Bitcoin Bonanza: Scam or Legit? The Ultimate Review Author: Patrick Webber Last Updated: 17 July 2020 Today, we are reviewing Bitcoin Bonanza, an cryptocurrency robot that boasts being able to make users $9,000 in the next 24 hours. But with the rise of more bitcoin scams around the world, we have to be skeptical and wonder whether this is true. This is why we have analysed the robot in detail. Unfortunately, our tests revealed that while Bitcoin Bonanza talks a big talk, it did not pass our tests. We have found the service to be a scam and you should absolutely not invest your money into this software. Instead, we recommend you try Cryptosoft which is a legit robot where you can actually make real profits. Read on to find out why you should steer clear of this robot. Robot Rating Features Trade 1 The Best Choice 88% Claimed Win Rate $250 Min Deposit Accepts Credit Card, Sofort Trade Now On this Page: Is Bitcoin Bonanza a scam? Yes Yes! The Bitcoin Bonanza website is full of fake and unrealistic statements. On one page – where the creators show the users how they can use the bot platform -, Bitcoin Code is displayed instead of Bitcoin Bonanza (in the steps). All the testimonials on the platform sound fake (including the fake images of the customers). Celebrities presented on the website to create an impression that they are supporting Bitcoin Bonanza. We do not recommend using the crypto robot. Try a trustworthy service instead. You can access it via this link or read further to see our step-by-step guide on the platform. What are bitcoin robots? Before diving into our review, let’s talk a bit about these services. Automated or algorithmic trading solutions utilize bots to trade different assets fully automatically. There’s no need for the human in the process, so you won’t have to analyze the charts all day when you are running a crypto bot. Algorithmic trading has been present in the fiat world for quite some time. Traders are using these apps to automatize their activities, save time, and generate larger (potential) profits. When Bitcoin was born in 2009, crypto robots were not present on the crypto market for a time. However, as cryptocurrencies have become more popular, new solutions have emerged. Some of these services were innovative, while the others are applications come from the fiat world that have been implemented to digital currencies. And automated cryptocurrency trading falls in the second category. But what is the benefit of using crypto robots? Firstly, these solutions get rid of human error. And humans are making mistakes all the time. This shouldn’t be a problem in most cases. However, when a trader or investor makes a huge mistake – e.g., by deploying an incorrect technical analysis and basing his or her trading decision on that -, it can be critical to the financial situation of that person. Therefore, that mistake can result in huge losses. And for traders and investors to be profitable, they have to avoid such errors at all costs. Automated trading solutions do not only get rid of human errors but the emotions that are holding us back when trading or investing. The trader’s worst nightmare is fear itself. It can come to the mind when your position is downtrending. In that situation, you fear that you will lose money. And you fear that you lose even more money. So, instead of being patient and waiting for a while, you exit your position. And who knows, if you have waited 5 minutes more, you could have made a profitable trade. When trading, the opposite of fear is greed. When a coin you are holding is increasing in price – even though that you have analyzed the point where you have to exit the trade -, you don’t exit your position in the right time because you want more and more money. And if you are too greedy, those profits can easily become losses as the market will eventually crash or shift to a downtrending period. Crypto robot platforms eliminate both fear and greed as well as other negative emotions that can pull you back from generating profits from your trades. And the bots are getting rid of human error too while saving you precious time. Forget the long hours analyzing the charts with automated cryptocurrency trading. Just deploy set up your crypto robots, and they will do all the trading for you. After they are turned on, you only have to analyze their performance and determine whether the platform you are using is profitable as well as suitable for achieving your financial goals. Please note that algorithmic cryptocurrency trading is a high-risk activity. Firstly, digital currencies – at certain times and periods – can become highly volatile. It means that a coin you are holding can go up by 10% in an hour, then drop by the same percentage in the next hour. No one – even all-star investors and expert traders – can predict the short-term price of cryptocurrencies or where they are heading at the moment. Furthermore, a part of the crypto robot