Centobot Review: Scam or Legit trading Robot?Author: Patrick WebberLast Updated: 08 April 2020Centobot claims to be a crypto trading robot that helps investors make thousands of dollars trading crypto. With this bot, it is said that you can make as much as $1500 per day with an investment of $250. But is Centobot a scam or legit trading robot? InsideBitcoins investigations reveal that this trading bot is a complete scam.Moreover, the information provided on their website is mostly false. We give this trading bot a legitimacy score of 12% which is way too low considering that legit trading bots score above 80%. Instead, we recommend the robot Bitcoin Trader which has a legitimacy score above 90%, with which you can make real profits. Read our full review below to find out why you should stay away from the Centobot scam, and how to identify and trade with legit robots.RobotRatingPropertiesTrade1 Free to use82% claimed win-rate$250 Min DepositAccepts Debit and Credit CardTrade Now All trading carries riskOn this Page:Is Centobot a Scam? Yes! InsideBitcoins gives Centobot a legitimacy score of 12% – Legit trading bots score above 80%. Centobot provides false information on its website – for instance, they claim to have been founded in 2017 but won an award in 2016. Centobot is not transparent about its founders and the team behind the app. This trading bot has a generally negative online sentiment – A lot of complaints about deposit loss. InsideBitcoins has determined that this trading bot works with unregulated and sham brokers. TRY BITCOIN TRADERResults of our investigation of the Centobot RobotOur investigation finds Centobot to have all the characteristics of a scam trading bot. The most alarming thing is the blatant lies they tell on their website. InsideBitcoins has determined that the testimonials on their website are all false.Additionally, we have determined that there is zero chance of making any money with this robot. They claim to have a powerful algorithm, but our investigation shows that their platform has an accuracy level of below 5%. This may be an indication that there is no underlying algorithm and they are nothing but a bridge to scam brokers.Legit trading robots tend to have an accuracy level of above 90%. Click the button below to read about the best trading robots in 2019. TOP BITCOIN ROBOTS 2019Stay away from these scams:InsideBitcoins takes into account factors such as transparency, consistency, online sentiment, customer service, and safety when determining if a trading robot is legit. Want more info? Read our guide to the best trading bots in 2019.What is Centobot?Centobot claims to be a crypto trading bot that applies sophisticated computer algorithms to scan the markets and make trading decisions. InsideBitcoins tests reveal that this trading bot is nothing but a scam platform used to bait people to deposit money with scam brokers. This means that you stand no chance of making any money with this trading robot.Legit trading bots use a strategy known as high-frequency trading which involves computer algorithms analyzing data and automatically placing corresponding trades. The use of algorithms to analyze investment data and make decisions is popular in forex and stock day trading and has a reputation for making overnight millionaires.In the crypto industry, the best high-frequency trading bots include the likes of Bitcoin Code. This trading bot has an accuracy level of 99.4% meaning that out of every ten trades, at least nine are accurate. Also, this robot works with regulated and reputable brokers. Most people using Bitcoin Code report an average of $1500 per day with a moderate investment of $500.Scam robots such as Centobot are often in cahoots with scam brokers. With these types of brokers, you stand no chance of making any profits or getting your deposit back.Who Founded Centobot?Like most scam trading bots, Centobot does not reveal anything about its founders or founding team. There is also no information about its physical location or a traceable phone number.Scam robots hide this type of information from users for fear of facing legal action when they disappear with deposits. InsideBitcoins investigation reveals that this trading bot operates in partnership with scam brokers the majority of which have been flagged as a sham by users. These brokers are unregulated and do not provide any information through which they can be traced.Centobot claims to have been founded in 2017 but also won an award as the best binary robot in 2016. These shameless lies are enough evidence this trading bot is nothing but a scam. We recommend that you do not make any deposit with this trading bot since you are likely not to get back your money let alone earn any profits.While it is not uncommon to find a legit trading bot that does not provide details about its founders, the majority of legit robots do. Before opening an account with any trading robot, we recommend that you do enough due diligence to determine if they are legit. InsideBitcoins makes this easy by offering unbiased and comprehensive reviews. Keep reading to learn more about Centobot and alternative trading bots.Why is Centobot a scam?InsideBitcoins identifies the following as the telltale signs that Centobot is a scam. Keep reading to learn more or click here to read a review of a proven trading bot.False claimsInsideBitcoins has determined that most of the information provided on Centobot website is false. For instance, they claim to have started operating in 2017 but also claim to have won the best robot trader award in 2016.Also, our investigation reveals that this trading robot has never won the awards listed on its website.Negative online sentimentsMost people complain about losing money with this trading bot. Our investigations reveal that this trading bot has an accuracy level below 10%. The best trading bots have an accuracy level above 90%. Also, the partner brokers to this trading bot have a poor reputation. For instance, BinaryCent, one of their top brokers, has been listed as a scam in multiple top review sites and has a one-star rating on TrustPilot.Partners with unregulated brokersInsideBitcoins has determined that Centobot operates in cahoots with unregulated offshore brokers. There is a high likelihood that this platform is nothing but a gateway to scam brokers. Apart from disappearing with your deposit, scam brokers are likely to expose you to cyber attacks by sharing your details with third parties.Unreliable trading platformOur investigation reveals that the Centobot platform is not easy to use. Furthermore, it does not show consistency and often always report losses. We could not establish whether