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How to Invest in Bitcoin
Thinking of investing in Bitcoin?
This post will outline some things you NEED to know before you buy.
We’re going to explain:
- The basics of investing in bitcoin
- Why it needs to be taken seriously
- How to buy bitcoins (with credit card or bank account)
- How to protect and properly secure your bitcoins if you do decide to invest
Quick Info – Top Exchanges
How to Purchase Bitcoins
Coinbase is the world’s largest Bitcoin (BTC) broker. They represent an easy and fast way for new users to purchase bitcoins. Coinbase supports customers in over 30 countries, including the United States, Europe (besides Germany), UK, Singapore, Canada, and Australia.
Customers in the above-mentioned countries can purchase bitcoins by debit card, bank transfer, SEPA transfer, and more.
We may receive compensation when you use Coinbase. Please visit Coinbase for its exact pricing terms.
- High liquidity and buying limits
- Easy way for newcomers to get bitcoins
- “Instant Buy” option available with debit card
- Purchases made with bank transfer can take up to 5 days to complete
- Coinbase may track how and where you spend your bitcoins
Coinmama allows customers in almost every country to buy bitcoin with a credit or debit card. They charge a 4.9%-5.9% (depends on volume) fee on each purchase.
Customers in Europe can also purchase bitcoins with SEPA transfer for a lower fee.
Want to buy using Coinmama? This step-by-step guide will show you how to use Coinmama.
We may receive compensation when you use Coinmama. Please visit Coinmama for its exact pricing terms.
- Works in almost all countries
- Highest limits for buying bitcoins with a credit card
- Reliable and trusted broker
- Some of the highest fees among credit/debit card bitcoin brokers
Bitpanda is a Bitcoin broker based in Europe.
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They have high payment limits and low fees across their wide range of payment methods.
Bitpanda offers customers the option to buy bitcoins with credit card, debit card, SOFORT, Skrill, NETELLER, giropay, eps, SEPA, and Online Bank Transfer.
We may receive compensation when you use Bitpanda. Please visit Bitpanda for its exact pricing terms.
- Some of the lowest fees for buying bitcoins with credit/debit card
- Reliable and trusted broker
- Fees aren’t shown openly on the site but instead included in the buying price
CEX.io Buy Bitcoin Read Review
CEX.io lets you buy bitcoin with a credit card, ACH bank transfer, SEPA transfer, cash, or AstroPay. Purchases made with a credit card give you access to your bitcoin immediately. CEX.io works in the United States, Europe, and certain countries in South America.
We may receive compensation when you use CEX.io. Please visit CEX.io for its exact pricing terms.
- Support for many countries and regions
- Low 0.2% trading fee
- Established and trusted exchange
- Verification process is extensive, requiring much personal information (including a photo) and incurring a long delay
- GBP market lacks liquidity
Why Bitcoin is Gaining Traction
The world is becoming ever more reliant on the internet.
It is no surprise that Bitcoin, a secure, global, and digital currency has claimed the interest of investors.
Bitcoin is open to everyone and provides an exciting opportunity to delve into an entirely new asset class.
Investing in bitcoin may seem scary, but know that it takes time and effort to understand how Bitcoin works.
Note: Bitcoin with a capital “B” references Bitcoin the network or Bitcoin the payment system; bitcoin with a lowercase “b” references bitcoin as a currency or bitcoin the currency unit.
Why Invest in Bitcoin?
It seems silly to some people that one bitcoin can be worth hundreds of dollars.
What makes bitcoins valuable?
Bitcoins are scarce and useful.
Let’s look to gold as an example currency. There is a limited amount of gold on earth.
As new gold is mined, there is always less and less gold left and it becomes harder and more expensive to find and mine.
The same is true with Bitcoin.
There are only 21 million Bitcoin, and as time goes on, they become harder and harder to mine. Take a look at Bitcoin’s inflation rate and supply rate:
In addition to being scarce, bitcoins are useful.
Bitcoin’s sound monetary policy is one of its most important features. It’s possible to see when new bitcoins are created or how many bitcoins are in circulation.
Bitcoins can be sent from anywhere in the world to anywhere else in the world. No bank can block payments or close your account. Bitcoin is censorship resistant money.
Bitcoin makes cross border payments possible, and also provides an easy way for people to escape failed government monetary policy.
The internet made information global and easy to access. A sound, global currency like Bitcoin will have the same impact on finance and the global economy.
If you understand the potential impact of Bitcoin, it won’t be hard to hard to understand why investing in bitcoin may be a good idea.
There is no official Bitcoin price. Bitcoin’s price is set by whatever people are willing to pay. Buy Bitcoin Worldwide’s is a good resource for the current and historical price.
Bitcoin’s price is generally shown as the cost of one bitcoin. However, exchanges will let you buy any amount, and you can buy less than one bitcoin. Below is a chart showing Bitcoin’s entire price history:
When is the right time to buy?
As with any market, nothing is for sure.
Throughout its history, Bitcoin has generally increased in value at a very fast pace, followed by a slow, steady downfall until it stabilizes.
Use tools like Bitcoin Wisdom or Cryptowatch to analyze charts and understand Bitcoin’s price history.
Bitcoin is global and not affected by any single country’s financial situation or stability.
For example, speculation about the Chinese Yuan devaluating has, in the past, caused more demand from China, which also pulled up the exchange rate on U.S. and Europe based exchanges.
Global chaos is generally seen as beneficial to Bitcoin’s price since Bitcoin is apolitical and sits outside the control or influence of any particulate government.
