What is a crypto trading robot?
Many crypto trading robots and algorithms have appeared on the internet. They all promise to improve your performance in the cryptocurrency trading use advanced computer programs without your manual intervention. It usually seems like a pretty good deal and you might be tempted to try one of them, but how reliable are these programs really?
Crypto Trading Robot: The Promises
As researchers, our job is 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 that we noticed:
Unreasonably high efficiency
Like any good scheme, creators know that people are drawn to the ability to quick profits. That is why when you read a crawler’s website, you can see that the program is promoted with success rate of say more than 80% or that it can generate hundreds or thousands of dollars per day.
Who wouldn’t want to earn several thousand dollars a day? Of course, nobody! Plus, the payouts are almost guaranteed, so you’re not really taking any risks, are you? The bait has fallen and now it’s time for you to grab the bait…
Low minimum deposit
Most of the Bitcoin trading robot platforms we reviewed require a minimum deposit of $250. 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 purpose of the platform is to get you through the door. They will also point out that using the platform is completely free.
Little effort on your part
Finally, you are told that the crypto trading program will perform the most difficult tasks while you sit back and watch the money roll in. Platforms like Bitcoin era indicate that you need about 10 minutes to set up your trading platform, after which you can get started.
Read also How to apply the DCA method in the recurring purchase of cryptocurrencies
Crypto Trading Robot: The Reality
Usually, however, you get the exact opposite of what you were originally promised.
- In general, no program from trade automated is not provided. Instead, the trader is directed to an online broker that has a very simple trading platform for trading cryptos. That means you have to trade manually.
- The online broker is generally not regulated. Brokers must be licensed by the authorities of regulations financially, but victims often sign up with an unregulated offshore broker.
- Disappointed, you may want to withdraw your money and try something else. But you can’t, because of a large number 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 not yet found a reliable and free crypto trading robot even after looking at dozens of them. What we have realized is that most of these websites are really just affiliates of unregulated brokers to which you are referred. In some cases it is downright from scammers who take your money and don’t return it.
Keep in mind that active crypto trading is difficult and there are no shortcuts. What we recommend is to find a trusted online broker, practice on a demo account and finally make the investment yourself. If this advice changes, we’ll let you know :).