Bitcoin System, also known as ‘The Bitcoin System’, is a trading platform that reportedly generates up to 88% profits speculating on Bitcoin price movements. But is Bitcoin System legit?
The Bitcoin System platform has some good ratings online in terms of its ease of use and customer services. Bitcoin System also claims to be fully automated, which if accurate would mean that no special skill is required to use it. The Bitcoin System site appears to be popular with both experienced and inexperienced users. Does Bitcoin System really work though?
Read this review to the end to learn more about Bitcoin System and the trading strategies you can apply to make the most out of it, if you decide to invest using it. However, remember that all trading carries risk and be sure to do your own research before using any tool like Bitcoin System.
Bitcoin System Review 2024 – Overview
- From the reviews that InsideBitcoins has analyzed, Bitcoin System appears to be popular. Most users who have tried it report satisfaction with its profitability
- Bitcoin System appears to operate with transparency given that it has added a risk disclaimer to its website
- User reviews indicate that Bitcoin System is straightforward to use and has responsible customer support.
- However it is difficult to verify if the online user reviews of Bitcoin System are paid reviews, or genuine
Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.
What is the Bitcoin System?
The Bitcoin System website describes itself as an app that utilizes ‘bots’ to trade cryptocurrencies more profitably than the average human trader. Tools like this one usually claim to be ahead of the market, which gives them an advantage and allegedly a high chance of profitability.
They are programmed based on algorithms that allow them to analyse financial news and the market movements. They then allegedly automatically place the most profitable investments for users. The platforms basically use a technology that cuts out human error. Most promise success rates of over 50% and for some of these platforms, the promises are realistic, for others, they are not.
That is why we wanted to review Bitcoin System to determine if it is actually legit. As explained earlier, this bitcoin bot has positive online reviews – although we were unable to verify their accuracy. Moreover, it appears to have made all the crucial risk disclosures required by users to make informed choices.
Bitcoin System allegedly relies on complex algorithms to read the bitcoin markets and make trading decisions. These algorithms are powered by advanced trading technologies including artificial intelligence and machine learning. Bitcoin System’s high alleged accuracy is as a result of these technologies and also the fact that it trades on huge margin. Even with the alleged accuracy level, there is still a significant level of risk in trading with this bot. Do not deposit what you cannot afford to lose, when using Bitcoin System or any similar algorithmic trading platform.
Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.
How Does The Bitcoin System App work?
Bitcoin System states it applies the same mechanism as other popular algorithmic coin trading apps, first requiring traders to verify and deposit funds into a Bitcoin account.
Not all automated trading services have the same pricing models. For some, traders have to pay a flat fee every month to keep an account on the platform and continue to trade cryptocurrency. In the case of the Bitcoin System platform, the site states that there are no recurring fees.
Bitcoin System has various testimonials on independent consumer review sites including TrustPilot and its own reviews on the website – however those such as above should be taken with a pinch of salt. Online trading platforms often write glowing reviews for their product as a form of marketing.
Bitcoin System has an alleged win rate of approximately 88%. That has not yet been audited by any third party backtesting, from our research.
Read our bitcoin robot page to learn more about automated trading tools, some of which exist on licensed crypto exchanges that do undergo an audit.
How to Trade with Bitcoin System
Step 1: Opening an account
To use the Bitcoin System app, you’ll need to create an account. You’ll find a form on the right side of their homepage where you’ll have to enter your full name and email. After that, you will be required to choose a password between 6 and 10 characters including letters and numbers.
Finally, you will have to select your country of residence and insert your phone number with the correct country code. After that, you will be able to move on to the next step which is demo trading.
Step 2: Demo Trading
Now that you have a Bitcoin System account, you can try trading in demo mode. You will have $1,500 available to trade in crypto with your demo account. To do that, all you have to do is click on the “Go to Demo” button on the left side of the screen.
You’ll see three statistics on the top: total profit, total balance, and winning trades (the trades that have resulted in profits).
On the right side of the “Open Trades” tab, there’s a slide next to “Auto Trade.” To start your first demo trade, click on it and it will turn on. After a short period of time, you’ll see multiple trades that have been conducted by the crypto bots of the platform.
Analyze the results and determine whether this platform is worth your money. Please note that algorithmic cryptocurrency trading involves high risks.
Step 3: Deposit Funds
If you have come to the conclusion that you want to trade cryptocurrencies live on Bitcoin System, then you’ll have to first deposit funds into your account. Switch from the demo mode by clicking the “Go to Live” button on the left side of the page.
When you are there, click the green “Deposit” button, and the website’s administrators will reach out to you with instructions on how to deposit funds into your account.
Look for their email and follow the instructions in order to fund your Bitcoin System account. Platforms like Bitcoin System and usually connect to exchanges via an API. Depending on what exchange you are connected to, you will have different payment options available to deposit your funds. You can pay with debit and credit cards, some e-wallets and Bitcoin.