When thinking about how economics and politics will affect Bitcoin’s price, it’s important to think on a global scale and not just about what’s happening in a single country.
Quick Info – Top Exchanges
How to Invest in Bitcoins and Where to Buy
The difficulty of buying bitcoins depends on your country. Developed countries have more options and more liquidity.
Coinbase is the world’s largest bitcoin broker and available in the United States, UK, Canada, Singapore, and most of Europe.
You can use our exchange finder to find a place to buy bitcoins in your country.
How to Secure Bitcoins
As with anything valuable, hackers, thieves, and scammers will all be after your bitcoins, so securing your bitcoins is necessary.
If you’re serious about investing in bitcoin and see yourself buying a significant amount, we recommend using Bitcoin wallets that were built with security in mind.
- Ledger Nano X – Ledger is a Bitcoin security company that offers a wide range of secure Bitcoin storage devices. We currently see the Ledger Nano X as Ledger’s most secure wallet. Read more about the Ledger Nano X.
- TREZOR – TREZOR is a hardware wallet that was built to secure bitcoins. It generates your Bitcoin private keys offline. Read more about TREZOR.
Bitcoins should only be kept in wallets that you control.
If you leave $5,000 worth of gold coins with a friend, your friend could easily run off with your coins and you might not see them again.
Because Bitcoin is on the internet, they are even easier to steal and much harder to return and trace. Bitcoin itself is secure, but bitcoins are only as secure as the wallet storing them.
Investing in bitcoin is no joke, and securing your investment should be your top priority.
Should you Invest in Bitcoin Mining?
The Bitcoin mining industry has grown at a rapid pace.
Mining, which could once be done on the average home computer is now only done profitably in specialized data centers.
These datacenters are warehouses, filled with computers built for the sole purpose of mining Bitcoin. Today, it costs millions of dollars to even start a profitable mining operation.
Bitcoin miners are no longer a profitable investment for new Bitcoin users.
If you want a small miner to play around with mining, go for it. But don’t treat your home mining operation as an investment or expect to get a return.
It’s important to understand how Bitcoin works before investing any money.
Bitcoin is still new and it can take months to understand the true impact Bitcoin can have on the world.
Take some time to understand Bitcoin, how it works, how to secure bitcoins, and about how Bitcoin differs from fiat money.
The above information should not be taken as investment advice. It is for general knowledge purposes only. You should do your own research before buying any bitcoins.
Pay Attention to These 7 Bitcoin Scams
Bitcoin – the possible Pandora’s Box of the currency world – has never been short of controversy. Whether it be aiding the black market or scamming users out of millions, bitcoin is no stranger to the front page.
Still, the jury is out on the legality and usefulness of bitcoin – leaving it in a proverbial grey area. Bitcoin’s price has fluctuated throughout its history, falling and rising, currently hovering near $10,000. Perhaps you’ve found bitcoin while it looks to be on the rebound and find yourself interested in it as an investment.
However, there have been several legitimate bitcoin scams that have become infamous, and you need to know about them – but, what are the top 7 bitcoin scams? And how can you avoid them?
What Is a Bitcoin Scam?
For most cases, it may be pretty obvious what a scam is – but with bitcoin, and cryptocurrency in general, things become murkier. Bitcoin itself is an unregulated form of currency that essentially is a mere number that is only given value because of an agreement. It’s basically like a moneybag with a lock on it – the code of which is given to the recipient of the bitcoin (an analogy drawn by Forbes in 2020).
Bitcoin scams have been famously criminal and public in nature. With no bank as a middleman in exchange, things become more complicated; so hackers and con men have had a heyday.
Top 7 Bitcoin Scams
There have been (and undoubtedly will be) nearly countless bitcoin scams, but these frauds make the list of the top 7 worst bitcoin scams to date. Take note.
1. Malware Scams
Malware has long been the hallmark of many online scams. But with cryptocurrency, it poses an increased threat given the nature of the currency in and of itself.
Recently, a tech support site called Bleeping Computer issued a warning about cryptocurrency-targeting malware in hopes of saving customers from sending cryptocoins via transactions, reported Yahoo Finance.
“This type of malware, called CryptoCurrency Clipboard Hijackers, works by monitoring the Windows clipboard for cryptocurrency addresses, and if one is detected, will swap it out with an address that they control,” wrote Lawrence Abrahams, computer forensics and creator of Bleeping Computer.
The malware, CryptoCurrency Clipboard Hijackers (which reportedly manages 2.3 million bitcoin addresses) switches addresses used to transfer cryptocoin with ones the malware controls – thus transferring the coins to the scammers instead. And, according to Asia Times, even MacOS malware has been connected to malware scams involving cryptocurrency investors using trusted sites like Slack and Discord chats – coined “OSX.Dummy.”
2. Fake Bitcoin Exchanges – BitKRX
Surely one of the easiest ways to scam investors is to pose as an affiliate branch of a respectable and legitimate organization. Well, that’s exactly what scammers in the bitcoin field are doing.
South Korean scam BitKRX presented itself as a place to exchange and trade bitcoin, but was ultimately fraudulent. The fake exchange took on part of the name of the real Korean Exchange (KRX), and scammed people out of their money by posing as a respectable and legitimate cryptocurrency exchange.
BitKRX claimed to be a branch of the KRX, a creation of KOSDAQ, South Korean Futures Exchange, and South Korean Stock Exchange, according to Coin Telegraph.
BitKRX used this faux-affiliation to ensnare people to use their system. The scam was exposed in 2020.
3. Ponzi Scheme – MiningMax
“Ponzi bitcoin scam” has got to be the worst combination of words imaginable for financial gurus. And, the reality is just as bad.
