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BitProfit Review – Scam or Legit?

The rise of the cryptocurrency space has led to a large influx of investors into the market. Many crypto investors are looking to day trade cryptocurrencies and earn sustainable profits. However, while it can be lucrative, even the most successful traders will attest to the difficulty in navigating such a volatile market.

This is why many traders opt to utilise crypto trading bot platforms and similar robo advisor tools. These products tout their ability to help improve the ease with which traders can navigate the market and earn profits. And among the many options available, BitProfit has emerged as a popular choice. The platform was launched recently and has gotten impressive reviews from traders who claim it has helped improve their trading accuracy.

This BitProfit review will examine this automated crypto trading platform, its offers, and whether prospective traders should consider it.

BitProfit Overview

Interested traders can check out an overview of the features of BitProfit below, summarized from the BitProfit website:

Type Crypto trading platform
Minimum Deposit None
Trading Fees None
Mobile App? No
Supported Currencies BTC, ETH, BCH, XRP
Leveraged Trading No

What Is BitProfit?

BitProfit is an algorithmic trading platform built to help traders navigate the market and earn returns more easily. It is popular among traders looking to earn passive income through the market, offering its users an opportunity to trade the volatile crypto market easily.

According to the platform’s developers, it was created to help beginners and experienced market participants. They have touted several of its features, including a seamless interface and a demo account that lets traders get familiar with the tool and test out their trading strategies.

Although the platform is occasionally also called BitProfit Amazon, it is not related to the e-commerce giant Amazon. BitProfit is focused on the crypto market, trading digital assets and contracts for difference (CFDs) denominated in cryptocurrencies.

Image source – BitProfit site

The minimum deposit for using the platform was not stated, but as with industry standards, this should be in the region of $250. BitProfit supports multiple cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and Ripple’s XRP. The platform is also free, with no added fees for investors to grapple with. This way, users keep 100% of their total earnings from using sophisticated software.

Our BitProfit review discovered that the platform does not offer leveraged trading, unlike several of its peers. Using leverage is a way investors can borrow from an online trading platform to increase their potential profit. While these profits can be sizable, they can liquidate the entire capital of an investor if the market flips counter-wise to original forecasts. Leveraged trading should only be utilised minimally to avoid capital loss.

How Does BitProfit Work?

BitProfit allows traders to navigate the crypto market. Its developers claim that BitProfit can fast-track the earnings process and help investors to trade successfully.

BitProfit primarily enables crypto CFD trading. A CFD is a derivative that gives traders the right to purchase or sell a coin at a specific price and time in the future. So when traders use BitProfit, they primarily trade CFDs, not the coins themselves. BitProfit’s developers have claimed that the AI-powered tool has a success rate of 80%, although we could not verify this claim.

BitProfit is also said to operate with brokers. These brokers are sourced based on the traders’ locations and handle tasks like AI trading execution and order management. This means users will need to create a second account with a broker operating in their region of residence. The brokers are also responsible for the maintenance of accounts and profit-taking activities.

Although BitProfit’s developers have made significant claims about the tool, the crypto market remains volatile. Traders need to be careful while trading to avoid losing money due to volatility over time. Check our Bitcoin Robot reviews to understand the basics of automated crypto trading better.

Pros & Cons of BitProfit

To get a clear understanding of BitProfit’s merits and demerits, consider the following points about the platform:

Pros

  • Support for multiple coins
  • Demo account available
  • User-friendly trading interface
  • No account management fees
  • User-agnostic
  • AI-powered tool

Cons

  • Little information about the tool’s developers
  • No mobile application
  • Unregulated platform
  • Unverified success rate of 80%
  • No stated minimum deposit
  • Zero leverage trading

BitProfit Key Features

Interested investors would want to know what BitProfit offers them. Here are some of the platform’s most prominent features:

Multifaceted Trading

BitProfit’s developers claim that the platform allows for manual and automated trading on its interface. This way, traders can easily choose which to go for.

Demo Account

Every crypto trading tool should have a demo account. BitProfit is no different. Its demo account is available to both beginners and advanced traders, allowing traders to get the hang of the platform before using it. This way, an investor can easily use the dummy account to backtest some trading strategies and verify if the platform’s profit rate is as claimed.

Considering the market’s volatile nature, this is a significant recommendation.