platforms is operated by scammers. This is an unfortunate situation, but it is the truth. The operators of these scam services often promise extremely high returns and profits in a super short period of time. This way, they take advantage of the naivety of new users. And when the new customers make their first deposits, the traders will never see that money again. Therefore, we advise you to use crypto robots at your own risk, and never make a first-time deposit of more than $250. What is Bitcoin Bonanza? Bitcoin Bonanza is a crypto robot platform featuring an exclusive trading team who had generated “insane returns” when coins were on a huge bull run. At least that’s what the operators of the app say. The operators of the platform also claim that the members of the Bitcoin Bonanza app are enjoying nice retreats all around the world each month, while they only “work” a few minutes a day on their laptops. This gives us an impression of a highly profitable crypto robot. And that impression is strengthened by statements claiming that Bitcoin Bonanza users can make $9,600 every day by using the platform. That sum sounds awesome. But first, let’s do some maths. The daily profits of $9,600 would equate $288,000 a month and a yearly income of nearly $3.5 million. That’s a salary over 90% of the world’s population would dream of – including our team at InsideBitcoins. But let’s leave that dream behind and let’s be rational. $3.5 million a year is a nice sum, which you have to work really-really hard to achieve. Most of the persons who have earned that sum in a year have multiple successful companies and a lifetime of hard work behind them. They are not generating that much of dollars by just sitting behind their computers for a few minutes a day. If there was a secret formula – like the one that Bitcoin Bonanza claims to have via its crypto robot platform -, that would be sold for millions (if not billions) of dollars. So, let’s check the pricing of the automated cryptocurrency trading solution. We have gone on to do a Bitcoin Bonanza sign-up, which took us to the login section of the site’s members area – we will get back to this page soon. There, we’ve found the part we were looking for: “This means you will get to claim our proprietary bitcoin trading software for free.” So, the crypto robot that can make us nearly $3.5 million a year is not offered for millions of dollars. Instead, the operators of the platform give free access for the users who create a Bitcoin Bonanza account. How nice of them, don’t you think? This is the point when we become extremely skeptical about the service. The operators of Bitcoin Bonanza are not nice, they are not running a charity, but a scam operation. But let’s support this claim with some additional proof. On the homepage of the service – after mentioning that the platform features a team that has generated extremely high returns from cryptocurrencies -, you can see bullish quotes from famous people, including Google Executive Chairman Erick Schmidt, business moguls Richard Branson and Bill Gates as well as singer Lily Allen. That part – with logos of mainstream media publications featured in the up left corner of each image -, gives the average user the impression that the celebrities are referring to Bitcoin Bonanza in their statements. But that’s not the case – they are referring to the cryptocurrency Bitcoin. Reading further on the Bitcoin Bonanza website, the operators claim that their app has helped people become millionaires. Furthermore, the crypto robot has an “unmatched” trading algorithm that is capable of breaking the market laws. According to the Bitcoin Bonanza operators, this capability is kept as a secret by the “big guys.” Firstly, if this algorithm of the Bitcoin Bonanza app would be so powerful, major mainstream media outlets would have already covered this story on the first page. And as the software is offered for free, it would create such a hype that new users were swarming on the Bitcoin Bonanza website. Even though this extremely bold statement, the operators of the crypto robot platform did not show anything that would serve as a proof for the claim. The alleged creator of the platform, John Trueman – whose headshot is not shown in full on the site (we can barely see one of his eyes) – claims to be a professional stock trader who allegedly discovered a new market with Bitcoin Bonanza. There’s an issue with John’s biography part though; it reads like a testimonial from one of the platform’s customers instead of the creator of the app. One sentence reads like this: “The Bitcoin Bonanza team proved me wrong.” How could the Bitcoin Bonanza team prove John wrong when he is the creator of the platform. Wasn’t he the one who developed the crypto robot app? While John’s bio reads like a testimonial, he was mentioned twice by two of the customers in the testimonial part of the homepage. We shouldn’t even say that all of the