Bibit Bot has been released as an arbitrage trading robot. The unknown people who have developed the system claim that it is capable of identifying opportunities in the market and sending alerts to traders about when to buy and sell their tokens.
But the big question is, “Can Bibit Bot be trusted?”
We did a massive research on this software and found it to be non-working. This investment solution has scam connections and therefore it cannot be trusted. Read on to get more details about Bibit Bot.
Bibit Bot System Explained
On their homepage, there are claims that Bibit Bot monitors the digital currency marketplace and spots opportunities as and when they emerge. The software then prepares an update and sends notifications to traders through Telegram.
They also have a Twitter account on which updates about the differences in prices of tokens can be found. There are four different subscription plans to choose from and the minimum investment depends on the plan that is chosen. The minimum starts at 0.03 BTC and the maximum at 0.22 BTC.
A free trial is available for those who are looking to test the system without any obligation or cost. According to the service provider, their payment processor is coinpayment and they won’t receive any payment until traders get access to the arbitrage trading strategy. They seem to be giving a guarantee, but still there is no assurance of any kind.
We highly doubt that Bibit Bot has worked for anyone. We haven’t seen positive comments or reviews on the internet. In fact, it doesn’t appear to be reliable or even safe to use. Traders will be risking their tokens and funds if they choose to opt for this software.
How Does It Operate?
It is alleged that Bibit Bot tracks over 500 digital currencies from more than 30 exchanges. It employs state of the art technology to detect the price differences between exchanges so it can make use of the arbitrage trading method to yield substantial returns for its clients.
Traders who subscribe for one of their plans will benefit from the notifications that are sent out to them when an opportunity for trading emerges. They say that it is not possible for any human to scour all the exchanges for the price difference between hundreds of digital currencies manually and this is why they have developed a system which can make use of technology to do the task quickly and easily.
The arbitrage principal exists and it has been used by traders from a long time. But, in the digital currency trading arena, there is very little scope to benefit from this method. The reason is that most exchanges don’t permit short selling. There are just a limited number of exchanges where trades can occur simultaneously, but then the costs and fees that have to be paid following the transaction is likely to result in a loss for the trader.
Potential gains can easily be wiped out if this method is followed when trading bitcoins and other tokens. The risks associated with using Bibit Bot is greater than its earning potential. Basically, it is not a safe tool to use and traders will be much better off with some other investment solutions or strategies.
Good to Know:
Arbitrage isn’t a magical solution for generating solid returns from buying and selling tokens at different exchanges. The reason it exists is due to inefficiencies in the market, but it is also a mechanism that keep the prices close to their fair value in all exchanges around the world.
Bibit Bot: Scam Investigation
When there is a mismatch in the price of bitcoins or other digital currencies, then there is an opportunity to execute an order for a gain. But it should also be kept in mind that slippages or delays in execution can lead to losses. Bibit Bot is not a fool-proof method of trading in the financial markets. instead, it is a risk option because it relies on only one method and that is the arbitrage principal.
The technologies it implements haven’t been discussed anywhere on their website. There is also no mention of the people who owns this service. Chances are very high that once they get their hands on your tokens, they will vanish into thin air and remain untraceable.
Their testimonials don’t sound genuine at all. although there are no stock images used, their statements don’t make sense and doesn’t help verify their claims because we have failed to find positive reviews elsewhere on the internet. We have seen complaints and negative feedback only. So the truth is that no one has anything good to say about Bibit Bot and the statements published on their homepage are false.
Lastly, any platform that offers financial services must be regulated. Bibit Bot is not regulated and they don’t have any licenses in place. They are operating illegally and aside from Telegram, email and Twitter, they have not provided any other contact information or company details. It is hard to trust a service provide that is anonymous and this is the reason we don’t urge anyone to sign up for this program.
The trading platform and the information available on their website is intended to mislead traders. There is no truth to the information they have published and we also did not find the trading system to be credible.
The only advice we have for our readers at this time is to stay away from Bibit Bot. If you need trading assistance, there are better and more reliable solutions available. All you have to do is to conduct a good amount of research and use caution when opting for an investment tool.