If you have been shopping around for a trading robot, it is highly likely that you have come across Smart Money System. This trading robot is among the most controversial. While there are many people who claim to have lost money with this robot there some few who report having made over $30k using this app. But is Smart Money System a scam or legit trading robot?
InsideBitcoins investigation reveals that Smart Money System is a big scam. Our conclusion is based on hands-on experience as well as an analysis of reviews from other users. InsideBitcoins tests take into account factors such as transparency, reputability, consistency, and customer service.
Is Smart Money System a Scam? Yes!
InsideBitcoins investigation reveals that Smart Money System is a scam. Our hands-on test shows that you will lose money if you sign up with this robot. Unlike legit trading robots, Smart Money System does not provide any information about the logic behind its trading technology. It also does not disclose about its partner brokers and fee mechanism.
We have also determined that most users have had a negative experience with this trading bot. A good number of users report losing their deposits within minutes of live trading. Our investigation reveals that the Smart Money System does not have a legit trading platform.
Regarding customer service, our tests reveal that this robot is among the worst. The only customer service channel of communication provided by this robot is email. We have determined that the do not answer emails unless they are related to how to make a deposit.
What is a Crypto Robot?
For the last two years, the crypto industry has been experiencing volatility that has never been witnessed before. For instance, the price of Bitcoin jumped from less than $100 in 2014 to a peak of $19000 in 2017 before plummeting to around $3500 today. The case is similar for other cryptocurrencies with some jumping from $0.5 in 2016 to over $100 in 2017.
Undoubtedly, this volatility has generated its fair share of billionaires and millionaires. There are also those who have lost money in this mania. The volatility is still on meaning albeit not as high as it was a year ago. However, there is still an opportunity to make great profits in this industry.
It goes without saying that to make money with bitcoin robots you need a strategy that capitalizes on both gains and dips. However, traders should be careful since there are a lot of scam trading robots such as Smart Money System claiming to be legitimate. We recommend that you only trade with tested and proven trading robots.
How does Smart Money System work?
The Smart Money System claims to apply strategies such as short-selling to capitalize on falling crypto prices. Our investigation reveals that these are lies. This trading robot is nothing but a webpage that tricks investors into signing up with scam brokers.
Legit trading robots such as depend on big data and superfast execution speeds to make huge returns for investors. Scam robots such as Smart Money System mimic these robots on the front end but do not have a supporting back-end. Consequently, no trading takes place with these robots. A good number of them including Smart Money System appears to have been configured to make losses.
InsideBitcoins recommends that you only trade with tested and proven robots. Legit robots not only have proven trading technologies but also have a reputation for making profits. The majority of people who have tried Smart Money System report losing money.
Why Smart Money System is a scam
Smart Money System – Fake Mark Cuban Endorsement
Smart Money System claims to have been endorsed by Mark Cuban, the famous shark tank billionaire. Our investigation reveals that there is no such endorsement. It is typical of scam trading robots to falsely associate themselves with celebrities in a bid to get more signups.
Traders should be careful with all trading robots claiming to have been recommended by investors. It is important to always carry enough due diligence especially when a product overemphasizes on celebrity recommendation. A good robot does not need the endorsement of celebrities to deliver good results. It is also possible that a celebrity can knowingly or unknowingly endorse a bad product.
Smart Money System: Key features
Smart Money is a scam app and you won’t make any money with it. Even worse, they will never allow you to withdraw your deposit. Our review has determined that their platform is configured to make consistent losses and wipe out accounts within minutes.
The Smart Money System verification system is simple but not secure. All you need with this robot is to verify your email and phone number. However, there is a high likelihood of falling into the hands of cybercriminals if you register with this platform given that it does not protect users data.
Smart Money System is a scam and won’t allow you to withdraw any money from your account. As mentioned previously, their trading platform appears to be configured to make losses. You are likely to lose all your money within a few minutes if you opt for live trading. Likewise, Smart Money will not refund your money if you change your mind before live trading.
Smart Money System charges a one-time fee of $37. Most legit trading robots do not charge any fees. We have determined that the $37 goes to the owners of the scam platform while the $250 goes to the partner scam brokers. Read our review of CryptoSoft if you are looking for a legit robot that does not charge any fees.
Poor Customer Service
Our test shows that Smart Money does not respond to inquiries. They do not provide a phone line for calls and their live chat is never answered. Furthermore, they do not have a physical office through which they can be traced.
We have determined that Smart Money System partners with sham and unregulated brokers. These brokers are responsible for handling all deposits. This explains why you will never get your deposit back after registering with this scam robot.
Is Smart Money System legit? The Verdict!
Smart Money System is a scam trading robot. InsideBitcoins has determined that you stand no chance of making any money with this robot. This trading robot is not transparent about its founders and the technology behind it.
We have also determined that this trading robot is not secure. Their site and web-trader are not SSL secured and they do not have a clear data protection policy. Furthermore, this trading robot has generally negative feedback from users. InsideBitcoins recommends that you avoid this trading robot at all costs.