If you’ve invested in Bitcoin or any other cryptocurrency, you’ve probably heard of bitcoin robots. A bitcoin robot is a tool that makes the buying and selling decisions on behalf of the trader and executes trades accordingly. Bitcoin robots have a much higher accuracy than humans, which means that they are more likely to make winning trades and generate profits in both rising and falling crypto markets.
However, as more robots have cropped up over the years, so have scam products which have stolen people out of their money, taking advantage of the unregulated market.
For this reason, it’s important to be well-informed when selecting a robot. In this guide, we have put them to the test and have discovered which ones appear legit, and the scams that you should steer clear from. Read on to find a legit bitcoin robot today.
What is a Bitcoin Robot?
A Bitcoin robot is an auto-trading software that use complex algorithms and mechanisms to scan the Bitcoin markets, read signals and make decisions on which trades to place in order to provide profit.
As a robot, they are far more effective than humans because they are able to scan all information available on a particular cryptocoin (in this instance Bitcoin), and execute trades, all in a matter of seconds.
The way robots work is by looking at buy/sell signals. These signals are what allows the robot to be seconds ahead of the market, which means that you will be able to make bigger profits than everyone else. One of such robots is the popular Bitcoin Revolution robot, which boasts an incredible win rate of 99.4%!
Advantages and Disadvantages of Bitcoin Robots
Understanding the advantages and downfalls of automatic trading are quintessential in extracting the best out of these tools. While robots have some similarities with humans, they differ greatly which can make them both more accurate and more risky.
- Robots are far more effective than humans because they are able to scan all information available on a particular cryptocoin and execute trades, all in a matter of seconds.
- Bitcoin robots are not subject to feelings or emotions – they purely base their decisions on logic and algorithms. This makes their accuracy far higher than those of humans. Some robots have an accuracy of up to 99%, which means that they virtually do not place any losing trades.
- Bitcoin robot trading is a lot faster than manual trading. Instead of manually analysing markets, opening an account on a cryptocurrency exchange platform, waiting for verification (this can take up to 2 weeks), waiting for a profitable trade, and going through the withdrawal process, the bitcoin robot will take care of all of this for you.
- Easier than manual trading : all you have to do is make a deposit and leave the system to it. You can then withdraw your profits daily, with no hassles. Reputable robots such as Bitcoin Code even offer 24/7 customer support.
Which Bitcoin Robot is Right For Me?
Today, there are hundreds if not thousands of bitcoin robot offerings advertised on the web. While the concept behind a bitcoin robot is legitimate, not all bitcoin robots are worth their salt and some are verified scams! InsideBitcoins aim is to separate the wheat from the chaff through comprehensive and unbiased reviews. Our list below shows the best bitcoin robot systems, ranked by rating. If you want to find out how to sign up and start trading to a robot now, skip to how to sign up to a bitcoin robot section
To help you get started in the world of automated trading, we've tested a variety of robots. We have classified them from outstanding robots to average robots, and finally robot scams.
Best Bitcoin Robots[easy-pricing-table id="211669"]
Good Bitcoin Robots
We found the following robots to be free to use,and capable of trading well if used correctly. Their software has been tested and we confirm that they are active and fully working with a demo account.
Bad Robots / Bitcoin Robot Scams
And, finally, we found the following robots to be scams. These robots should be avoided as they are high risk and you can end up losing your capital if you decide to trade with them. To find out why they are scams, you can read our reviews by clicking on the hyperlinks.
How to Trade on a Bitcoin Robot
Signing up and trading on a bitcoin robot is pretty straightforward. For this tutorial we will be using Bitcoin Code as an example as in general, the process is similar on most bitcoin robots.
Bitcoin Code is a bitcoin trading robot that claims to help ordinary traders make huge returns on their bitcoin investment with an investment as little as $250. The robot was founded by Steve McKay, a software engineer with over ten years of experience making trading robots.
Bitcoin Code relies on sophisticated computer algorithms to analyze tradable data in the crypto markets and make investment decisions. This automated trading tool is said to have a success rate of 99.4% which is among the highest in the industry. InsideBitcoins has determined that there is an element of risk in this trading tool which means that traders should monitor their accounts at least 20 minutes per day.
1. Go to Bitcoin Code
Most Bitcoin Robots have testimonials and promises on their front page. This is the number one cause of alarm for traders wary of scammers. While it is true that some bitcoin robots have exaggerated testimonials and promises, it does not necessarily mean that they are a scam. InsideBitcoins reviews present an evidence-based approach to help you get the true picture of what to expect with some of these crypto-traders.
