Bitcoin Profit is an automatic trading software that claims to be able to make its users money by buying and selling cryptocurrencies at the right time. In this operation, it offers a profit rate of -supposedly– up to 99%.
This platform, they claim, uses a complex algorithm to detect market trends. The Bitcoin Profit software, according to its developers, executes this entire process automatically, without the participation of any human being.
Also, the creators of Bitcoin Profit claim that its automatic trading software can trade 0.01 seconds faster than the market average. Thus, it has enough time to exercise buy and sell actions before the signal changes. With this automated action, users – supposedly – make daily profits from the comfort of their own home and, better yet, without any action on their part.
In theory, this sounds great for all those investors, especially beginners, that what they pursue, at the end of the day, is to increase their wealth by earning some money. However, the internet pages are full of information about the fraud involved in the use of these “financial robots” such as Bitcoin Profit. The signs are obvious, the scam is already forged, soon your pocket will be assaulted. Read on and you will learn how this scam works and, more importantly, how you can avoid it.
Bitcoin Profit, the scam under the magnifying glass
What exactly is Bitcoin Profit?
Bitcoin Profit is a platform created in 2017 by developer John Mayers. According to Mayers himself assures, this software allows to trade Bitcoins automatically. This would be precisely one of its strengths, to operate without human intervention.
To gain access to the platform, the user is required to register using an email address. Once registration is complete, you just need to set up your account according to the signals and trends you want the site to handle. From there Bitcoin Profit will do all the work automatically.
On its website, this software claims, among other things, the existence of investors who have accumulated up to $10,478 within a few hours of registering. It also guarantees that you can earn up to $436.00 per hour from day one.
On the other hand, they assure that the platform is completely free and that they only charge 1% of the profits obtained by their investors. In a market as volatile as that of cryptocurrencies, Bitcoin Profit assures that it has not had a single day of losses in its history. They close their presentation by saying that the first 100 people who signed up earned more than $150 million in total, with an investment of $250.
Why is it a scam?
Let’s start by analyzing Bitcoin Profit with the most foolproof of senses… Common sense. This one tells us that it’s too much perfection for it to be a real thing. Earning up to $436.00 per hour? Nor having had one losing day in its entire history, software 0.01 seconds faster than reality? Are still your alarms not going off?
Something definitely smells fishy here. This should be the first conclusion that our common sense should make us reach. Consequently, this is the moment when the understanding is sharpened to look for more information. In the end, a series of details that we discover lead us to reaffirm the idea that our common sense has been telling us from the beginning… They are trying to scam us!
Among these details, the following are worth mentioning:
Use of video montages and fraudulent advertising
Bitcoin Profit, like many other similar scams promoted over the Internet, deceptively uses the image and testimony of celebrities to capture its victims.
In addition, the audiovisual material is prepared to create a feeling of desperation, of urgency in the user. Ideas such as “Run and sign up”, “If you don’t decide now, you’ll regret it later” or “Don’t let the opportunity pass you by”, are the central theme of the production. They don’t spend time in the video to answer the questions that immediately jump to the user’s mind. Answers to “Chances of me losing all my money”, “Options in case this happens”, “What do you mean you have never lost? They don’t appear in the video at all.
Totally bogus profits
The earnings exposure is outlandish, almost theatrical. Let’s see, what are the chances that everyone registered will earn more than $10,000 daily from day one? The bitcoins market is volatile (unexpected ups and downs), how come they always win.
The only explanation that answers all the questions is that the earnings are fake. They are not real numbers made up just to impress and achieve the goal of “getting you hooked”. Once you sign up and give your first $250 they will surely explain the risks of the business. Inexperienced investors are the preferred prey they go after with the publication of these unrealistic earnings. It’s a scam!.
Fake messages and markers
Testimonials from happy winners are presented on the Bitcoin Profit website to encourage you to sign up and give your first $250. It’s a sort of strangers’ gallery because there’s no way to check who they are or what they do. Even less, to know the conditions under which they supposedly won and other more details.
It is also interesting to know that the testimonials do not change. They are always the same people, four or five. Of the universe of registered investors, only they have won?.
Who regulates Bitcoin Profit?
Apparently, no one regulates Bitcoin Profit. This is alarming because all investment companies must be authorized and licensed by international financial institutions that manage and regulate their activities. This license is a guarantee for investors against unforeseen events as it establishes clear rules of the game. The Bitcoin Profit platform does not give this information so our money goes into the hands of an uncontrolled entity… A fraud is coming, and it is very close.
With Bitcoin trading around $20,000, many readers are asking: Is it a good time to invest in Bitcoin? If we...
So is Bitcoin trading a fraud?
Fortunately, it is not. It is a good investment opportunity about which, unfortunately, there is a lot of ignorance today. Like any investment it has its levels of risk but, with a proper strategy and risk management, it can be minimized.
Precisely, this degree of ignorance is exploited by platforms such as Bitcoin Profit to propose magical solutions. Solutions such as “earn money every day without you doing anything apart from giving me your money” swarm the internet. These are fraudulent propositions that seek to prey on the unwary. Again, common sense advises: Nothing in life is free and every investment should be paid attention to.
How to invest in bitcoins or other cryptocurrencies without being defrauded? The answer is simple: you have to choose a legal, regulated platform that offers minimum guarantees to the investor. These platforms exist and we are going to tell you about one of them.
How to Invest in Bitcoin right now
WITH TOTAL SAFETY AND WITH A REGULATED BRÓKER
When it comes to investing in cryptocurrencies, the favorite option recommended by Investor Times is eToro.com, an investment platform used by more than 10 million users, based in London and authorized by CySEC and the FCA (the UK regulator).
In addition, eToro has successfully passed our verification and audit process: This means that it has all the guarantees, security, reliability, and liquidity standards that we require from a broker to successfully pass our high standards.
Legal and Risk Warning: eToro is a platform that offers CFD and non-CFD products. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Cryptoassets are highly volatile and unregulated investment products. They do not have EU investor protection. Your capital is at risk. Other fees apply. For more information, visit etoro.com/trading/fees.
eToro.com is a regulated broker through which you can buy Bitcoin or other real cryptocurrencies.
You can now invest in eToro by copying the most profitable investors!
Since recently eToro is positioning itself as a successful “social trading” platform. Among other features, eToro currently allows us to view the profiles of some of the world’s most successful investors, the returns they are earning, as well as all the trades they make and the composition of their asset portfolios.
Most importantly, it also allows us to copy the trades made by these successful investors professionals. In this way, even if we are just starting in the world of investments, we can “copy” exactly everything that the big sharks in the sector do, thus significantly increasing our chances of success.
Legal and Risk Warning: eToro is a platform that offers CFD and non-CFD products. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Cryptoassets are highly volatile and unregulated investment products. They do not have EU investor protection. Indicative prices for illustrative purposes. Past performance is not an indication of future results. Trading history presented is less than 5 full years and may not be sufficient as a basis for investment decision. eToro USA LLC does not offer CFDs and makes no representations and assumes no responsibility for the accuracy or completeness of the content of this publication, which has been prepared by our partner using specific information not publicly available about eToro. Your capital is at risk. Other fees apply. For more information, visit etoro.com/trading/fees.