Several organizations have scammed people out of millions with Ponzi schemes using bitcoins, including South Korean website MiningMax. The site, which was not registered with the U.S. Securities and Exchange Commission, promised to provide investors with daily ROI’s in exchange for an original investment and commission from getting others to invest (basically, a Ponzi scheme). Apparently, the site was asking people to invest $3,200 for daily ROI’s over two years, and a $200 referral commission for every personally recruited investor, reports claim.
MiningMax’s domain was privately registered in mid-2020, and had a binary compensation structure. The fraudulent crypto-currency scam was reported by affiliates, resulting in 14 arrests in Korea in December of 2020.
Korea has long been a leader in technological developments – bitcoin is no exception. However, after recent controversy, it seems as though this is changing.
“But a lot of governments are looking at this very carefully,” Yoo Byung-joon, business administration professor at Seoul National University and co-author of the 2020 research paper “Is Bitcoin a Viable E-Business?: Empirical Analysis of the Digital Currency’s Speculative Nature,” told South China Morning Post in January. “Some are even considering putting their currencies on the blockchain system. The biggest challenge facing bitcoin now is the potential for misuse, but that’s true of any new technology.”
4. Fake Bitcoin Scam – My Big Coin
A classic (but no less dubious) scam involving bitcoin and cryptocurrency is simply, well, fake currency. One such arbiter of this faux bitcoin was My Big Coin. Essentially, the site sold fake bitcoin. Plain and simple.
In early 2020, My Big Coin, a cryptocurrency scam that lured investors into sinking an alleged $6 million, was sued by the U.S. Commodity Futures Trading Commission, according to a CFTC case filed in late January.
The CFTC case further details that the suit was due to “commodity fraud and misappropriation related to the ongoing solicitation of customers for a virtual currency known as My Big Coin (MBC),” further charging the scam with “misappropriating over $6 million from customers by, among other things, transferring customer funds into personal bank accounts, and using those funds for personal expenses and the purchase of luxury goods.”
Among other things, the site fraudulently claimed that the coin was being actively traded on several platforms, and even mislead investors by claiming it was also partnered with MasterCard, according to the CFTC case.
Those sued included Randall Carter, Mark Gillespie and the My Big Coin Pay, Inc.
5. ICO Scam – Bitcoin Savings and Trust and Centra Tech
Still other scammers have used ICO’s – initial coin offerings – to dupe users out of their money.
Along with the rise in blockchain-backed companies, fake ICOs became popular as a way to back these new companies. However, given the unregulated nature of bitcoin itself, the door has been wide open for fraud.
Most ICO frauds have taken place through getting investors to invest in or through fake ICO websites using faulty wallets, or by posing as real cryptocurrency-based companies.
Notably, $32 million Centra Tech garnered celebrity support (most famously from DJ Khaled), but was exposed for ICO fraud back in April of 2020, according to Fortune. The company was sued for misleading investors and lying about products, among other fraudulent activities.
The famous DJ wrote his support in a caption on Instagram back in 2020.
“I just received my titanium centra debit card. The Centra Card & Centra Wallet app is the ultimate winner in Cryptocurrency debit cards powered by CTR tokens!” Khaled wrote.
The U.S. Securities and Exchange Commission even issued a warning in 2020 about ICO scams and faux investment opportunities, brought on by a slew of celebrities who promoted certain ICOs (like Paris Hilton and Floyd Mayweather Jr. to name a few).
“Any celebrity or other individual who promotes a virtual token or coin that is a security must disclose the nature, scope, and amount of compensation received in exchange for the promotion,” the SEC wrote in an Investor Alert in 2020. “A failure to disclose this information is a violation of the anti-touting provisions of the federal securities laws.”
Another example is Bitcoin Savings and Trust, which was fined $40.7 million in 2020 by the SEC for creating fake investments and using a Ponzi scheme to scam investors. According to Coin Telegraph, Trenton Shavers, the organization’s leader, allegedly scammed investors into giving him 720,000 bitcoins promising a 7% weekly interest on investments – which he then used to pay back old investors and even fill his personal bank accounts.
6. Bitcoin Gold Scam – mybtgwallet.com
Nothing catches the eye of the naïve quite like the promise of gold – bitcoin gold, of course.
That is exactly what mybtgwallet.com did to unsuspecting bitcoin investors.
According to CNN, the bitcoin gold (BTG) wallet duped investors out of $3.2 million in 2020 by promising to allow them to claim their bitcoin gold. The website allegedly used links on a legitimate website (Bitcoin Gold) to get investors to share their private keys or seeds with the scam, as this old screenshot from the website shows.
Before the scam was done, the website managers (slash scammers) was able to get their hands on $107,000 worth of bitcoin gold, $72,000 of litecoin, $30,000 of ethereum, and $3 million of bitcoin, according to CNN.
Bitcoin Gold, the site’s wallet used in the scam, began investigating shortly after, but the site remains controversial. Still, firm released a warning to bitcoin investors.
“It’s worth reminding everyone that it will never be truly safe to enter your private key or mnemonic phrase for a pre-existing wallet into any online website,” Bitcoin Gold wrote. “When you want to sweep new coins from a pre-fork wallet address, best practice is the same as after other forks: Send your old coins to a new wallet first, before you expose the private keys of the original wallet. Following this basic rule of private key management greatly reduces your risk of theft.”
7. Pump and Dump Scam
While this type of scam is certainly not relegated to just bitcoin (thank you for the education, “The Wolf of Wall Street”), a pump-and-dump scam is especially dangerous in the internet space.
