Bit Trader(Bit-trader.io) is the latest software that like all other make money opportunities claims to help its users make a lot of money just by trading cryptocurrencies. Bitcoin is the hottest thing on the internet right now and every time, it makes a new bull run, a lot of new investors flood into the market. Now, even the institutions are buying Bitcoin as it is perceived as an hedge to the traditional monetary system, but their goals are not similar to the retail trader’s blueprint in any way.
Scammers are very good when it comes to making use of new trends and that is exactly the thing with this platform as well. People behind this application are getting loads of traffic and are in a way misrepresenting things, but legally speaking, they are protected by their liability clause. Average trader just like always does not give much attention to the small print on the platform and as a result, they are entering into things they don’t even understand.
The confusion along with the FOMO present in the market has made the conditions pretty thriving for the crooks and that’s why there are many new fake platforms popping on the internet every day. During our investigation, we found loads of disgusting information about this firm and to know every one of them, continue reading.
Team Behind Bit Trader
Using history as a guide, we can see certain patterns that emerge over and over again. In the space of auto-traders, the one thing which you should look for is transparency and attention to details. We suggest you to take a look at top names in the sector that are known for copy trading or social trading features. Isn’t it obvious that they all share details about the way they work, the management side along with fees way before clients even deposit?
We searched every corner of this website to find information about the team behind the product. On their platform, the information about the general concepts and the associated things like volatility concept, mining process and wallet mechanics are plenty. However, you need to understand that none of them adds credibility to the firm and they have featured general information only to buff up their content and make themselves look authoritative in front of the investors.
The shocking thing about them is that they haven’t featured any contact details on their platform. Literally, the only way to reach them is via a lousy contact form and God only knows the response time required by them. If you connect the dots, it is clear that these people are trying to stay under the radar and the facts clearly support the theory.
Beta Testers and Social Proof
This application is said to be developed around a couple of years back. Though the details of the staff are not made available to the public, the concerning thing about their narrative is that they are refusing to show any evidence of the performance of the beta testers too. There are plenty of services like myfxbook which will audit the trades of the individuals and turn it into a format that is easily shareable and measurable.
In the forex and cryptocurrency world, the only time you can give a person the benefit of the doubt is if they show their verified records, but that doesn’t necessarily eliminate the risk. Remember, risk is impossible to eradicate in the markets and if anyone suggests otherwise, then your money will never be safe with them. It is a general practise of every new firm to provide the audience and potential investors with social proof.
The reason behind featuring the information about beta testers is to earn the trust element and it is one of the most important things that is crucial for success in this industry. Sadly, many scammers over the years are always pumping fake theories and making comments from bogus user profiles to manipulate the social proof on the internet.
Thankfully, time is the one element that can reveal the true nature of every firm, but it might be too late for a lot of people to save themselves by then. So, don’t be the first person to jump on any new trend and unless something is presented with solid proof, regardless of how small the amount may be, never invest in it.
Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.
How does Bit Trader Function?
We can assure you that there is no one solid answer to this question. On their homepage, apart from a few generic things in the trading sector, they have not put up any sort of explanation regarding the algorithms used by them. Trading with any kind of automated system is like handling a double edged sword. It might feel great as long as you are winning, but once things go out of hand or a sudden spike in volatility occurs, the losses that follow will be huge.
We are not saying that it is not worthwhile to invest in any form of automated trading instead you just have to deposit the kind of amount you are comfortable losing. The number of flaws present in automated trading algorithms is the main reason as to why the majority of the traders are not into it yet. If you plan on getting started with this platform without even knowing the kind of things to monitor for, then you are likely to lose your entire trading capital and much more.
The lack of information along with missing crucial details is the perfect recipe for disaster. Moreover, the cryptocurrency world is a lot complex and the wild swings present in the asset class can catch the best traders off guard. To ensure consistent cash flow, be conservative in your approach and always backtest as much as you can to know the metrics of the specific trading program. As far as this platform goes, investing with them would end only in the red side of the chart and it won’t be worth it regardless of the way you look at it.
Risk Management
Risk is the ever present element in the market. Many legendary analysts and economists have tried to gauge the risk and needless to say, none of them were able to crack the code. The main reason as to why no one was able to eliminate risk is because it includes predicting human behaviour and that is an impossible task.