2. Fill in the sign up form (registration only takes 2 minutes)
In this age of internet fraud and personal data theft, it is important to ensure that all online registrations are secure. InsideBitcoins analyzes every robo-trader registration process to determine how seriously they take users online security. A secure robo-trader should have an SSL secured website, proper password policy and also a secured database.
The registration process should also correct relevant data only and should give users an option to opt in or out of unsolicited emails. Most legitimate robo-traders require the usernames and email only and do not store sensitive billing information.
Another important thing to pay attention to is how easy the registration process is. A good Bitcoin robot should not complicate the registration process with unnecessary verification requirements. Traders should be able to open an account and start trading within a short timeframe preferably less than three minutes.
3. Start your demo trading
Once you have registered, you need to get a feel of the trading platform before going live. The best way to do this is through a demo account. A legitimate bitcoin robot will provide a demo trading tool, but it is not unexpected to find some without. Those with demo accounts also provide backtesting data to demonstrate how the robot works in live trading.
It is important to note that the results obtained in the demo account do not fully represent what you will get in a live account. InsideBitcoins recommends that all beginner traders start with not more than the minimum investment required and only add capital once they are comfortable with their robo-trader.
4. Deposit funds
Most bitcoin robot providers will require you to deposit a minimum capital of 250 (USD or EUR) to access their trading tools including the demo trader. The best robo-traders accept multiple deposit methods including MasterCard, Visa, Wire Transfer, Ok Pay, Skrill, Neteller, Qiwi and others. Also, deposits and withdrawals should be processed within 24 hours and should not incur any charges.
5. Let the bitcoin robot trade for you
All you must do after having deposited is activate the auto-trading function and that's it! You can forget about it for a few days and you should come back to a nice profit. Don't be discouraged if you don't see profits straight away - the crypto markets have high volatility but overall, you should be in the profit!
Click here to try the most popular bitcoin robot, Bitcoin Code , for yourself.
How Does a Bitcoin Robot Work?
Robo-trading has been around for the last ten years in forex and stock day trading. However, for the crypto industry, this method seems to have gained popularity in the last two to three years.
In general, robo-trading involves the application of sophisticated computer algorithms to analyze investment data and make trading decisions.The analysis happens supersonically to ensure that trades are placed before the markets adjust to new information.
The technology behind a bitcoin robot makes it possible for users to see the logic behind their profits or losses. These tools rely on computer algorithms coded using the trading strategies of the world best crypto traders to scan the bitcoin markets data and execute trades basing on this data.
Some of the best trading robots in the forex and stock market can capture valuable information such as breaking news and make corresponding trades.
When a trader earns profits, it is possible to tell how they did it since the algorithms can show the analyzed data and the corresponding investment decision. Market data analysis happens super-fast which makes it possible to make money even on the slightest prices movements. This explains why it is possible to make money with this robot in both rising and falling crypto prices.
Other trading robots depend on forex signals, stock signals or crypto signals from industry gurus. These tools copy the trading strategies of the identified experts and execute them in the users account in a method known as social copy trading.
Crypto robots apply similar algorithms to analyze cryptocurrency market big data and make investment decisions. Some of the best industry players are based on advanced technologies in Artificial Intelligence and Machine Learning. Such robots are likely to make more accurate decisions than their counterparts.
Algo trading can be identified as a mathematical formula of a predetermined trading strategy. In AI and ML-based algorithms, the mathematical formula keeps improving as it is subjected to more market data. In other words, the more it trades, the more accurate it becomes.
How Much Can I Expect to Make With a Bitcoin Robot?
The majority of top bitcoin robot software out there promise to help investors make a minimum profit of $10,000 per day. However, the returns depend on the invested capital. CryptoSoft, for instance, guarantees investors an average profit of $13000 per day. InsideBitcoins cannot guarantee the truthfulness of these claims, but it appears that most traders who have tried them are happy with the outcome.
Fintech Limited is another popular bitcoin robot claiming to make overnight millionaires out of ordinary people through crypto-trading. Some of the people in their review section report to have made thousands of dollars in less than a week out of an initial investment of $250. Fintech Limited categorically states that individual profits depend on their invested capital. The more the invested capital, the higher the returns.
