawal whenever they want.
Legit robot brokers
As mentioned earlier, the brokers that a robot collaborates with reveal if it is trustworthy or not. Good robots only partner with well-regulated brokers. Here is a list of some of the most popular brokers.
Bitcoin trading robots and celebrities
There are rumours that some leading bitcoin trading robots are endorsed by celebrities. Some of the celebrities associated with bots such as Bitcoin Revolution and Bitcoin Era include Elon Musk, Richard Branson, and Kate Garraway. Click any of the celebrities below to determine which robots they have been mentioned alongside and if they have endorsed them.
Bitcoin trading robots on TV
There are rumours also claiming that some bitcoin robots have been featured on popular TV shows. The mentioned TV shows include;
While most bitcoin robots out there are scams, there are a few that are legit. Cryptovibes has carried out in-depth research to help you make informed choices. The robots listed in the legit section have all been tested and proven to work. We have prepared in-depth reviews on all of them to help you determine what works for you. Feel free to try any of them and leave us a comment below telling us about your experience with any of them.
What is a Bitcoin Robot?
A bitcoin robot is a trading app that trades bitcoin on behalf of its users. Bitcoin algorithms are equipped with advanced technologies to enable them to conduct trading research with high accuracy.
Are Bitcoin Trading robots legit?
While many bitcoin trading bots are a scam, there are a few that are legit. These provide the best opportunity to generate a passive online income.
How do I trade with a bitcoin robot?
Most Bitcoin Trading robots are 100% auto. Consequently, you need no trading background to use them. Follow the setup guide that accompanies them and you are good to go.
How much does a bitcoin trading robot cost?
Most bitcoin trading robots do not require a license fee. They make money by charging a commission on the profits generated through them.