Bitcoin has created its fair share of millionaires since its explosion in 2016. According to Forbes, at least 17,000 of bitcoin addresses contain more than $1 million worth of bitcoin today. But the highest number of millionaires is estimated to be among traders who use sophisticated tools to speculate on the crypto.
Today, there are several popular bitcoin trading robots with a claimed profitability of thousands per day from a deposit of as little as $250. Some of these robots have excellent reviews on sites such as Trustpilot meaning that those who try them find them satisfying.
We will discuss some of these robots later in this review but for now, let us define and elaborate on the basics. This is your ultimate guide if you are new to bitcoin and would like to understand how you can start trading through it.
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What is Bitcoin?
Bitcoin is a virtual currency founded in the aftermath of the 2008 financial crisis. The founder of this crypto is still unknown and goes by the pseudonym, Satoshi Nakamoto. There are rumours all over the internet about who this person could be. Some claim that Satoshi Nakamoto does not represent an individual but three corporations, namely Samsung, Toshiba, and Motorolla.
Even so, no individual or corporation has come forward with evidence that they founded bitcoin. Bitcoin and many other cryptocurrencies are established on a concept of decentralisation where there is no central authority controlling the flow of the currency. In the traditional financial system, money flow falls under the control of central banks.
In a white paper explaining the concept of Bitcoin, Satoshi Nakamoto states that their invention aim is to solve the problems that come from centralisation. For instance, the financial collapse of 2008 is said to have been as a result of central banks to implement proper monetary policies. Bitcoin eliminates this problem by giving power back to the people through transparent and trustless peer to peer transactions.
So, in summary, bitcoin is a digital currency that can be used in transactions and also speculation. For fiat money, currency speculation happens through forex trading. Some forex brokers have adopted bitcoin and paired it with popular currencies such as the USD or the EUR. You can trade bitcoin manually or through a unique tool known as a Bitcoin Robot.
How does a bitcoin robot work?
A bitcoin robot is a computer program that automatically carries out all the functions of a professional trader. The computer program is an automation of tested and proven trading techniques. Well-known crypto trading gurus reportedly found most good bitcoin bots.
Bitcoin robots rely on technologies such as artificial intelligence (AI) and machine learning (ML) to conduct trading research and execute trades. AI and its subset of ML make it possible for robots to identify patterns in data with an alleged accuracy level of about 90%. Such a level of accuracy often translates to profitability above the market rate.
Robots tend to perform better during high market volatility irrespective of the direction that asset prices take. This is because they rely on trading strategies structured to make money, even when the prices are falling. Moreover, the world-leading bitcoin bots are known for high speed in research and execution. This means that they can place numerous trades per day and hence capitalise on all trading opportunities that come by.
It is worth noting that not all bitcoin robots are legit. Some claim to be the key to a millionaire lifestyle only to disappear with clients’ money. It is important to conduct enough due diligence before subscribing to any robot. Learnbonds offers unbiased and comprehensive automated bot reviews to help you make well-informed choices.
How do I use a bitcoin robot?
Bitcoin robots are fully auto and hence, do not need any skill or experience to use. You simply need to open an account, make a deposit, and start trading. However, there are a few bots that are semi-auto and hence require some level of skill and experience to use. We will mention a few later in this review.
Also, some fully auto robots come with additional features such as stop loss and Take Profit. Stop loss helps users define the level of risk they are will to take per trade while Take Profit establishes the level of profitability at which the robot user is willing to take a risk. Risk management features are crucial since they enable traders to control their emotions. Without them, traders are likely to make bad choices due to the fear of losing and the greed of making more money.
Here are the steps to trading with an auto robot.
STEP ONE: Registration
Most robots require users to create a free account on their homepage. The process is usually quite straightforward and fast. To register with any given bitcoin robot, you need to submit your details including your full name, email, and phone number. You may be asked to verify your email via a link and phone number via SMS to proceed.