Step 4: Trading
As soon as your funds are credited on your account, you can reportedly start trading. Before that, you will have to decide on your trading settings. You will have to set up a daily stop loss, the maximum profits you wish to make in a day and how many trades you want to make daily.
You will also have to choose your investment amount for each trade. After that, you may also choose which cryptocurrencies you wish to trade with, depending on your personal preferences. If not, you can leave that to the platform.
You will see a red circle saying “Off” on the right side of the screen. Click it to turn it on.
Bitcoin System Features
Below are some of the main USPs of the Bitcoin System platform, according to reports and its own website description:
Alleged profitability
Bitcoin System claims to make a daily profit of up to $200 from a deposit of $250. We have not carried out a live test and therefore cannot guarantee how much you will make. We recommend starting with a minimum deposit.
Seamless withdrawals
Bitcoin System states that it allows users to withdraw their funds whenever they need. To withdraw, traders fill in the form presented on their funds management page and wait for up to 24 hours for the money to reflect in their bank account.
Easy to use platform
Bitcoin System’s platform is reportedly straightforward to use for all types of users including beginners. However we did not test out its tools.
Simple verification process
According to the Bitcoin System website all you need to verify to trade with Bitcoin System is your email and phone number, and the process should not take you more than 15 minutes.
The Bitcoin System Review: The Verdict
Bitcoin System has some above average ratings on review sites such as Trustpilot. From the reviews we have come across this platform is claimed that no experience is required to operate Bitcoin System given that it is fully auto.
Even though Bitcoin System has a high alleged profitability, it is not risk-free. The platform’s automated service trades on a leverage of up to 1:1000 meaning that there is a likelihood of experiencing losses beyond the invested capital. One of the few disadvantages of Bitcoin System is that it does not have a negative balance protection feature. This means that users who fail to balance the risk are likely to blow their trading accounts.
Read the risk management guides carefully before using this platform. Also, ensure that you only deposit what you can afford to lose.
Remember that all investment opportunities carry a certain risk. This especially applies to cryptocurrencies, which are still relatively young in the financial markets, and all online trading platforms.
Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.
Bitcoin System Alternatives
All trading carries risk. To keep a diversified portfolio, we recommend:
Investing Early in New Crypto Presales or ICOs
Here at InsideBitcoins we’ve reviewed several of the latest new tokens sales to launch in 2024. See our list of crypto presales here.
Networking With Professional Traders
To learn to trade, we recommend following reputable pro traders on Twitter and YouTube, and joining Reddit communities and crypto Discord groups, to take advantage of free tutorials and courses as well as one-to-one discussion. Visit our recommended crypto Discord server here.
Automated Copytrading on Crypto Exchanges
Unlike small independent platforms such as 1G Profit System, there are some larger well-established regulated crypto exchanges that do offer automated trading, in the form of copytrading. We recommend eToro.com which is SEC, FCA, ASIC and CySEC compliant, and open to international users in most countries around the world with few restrictions.
It also accepts Paypal and credit cards for deposits, alongside the more conventional method like debit cards and bank transfers. eToro offers a ‘Copy Trader’ tool in which users can pick from a range of professional traders with audited, backtested return on investment (ROI) data spanning the past 12 months.
In addition to eToro, OKX and Bybit have similar automated copytrading features, including grid trading bots.
FAQs
Is Bitcoin System legit?
We were unable to verify all the claims made on the Bitcoin System website, which appears popular from user reviews - however these reviews may be part of a paid marketing strategy and its winrate has not been independently audited.
How much can I make with Bitcoin System?
Bitcoin System reportedly generates a daily earning of up to $200 from a deposit of $250. Some reviews claim that it is possible to turn a deposit of $250 to $2k in one week using the Bitcoin System platform. Our review team were unable to verify how sustainable that ROI would be in the long term.
Are there any risks involved with algorithmic crypto trading?
Yes, the risks of algorithmic crypto trading are high. There are two main reasons for that. Firstly, cryptocurrencies tend to be volatile, so their rate can increase by five percent in an hour, and decrease by another five in the next hour or so. Secondly, a part of algorithmic crypto trading solutions is not legit, which means that the service providers are scammers who want to steal your hard-earned money. Furthermore, some algorithmic crypto trading platforms require specific knowledge from its users. Therefore, beginners will have a hard time trading digital currencies on such services, which can result in losses for them. Consequently, use algorithmic crypto trading platforms at your own risk and be extra careful when you are testing a new service.
Do I need my own algorithmic trading strategies to trade cryptocurrencies via Bitcoin System?
Some online trading tools might need your own algorithmic trading strategies in order to succeed. However, most of the platforms, such as Bitcoin System, do not require you to develop your own algorithmic trading strategies.