The basic idea is that investors hype up (or “pump up”) a certain bitcoin – that is usually an alternative coin that is very cheap but high risk – via investor’s websites, blogs, or even Reddit, according to The Daily Dot. Once the scammers pump up a certain bitcoin enough, skyrocketing its value, they cash out and “dump” their bitcoin onto the naïve investors who bought into the bitcoin thinking it was the next big thing.
Bittrex, a popular bitcoin exchange site, released a set of guidelines to avoid bitcoin pump-and-dump scams.
While “stackin’ penny stocks” may sound like an appealing way to earn an extra buck (thanks to its glamorization by Jordan Belfort), messing in bitcoin scams is nothing to smirk at.
How to Avoid Bitcoin Scams
With the inevitable rise of bitcoin in current and coming years, it is becoming increasingly important to understand and be on the lookout for bitcoin scams that could cost you thousands. As more people become interested in Bitcoin, more people are also likely to try and pull off a scam.
There is no one formula to avoiding being scammed, but reading up on the latest bitcoin red flags, keeping information private, and double checking sources before investing in anything are good standard procedures that may help save you from being duped. Cryptocurrency can be a confusing topic even for the experienced Bitcoin enthusiast, so the more you read up on the world of Bitcoin, the more prepared you can be. After all, knowledge is power.
Bitcoin Profit Review: Scam or Not? The Ultimate Test
Last Updated: 29 January 2020
Bitcoin Profit is an automatic trading software that claims to make people money by buying and selling cryptocurrency at the right time, offering a win-rate of supposedly up to 92%.
The Bitcoin Profit app, also known as a bitcoin robot, uses a complex algorithm to detect market trends. These ‘signals’ are used by the most experienced traders to open and close buying and selling orders automatically. The Bitcoin Profit software completes this whole process on auto-pilot, making it beginner friendly.
You’ve probably heard about the Bitcoin Profit after seeing a Facebook ad claiming it’s made people rich. You may have also heard that the app was featured on some program such as This Morning and Shark Tank, and trusted by famous business men such as Peter Jones and Richard Branson.
In our Bitcoin Profit review, we look at whether Bitcoin Profit is legit and how it works.
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Is Bitcoin Profit Scam or Not?
It’s no secret that everyone is looking for the perfect way to make money online. With the word spreading around trading robots, this is no exception. While some robots claim to be able to generate thousands per day, not all of them stand up to the best. BTC Profit claims to be one of the robots with the highest conversion rate in the wide selection of automatic trading tools, just like CryptoSoft and The Bitcoin Code software. If you’ve been scouring the web for reviews about this robot you will find that the search “Bitcoin Profit Scam” is very popular. However, after having reviewed the software in detail and read user testimonials and reviews, it seems that there is a very positive opinion of Bitcoin Profit online. We have tested the software and we have found that it appears legitimate and fully working. Read on to find out everything you need to know about this software and whether it’s worth investing in.
Is Bitcoin Profit Legit or Not: The Verdict!
- 1). Inside Bitcoins has tested the Bitcoin Profit software and the platform is very intuitive and easy to use.
- 2). Because of high risks and volatility when trading with Bitcoin and cryptocurrencies, we recommend beginning with a conservative investment of $250.
- 3). Bitcoin Profit claims to have around 92% success rate, meaning that out of 10 trades, around 9 of them would be accurate.
- 4). Try Bitcoin Profit right now through this link, or read on to learn more first.
What is Bitcoin Profit?
Bitcoin Profit is an automatic trading software created by John Mayers that claims to operate 0.01 seconds faster than the market average for trading signals and claims to helps many of its users making daily profits by trading Bitcoin and other cryptocurrencies.
Bitcoin Profit works by sending signals on the daily trends, and automatically opening and closing buying orders. Reliable auto trading platforms like Bitcoin Profit and Bitcoin Trader work this way. They are designed for inexperienced users, allowing them to lay back while the system gets to work. These are not the only platforms we consider to be reliable. You can check out our bitcoin robot page to find out more about these robots.
There are many trading robots advertised on the internet that promise to make daily profits. When the term Bitcoin surfaced, people started to be aware of the real value that investing in assets like Bitcoin has. There were several self-made millionaires from day to night, who invested a whole lot of money in trading Bitcoin. At the end of 2020, Bitcoin was the word that had the highest search volume in Google.
Who founded Bitcoin Profit?
According to the Bitcoin Profit’s website, John Mayers, the creator of Bitcoin Profit, created the algorithm so that it operates 0.01 seconds faster than the market average for trading signals.
How Does Bitcoin Profit Work?
The way that the software behind BTC Profit works is very straight-forward. The application provides its users the trading signals for free, and performs the purchase and selling of Bitcoin (also known as buying and selling orders) happen automatically with their selected broker inside the platform. That’s right, the algorithm provided by John Mayers is completely free as advertised on the video in Bitcoin Profit’s homepage.
If you’re wondering why the developers behind Bitcoin Profit are providing this tool for free, the reason is fairly simple. The way they make money is taking a small percentage, as tiny as 1% of all their users’ profit. This means that the CEO of BTC Profit firmly believes that his platform is the next big thing.
How to Place a Trade on Bitcoin Profit
Just like other similar Bitcoin robots, with BTC Profit it’s fairly simple to place a trade.
Follow these steps below to sign up, and learn how to make your Bitcoin Profit login and get started:
Firstly, click here to open your account with Bitcoin Profit. You will need to fill out their registration form with basic information including first and last names, e-mail address, and phone number. For your password, remember to put a word or code that is only known by you, that is easy to remember but at the same time difficult to be discovered. Once you’ve created the account, you will be assigned a broker automatically. This broker is the one your Bitcoin Profit software will be performing the trades with. In order to begin trading, you need to add funds to your broker account.