Versatile Trading Tool

For traders seeking to diversify their portfolios beyond Bitcoin (BTC), BitProfit supports trading in several assets – including XRP (XRP), Ethereum (ETH), and Bitcoin Cash (BCH).

Brokers

BitProfit doesn’t work alone. To ensure seamless order execution and management, the platform works with brokers. Essentially, BitProfit’s job is to connect traders with these brokers for seamless trading.

However, the platform doesn’t share any information about these brokers on its website.

User-Friendly Interface

BitProfit’s developers have also claimed that the platform is very easy to use. Signing up is easy and quick, and traders won’t need to deal with any lengthy identity verification checks.

Prospective traders need to remember that trading carries risk, so be sure only to trade the minimum deposit available.

BitProfit Fees

One of the crucial considerations when choosing a crypto trading tool is its fees. For BitProfit, the following charges are applied:

Deposit Fees None
Trading Commissions None
Withdrawal Fees None
Account Opening Fees None
Account Maintenance Fees None

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Is BitProfit a Scam?

This is a bit difficult to answer. BitProfit’s developers have made several grand claims about the platform and its features, and there are some positive reviews and testominials on the website from customers who claim to have used it to earn returns.

However, a lot of these claims are unverified. There is no way to check whether they are true, and the anonymity of the platform’s developers would also be a red flag for some traders.

To be safe, traders should approach this tool with caution. Only trade the platform’s minimums, and ensure responsible trading.

BitProfit Customer Support

Customer support is another important feature for any platform looking to ensure a seamless user experience. While no one anticipates that there will be any problems, it is always great to have someone around to talk to for guidance.

For BitProfit, customer support is available via a support staff. However, we could not confirm the details of the customer support system or the efficiency of their service. Once more, investors are advised to be cautious while using the tool.

BitProfit Minimum Deposit

While most crypto trading platforms impose minimum deposits on users, BitProfit forgoes this. The tool doesn’t have a minimum deposit, meaning that new users can get started with however much they are comfortable with – an even lower barrier to entry than BitAlpha AI, another popular trading robot program.

To that end, it is important to point out the need for responsible trading. Cryptocurrencies provide several profitability opportunities, but the market remains largely unregulated and volatile. This means that traders should only trade funds they’re willing to lose.

How to Use BitProfit

Traders interested in BitProfit can get started by following these steps:

STEP 1: Sign Up

Visit the official BitProfit website and enter the relevant details on the page form. Traders have to insert their name, email address, and a contact number.

After the signup is complete, BitProfit will connect the trader with a broker in their region. After a brief period, the trader will have access to the trading platform.

STEP 2: Fund Account

BitProfit accepts several payment methods for funding. These include bank transfers, payment processors, e-wallets, and direct crypto deposits.

There is no minimum deposit requirement on BitProfit, so remember to trade responsibly with little funds – especially for starters.

STEP 3: Demo Account

The demo account on BitProfit is available for all traders. It allows novice traders to get a feel for the site, while experienced traders can use it to test their strategies.

After funding, traders could access the demo account to get started. It isn’t a necessity, but it is highly recommended.

STEP 4: Start Live Trading

After demo trading, the trader can now get started with the live trading feature.

The Verdict

BitProfit is an up-and-coming crypto trading platform that has already gotten some buzz from investors in the market. Its developers have made several claims about it, including its ability to guarantee an 80% success rate while easing most of the stress from traders.

However, it was also impossible to verify several of these claims. Traders using the platform are advised to approach it cautiously and trade responsibly.

‘BitProfit Amazon’ is another name for this crypto robot platform. A positive is its lack of a minimum deposit meaning that traders can get started with however much funds they wish to allocate to auto trading.

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Your capital is at risk.

FAQs

What is BitProfit?

BitProfit is a cryptocurrency trading platform that claims to help traders automate their trades and improve their ability to earn returns in the market.

Is Bit Profit genuine?

While BitProfit has gotten some impressive reviews from customers, the fact that there isn’t much information about its developers appears to be a bit of a red flag.

Is BitProfit a good investment?

Right now, it’s difficult to say. BitProfit’s developers have made some claims about the tool, and it does have some benefits like a seamless user interface and no account minimums. However, many of these claims are unverified.

How do I join BitProfit?

A trader looking to join BitPprofit can sign up on the platform’s website and enter the following information: full name, email address, and phone number.