What Is Bitcoin Bank?
Bitcoin Bank claims that it is a fully automated trading bot designed for the crypto market. It’s supposed to allow traders to trade Bitcoin CFDs to guess on the price and make money. However, TrustPedia’s investigation has shown that it is a complete scam. You’re sure to lose your whole deposit within just a few hours of ‘live trading’ using Bitcoin bank. TrustPedia carried out a live testing on Bitcoin Bank and has determined that it consistently makes losses.
We’re almost 100 percent sure that Bitcoin Bank reports predetermined losses and doesn’t feature any trading technology at all.
Bitcoin Bank Review: Why Is It a Scam?
Bitcoin Bank is actually a comical scam as it claims to provide its traders with immense wealth.
It tells so many lies right from the start to try to get you to make a deposit. If you are unfortunate enough to do so without reading our review first, the deposit is gone forever. As you’re going to see below, its platform, which is presented as a web-trader, is completely fake. Also, the brokers listed on the site as robot partners aren’t genuine. There is no regulation or legal registration of the brokers.
Like other scam bots, the primary goal of this bot is to hit people who are in a financial difficulty. The first approach is for them to spam email you. In fact, you’re probably here right now because you got an email that you didn’t request. It might have claimed to help you make a lot of money without having to do much.
How it works?
To understand how Bitcoin Bank works, you need to become familiar with traditional ways of investing and trading Bitcoin.
Traditionally, people invest by buying low and selling high. The purchase process is quite tedious and involves investing in an encrypted wallet. Storing your profits in a wallet is not safe, given the possibility of being hacked.
The purchase process is not easy and the loss of the code that defines your market shares means that you lose your investment. In addition, you can only benefit from your shares if the price goes up.
The traditional form of trading, on the other hand, involves speculating about its variation without buying it physically. This is easy and can be more profitable, given the level of leverage applied and the fact that you can trade on the bull and bear markets.
The challenge is that you need to conduct a market survey of the cryptocurrency against competing assets, such as the Dollar and the Pound.
Trading tools like Bitcoin Bank make trading easier by automating search and execution. The robot conducts market research and transmits the tradable insights to an underlying broker for execution.
With Bitcoin Bank, the opportunities are endless. You are supposed to earn up to 400% in daily profits during favorable market conditions.
How to create an account?
We first observed that Bitcoin Bank’s simple operating processes will make it easier for anyone to start making money from the system. We can confirm that investors will not need specialized skills to invest and earn with Bitcoin Bank.
Registered users can schedule negotiations, which are initiated with a click of a button. When a buying session starts, the robots scan the cryptocurrency market to find the best crypto trades that can give the investor the highest possible return.
Good deals are guaranteed and processed automatically and, in the end, the profit is transferred to the user’s account balance on the platform, where it can be reinvested or withdrawn.
1. Account registration
Bitcoin Bank is free for those interested in using it. The registration process appears to be secure and straightforward.
Register your full name, phone number and email on the registration form and confirm your email and phone number via SMS and a link. Bitcoin Bank guarantees data security to all users.
When you register with Bitcoin Bank, you are redirected to a partner broker’s page to verify your identity.
All trading robots depend on brokers to access the markets. It is the broker’s role to facilitate transactions and, therefore, all deposits take place through them. As a regulatory requirement, all legitimate brokers must verify the identity of their users.
Bitcoin Bank works with some of the best brokers in the industry. These brokers adhere to the regulatory guidelines of top agencies, such as ASIC from Australia, UK FCA and South African FSB. First-rate regulators are globally recognized for their strict deposit protection measures.
2. Starting the “Trade”
Before you start making your move, you can practice what you have learned from the trading guide on Bitcoin Bank’s highly intuitive demo account. The demonstration simulates live backtesting trades based on historical data. Consequently, the results you receive through this account reflect what to expect from live trading.
You need to invest a starting capital in Bitcoin Bank to generate the supposed profits. The minimum you can invest is $ 250 dollars. This amount can generate a daily return of up to U $ 1 thousand dollars when the settings and trading conditions are correct, as explained on the company’s page.
As mentioned above, deposits are managed by the Bitcoin Bank broker. You can deposit to your account via Visa, Master Card, Bank Transfer and most e-wallets and crypto-wallets.
The live trading process is very easy to understand if you read the trading guide and practiced through the demo available to those who have already registered and confirmed their identity.
All you need to do is adjust the risk features to suit your profile and toggle the live session button. Risk management is simple to understand and to have a successful purchase, you must pay special attention to this tool.
Bitcoin Bank offers a performance test to help users determine their investment limits. You need to take the test before you define the level of risk you are willing to take on trading. Even to get an idea of how much you can profit from your intended investment, Bitcoin Bank has a dedicated account manager available to work with you through risk management.
In addition, the robot comes with the features “Stop-Loss, Take-Profit and Negative-Balance-Protection”. All of these tools are explained in detail in the Bitcoin Bank trading guide.
4. Transfer money to the account.
Within your profile you have access to your “wallet”, the virtual wallet of the website itself. In it that will be made your deposit, you will find all the gains and also the total amount available for use.
The investment deposit can be made at any time, in case you want to add more. Like most cryptocurrency platforms there are multiple ways to add any amount to your account. The most used is bank transfer, also accepted, Mastercard, visa and etc. You need to check the rules with your card. Also pay attention to the transfer times and time zones.
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Is Bitcoin Bank a scam?
Bitcoin Bank has been launched for over 3 years and continues to gain popularity among users. As a result, it is very likely that it is reliable.
To state this in our Bitcoin Bank review, we took factors such as reputation, transparency, performance, ease of use, customer service and security into consideration.
Brokers who work with Bitcoin Bank also seem more than reliable. We have verified that they are well regulated and have a good online reputation. Here’s what we found out:
- The real success rate is undoubtedly higher than 80%
- Despite the high percentage, cryptocurrency trading always hides some risk
- We recommend starting with a minimum investment of $ 250
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