If you’re already getting well into the cryptocurrency trading revolution, then you have likely also already noticed all the cryptocurrency trading bots out there. There are few that haven’t been heard of whether for their great reputation or poor reputation.
What is happening?
Well, some of these bots are seemingly great on the surface but are not so great once you get into using them.
Some are undervalued and/or simply overlooked due to the lack of effective marketing or because they don’t have much of a following on social media, Telegram, or Discord. Then, there are those you shouldn’t even consider because they are just not safe.
Essentially, this is how technology works across industries, so there is no big revelation here. The only thing we can do is try to warn you of those you need to steer clear of and let you know ways to spot risky bots.
BTC Robot Review
This review about BTC Robot will include information to help you decide if it’s something you want to try or if it’s something you want to take a hard pass on, at least for now.
Let’s find out how this automated cryptocurrency trading bot stands up in the industry.
How Long Has BTC Robot Been Around and What Does It Do?
First, BTC Robot is a cryptocurrency trading bot that allows for trading using BTC, ETH, and LTC. Where most crypto bots work with exchanges like Binance or Coinbase, this platform supports brokers who deal in the foreign exchange MetaTrader 4, or MT4.
This is something that does make this bot unique from the conventional bots we are familiar with, but is that a good thing, a bad thing or no thing? What it does is not what you expect from a bot.
You see, this is not a standalone tool and it doesn’t support cryptocurrency exchanges.
The functions of this crypto trading bot are reliant upon the connectivity to the MT4 exchange and whether you can gain access to a broker that offers the proper support for crypto exchanges in general.
This certainly does set this platform apart from the others. It’s very confusing in our opinion. It may even be red-flag confusing.
What Kind of Reputation Does BTCRobot Have?
Since reputation is a major factor for choosing a cryptocurrency trading service, we should inform you that BTC Robot hasn’t got a very good reputation in the crypto community at large.
Even though this service has been in operation for several years, it’s managed to garner poor reviews and leaves a bad taste in the mouths of those who have tried it.
Some traders simply dislike this platform due to its packaging, though a general consensus shares comments that relate it to a scam system that talks big, but doesn’t deliver the goods.
One user from Bitcointalk managed to give a detailed rundown, or rather takedown since the review is loaded with criticisms.
This individual debunked BTC Robot’s claim that it is the first Bitcoin trading bot in the world, but also refuted the suspicious declarations of profitability, which is simply not done in this industry because of the volatile nature of the cryptocurrency markets and the fluctuations that occur.
Aside from this scathing BTCRobot review from a Bitcointalk user, we see this “service” as more of a gimmick than a crypto trading bot. Even the website claims that it’s a one of a kind service that does not charge commissions on each trade, but merely a license fee.
Let’s face it.
Most bots don’t charge commissions on trades and only charge license fees. How is BTC Robot different from that? It’s not.
We can honestly say that its reputation fits its promises – empty.
What Exchanges are Supported by BTC Robot?
No cryptocurrency exchanges are supported by BTC Robot. Zero.
As mentioned earlier, BTC Robot is not a standalone service and does not support any familiar cryptocurrency exchanges at all. What you have to do is reach out to standard FX brokers who handle cryptocurrency deals.
This platform claims that you can use this bot with any broker using the MT4 system and who works with cryptocurrencies. Though, this bot recommends the FxChoice broker.
What Does BTC Robot Cost?
There are three plans offered by this platform, which are the Silver, Gold, and Platinum plans. Payments accepted to these plans include major credit cards or PayPal.
- Silver: This is the lowest tier offered by this platform. It provides 1 Bitcoin bot use with 1 MT4 broker and costs $19.99 per month.
- Gold: This plan seems to have the most value, at least from the standpoint of this platform. It costs $39.99 per month for 1 Bitcoin bot plus 1 Ethereum bot through 2 MT4 brokers.
- Platinum: This plan is the most feature rich of the three and comes with a hefty annual cost of $399 for a year. This plan offers access to three cryptocurrencies – Bitcoin, Litecoin, and Ethereum and 3 MT4 brokers. You also get one-on-one support.
All these plans allow you to select any MT4 broker you want.
Ease of Use: This platform is not at all easy to use. This is one of the most complicated bots to you, especially if you are a novice to the realm of cryptocurrency trading.
That said, even if you are familiar with conventional trading bots in this market, this platform is still very challenging to say the least.
There is no knowledge base for help and the platform itself is hard to navigate. However, they claim to give you a comprehensive guide for setting it up, installing, and using it AFTER you subscribe.
Settings: The settings you will find on this platform are related to the FX trading model. You can choose USD trading pairs among its cryptocurrency offerings. Besides that, the tools look the same as those used to buy and sell cryptocurrency.
There are two strategies offered, which include Medium Term and Scalper. Medium Term claims to be the most profitable and allows you days of no trading.
The Scalper strategy reaps smaller profits and trades more often. That said, BTC Robot claims this is equally profitable.
Security: The basic essentials are what you get when connecting you to the MT4 trader program and then to your chosen brokerage account.
It doesn’t connect to any kind of exchange account and thankfully it does not offer funds withdrawal from your crypto exchange.
Since this platform already has a poor reputation, we don’t recommend putting much trust into its security measures. At least be very careful if you choose to put funds into this platform.
Customer Service: The higher tier plans offer responsive support, though we have found nothing related to its level of customer service and support.
We do know there is no live support and no phone number to reach out. Plus their social media presence is lacking followers, so there’s that.
Profitability: With its own lofty claims and promises of profitability from using this bot, we question their ethics and credibility. The industry standard is not to make promises or guarantees of profit since this market is always in flux and highly volatile.
It’s just not done. No reputable trading bot makes any such claim.
However, this platform does recommend caution in its fine print at the bottom of quite a long and arduous to read page, which seems like some kind of disclaimer they can fall back on when needed.
Promises of profits is a red flag when you are seeking a safe and reliable cryptocurrency trading bot.
BTC Robot makes it seem as though it has cornered the market with a certainty of profits, which is simply not the case at all.
While we do not recommend BTC Robot as a viable cryptocurrency trading bot, we strongly urge you to do your own homework to determine whether or not it will be useful for your purposes. That is something we cannot do for you.