testimonials sound fake with not genuine photos used as profile images. When we thought that there could be no more signs showing that Bitcoin Bonanza is a scam, the operators of the website have managed to surprise us even more. We tried to create a Bitcoin account to test the app (we will talk more about this in another section of this review), the site took us to another page when we have to fill out another form with more details (than at the previous form). And this is the page where the funniest things happen. Under the form, there is a section with four icons with titles and text. While the titles differ – showing off the features of the app – the text is the same in each stating that the Bitcoin Bonanza system has a success rate of over 90% and that users have the chance to trade manually or via bots. And here comes our favorite part. In a section where the operators show the prospective users how they can use the platform, they completely messed up the name of their own software. Instead of writing Bitcoin Bonanza, the text states “The Bitcoin Code” in every step. How can you trust in a crypto robot platform when they couldn’t even write the name of their robot correctly? And this could mean one thing. We suspect that the creators of Bitcoin Bonanza have copied the text from the Bitcoin Code cryptocurrency robot (which is one our top-rated crypto bot platforms) and forgot to replace the name with their own app. Also, the whole page is full of typos and grammatical errors. So, summarizing our experience with the Bitcoin Bonanza website, it is awful. We are 100% sure that the operators of the crypto robot seek to scam their customers. Who founded Bitcoin Bonanza? We do not have proof on this, but – according to the Bitcoin Bonanza website – John Trueman is the founder of the service. We don’t know much about him, except for that he is from the United Kingdom. We suspect that John is not the real creator of the service (nor the owner) as the whole crypto robot platform is fake, operated by scammers. How does the Bitcoin Bonanza system work? With the fake nature of the Bitcoin Bonanza website in mind, we decided to test the app. We have navigated to the homepage of the service, filled out the first form, then the other on the page after. However, there was an issue with the registration process. The site requested us to fill out the form with a full name, email, and phone number. But when we clicked the button to proceed with creating an account at the service, an error message prompted stating that our country is not supported. We’ve only seen that US citizens are not allowed to create accounts on the platform. But we did not use a United States phone number when we tried to register a Bitcoin Bonanza account. So, we decided to use a VPN to bypass this region lock. We accessed servers from different countries, typing in sample phone numbers in those locations, but no luck. The Bitcoin Bonanza system did not allow us to create an account on its website. So, concluding our findings with the Bitcoin Bonanza app, we think that the service is either not working or the operators decided not to allow new registrations. Therefore, the Bitcoin Bonanza system can’t be used at all. Knowing all this – in addition to the scammy nature of the service – we have decided to recommend you a different crypto robot platform: CryptoSoft. In the next section, you’ll see a step-by-step tutorial, which will guide you through the steps of creating an account, testing the bots via the demo trading platform, depositing funds, and finally, live trading via the crypto robots. Please note that CryptoSoft is one of our top-rated services. Now, let’s proceed with the guide! How to place trades on CryptoSoft? Step 1: open an account To start using the CryptoSoft platform, you need to first register an account at the service. To do that, head to the official website of the crypto robot and fill out the form on the right side of the page with your name and email. The site will take you to another form where you have to provide additional details, including your last name, desired password, the country of your residence, and your phone number. When you are ready, click the orange button at the bottom of the form and proceed to the next step. Step 2: demo trading Before funding your account with money to use the live trading app, you need to make sure that CryptoSoft is legit. You also have to be sure that the platform’s crypto bots are profitable and that the amount of profits you can earn is suitable for your goals. The demo app is a great way to determine this as you can simulate bot trading without any risks. Fortunately, CryptoSoft has a demo trading platform, which you can use to test the bots of the app. When you are in the Trading Room, click “Go to Demo” in the left-hand side menu. The site will take you to the demo trading platform where you will see a message stating that your CryptoSoft account