Over the past couple of years, bitcoin has seen some major price surges. Blockchain technology has advanced to a great extent and due to the investment opportunities it presents, it is not surprising to see that many people are finding ways to join the industry.
But, just like other kinds of financial investments, bitcoin has also attracted a large number of scammers.
During our research, we have managed to identify another platform that lures traders with promises of big returns, but fails to deliver positive results. It is called the Bitcoin News Trader.
In this review, we will take a look at what Bitcoin News Trader is about and why traders must stay away from it.
Bitcoin News Trader: A Quick Glance
Bitcoin News Trader claims to be a software that offers trending news to its users. According to various claims, the software is capable of scanning crypto related news 24/7. Based on the news that is collected by the automated software, it is ranked by expert analysts and converted into signals after they have predicted the price movements.
The person who has created this software or the team of analysts that work for this software remain anonymous throughout. We don’t even know whether they have the necessary skills to carry out analytical tasks or not.
They say this software can help traders save time because it does much of the work on their behalf. Traders are only required to execute trades once they have received the signal.
But, there is no evidence that the information they provide is accurate. Making use of wrong information for trading is as bad as trading by guessing. We don’t think traders should use Bitcoin News Trader to make investment decisions. Its success rate is not proven and it is also hard to believe that they have experts in their team who carry out the tasks on behalf of traders without charging them anything.
The Operational Mechanism of Bitcoin News Trader
It simply doesn’t make sense that expert analysts would be working for traders round the clock without expecting anything in return. They have mentioned that the software is free. SO does this mean their experts are working for traders for free as well? We’ll, that doesn’t add up.
The thing is that Bitcoin News Trader is an automated signals generator. We doubt that it uses technology, indicators or algorithms to scan the markets and make predictions about price movements. It looks like a random number generating machine which only tricks people by claiming to be the provider of trending news.
When someone signs up for the trading tool, they are automatically assigned a broker. While they get a commission for the referral, the broker gets a depositor. Neither the software works as claimed, nor the broker provides any kind of security for the funds. traders will be left without any support and in the worst case, they will lose their investment capital as a result of making bad trades.
Good to Know:
If you want to trade bitcoins successfully, look for an approved trading system that offers high performance. There are plenty available on the market today and all it takes to find the best one is a little bit of research and caution. If you are lucky enough, you will end up with an advanced trading system that will offer the best strategies and settings as well as a personal account manager to help make your trading experience more enjoyable.
How to Join?
We don’t want traders to rush in to join this system. Remember, it is not a viable tool for investing in bitcoins and this is why we don’t urge anyone to register for it.
According to information available on their website, here’s what traders should do to join them.
- Complete the form that is available on their website
- Add a deposit of at least $250
- Receive signals and make trading decisions.
Is Bitcoin News Trader a Scam?
Chances are quite high that Bitcoin News Trader is a scam trading system. First of all, access to this software is supposed to be limited. If you browse through their website, you will be see that they are offering a limited number of licenses only. Actually, this is a trick they are using to create a sense of urgency and pressurise traders into signing up for the software.
Next, the software is supposed to be free. They have said this in their promo video and there is also a mention of this statement on their website. So what is the $250 for? Why do traders need a minimum of $250 to get started?
The reason is that Bitcoin News Trader is affiliated with an unregulated broker and by helping the broker get depositors, these people also get a referral commission. It is important that traders always deal with licensed and regulated brokers. Not being licensed could be a sign that traders are getting entrapped in a lousy scam.
Claims of earning high returns can trick anyone into thinking that they can become wealthy within a short period of time and get rid of their financial problems. But, if these kinds of systems really existed, would they be given away just like that?
Their platform also doesn’t come with demo features. Most legit trading solutions offer demo trading functionalities to help traders become familiar with the system before they risk any real funds. in addition, there is no support service available where traders can turn to if they faced with any technical difficulties or troubles.
Lastly, we failed to find traders who have had success with Bitcoin News Trader. In fact, we have come across complaints from traders regarding the poor performance of this software.
Anyone who is knowledgeable about bitcoins and has experience in trading will be able to spot the lies told by the team at Bitcoin News Trader.
We can confirm that this trading tool is not capable of producing reliable signals. Traders should stay clear of it because it has several scam elements attached to it. Even the brokers they work in conjunction with are unregulated.