Stay clear of crypto Bots Scams

This is, however, a area of crypto that’s plagued with a very many scams. It seems like every day, you’ll encounter a new fraudulent trading bot with no more than the attempt to steal the hard-earned money of your deposits. There are numerous risks out on the market, and it’s important to be vigilant, click here!

So, with that in mind we’ve created a collection from three examples of cryptocurrency trading bot scams that you should avoid. We would have to create an encyclopedia of 1,000 pages to cover the entire list of scams. Three robots we tested all showed common red flags. Be sure to learn about them before you begin trading with an automated robot.

Crypto Trading Robots 101

In brief, crypto trading bots will automatically buy or sell cryptocurrency on your behalf. Users are encouraged to configure the bot’s trading plan so it is able to exchange crypto in accordance with your needs.

We are here to caution our readers. There are cases of genuine trading robots which have been accused of being fraud.

It’s because novice traders frequently are enticed by believing that the software will do everything on their behalf, and they’re enjoying their leisure and an ongoing passive income. It’s not possible. Without it, everyone is drinking Pina Coladas on Bora Bora. It’s true that the bot will help you in some way, but only if you provide it with adequate details that are in sync with whatever trading strategy you’ve developed.

It’s important to find out how to identify red flags which indicate bots that are fraudulent. We have identified as scams every bot below thanks to a number of different alarming signs. Once you’ve read the report, be armed with the information needed to identify the warning signs of a fake trading bot yourself.

However, since you can not be sure, we suggest additionally informing yourself via reliable websites for example TradeCrypto. There you will find a list of scam bots along with a full description of the scams. As well as being aware of the usual red flags this should suffice for you to know how to stay clear of these scammers.

3 Crypto Bot Scams To Avoid

Then, let’s go to the main course. To identify each scam crypto bots, we’ve compiled some red flags which indicate they’re fraudulent. They are not absolute proof. However, when you add them together these signs make it easy to recognize.

1.) Crypto Bank

The investigation begins with the bot’s official website which is where you’ll discover all the scamming tricks you’ve come across. The fraudsters posted a range of security logos supposed to protect the Crypto Bank’s customers. They aren’t involved in the security of crypto.

The disclaimer states that, in the event that you agree to the terms and condition of Crypto Bank, you can phone them anytime. (They usually employ WhatsApp).

Then we come to the 3rd alarming warning sign of a scammer, which is a bizarrely high minimum required deposit of $250, as the required minimum amount to invest in legitimate trading robots is about $10. If you register an account, scammers will call you on WhatsApp to “encourage users to open an account”. However, what they want really is you to place a deposit to ensure that they are able to take off the $250. Don’t do it.

Its logos Crypto Bank and Bitcoin Bank are similar. We know from before that Bitcoin Bank is another trading robot scam. Scammers just employ the same template and name to create the website. They will then continue the fraud until they’re caught.

2) Ethereum Code

Ethereum Code is actually the administrator of multiple websites that are almost identical. The same thing happens frequently with trading bots. This seems a bit odd, as it’s not normal for a company to have numerous websites. This is the reason, in this way, they can keep up their business even if one of their sites is in the process of being shut down. Cunning.

According to reports, the UK Trading Association awarded the Ethereum code a prize in recognition of the most efficient trading software. However, with some research it is easy to see there was no evidence of this. Most of the fake automated trading systems claim to be based in Britain. It’s difficult to discern whether this is the case, but it’s most likely not.

There is no contact information for Ethereum Code developers. Ethereum Code developers, apart by leaving a message on one of the websites. Thus, no e-mail address contact number, telephone number, or physical address is mentioned. It’s clear from this the fact that Ethereum Code doesn’t want its founders to be in the same place as their creators. Why? You’ve probably guessed.

3.) Bitcoin Formula

Supposedly, this bot offers an accuracy rate of 98percent. Yeah, right. If you are hearing people promise such high rates of accuracy it is a scammer trying to scam you.

A good trading system will give a range of possibilities for crypto-investors. The features include portfolio management margin and futures trading and more. Yet, those who create fake bots, like Bitcoin Formula, often claim their products only provide live trade and demo accounts. The likelihood is that they’re too lazy to create fake images to match typical features.

Leave a Reply