Some robots may require additional details such as the level of education, your income, and the amount you are willing to risk. This information helps them determine your risk appetite and hence advise on the amount you should deposit. Learnbonds insists that first time traders should not deposit more than $250.
It is important to note that the best robots should have policies in place to safeguard users’ data. Data theft has become a thorn to most organisations today, and therefore, serious robots are likely to take cybersecurity seriously. Safe cyber practices include encrypted platforms and strong password policy. Password protection is critical, given that most cyberattacks begin with a weak password.
Good bitcoin robots also give users an option to choose whether they want to receive unsolicited offers via emails and phone. The opt-in/out button is usually at the bottom of the registration form.
STEP TWO: Deposit
After the registration, most robots will redirect you to a partner broker’s page. Here you may be asked to submit more details and verify your identity and address. Identity verification happens through a government ID check while proof of address involves providing a recent document such as a bill showing your address.
Identity verification and proof of address are a requirement with all well-regulated brokers. The authorities in most countries require financial institutions to adhere to strict Know Your Customer (KYC) to avoid money laundering. Robot brokers’ responsibilities include receiving deposits, facilitating transactions, and executing orders as directed by the robot.
It, therefore, goes without saying that any deposit you make through a robot goes to its underlying robot broker. Robots are not financial institutions and hence are not allowed by the law to receive deposits. When looking for a robot, it is essential to do a background investigation on their broker partners. Legit robots only partner with well-regulated brokers.
Regulators protect clients by ensuring that brokers segregate their funds and only utilise them for the intended purpose. With a well-regulated broker, you have an assurance of getting back your money even when the broker goes bust. Scam robots are known to partner with fake offshore brokers to swindle unsuspecting users. Learnbonds takes into account the underlying robot brokers when reviewing robots.
STEP THREE: Demo trading
Most robots provide a demo account to help users familiarise with their web-trader before live trading. The demo is crucial since it gives you room to practise trading without risking your capital. Most demo platforms simulate real market experience through historical data.
However, the results received through a demo account do not always reflect what a trader gets in live trading. A demo account for a fully auto robot includes the few features found in the real platform. Demo accounts also come with guides to help users understand the trading process and try different risk management practices.
Good robots allow users who opt-out of trading at the demo stage to withdraw their capital. All the robots in our likely legit list appear to have a friendly exit policy even at the demo stage.
STEP FOUR: Live trading
Live trading with most bitcoin bots happens at a click of a button. However, there are those that come with additional functions to give users more control. These functions mostly revolve around risk management.
Crypto trading robot gurus recommend that live trading happens during the Eastern Daylight Time. This is the time when it is daytime in Wall Street. Analysts have found a strong correlation between Wall Street and Bitcoin.
You should choose a trading robot that is fully auto if you do not have the time to keep monitoring your account. Live trading should take place for at least 8 hours per day to get the most of a trading robot.
Can I make money with a bitcoin robot?
Yes! It is possible to make a good profit with the best bitcoin robots. However, you need to dig deeper to identify the best given that at least 90% of the bitcoin robots out there is a scam. Learnbonds makes the robot research easier for you through comprehensive and unbiased bitcoin robot reviews.
It is essential to mention that some bitcoin robots have alleged daily profitability of up to 80%. On average, good bitcoin robots generate at least 10% per day in profits. Some reviews claim that it is possible to turn an account with a deposit of $250 to $500k or more in less than a year.
Advantages and Disadvantages of Bitcoin Robots
Trading robots come with great opportunities and risks. While it is possible to make good money with a robot, you can also lose all your investment. Any robot claiming to be risk-free is lying and is probably a scam. Here are the key advantages and disadvantages of trading with bitcoin robots.
- High alleged profitability – Most robots allegedly rely on tested and proven trading techniques. This means that have a high potential of making money when compared to traditional trading methods. Some robots reportedly have daily profitability of $1k or more from a small deposit of $250.
