Bitopia is a trading robot claiming to help investors make high profits out of cryptos, forex, and CFDs trading. This app is said to earn traders between 2% and 10% return on investment per month. Sounds good right? However, we’ve reviewed Bitopia, and found it to be a scam. Our Bitopia test took into account rigorous tests and feedback from traders with firsthand experience. Keep reading to learn why you should keep away from this trading robot.
- 1 Is Bitopia Scam or Legit? InsideBitcoins Verdict!
- 2 What is Bitopia, and is it a scam?
- 3 Who Founded Bitopia?
- 4 Why Bitopia is a scam
- 5 How does Bitopia work?
- 6 Deposit
- 7 Demo Account
- 8 Live Trading
- 9 Have People Made Money with Bitopia?
- 10 What makes a legit trading robot?
- 11 Recommended Trading Robots
- 12 FAQ.
Is Bitopia Scam or Legit? InsideBitcoins Verdict!
- Bitopia appears to be a scam given that it has few online reviews most of them negative. This trading robot is not listed on TrustPilot.
- This trading robot does not provide enough information about the founder and the team behind it.
- Unlike legit robo-traders, Bitopia does not provide any information about its technologies and the rationality behind them.
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What is Bitopia, and is it a scam?
Bitopia claims to be a robo-advisor that helps traders make considerable profits within a month trading crypto, forex, and CFDs. This robo-trader is said to help inexperienced traders make money from the mentioned markets without having to have any background in these areas.
Unlike most robo-traders, the Bitopia approach allegedly copies trading signals from top crypto, forex and CFDs traders and executes them automatically. The robo-trader also claims to offer robo-advisory services including portfolio management and related services.
Clients are required to specify their investment goals at the beginning of registration after which the Bitopia team prepares an investment strategy for them based on their risk appetite.
Who Founded Bitopia?
As mentioned previously, Bitopia provides vague information about the founders and the team behind the robot. While there is a video on their website showing some team members, it does not give their details including names and qualifications. Also, the explainer video does not offer any information about why the team is best suited for the app.
InsideBitcoins recommends that you stay away from this robo-trader and any other that does not give details about the founders and the team. It’s a no brainer that any founder of a good product would not shy away from letting the world know that it is through their hard work.
A product owner who does not want association with their invention is likely ashamed of their work or is hiding something and does not want to carry the burden when what they are hiding comes to light. Bitopia case is even more complicated given that they are not ready to disclose their partner brokers. Their customer service is also not transparent given that clients must ask for a call back to speak to one of their agents. InsideBitcoins has established that Bitopia does not answer all call-back requests especially those probing on their legitimacy.
- Zero information about founders and the team behind the app.
- No disclosure of partner brokers.
- Customer service not always reachable.
Why Bitopia is a scam
The website looks suspicious
InsideBitcoins have analyzed Bitopia basing on the above and other metrics and find it suspicious. First, their website is poorly built and does not provide much detail about the founders and their backgrounds. Bitopia also focuses very much on bait marketing and provides little information about its technologies.
No online reviews
Also, this robo-advisor does not have many online reviews and the majority of the few that are there report that it is a scam. However, given that the robo-trader has only been around for a few months, it would be unfair to conclude that it is a scam. There is a high chance that they are legitimate only that they have not been able to define their approach with clarity.
No information about the date it was founded
InsideBitcoins didn’t find any information about when Bitopia was founded which, is a big red flag since there is no way to prove their track record. Also, we did not find any details about their physical location. This is unlike most well-established robo-advisors.
No information about brokers available on their app
Bitopia has also not disclosed about the broker behind its app, which is another big red flag. All trading robots operate under a broker whose responsibilities include trades execution as instructed by the bot and transactions facilitation. A robo-trader cannot operate successfully without the backing of a good broker.
How does Bitopia work?
Bitopia claims to use computer algorithms to assess investors, scan the markets for opportunities, and match these opportunities with the investor risk appetite. The robo-trader also depends on trading signals to inform forex and CFD trading decisions. Additionally, the so-called robo-advisor provides automated portfolio management services to its clients.
When it comes to Bitcoin and other cryptos, the Bitopia app claims to analyze the markets big data and execute trades with an accuracy level of about 99%. In traditional human-driven investments, the degree of accuracy is below 25%. In general, robo-advisors are less costly when compared to the fees charged by human advisors.
Top robo-advisors such as Betterment, Vanguard, and Wealthfront have a transparent commission charging mechanism and human, financial advisors ready to offer support to clients who may need someone to talk to. Bitopia does not disclose how it makes money and has no well-defined platforms let alone a face that can be held accountable in case of deposit loss.
Also worth noting, unlike well-established bitcoin robots such as Bitcoin Code and Cryptosoft, Bitopia offers a myriad of services despite not showing the capacity to execute them. This is another big red flag that this trading robot is a scam.
Have People Made Money with Bitopia?
InsideBitcoins recommends that you stay away from this robo-trader. Firstly, they are very new in the industry and have not been able to define their offerings well and secondly, there are a lot of complaints about people losing their investment capital. This goes without mentioning that they are more focussed on making promises than in improving their trading infrastructure.
Also, they have not disclosed the founders, the team behind the robot, and their partner brokers. We find this a huge red flag given that there is no one to be held accountable in case of traders deposit loss. Additionally, traders have a right to know the underlying brokers before depositing so that they can make informed decisions. Bitopia also fails to provide a clear customer service channel of communication opting for email, a live chat and a call back request.
InsideBitcoins finds it absurd that they do not provide phone lines and have no physical offices. Scammers often avoid lines of communication that can be traced back to them often preferring callbacks since they can call with untraceable lines. This may be the case with Bitopia and it is therefore recommended that you avoid trading with them. In a nutshell here are the reasons as to why you should not trade with this broker.
- Not well established.
- Have no traceable offices or lines of communication.
- Not transparent on the people behind the trading platform.
- The few online reviews available are complaints about people losing investment.
What makes a legit trading robot?
Perhaps the best question to ask here is what defines a legit trading robot. Experienced robo-traders agree that transparency is the first measure of how dependable a trading robot is. Scam trading robots are likely to give a lot of vagueness regarding the founder or the founding team and the technology behind the robot.
Additionally, their marketing techniques are likely to show signs of a pyramid scheme. Another thing worth noting is that scam trading robots are likely to have fewer or no reviews even though those that have been around for long can have many reviews but 99.9% of them reporting a scam.
Scam trading robots are also likely to invest little in branding and focus more on hype marketing with false promises and unnecessary pressure to make deposits. Moreover, most scam robo-traders are likely to adopt a name that is almost similar to another reputable company in the same industry to trick clients.
Recommended Trading Robots
InsideBitcoins recommends that you only trade with a verified trading robot. Here are some of the questions you should ask yourself when choosing a trading robot.
- Are they transparent about the founders and the team behind their trading platform?
- Do they have positive online reviews?
- Do they have well-built platforms?
- Do they implement safe cyber practices?
- Are they engaging in misleading marketing?
Our comprehensive tests have revealed that Bitcoin Code, Bitcoin Loophole, Bitcoin Compass, and Cryptosoft are the most reputable trading robots on the market today.
Unlike Bitopia, Bitcoin Code has genuinely helped people make money as is evident with the many online reviews. So if you’re interested in a legit robot that will make you real profits, try Bitcoin Code by clicking the link below, or read our Bitcoin Code review here.