Once you’ve selected the option to deposit, you will be taken to the your selected broker’s website. It’s just an interstitial pop-up that’s open inside the Bitcoin Profit’s platform, which means you won’t have to browse all the way back to find your way inside their platform.
The minimum deposit is of $250. The payment methods accepted are many, including Skrill, MerchantPay, GiroPay, SafePay, Visa and Master Credit and Debit cards. It’s true that the more money you invest, the higher your payouts and profit could be. To begin, we recommend making a moderate investment of $250 until you familiarise yourself with the platform.
3. Demonstration account
You can try the demo account either before or after the initial deposit. Once you’ve selected the demo mode, you will be taken to an initial tour, so you can learn more about every functionality of the platform so you can trade bitcoin even if you’re a beginner.
On your test account, you receive a total balance of $1,500 to start the auto trade mode. It’s very simple, and you don’t need to fiddle with any of settings. Simply click on auto-trade ‘ON’, and the software will begin trading the pairs automatically.
4. Live account
Once you’ve familiarised yourself with the Bitcoin Profit platform, and you’re ready to start try the live mode, all you have to do is click on the switch that reads Push ‘Auto Trade’ to start on the dashboard screen.
On the dashboard is where you can check your Trade history, deposit additional funds, open trades, withdraw your profits, and change the settings. Bitcoin Profit trades with many pairs, including BTC/USD, ETH/USD, XRP/USD, LTC/USD and Crypto/Crypto as well. The cryptocurrencies available in the platform are Bitcoin, Ethereum, Ripple and Litecoin.
To begin your auto-trading, simply choose the amount you want to spend in every trade, the number of trades, and any limits you may want to set like Stop Loss or Take profit. After you’ve chosen the settings and configured the software, you will be ready to activate Bitcoin Profit and start trading.
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Do I need a Bitcoin wallet in order to trade with Bitcoin Profit?
Bitcoin wallets are not needed to trade with the software. The reason for that is because the software does not buy actual Bitcoins – it trades cryptocurrency and claims to profit on the winning trades. This makes it a very convenient tool as the set up is very minimal, and you also avoid the risk of having your funds hacked.
Bitcoin Profit: Key Features
The robot claims that on average, users earn at least $1,300 on a daily basis. Even though you may not earn such high amounts at first, some users have reported to make high profits, part of which they have reinvested to increase their balance.
To sign up you will need some personal information, including your email address and phone number. Once you have created an account all you will need to do is deposit funds into your account. To do that you simply have to provide your payment details, but no ID or utility bills. It really is as simple as that.
You can make a withdrawal at any time of the day and you can be sure that it will be processed within 24 hours. In the remote case that does not happen, do not worry, because it could take up to three days. There are robots on the market that take 10 days to process a single withdrawal.
The only fee you should be aware of is that Bitcoin Profit plans to keep only 1% of your profits. That is how the platform makes profit. That is a very small amount considering that other robots have ridiculously high commissions and fees to make profit.
The testimonials and stories shared on their website show that Bitcoin Profit has the potential to change lives. If you’re a new investor and do not know how to trade Bitcoin, Bitcoin Profit can definitely help you. Because the software handles all the trades for their users you don’t need much experience to trade with it. However, note that due to a lot the volatility with the cryptocurrency market, the team behind Bitcoin Profit recommend their users to invest 20 minutes of work per day, and let the software run automatically asides from that. The amount of work required of every user is minimal.
You can contact customer support at any time of the day or the night. There is staff available 24/7 and you may contact them via email. We contacted them to conduct our test and they were very professional and friendly and responded within an hour. Hopefully though, you will not be needing any support.
Like all crypto trading robots, with Bitcoin Profit your money is used to trade with online brokers. So basically your investments on assets are placed through brokers. These are regulated and secure so you should worry about this aspect.
Bitcoin Profit Versus other Robots
|Bitcoin Profit||Other bitcoin robots|
|✅Bitcoin Profit is one of the most popular and well-reputed robots because of its reported success of around 88%.||❌ Many robots have hidden fees and leave the trader with little or no profit at the end of trades.|
|✅Bitcoin Profit requires users to deposit a minimum of $250 to start trading.||❌ Other robots tend to require higher sums, which pushes new users to take higher risks.|
|✅Bitcoin Profit offers a wide variety of digital coins that users can choose to trade with or without.||❌ Most trading robots offer a very basic choice of assets.|
|✅Bitcoin Profit uses regulated and/or reliable online brokers.||❌Some platforms channel funds through unreliable brokers, risking users’ funds by investing them on the platforms supported by such broker.|
|✅The trading platform is suitable for all kinds of users, both beginners and experienced.||❌ Trading platforms on other robots can often be perceived by beginners as too complex or by professionals as too simple.|
Can You Make Money With Bitcoin Profit?
The software claims it can generate good profits. Just like the other users that have left their testimonials in their website, the platform was easy and simple to use when we tested the demo. Although we didn’t commit as much as the serious investors, we did make automatic trades on the demo. Bitcoin and other crypto assets are highly lucrative, but also have a very high risk due to their volatility. Using a tool like Bitcoin Profit or Bitcoin Revolution can be helpful for new and experienced traders who may wish to invest in cryptocurrencies but do not have the time for manual trading. Below, we will share some tips on how to make the most of your Bitcoin Profit subscription:
Start Small. You should start with a small investment to get yourself familiarised with the software. We recommend starting with the minimum deposit required of $250. Once you start making profitable trades, then you can choose to invest a little more to make higher payouts.