- Easy to use – Bitcoin robots are mostly fully auto and can, therefore, be used by anyone, including those with zero crypto trading skills. In fact, the majority of bitcoin robot users report having no prior experience with cryptocurrencies. As explained above, robot trading involves three simple steps, namely registration, deposit, demo and live trading. Live trading happens at the click of a button.
- Small starting capital – Most bitcoin robots require a starting capital of as low as $250. These robots usually rely on brokers that provide high leverage which means that users can place huge trades with minimal capital. Typically, robot brokers offer a leverage of 1:1000. This implies that a trading capital of $250 can bet on trades’ worth up to $250k. It is worth noting that high leverage also comes with high risk.
- Trading requires little time – With a fully auto trading robot, you need less than 20 minutes per day to monitor your account. This means that you can go on with your day to day activities as the robot trades for you.
- Eliminates human emotions in trading – The human emotions of fear and greed are known to be the most significant barrier to successful trading. Bitcoin robots reduce these emotions by automating the whole process.
- High risk – As mentioned above, trading robots rely on extremely high leverage. This leverage magnifies profits but can also lead to unrecoverable losses. Traders who blow their accounts within seconds are usually trading on very high leverage. Never trade with an amount you cannot afford to lose.
- Lack of flexibility – Trading bots rely on static strategies and may, therefore, not be the best option for highly dynamic markets. However, with technologies such as artificial intelligence and machine learning, a robot can improve itself with changing markets.
What are legit Bitcoin Robots?
The robots that appear to be legit in our list are those with great reviews on performance, ease of use, transparency, customer service, and cybersecurity. We have tested the robots below through a demo account and found them to work. This list includes the best free crypto trading robots of 2019.
What are the scam bitcoin robots?
Scam bitcoin robots are known to make ridiculous earning claims and have a lot of negative reviews on the internet. Moreover, they usually collaborate with scam offshore brokers to scam unsuspecting users. Learnbonds is always on the lookout to name and shame these robots. Here is a list of robots that you should stay away from.
What is an auto-trading platform?
An auto trading robot is a computer algorithm that trades multiple assets that may include or not include bitcoin. Most of the systems used by forex and stock traders can be considered as auto-trading platforms. A bitcoin trading robot, on the other hand, specialises on crypto.
A good number of auto-trading robots are semi-auto meaning that traders must have some trading experience to use them. Moreover, they may require significant monitoring to perform optimally.
Auto-trading robots are suitable for those looking to speculate on multiple asset classes. You should think of these types of robots if you are also interested in binary options and forex. However, beginner traders looking for a way to ride the ongoing crypto craze should go for bitcoin robots.
Legit auto-trading robots
We analysed thousands of users’ reviews and found the following auto-trading robots to be legit. These robots are well rated on performance, transparency, customer service, ease of use, withdrawals, and cyber safety.
Scam auto-trading robots
Scam auto-trading robots have no proven track record and are often owned by shady offshore brokers. One way to determine a scam robot is to check its partner robot brokers. If the partner broker has a lot of reviews indicating that it is a scam, then it is likely that the robot is also a scam. Here is a list of some of the scam auto trading robots.
What is a Cannabis Robot?
A cannabis robot is an auto-trading robot that is made explicitly for the Cannabis market. With most countries in the west legalising recreational marijuana, the market is headed for explosive growth. The global legal marijuana market is estimated to be worth $14 billion in 2019.
It is, therefore, not a wonder that Marijuana stocks are the most volatile of all assets in the same asset class. Cannabis robots speculate on these stocks with a claimed win rate of above 90%. The bots apply the same approach used in trading other assets, including forex and crypto.
A background check on the few available Cannabis robots indicates that users rate them well. A number of them can reportedly generate up to $1500 per day from a deposit of $250.
What is a Forex Robot?
