Trading crypto can be scary. It’s an ever-shifting and unpredictable environment. For a complete beginner, the chances of losing it all and getting rich are about the same.
Trading bots promise to level the playing field through advanced analytics and constant trading as per customizable parameters. In reality, they just make every trader out there more efficient – including the best ones.
What sets apart an enthusiast, a good trader from a great trader is this tweaking process. This is why there are many bots out there. They offer various features and levels of customization for different prices. Is Bitcoin Profit a good bot either for a beginner or an advanced trader?
Starting, as we should, with a simple Google search, we immediately encounter something concerning.
There isn’t one but at least 6 websites seemingly dedicated to the same project. They all appear on the very first page of Google search results. In fact, we can reach a few more via review sites, adding to the overall confusion.
The first thing we can notice are the diversity of logos and a designs.
These are vast differences in color schemes and logo designs that are unheard of in legit businesses. The whole purpose of a logo is to unite the whole brand under one recognizable image. The use of multiple logos goes completely counter to that purpose and would significantly hinder a brand’s growth.
People just don’t trust things they can’t recognize immediately.
The signup forms appear at the top and contain some very important clues for later on.
We’re being required to provide our phone number. Disclaimer right below even gives us the ridiculous reason for this.
They want to send marketing material to our phone. Why on earth is this a required field? What does receiving marketing material have to do with us trading crypto coins?
Cryptocurrencies are all about unplugging and setting oneself free from the traditional institutions. It’s about private and protected ownership of value, free from interference that fiat currencies suffer from.
But it’s not just about marketing, at least according to one of the websites.
No other website mentions this. What they are describing here is an onboarding process. Some companies will go to lengths to make sure that some users attain success as quickly as possible through the use of their products.
However, this can get very expensive very quickly. It just doesn’t scale well. Think about hundreds of thousands or even just tens of thousands of users. If an agent has to spend about 15 minutes with each, which is an optimistic assumption, they could go through about 30 customers per day.
It’s just not a feasible workload. It’s hard even for smaller groups, which is precisely why it’s not done via a phone call. Companies will use videos and other pre-prepared materials and only engage with users if they fall through their otherwise well designed onboarding system.
There is a “business” model that requires direct communication however. Scams. Scams rely to a great extent on social hacking – convincing people to do otherwise unreasonable things. Give away their information, deposit money, etc. But there’s more…
They are a great way to build trust. A newcomer is much more likely to believe high praise if it comes (at least seemingly) from a third-party. People can easily relate others’ success stories to their own.
Here, they really went too far.
Simply put, no one would even believe this. Who would want their face and name shown to the world while talking about how rich they are getting? It invites trouble. No company would allow their customers to bring harm their own way like this.
But another website of Bitcoin Profit does it much more convincingly.
The messages are almost believable, but the videos are spot on. These are actual people talking about the actual product – Bitcoin Profit, and how it helped them. This is exactly what you expect in a well done testimonial, even if it’s a little weird when done for something related to finance.
We must admit that they’ve done a good job here, but the vast difference between the two websites still raises red flags.
There are a few outlandish claims scattered around all the websites. Consider this one.
Not only is this an unbelievably high number, but it’s easily checked.
It’s a mistake to lead people to Trustpilot where they can clearly check your claim. Moreover, they can see all the horrible reviews, but more on that later.
Another strange claim. On the surface it seems innocent, transparent even. But think about it. If they are not a broker, what are they? Are they merely engineers of a trading bot? Fair enough, but why are they meddling into just which broker we will trust? What could they stand to gain from that?
Why are they not telling us which brokers they are partnering with? If they are indeed reputable, wouldn’t that be something to boast about?
It’s difficult to predict profits. Crypto markets are known to shift quickly and plummet in prices just as fast as they took off.
Predicting just how much money you will make using a broker or a trading bot is a fool’s errand. It depends on how patient and persistent you are, how much money you can spare, global events, and the adoption of cryptocurrencies and blockchain tech.
Bitcoin Profit gives it to us in no uncertain terms.
Except that not only are such predictions impossible – but this one can’t even keep it straight. In the same paragraph, the very next sentence in fact, we are told something completely different.
