Smart Money System: Scam or Legit Trading Robot? ByPatrick WebberPRO INVESTOR Updated: 17 July 2020 Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. 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. On this Page:Contents [show] 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. InsideBitcoins gives Smart Money System a legitimacy score of 16% – Top trading robots score above 80%. We have determined that this trading robot is configured to make losses. InsideBitcoins finds this trading robot to lack transparency – They do not reveal the logic behind their trading technology and also fees mechanism. Keep reading to learn more about this robot or read our review of Bitcoin Code, a legit trading robot. 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 a bitcoin robot 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 like Bitcoin Lifestyle. 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 InsideBitcoins tests reveal that opening an account with Smart Money System is simple but not secure. The process takes less than three minutes. This robot comes at a one-time license fee of $37 which is ridiculous given that most legit trading robots do not charge anything. On top of the license fees, users are required to pay a commission on any successful trade. These commissions are charged by the underlying scam brokers. As mentioned earlier, Smart Money System works with sham offshore brokers. These scammers handle all the deposits and never allow investors to withdraw their money. Once you deposit with Smart Money System, consider the money as lost. Try a legit trading robot below or keep reading to determine why you should avoid Smart Money System. Unsafe Registration Process The account opening process includes filling in your details in a form provided on their website. The required details include name, email address, and phone number. We have determined that Smart Money System handles users’ data without proper care. This robot shares users’ personal information with third party scam brokers and does not provide an option to opt in or out of receiving unsolicited offers. Scam trading robots are known to be careless with users’ data and are likely to sell it to third parties. It is not uncommon to hear people complaining about receiving a lot of calls from offshore brokers after registering with these robots. Some scammers are also known to sell data such as billing information to hackers. With Smart Money System, the case is exactly the same. InsideBitcoins has determined that this robot asks for extra personal information and appears to share it with scammers. Their website is not SSL protected which means that hackers can access all the data that goes through it. Also worth noting, this robot stores billing information meaning that people who register with it are at risk of cyber attacks if hackers access it. Deposit theft After finishing the registration, you will be redirected to the deposit page. You have to make a minimum deposit of $250 to activate your trading account. The $250 is your trading capital. InsideBitcoins has determined that Smart Money System tricks investors into signing up after which it disappears with their money. We have established that they pay hefty commissions to their affiliates to get people to sign up with them. InsideBitcoins investigation has determined that you will not be able to withdraw your money if you signup with this robot. The app appears to be set to make losses and wipe accounts within a few minutes of live trading. As mentioned earlier, Smart Money System stores users’ billing details and appears to share them with third parties. Proper cybersecurity practices nowadays require all online businesses not to store any billing details. Clients must update their details afresh every time they are making a deposit. No Demo trading Like most scam robots, Smart Money System does not provide a demo trading platform. A demo account is important since it helps traders familiarize with trading platforms before live trading. What is even more alarming is that Smart Money System lies about having this platform. Perhaps this is in an effort to get people to signup without thinking. Fake Live Trading Platform The Smart Money System claims to carry out all the trading research and execution automatically. The robot allegedly applies high-frequency trading strategies hence the high profitability. We can confirm that this is not true and you stand no chance of making any money with this robot. As mentioned earlier, Smart Money System is nothing but a platform to get you to sign up with scam brokers. We recommend that you stay away from this platform and instead try tested and proven robots. Read our review of Bitcoin Loophole if you are looking for a legit bot. 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 Zero Payouts Zero Profits 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. Unsafe registration Unsafe registration 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. No Withdrawals No Withdrawals 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. High Cost/fees High Cost/fees 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. Fake Testimonials Fake Testimonials Most users report a negative experience with Smart Money System. However, the robot posts a number of positive testimonials on its website. We have determined that these are false. The images used on these testimonials have been downloaded from stock sites. Poor customer service 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. Scam brokers Scam Brokers 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. Remember that all investment opportunities carry a certain risk. This especially applies to cryptocurrencies, which are still relatively young in the financial markets. FAQ Is Smart Money System legit? No! InsideBitcoins investigation confirms that this trading robot is a scam. We suggest that you only try tested and proven trading robots. How much money should I invest with Smart Money System? The minimum capital required to trade with this robot is $250. InsideBitcoins recommends that you do not trade with this robot. You are likely to lose your money if you deposit it with them. How much can I make with Smart Money System? You stand no chance of making any money with this robot. Smart Money System is a scam trading bot and you should avoid it. Can I withdraw my money from Smart Money System? Smart Money System is likely to disappear with your money if you deposit it with them. We recommend that you only trade with tested and proven trading robots.