has been credited with $1,500 worth of virtual money. And that’s great as you can use those funds to test the crypto bots. To turn on your bots, click the red “Off” button next to “Auto Trade.” The robots will start automatically, opening and closing new positions and trading different cryptocurrency trading pairs. Give some time – at least 20-30 minutes – for the bots to do the work, then analyze the results. If you are satisfied with the platform’s performance, proceed with funding your account. Step 3: deposit funds You can find the deposit tab if you head back to the Trading Room. You’ll see a section stating “Current Brokers” with one broker inside. Next to that, you’ll see a green “Deposit” button. Click on it and let a new page appear. A message will appear stating that the website admins will contact you soon with information on the deposits. Wait for their message and follow their instructions to deposit funds into your account. Step 4: let the robot place trades on your behalf You can start trading via the crypto robots as soon as your funds are credited on your account. If you have not done so, click the “Go to Live” button on the right. The site will take back you to the live trading platform. On the bottom of the page, you’ll see different trading settings, which you can use to tweak your bots. Unless you are an advanced trader, we recommend you not to modify any of the settings first (you can modify the settings later, after you have seen the performance of your bots). Turning on the crypto bots works like on the demo trading platform. Find the red “Off” button under “Auto Trading” and click it to start the robots. The cryptocurrency bots will do all the trading for you from now on. You only need to monitor the performance of the bots and – if needed – tweak the settings to have a better success rate and more potential profits. Happy trading! Can you make money with Bitcoin Bonanza? No, you can’t as the platform’s operators are scammers. We would like to advise you to stay away from Bitcoin Bonanza. If you deposit money on the platform, the scammers will steal all the funds you have invested in using the crypto bots. It will be the last time you see your money. Remember this before you decide to test the Bitcoin Bonanza app. Has Bitcoin Bonanza been on TV? As there have been rumors all around the internet that different crypto robot platforms have been featured in different shows, we decided to do a bit of digging and find out if Bitcoin Bonanza was featured in TV. The rumors were mostly about three shows: Dragons Den, Shark Tank, and This Morning. So, we have checked for mentions of these shows. Did you see a Bitcoin Bonanza Dragons Den mention on the internet? Because we didn’t find any official connections between the show and the automated crypto trading platform. Dragons Den, the popular British TV show featuring entrepreneurs who pitch their business ideas to investors, has been falsely connected to different crypto robots. In those cases, scammers are publishing fake images, videos, and text claiming that their service was present in the show in an attempt to build trust with new users. Be very careful when you see an instance of the aforementioned scam. Shark Tank is the US version of Dragons Den that has won plenty of awards. But did any of the show’s entrepreneurs or investors mention Bitcoin Bonanza Dragons Den? No, they didn’t. The crypto robot app was neither featured in the show nor the social media handles of the TV programmes. This Morning is a British daytime TV show where the hosts discuss exciting topics, such as the most important news, showbiz, health, real life, and more. We searched for any (official) connections between the show and the crypto robot app, but we couldn’t find anything. This Morning didn’t even feature automated cryptocurrency trading in the show. Is the Peter Jones Bitcoin Bonanza endorsement true? The entrepreneur and businessman Peter Jones – who has a net worth of over 400 million GBP – is often cited regarding cryptocurrency services. And, before you start to get excited, it’s not because he is a big supporter of the coins. Perpetrators like to promote their scam services with famous people to get credibility for their apps. There was a case when Jones tweeted about crypto robots though. He discovered that his name was used to promote a scam. He stated that he is considering legal action in the case. And answering the question: there’s no Peter Jones Bitcoin Bonanza endorsement. Is the Elon Musk Bitcoin Bonanza mention true? The Tesla CEO Elon Musk has been trending in the cryptocurrency community. However, his relationship with the space is not so positive – and not because Musk does not like coins. It’s because of the scammers whose tactic is to impersonate the Tesla CEO on social media to convince victims to invest in dubious investment schemes. They either create fake or hack verified social media accounts, edit