there was a real algorithm behind their frontend, but we wouldn’t be shocked if there is none.Legit trading robots provide an interactive user interface and show consistency in terms of performance. A robot that is always reporting losses is likely to be depending on a bogus algorithm or no algorithm at all. It is a common habit for scam brokers to hind behind a false algorithm in a bid to attract signups.Poor customer serviceYou are likely not to get any help from Centobot customer service since it is almost inexistent. The only channel of communication provided on their website is an email which they never answer. InsideBitcoins investigation has found a lot of complaints about Centobot customer service being unavailable especially after making a deposit.Legit trading bots provide at least a traceable phone number and a live chat. They also have a physical office and a team. All the robots in our list of best trading bots for 2019 have passed this metric. We recommend that you browse through our website for comprehensive reviewsShould I signup with Centobot?No! This trading robot is a big scam. The signup process with them is also unsafe. InsideBitcoins investigation found out that this trading bot shares users personal data with third parties mostly scam offshore brokers. You are likely to receive calls from up to ten scam brokers with unsolicited offers. While Centobot website is SSL secured, we find them risky given that they do not have a definable data protection policy. Also, they do collect unnecessary client information during signup and appear to store this data past its intended use. This exposes users to harm if this trading robot is hacked.Legit trading robots are not only secured but also have a personal data protection policy. Data protection involves using personal data for its intended purpose only and deleting it after its intended use. InsideBitcoins ratings take into account how a robot use and protect users’ data.Deposits and WithdrawalsAs mentioned earlier, you will lose your money if you sign up with Centobot. This trading bot is a scam, and you should keep away from it. InsideBitcoins investigation reveals that most people who have tried this bot have lost their money. This robot claims to be free, but it is nothing but a trap to get you to sign up with scam brokers.Legit trading robots provide multiple deposits and withdrawal methods and have a transparent fee mechanism. They also have a money back guarantee meaning that a user can get their money back if they decide to opt out before live trading. Moreover, they have a generally positive online sentiment in this regard. All the recommend robots in our reviews have been verified to have a transparent fee mechanism and offer a seamless withdrawal process.Recommended robots.InsideBitcoins takes into account factors such as transparency, reputability, consistency, and customer service when determining a legit trading robot. A good robot should show consistency in performance and the team behind the app should be ready to help users with arising issues.Furthermore, the app should have generally positive feedback and should have been in operation for not less than one year. All the robots presented below have been tested and proven to be highly legit. As mentioned earlier, our tests not only involvesThe following are some of the recommended crypto robots in our list.Bitcoin TraderBitcoin Trader has a score of 88% in our legitimacy test. This trading bot reports an average profit of $1300 per day from an investment as little as $250. Bitcoin Trader is not risk-free meaning that there is a possibility of losing your invested capital. However, the risk is small when compared to traditional investing methods. InsideBitcoins investigation has determined that this trading bot has an accuracy level above 90%.RobotRatingPropertiesTrade1 Free to use82% claimed win-rate$250 Min DepositAccepts Debit and Credit CardTrade Now All trading carries riskDubai Lifestyle AppDubai Lifestyle App is a top crypto trading bot founded by Scott Hathaway. InsideBitcoins gives this trading bot a legitimacy score of 85%. With this app, you can make as much as $7000 per day from an investment below $1000. There is minimal risk involved in trading with this robot, but we insist that you only invest an amount you can afford to lose. You can start with $250 and upgrade your account as you get comfortable with the trading bot. This trading bot works with well-regulated brokers. We have also determined that they offer a money back guarantee for investors who opt out before live trading. Other good crypto bots can be found on our bitcoin robot page.Is Centobot a scam? The Verdict!InsideBitcoins can verify that Centobot is a complete scam. We recommend that you stay away from it and instead try proven trading bots. This trading robot scores poorly in legitimacy, transparency, reliability and customer service. Most people who have tried this trading bot report losing their capital.We have determined that most of the information provided on Centobot website is false. This trading robot does not disclose about its founders and the supporting team. They also do not have a physical location and do not provide a traceable phone number. InsideBitcoins recommends that you stay away from this trading bot.Remember that all investment opportunities carry a certain risk. This especially applies to cryptocurrencies, which are still relatively young in the financial markets.FAQIs Centobot Legit? No! Centobot is a complete scam, and you should stay away from it. InsideBitcoins investigation reveals that Centobot works in cahoots with offshore scam brokers to steal from investors.Is Centobot a pyramid scheme? Centobot is worse than a pyramid scheme. This trading bot is nothing but a platform used by unregulated brokers to trick investors into signing up with them. Once you deposit with them, consider your money lost.Is Centobot safe? Centobot is not safe. They seem to share users’ details with third parties; hence the many unsolicited offers received after signup. InsideBitcoins investigation also reveals that its website and trading platform is not secured. This means that hackers can easily snoop on any data transmitted through these platforms.How much can I make with Centobot? You stand no chance of making any money with this trading bot. Centobot will also not allow you to withdraw your deposit. There are a lot of complaints about this trading platform disappearing with investors’ money.What are the alternatives to Centobot? This review provides several proven trading bots as an alternative to Centobot. Please note that they have been vetted and proven to be highly legit.