Withdraw Your Profits. Don’t forget to withdraw your profits when you invest with Bitcoin Profit. Remember though to always reinvest some of the haul earned, to continue earning more and more.
Follow the Expert’s Advice. You should definitely mix up a little bit with other settings and strategies from users who have tried the software themselves. Reading about Bitcoin Profit on other blogs and watching videos on Youtube could help you to find the best settings for this robot and to make the most of your account.
Only Invest What You Can Afford to Lose. That’s right, you should only invest additional money that you are willing to risk. Investing in cryptocurrencies has a high risk due to volatility. You will find lurking on the web reviews of users who have invested a lot of money into Bitcoin Profit, but didn’t get the results expected. This is completely normal in such a volatile market like cryptocurrencies.
Why Trade with Bitcoin Profit?
There are many trading bots available in the market, and some claim to have extraordinary conversion and performance rate. The problem is that you will always find a feature that doesn’t make other robots as good as Bitcoin Profit. In comparison to other bitcoin robots, here’s what Bitcoin Profit brings to the table:
Bitcoin Profit has an intuitive and user friendly platform. Needless to say that this is one of the features that makes Bitcoin Profit stand out from the crowd. The software works with a very complex algorithm, but the user experience is simply one of the best ones out of every platform tested by Inside Bitcoins. It’s very easy to set up the software, and have it up and running in no time.
Bitcoin Profit claims to have a high success rate on its trades. Another major difference between Bitcoin Profit and other platforms is the amount of trades that are placed. Basically, the reason why the software claims to have a high success rate of 90% or more is because of the concurrent trades being placed with shorter investments. Out of a $250 deposit, it could place many concurrent trades of as little as $25 USD each.
Demo account and tutorials. Inside the platform, you can create a demo account to get yourself familiarised with the software and its functionalities. If you access your mirror account, an account that is created with the broker at the same time you register on Bitcoin Profit, you can access many tutorials and tips on trading and educate yourself in their educational section. Responsive and dedicated customer support. Another strong point for Bitcoin Profit is their customer support. You can engage one of their customer experience representatives any time from your dashboard screen, or on the homepage. The fastest way to do so is via live chat.
Has Bitcoin Profit Been on TV?
Bitcoin Profit has not been advertised on TV. The reason for that is because they have recently completed their open beta platform, and their exclusive selection process for accepting new users is on a first come, first served basis.
Although Bitcoin Profit seems to be one of the best automatic trading platforms out there, it has never appeared in Dragon’s Den. There are, however, a lot of images and fake news spread around the internet that indicate otherwise.
The same goes for Shark Tank. Despite the rumours spread by fake news and online images, Bitcoin Profit has never appeared on the popular TV shows. These websites are usually just trying to deviate the serious investors on their path of choosing a platform like Bitcoin Profit.
There are rumours that link Bitcoin Profit to the UK TV show “This Morning”. We have analysed the images that are circulating on the web, and we haven’t found anything that looks legit, or any episode that has Bitcoin Profit being featured on This Morning.
Is Bitcoin Profit endorsed by celebrities?
There seems to be a lot of rumors involving crypto trading robots and celebrities, with robots such as Bitcoin Loophole using celebs as a marketing strategy. These rumours are usually spread around the internet to advertise these platforms by affiliates. But have any celebrities been linked to Bitcoin Profit? Read on to find out.
The CEO of Shopify Tobias Lutke has been said to endorse Bitcoin and even endorse trading apps. Tobias clearly understands the value of Bitcoin as being an innovative investment and what a great asset it is, but there doesn’t seem to be anything linking him to the trading software Bitcoin Profit.
It’s no secret that Sir Richard Branson is a massive fan of Bitcoin. He’s openly said in many interviews of how fantastic cryptocurrencies are, and how he personally knows many people that made huge fortunes out of Bitcoin. As much as Branson supports Bitcoin, there doesn’t seem to be any connections between him and the trading robot Bitcoin Profit.
The presenter for the UK TV show This Morning and Dancing on Ice, Holly Willoughby, has been said to endorse Bitcoin Profit. Rumour has it that it all started after she received a guest on the show that had supposedly introduced a miraculous trading tool that helps people achieve financial freedom and make profit with Bitcoin. None of this has been confirmed. In fact, we could not find the episode anywhere on Youtube where Holly was seen talking about Bitcoin trading.
There are claims that Gordon Ramsay the British Billionaire has Endorsed Bitcoin Profit. InsideBitcoins investigation reveals that these are lies. We contacted Bitcoin Profit in this regard, and they denied any Gordon Ramsay Bitcoin Profit endorsement. We have determined that these claims are from unscrupulous affiliates. Bitcoin Profit has promised to take action against any affiliate tarnishing its name through misleading marketing.
InsideBitcoins recommends that you always carry out enough due diligence before settling on any tech product. The use of deceptive marketing techniques is common with most affiliates even for genuine products such as Bitcoin Profit. Never invest into a product based on celebrity endorsements purely. InsideBitcoins makes the research easier for you through comprehensive reviews like this one.
The Polish footballer Robert Lewandowski has been said to be an adept of Bitcoin. There have been claims about Lewandowski and Bitcoin Profit, but nothing can be confirmed about him endorsing trading apps. Footballers do make a fortune with playing, so it would not be uncommon that a few of them invest in Bitcoin.