A trading algorithm can be identified as a mathematical formula of a predetermined trading strategy. In AI and ML-based algorithms, the mathematical formula keeps improving as it is subjected to more market data. In other words, the more it trades, the more accurate it becomes.
What Type of Trades Can I Place with a Bitcoin Robot?
BTC robots are fully customized for bitcoin and other crypto trading. As mentioned earlier, these tools come fully equipped for crypto trading but do not support other assets trading.
With BTC robots, you can trade either manually or automatically. Manual trading involves the robot doing the market analysis and the trader manually placing trades based on the robot research. Automated trading, on the other hand, involves the bot conducting market research and placing corresponding trades.
Most trading robots offer both manual and automated trading options. In manual trading, the robot does the market analysis and recommends investment strategies, but it is for the trader to decide whether to implement them.
Automated trading, on the other hand, involves the robot carrying out investment research and automatically executing trades basing on this research. While manual trading requires constant monitoring, automated trading does not. In fact, most automated accounts require less than 20 minutes of monitoring per day.
Either way, InsideBitcoins recommends that you schedule trading sessions and close all your trades after these sessions. Remember that bitcoin robots are not without risk which means that you may find yourself experiencing huge losses if you are not monitoring your account regularly.
Some BTC robots come with a demo account to help traders familiarize with their trading platforms before live trading. A demo trading platform comes equipped with virtual money and is simulated on real but historical data. While demo trading somehow reflects the potential of the trading robot, it does not give the full picture. This means that the results you will get in live trading are likely to differ with what you get on demo trading.
Behind any trading robot is a broker who is tasked with executing buy and sell orders on behalf of the trader. These brokers are also responsible for facilitating deposits and withdrawals and are the one to reach out to when in need of clarifications regarding trading. The companies behind the robots usually operate hand in hand with these brokers to ensure that everything is running smoothly.
Are Bitcoin Robots Scam or Legit?
As you can see, most brokers behind auto-traders are questionable. so InsideBitcoins has tested and verifies brokers based on their years of experience and reputation.
While not all Bitcoin Robots are legit, the concept behind the robots, in general, is legitimate. A good bitcoin robot should be able to beat the markets most of the times and generate considerable returns for the traders. Most crypto-traders in the market today promise investors to make thousands of dollars per day with an initial investment of as little as $250. These results may be achievable with some but not always.
Do not subscribe to a bitcoin robot with the mentality that you will get rich quickly. With some robots, the profits may be small at the beginning but will increase as you upgrade your account. InsideBitcoins reviews give you a true picture of what to expect with different bitcoin robots regarding profitability.
Bitcoin Robots and Possible Risks
What most bitcoin robots providers won’t tell you is that there is a risk in trading with these tools. While the risk is not that big, it is there nonetheless meaning that there is a possibility of losing all your investment. Unlike long-term investments, day trading involves getting in and out of trading positions rapidly which makes it possible to experience huge profits or huge losses.
As a rule of thumb, never trade with an amount that you cannot afford to lose. Always remember that speculative investments should never take more than 10% of your portfolio. We recommend that you start small with bitcoin robots and reinvest your profits as your account continues to grow. The same case should apply for trading robots.
It is important to note that most bitcoin robots promise an accuracy level of 99% and above which when loosely translated means that with their robots, at least 9.9 trades out of 10 are correct. And given that there is no way to confirm this, InsideBitcoins recommends that you do enough due diligence to confirm how often your bitcoin robot of choice delivers these results. The best place to start is by reading our unbiased and comprehensive robot reviews and guides.
What is an Auto-Trading Robot?
While a bitcoin robot only offers cryptocurrency trading, trading robots offer forex and stock trading.
While a bitcoin robot is a trading robot but not every trading robot is a bitcoin robot. Simply put, trading robots are multi-assets traders which may or may not include bitcoin. Bitcoin robots, on the other hand, are meant for bitcoin trading even though they may also offer access to other cryptocurrencies.
While trading robots are a bit more complex, bitcoin robots can be used by almost anyone. In other words, you do not need any background in finance or cryptocurrencies to trade with bitcoin robots. Any good bitcoin robot will come with a user a guide to help you set up an account and start trading.
If you are looking to invest in cryptocurrencies, a bitcoin robot should be your first choice. These tools are not only customized for this type of trading but also gives access to crypto trading opportunities not found anywhere else. If you're looking to make money by trading forex and stocks, we recommend a trading robot.