Forex robots are the most popular of all robots. A forex bot is simply a computer algorithm equipped with tested forex trading strategies. Some forex robots are set to copy the trades of successful forex traders in real-time and replicate them in users’ accounts. Forex robots can either be fully auto or semi-auto.
It is worth noting that the world best forex robots require a license fee which most cannot afford. This is despite that profitability is not guaranteed. Moreover, forex robots may require the user to be familiar with trading systems such as the MT4 and MT5. It takes time for new users to understand all the functionalities of an MT4 and use them appropriately.
Just like in any other category of robots, there are many scam forex robots than there are legit ones. It is therefore paramount to carry out enough background check before settling on any forex robot.
What are Binary Options Robots?
Binary Options robots are auto-trading systems that specialize on binary options trading. Like other robots, binary options robots are made out of the trading strategies of tested and proven binary options trading strategies.
For the record, a binary option is a financial exotic option in which the payoff is some fixed monetary amount or nothing at all. There are legit binary options trading robots, but most are a scam.
You should research more about how to identify a legit binary options broker if you are interested in trading this asset class.
What is a robot broker?
Robots require brokers to receive deposits, facilitate transactions, and execute orders. The law in most countries does not allow non-financial institutions to handle deposits. This means that robots can never work without an underlying broker.
Trading robots conduct investment research and automatically relay the gained insights into a robot broker for execution. Unlike the ordinary broker, robot brokers have advanced systems that execute orders almost instantly hence avoiding slippage.
Moreover, robot brokers provide leverage to enable users to place more significant trades than their capital investment. The best robot brokers offer a leverage of up to 1:1000. This level of leverage allows users to place trades that are up to one thousand times their investment. High leverage translates to huge returns but can also result in catastrophic losses.
A trading robot that operates in partnership with well-regulated robot brokers assures users that their money is safe even in the event of a bankruptcy. The world best regulators require users to adhere to strict requirements, including deposit segregation and periodic reporting.
Risks of Auto Trading robots
Auto trading robots have excellent money-making potential, but they are not without drawbacks. One of these drawbacks is the risk that is associated with the leverage in which they use. As explained above, most auto trading robots trade on a leverage of up to 1:1000. This means that the profits or losses generated through them are multiplied to that level. It is possible to lose your entire capital within seconds when trading with an auto-trading robot.
Some traders experience losses into the negative through robots that do not implement negative balance protection. A negative account means that the trader ends up owing the broker some money. It is always essential to determine the risk management options offered by a partner robot broker before settling for a robot. Learnbonds does all the research for you to ensure that you are fully covered.
What is bitcoin?
Bitcoin is a virtual currency that can be used as a unit of value and can also be traded as an asset.
What is a bitcoin robot?
A bitcoin robot is a system that automatically carries out all the functions of a professional bitcoin speculator.
How does a bitcoin robot work?
Bitcoin robots apply sophisticated computer algorithms to conduct trading research and automatically execute the derived insights.
Can I buy bitcoin with a trading robot?
A bitcoin robot helps you speculate on the asset without owning it. This means that you have more liquidity than holding bitcoin traditionally. Moreover, you can make money even when the asset is plummeting.
Does a fall in bitcoin prices affect robot trading?
No! Bitcoin robots rely on trading strategies that make money in both the rising and falling markets.
Are bitcoin robots a scam?
At least 90% of self-proclaimed bitcoin robots are a scam. Read our reviews to identify the legit ones.
Which celebrities endorse bitcoin robots?
There are a lot of unfounded rumors out there about celebrities endorsing bitcoin robots. We suggest that you avoid them and only rely on authoritative sources for information.
Bitcoin trading robots provide an easy and highly profitable way of speculating on the crypto. Even so, not all trading robots are legit. It is important to always conduct enough research before selecting a trading robot. Learnbonds conducts comprehensive bitcoin robots review to help users make informed choices. Please leave us a comment below about what you think about trading robots and if you have tried any. You can also reach out to us through the contact page if there is a robot you would like us to review.
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