The controversial rapper 50 Cent has been known to endorse Bitcoin for a long time. He has made it public that he was paid for an album in Bitcoin and he just forgot about it and let it age. The then bankrupt 50 cent had profited millions in Bitcoin, and was even said to have made so much money with trading apps such as Bitcoin Profit.
The truth is that 50 Cent said he was lying on social media, and didn’t make millions on Bitcoin. There are no backup claims about 50 cent and Bitcoin Profit as well.
Mirror and Bitcoin Profit
There are claims of Bitcoin Profit being featured in an article on The Mirror, a UK news tabloid. Truth is that there have been images circulating on the web, usually followed with a story about a single mum making millions by trading with Bitcoin.
It seems to be a fake Mirror page, which leads people to believe it is the real deal. Bitcoin Profit has not been featured on the Mirror, and if you see anything of the sort it’s most likely a scam.
Trading with Bitcoin has made a lot of people into millionaires, and believe it or not, these bitcoin robots do help people with trading and making profit.
Is there a Bitcoin Profit app?
There currently is no Bitcoin Profit app available but you can access the software from any mobile device with an Internet connection and benefit from the same functions you would if connected from a laptop.
Bitcoin Profit Review: The Verdict!
What do all of these successful businessmen have in common? They were all pioneers in their targeted niche and specific product. Although many people have already gotten started with Bitcoin, it’s such a complex asset to invest in that not everyone understands the true value of it yet. That’s why the smart and successful people cracked the best way to get started with Bitcoin and are already making a huge amount of profit on a daily basis investing in this cryptocurrency.
The bad reputation of automatic trading platforms, or robots, comes from the fact that some users who have never traded in their lives create an account expecting to have a 100% foolproof system, when in reality there is a lot of volatility that comes with trading stocks, forex, bitcoin and cryptocurrencies in general. Although Bitcoin Profit appears to be a legit automatic trading robot, new investors should always start with a moderate investment to test the software out. We would recommend an initial investment of no more than $250 to begin.
If you still have any doubts about whether or not you should get started with Bitcoin, and start trading with an automatic trading tool like Bitcoin Profit, take a look at the video below.
Try Bitcoin Profit, the most popular auto trader in 2020!
How to spot an investment scam
Is it a legitimate investment?
Stop: If you think you’re unsure about an investment:
- check to see if they’re registered with the FCA
- see if they’re on the FCA warning list
- tell someone – find an advisor.
What is an investment scam?
An investment scam is when someone offers you a fake – but often convincing – opportunity to make a profit after they hand over a sum of money.
There are three main types of investment scams
- A totally fictitious investment which doesn’t exist.
- The investment exists but the scammer takes the money instead of putting it in the opportunity.
- The scammer pretends they’re representing a legitimate and trusted investment group, but they’re lying.
Investment scams in focus: cryptocurrency scams
Cryptocurrencies are virtual peer-to-peer currencies that are decentralised. This means the currency only exists online and is not controlled by a bank, treasury or country – you can’t get physical notes or coins from the bank.
Bitcoin is the most famous cryptocurrency, but there are more than 1,500 cryptocurrencies including other well-known ones such as Ethereum and Litecoin.
Many legitimate businesses – such as Expedia and Microsoft – accept cryptocurrencies as payment.
Quick transaction times is one of the reasons people like cryptocurrencies. But, cryptocurrencies also allow you to pay for or sell something anonymously, so they also appeal to scammers and shady online dealers.
Before a new cryptocurrency is launched on an exchange, you will be able to buy cryptocurrency coins or tokens as part of an Initial Coin Offering (ICO). This is usually what’s known as a pump-and-dump – when a price becomes inflated at launch, and then rapidly crashes.
If you don’t understand a cryptocurrency or an investment, avoid it. Do not hand over any money.
A scam can take many forms, this could include:
- a fake cryptocurrency which doesn’t and won’t ever exist – for example if it’s a fake Initial Coin Offering (ICO)
- a bogus investment which promises to put money in a legitimate cryptocurrency
- a dangerous website link that then downloads malware onto your computer
Investment scam warning signs
- Companies contact you out of the blue. This could be through a cold call, text, message on social media, email or brochure.
- They pressure you into making a rushed decision. This could be with a limited time offer, bonus or discount if you sign up before a deadline.
- They call or email you repeatedly or keep you on the line. This is to try keep you engaged so they can pressure you to make a rushed decision.
- It seems too good to be true. The old saying rings true – if they downplay the risks but the investment is high return, it could be an investment scam.
- They ask you to keep the investment quiet. The scammer might tell you the investment opportunity is just for you and ask you not to tell anyone.
- They’re not registered on the FCA website. In the UK, a firm must be authorised and regulated by the FCA to do most financial services activities. See if they’re registered with the FCA.
The FCA also has a warning list so you can check if you’re dealing with a known scam.
You will likely be approached either through a cold call on your landline or mobile or via an email or text. The questionable investment could be advertised on social media or in a pamphlet.
I think an investment scammer has contacted me
- Hang up. Stop all contact with the scammer.
- Report it. Use our guide to report a scam.
I’ve given money to an investment scam
If you’ve handed money over to a scam, use our guide through what you need to do to recover your money.
These are some of the most common scam investments.
- Ponzi and pyramid schemes. Where money from new investors is used to pay former ones.
- Binary options. Betting on whether the price of something will go up or down, for example gold, oil or stocks, and you can either win or lose.
- Unregulated products. Such as gold, diamonds, wine, hotels, bamboo, parking, storage, student accommodation.
- Earlypension release. Be wary of any scheme offering to help money from your pension before you’re 55. You may never see your money again, and get hit with a hefty tax bill.