First it was up to 60%. Then it suddenly shifts to turning $250 into $4000. That would be 1600%.
Even the 60% number is ridiculously high, although to be fair they don’t put a time limit on that one. The 1600% profit over 24 hours is… impossible.
So how much would these incredible results cost us? These numbers would make a homeless man into a multimillionaire in weeks, days even.
There are a few things to unpack here. First, the $10.000 license fee by competitors is plain false. No one is charging $10.000 for trading software. The prices usually range from $10 to about $100. The bot might simply even take a very small fee out of every transaction you make.
The 2% commission is not small. Compared to the competitors and crypto brokers in general, 2% is very high. Brokers will usually split the transaction fee between the buyer and the seller roughly equally. The highest fees might run you about 1.5% and that’s in the very high range.
Finally, they next try to ease us back into it by claiming they charge only profitable accounts. But how would they be able to make that determination? What is the basis of determining profitability?
What if we made a mistake or set the bot improperly and bought a coin at, say, $10. Now the market starts plummeting and we want to sell at $8 to cut our losses. Does the bot somehow keep track of what price we bought vs what we’re selling for? If so, how would it know what to keep track of if we bought multiple times. We could have bought once at $5, then at $10, but when the drop starts we sell at $9. Is that a profit? Compared to what we bought at $5 it is, but not compared to the coins we bought at $10.
There is just no way to keep track of this. This is not a normal, functional business model.
We’re also being asked to give a deposit. How much?
That’s a pretty high number, considering the very high fee. Moreover, if the business model relies on fees, why exclude the population of traders who are not willing to commit $250 or more at the outset? That’s a huge population, the majority. You’d be losing out on insane amounts of money that way.
But elsewhere on that same website we find this. Here they made it seem like it was recommended.
These websites make it all very confusing and unclear. The contradictions are everywhere and nothing adds up. The business model is dubious at best. The security practices are a joke.
Onto some review sites. Let’s see what we can dig up about Bitcoin Profit elsewhere.
It’s kind of funny that they would refer us to trustpilot considering the horrendous reviews they have on there. We’ve already seen that the net ratings are low. The reviews, on the other hand, are absolutely damning.
So that’s why they wanted our number really. The next one goes into even more detail.
Sadly, some people learn the lessons about privacy and personal information the hard way.
It seems that this scam has been going on for a while, so newcomers have the benefit of other peoples’ experiences.
Always check the trusted and popular review sites and pay close attention to reviews. If they seem very generic and non-specific, or if all they have is high praise – exercise at least a little caution.
All the info the scammers were asked to provide is full of gibberish nonsense and outright lies. Confusing and meaningless jargon aside, note that there is no “Global Trading Group” giving out awards for crypto projects. It doesn’t exist. It’s been made up.
Finally, as regards the locations, the confusion doesn’t stop.
The Office Location(s)
There are a lot of websites and quite a few review pages to go through. The scammers made sure to keep it confusing. Sometimes they omitted the address, sometimes they provided an incomplete one, and the others are…
These were given in Germany and the UK. Note the absence of any mention of any crypto-related company at these locations. This is coming from a company with thousands of online reviews, allegedly.
This one is even worse – it doesn’t exist.
It’s somehow stuck between Pennsylvania, USA and London, UK – unable to decide where it’s supposed to be.
Finally, one website actually offers a location itself, strangely enough.
To no one’s surprise, the case is similar to the other addresses provided to Trutpilot.
These are office buildings which seem like they might hold this company. Upon closer inspection, no trace of Bitcoin Profit can be found here.
So far we haven’t been given anything solid about the founder, the team behind the project or their location. Domain registry is the final venue of investigation. After all, someone had to register a domain and hosting services to their name.
FAQ on Bitcoin Profit
It’s a scam posing as trading bot project
Its many websites and contradicting information clearly indicate that it is. The online reviews also make it clear.
You can only lose money through Bitcoin Profit
No. This is a scam.
Christopher Burton. Serial blogger for many different sites. I write about marketing, technology, IT, food, and really everything that interests me. Blockchain and crypto are a new passion of mine, and this blog is all about getting started with this new world of digital assets.