How Do I Choose a Trading Robot?
Similarly to bitcoin robots, there are also a lot of trading robots scams going around the web.
The trading robots below rated as “good” and “okay” are those that InsideBitcoins has verified to be legitimate. Those with insufficient rating may be legitimate, but we have not found enough evidence to this effect and we think that may be scams. Read our comprehensive trading robots reviews to learn more by clicking on the brand name.
Legit Auto-Trading Robots
We found the following auto-trading robots to appear legit and promise great returns. With these robots, you can trade forex currency pairs, stocks and commodities.
Scam Auto-Trading Robots
After having tested these auto-trading robots we have concluded that they are scams. We would recommend anyone to steer clear from the following bots and try one from our recommended auto-trading robot list instead.
1K Daily Profit is one of the best crypto trading robots.
If you want to to get started trading fast, here are some quick steps to open an account with 1K Daily Profit.
Input your name, email, new password, and phone number. 1K Daily Profit will email you. Click the link in the email.
Click "Add Funds", which is the yellow button at the top middle of the screen. When funds arrive, click the "Auto Trading" toggle to "On". 1K Daily Profit's algorithm will trade cryptocurrency for you, and deliver your returns following each batch of trades. Withdraw profits to your bank account.
How To Trade with an Auto-Trading Robot
1. Check their website and make sure that they are legitimate
The first step to determining this is to check whether their website is SSL secured. An SSL secured website encrypts the data between the client and the server, therefore, making sure that hackers cannot intercept internet traffic and steal data.
2. Sign up to the robot
The process of registering an account with a trading robot is somehow similar to that of a bitcoin bot. Most trading robots have the registration form on their front page and usually ask for details such as names, email and phone number. Also, it is at this stage that traders are required to opt in or out of their mailing list.
3. Try the demo account
Trading robots come with a more advanced demo account to cater for all the trading assets offered. As mentioned earlier, traders who choose trading robots are usually interested in other markets such as forex and hence the demo is equipped to cater for all these functions.
While the demo uses real but historical data to simulate the market experience, it does not always reflect live trading reality. This means that you may find the results of live trading a bit different from demo trading especially when it comes to bitcoin robots. In automated trading, the purpose of demo trading is to help you familiarize with the trading platform before going live.
4. Deposit funds
Most trading robots require a minimum deposit of 250 (USD/EUR) to start trading. The same case applies to bitcoin robots. This amount is the trading capital meaning that you still own it after deposit. Reputable robo-traders provide multiple deposit and withdrawal options and are forthright about the charges that may be incurred.
When choosing a automated trading bot, pay attention to the deposit and withdrawal charges and the amount of time it takes for withdrawals to reflect in your bank account. Remember that behind the trading robot is a broker who is responsible for facilitating transactions.
5. Let the trading robot open and execute trades for you
After making the deposit, traders can now access their live trading account. Most trading robots offer both manual and automatic trading. In manual trading, the robot does the market analysis and recommends an investment, but it is for the trader to place them. This means that they must monitor their trading account now and then to open and close trades.
On the other hand, automatic trading requires little account monitoring mostly less than 20 minutes per day. The robot does the market analysis and automatically place corresponding trades. Automated trading is the most recommended option for beginner traders.
Recommended Auto-Trading Robots
As mentioned earlier in this guide, a trading robot can be used to trade multiple assets including fiat currencies and cryptos. Examples of such robots include CryptoSoft, QProfits and more recently, the Easy Trade App. These robots offer a wide range of tradable assets including forex, equities, CFD trading, and crypto. This means that they come with extra features and are more advanced than bitcoin robots.
There are trading robots out there who will claim to offer both robo-trading and crypto-mining. While some are legit, most are not. Crypto-mining is entirely different from trading and currently highly unprofitable given the plummeting crypto prices. For instance, bitcoin mining is currently highly energy intensive and only affordable to institutional miners. Also, the costs of mining have gone high making it less profitable.
A trading robot should never be perceived as a "get rich quick" method but should be seen as an investment with the potential for profits as well as losses. As mentioned earlier, there is no trading robot with 100% accuracy, and therefore any trader can lose money. However, the risk is smaller than trading directly.
If you are looking for a simple trading robot that will allow you to trade cryptos and also give you exposure to fiat currencies, the likes of CryptoSoft is what you need. These trading robots have all the features of a bitcoin robot only that they come with an additional feature for fiat trading.