the info (including the image, bio, and name) to copy the original Twitter handle of Musk, then use the accounts for posting fake information that has already resulted in victims losing millions of dollars. There was no Elon Musk Bitcoin Bonanza mention though. We have scoured the internet, and the result was us not finding anything on the case. The Verdict: Bitcoin Bonanza is a scam service So, at the end of our Bitcoin Bonanza review, let’s summarize all the information about the crypto robot in one sentence: we believe there’s a Bitcoin Bonanza scam here. Let us sum up all the signs here. Firstly, the Bitcoin Bonanza website is full of inaccurate, fake, and unrealistic information. This includes the daily profit of $9,600, the biography of the alleged creator John Trueman, the fake testimonials, and the incomplete and typo-rich member login page where the Bitcoin Bonanza app is referred as The Bitcoin Code. And secondly, the app has a flawed login process, which makes new users unable to create accounts at the platform. As mentioned before, we recommend you not to use the Bitcoin Bonanza system. Instead, use a trusted, top-tier cryptocurrency robot platform like CryptoSoft. Read back to find our step-by-step guide on the service. Robot Rating Features Trade 1 The Best Choice 88% Claimed Win Rate $250 Min Deposit Accepts Credit Card, Sofort Trade Now Other trading robots we recommend Bitcoin Code One of our top-tier crypto robots platforms. Bitcoin Code has a flawless platform, a user-friendly interface, and hard-working bots that will do all the trading for you. Use this link to check out our Bitcoin Code review. Bitcoin Revolution Another top-rated automated cryptocurrency trading platform. Bitcoin Revolution features a fast and easy account creation process, gorgeous design, and high-performing crypto robots. Registration is super easy – you can create an account at Bitcoin Revolution within a few minutes. Alternatively, visit our Bitcoin Robot to see what else is on offer. Remember that all investment opportunities carry a certain risk. This especially applies to cryptocurrencies, which are still relatively young in the financial markets. FAQ How to trade cryptocurrency with Bitcoin Bonanza? As the registration process is flawed, an error prevents new users to sign up to the service. Therefore, you can’t trade cryptocurrency on the Bitcoin Bonanza platform. We also advise you to stay away from this service as it is operated by scammers. Can crypto robots accurately predict the price of Bitcoin? There’s no precise Bitcoin price prediction. Not by bots and not by humans. As cryptocurrencies can become highly volatile - especially during huge bull runs -, the coins can increase and decrease by multiple percentages in any minute. There’s no person (or bot) in the world - expert traders and all-star investors included - that can do an accurate Bitcoin price prediction. Automated trading is not my thing; I’m interested in holding Bitcoin instead. What’s the best crypto wallet? Sure, we can recommend you the best crypto wallet solutions. We have tested many, which helped us determine the very best ones. But first, let us emphasize the security of your coins, which is very important as the space is highly targeted by hackers (unfortunately). One wrong move and your digital currency can be as good as lost. But don’t worry, a secure wallet can prevent that from happening. The best crypto wallet solutions, in terms of security, are hardware wallets. These services come with a hardware device. You have to use this device every time you log into your wallet or send outgoing transactions. Can you see the high-grade security? Hackers have to breach your software wallet, steal your hardware device, and acquire your PIN in order to steal your coins. It sounds really hard, isn’t it? Because it is. Now, let’s get back to the best crypto wallet solutions. So, if you decide to buy a hardware wallet (they shouldn’t cost more than $100-150), the Ledger, Trezor, and KeepKey brands are all trusted service providers. In case you don’t want to buy one, we recommend using the Coinbase Wallet, Hodly, or Exodus. What’s the best cryptocurrency trading platform to buy Bitcoin at? In case you are not a fan of coin trading, we can recommend you some great platforms where you can buy Bitcoin. We have tested numerous services - including cryptocurrency exchanges and brokers. And we’ve ranked Coinbase as the best cryptocurrency trading platform. Coinbase offers outright Bitcoin trading, so you are the owner of the coins you are trading (no CFDs). Furthermore, the platform is very user-friendly, featuring a fast account creation process, and multiple payment methods that you can use to fund your account. Other top-rated cryptocurrency trading solutions include Plus500, Binance, and Changelly. While the first is a broker that offers crypto CFD trading, Binance and Changelly trade cryptocurrencies outright.