- Overseas holiday properties Scammers lure in people with cheap overseas properties which don’t actually exist.
- Land banking. You buy a small plot of land which will be sold to a developer for a big profit.
- Graphene. A type of carbon which may be used in some electronics in the future. Scammers put the pressure on to invest quickly. The market is unregulated.
- Forex trading. Unauthorised traders offer guaranteed profits and most victims initially get a small return to think the trader is legitimate.
Online investment scams
Fraudsters now use platforms such as Facebook, Instagram and Twitter to lure people into investing in cryptocurrencies, foreign exchange and binary options. The scammers often have convincing social media profiles or websites with bogus reviews.
The Financial Conduct Authority warns that fraudsters promote themselves through social media channels by using pictures of luxury items, such as expensive cars and watches, to entice people.
See more about how to spot a social media scam in our guide.
Always check the investment is legitimate before handing over any money.
Investment schemes involve getting you or your business to part with money on the promise of a questionable financial opportunity.
Common types of investment scams
Investment cold calls
A scammer claiming to be a stock broker or portfolio manager calls you and offers financial or investments advice. They will claim what they are offering is low-risk and will provide you with quick and high returns, or encourage you to invest in overseas companies. The scammer’s offer will sound legitimate and they may have resources to back up their claims. They will be persistent, and may keep calling you back.
The scammer may claim that they do not need an Australian Financial Services licence, or that that they are approved by a real government regulator or affiliated with a genuine company.
The investments offered in these type of cold calls are usually share, mortgage, or real estate high-return schemes, options trading or foreign currency trading. The scammer is operating from overseas, and will not have an Australian Financial Services licence.
Share promotions and hot tips
The scammer encourages you to buy shares in a company that they predict is about to increase in value. You may be contacted by email or the message will be posted in a forum. The message will seem like an inside tip and stress that you need to act quickly. The scammer is trying to boost the price of stock so they can sell shares they have already bought, and make a huge profit. The share value will then go down dramatically.
If you invest you will be left with large losses or shares that are virtually worthless.
Investment seminars are promoted by promising motivational speakers, investment experts, or self-made millionaires who will give you expert advice on investing. They are designed to convince you into following high risk investment strategies such as borrowing large sums of money to buy property, or investments that involve lending money on a no security basis or other risky terms.
Promoters make money by charging you an attendance fee, selling overpriced reports or books, and by selling investments and property without letting you get independent advice. The investments on offer are generally overvalued and you may end up having to pay fees and commissions that the promoters did not tell you about. High pressure sales tactics or false and misleading claims are often used to pressure you into investing, such as guaranteed rent or discounts for buying off the plan.
If you invest there is a high chance you will lose money.
Visit ASIC’s MoneySmart for more information about investment seminar scams.
Superannuation scams offer to give you early access to your super fund, often through a self-managed super fund or for a fee. The offer may come from a financial adviser, or a scammer posing as one. The scammer may ask you to agree to a story to ensure the early release of your money and then, acting as your financial adviser, they will deceive your superannuation company into paying out your super benefits directly to them. Once they have your money, the scammer may take large ‘fees’ out of the released fund or leave you with nothing at all.
You cannot legally access the preserved part of your super until you are between 55 and 60, depending what year you were born. There are certain exceptions such as severe financial hardship or compassionate grounds – but anyone who otherwise offers early access to your super is acting illegally.
Visit ASIC’s MoneySmart for more information about how super works.
- You receive a call, or repeated calls, from someone offering unsolicited advice on investments. They may try to keep you on the phone for a long time, or try and transfer you to a more senior person. You are told that you need to act quickly and invest or you will miss out.
- You receive an email from a stranger offering advice on the share price of a particular company. It may not be addressed to you personally, and may even give the impression it was sent to you by mistake.
- An advertisement or seminar makes claims such as ‘risk-free investment’, ‘be a millionaire in three years’, or ‘get-rich quick’.
- You are invited to attend a free seminar, but there are high fees to attend any further sessions. The scammer, posing as the promoter, may offer you a loan to cover both the cost of your attendance at the additional seminars and investments.
- You see an advertisement promising a quick and easy way to ‘unlock’ your superannuation early.
- Do not give your details to an unsolicited caller or reply to emails offering financial advice or investment opportunities – just hang up or delete the email.
- Be suspicious of investment opportunities that promise a high return with little or no risk.
- Check if a financial advisor is registered via the ASIC website. Any business or person that offers or advises you about financial products must be an Australian Financial Services (AFS) licence holder.
- Check ASIC’s list of companies you should not deal with. If the company that called you is on the list – do not deal with them.
- Do not let anyone pressure you into making decisions about your money or investments and never commit to any investment at a seminar – always get independent legal or financial advice.
- Do not respond to emails from strangers offering predictions on shares, investment tips, or investment advice.
- If you feel an offer to buy shares might be legitimate, always check the company’s listing on the stock exchange for its current value and recent shares performance. Some offers to buy your shares may be well below market value.
- Never commit to any investment at a seminar – always take time to consider the opportunity and seek independent financial advice.
- If you are under 55, watch out for offers promoting easy access to your preserved superannuation benefits. If you illegally access your super early, you may face penalties under taxation law.
Have you been scammed?
If you think you have provided your account details to a scammer, contact your bank or financial institution immediately.
We encourage you to report scams to the ACCC via the report a scam page. This helps us to warn people about current scams, monitor trends and disrupt scams where possible. Please include details of the scam contact you received, for example, email or screenshot.
Scams that relate to financial services can also be reported to ASIC.
Spread the word to your friends and family to protect them.
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