While bitcoin robot trading does not require you to know the industry lingo, you may need to update yourself on forex trading. If you choose to trade both cryptos and fiat currencies, we recommend that you start small and upgrade your account as you familiarize with the auto-trader and trading terms.
As we have seen, bitcoin robots offer crypto trading exclusively while trading robots offer multiple assets trading which may or may not include cryptos. When choosing a trading robot, always have clearly defined goals and seek an expert opinion about different offerings.
As cannabis becomes legal in countries all around the world, cannabis investing is becoming a big new market sector. Just like with the other robots described here, weed robots have been designed to make winning trades while you sleep. You'll be able to make trades based on the value fluctuations of the top new cannabis companies in the space. With algo trading, you don't even need to know anything about the cannabis industry. This is passive investing at its best, in one of the great fast growth sectors in the world! Here are our top-rated cannabis robots:
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What Are Robot Brokers?
Robot brokers are online platforms allowing you to trade with cryptocurrencies, forex, stocks, CFDs, commodities and indices. They use trading platforms such as MetaTrader4 and WebTrader to support trades.
We usually advise against trading on robot brokers directly but to trade on them through auto trading robots. In fact, even though some robot brokers are trustworthy, they do not support you in making investment decisions. Auto trading robots connect to online brokers in order to function and through the robot, you can choose the broker you want to trade with. By doing that, you will have the option to trade in auto-trade mode but at the same time, you will have access to the vast investment choices offered by robot brokers.
Recommended Robot Brokers
Have any celebrities endorsed bitcoin robots?
There are a number of rumors circulating around the web that link various celebrities to bitcoin systems. These allegations have created a lot of hype around robots such as Bitcoin Code, Bitcoin Loophole and Bitcoin Trader amongst others. In the pages below, we go through each celebrity and reveal whether they have invested in Bitcoin through bitcoin robots or not.
Have any TV shows endorsed bitcoin robots?
Final Thoughts on Robots
To conclude, if you're looking to trade cryptocurrencies, stocks, forex or even cannabis stocks, a robot is a good choice. The technology behind them is based on algorithms which means that nine times out of ten, they will make better choices than humans. Automated trading robots have shown that you don't need to be an expert to be able to make a side income. The one we recommend you start with is Bitcoin Revolution.
However, when trading with bitcoin robots, or regular autotrading robots, we strongly recommend that you do your research beforehand. Is the robot legit ? Does it have a professional website? Are there testimonials you can read? Is there information on the web about the founder, and how the software operates? These are questions that you should ask yourself before investing.
Only once these answers have been provided should you invest.
Bitcoin Robot FAQ
How do bitcoin robots work?
Bitcoin robots are algorithms that make lots of Bitcoin trades in short periods of time. They read the markets, knowing the right moment to buy and sell for maximum profits. Users pool their money so that the robots have funds to invest, then the robots share their profits with the people who put their money forward in the first place.
Can I buy Bitcoin with a bitcoin trading robot?
Actually, no. Bitcoin robots settle all accounts with cash. You'll invest with dollars (or whatever your local currency is) and your returns will also be in dollars. No BTC actually trades through the platform.
Are bitcoin robots all scams?
No. Some Bitcoin robots are scams. Other Bitcoin robots are not scams. Learn to tell the difference by following our reviews.
Do other kinds of investing use trading robots?
Yes. Stocks, bonds, you name it. Wherever there are assets being traded on the internet, there are robots trying to beat the system.
Why do celebrities get associated with bitcoin robots?
For the most part, celebrities do not endorse Bitcoin robots. Most of what you hear about are marketing ploys from robot scams.
Where do I go if I want to buy real bitcoin?
Brokers like Coinbase will allow you to buy real Bitcoin with your local currency.
Is bitcoin run by robots like there?
No. Bitcoin is partially run by computers, but these computers are not used for trading. They're used in Bitcoin mining, which secures the network and introduces new Bitcoins to the marketplace.
Do other cryptocurrencies have trading robots?
All of the popular cryptocurrencies have trading robots, especially Bitcoin, EOS, Ripple, and Litecoin.
Bitcoin crashed. Will the price bounce back?
No one can tell the future, but we believe that Bitcoin prices will recover and even surpass previous all time highs.
Is now a good time to buy Bitcoin?
With Bitcoin prices lower than they've been in a long time, and lots of good news for Bitcoin coming out in general, now might be an excellent time to buy Bitcoin.