In the early days of cryptocurrencies, people couldn’t do more than buy or sell the coins, but now, things are different and there are a lot of derivatives available. From futures to options every market is made accessible to the public and that’s a positive sign. This platform does not talk about risk mitigation. For example, many big firms are always taking proper measures to protect their clients from sudden flash crashes and things similar to that by being active in the derivatives segment.
We didn’t find any options or futures linked with this software and that means traders personally have to create positions according to their needs and risk appetite. As there are many platforms such as Binance and Kraken that offer all the functionality in one place, it just doesn’t make any sense to choose this rogue entity over those brokers.
If you are a beginner or a person beginning the journey with as low as $500, then risk management might not seem like important to you, but that is not the case. As traders it is always better to be prepared for every situation and buying insurance against a position is always a wise move.
Liability Limitation
At first glance, this platform looks flashy and they have that typical make money trading bitcoin narrative. It even features a ton of information about various aspects and mechanics of the world of cryptocurrencies. However, the thing you need to pay attention to is their liability limitation policy. The policy mentioned above clearly states that they are not making any promise or guarantees about the profits and clients can lose their entire capital in case something out of the ordinary happens.
In other words, though they make bold statements through their passive aggressive nature, they are not risking anything. At the end of the day, the only person exposed to all the risk is the retail client and as such, you should never take chances with rogue platforms like this one.
While you check out their liability clause, also take a look at their other policies in order to understand the way their business model works. Sooner or later, you will realise that this firm is shady in many ways and they have literally gone overboard to make the most revenue by selling people on the idea of making easy money.
Trading Contest and Conditions
From the early days of trading till the present moment, to spice things up many broker run trading competition on their platform. The prize amount for every competition varies and it depends upon a lot of variables such as trading requirement, target amounts, percentage growth, etc,. There is nothing wrong with running or participating in competitions hosted by brokers.
However, it might turn into a grave concern if you sign up for an event especially with an unregulated broker without reading the fine print. Bit Trader conducts various types of promotions on their platform from time to time. They might offer things such as matching bonuses or other enticing prizes. While the thought of making a quick buck is hard to resist, you need to bear in mind that there is always a catch involved and it is most likely to benefit them at all times.
The problem with bonuses and other promotions was so severe that the EU regulatory authorities had to step in and completely ban those methods in the regions under their control. Few years ago, promotions that were conducted by regulated brokers were a treat to the retail clients and the conditions were fair enough for both the parties involved.
Now, the same kind of things are used to trick people into getting their money stuck on the platform which is why you should never accept any so called freebies without understanding all the conditions. After all, there is just no fast way to make huge money, right?
Bit Trader Testimonials
If you are on this website right now, then it proves that many people always check for reviews and feedback before signing or buying from new platforms. As the number of new services grew, the crooks started impersonating reputable brands and in some cases even created clone websites to loot the public.
Given the way the internet is going, it is always safe from the perspective of the consumers to be safe than sorry and that is the case with brokers in the online investing world as well. Bit Trader calls themselves one of the best auto trading solutions in the market. According to the theories they feature, clients that have used their services should turn into at least six figure earners very soon.
In their About Us section, they say that their project has been active for more than 2 years and at the time of publishing this post, they supposedly have helped many people make a significant amount of money in a short period of time. If their statements were true, then it should leave a trial of user feedback on the internet, right? However, as anticipated, we could not locate any user feedback or testimonials from any people.
Also, note that they do not have social media presence as well. Simple put, they don’t have anything to back up their claims and the kind of dead ends present in their narratives should tell you a lot about them. In the near future, they might try to create a few fake exaggerated comments about themselves like the other scams have done in the past.
So, do not trust any comment that appears way too optimistic and if any comments have a referral link attached to it, then ignore the content altogether.
The Reality of the situation
Platforms such as Bit Trader have a really nasty and ugle operational model. If you analyse their model carefully, it becomes awfully clear that their only job is to do marketing for offshore brokers. For every client they transfer to the affiliated brokers, this firm earns a commission and to get more people hooked, they heavily invest in paid advertising.
The problem of scam brokers isn’t something new and Facebook along with other popular go to solutions have put strict conditions on advertisers who are active in this niche. Unfortunately, there are lots of other shady groups that will do anything to earn the extra money and they are the ones responsible for all the fake reviews and manipulative content out there.
If anyone praises this platform or pushes you towards them, then know that it is most probably one of their promoters that is trying to make money off of you. Conflict of interest present in this sector is high compared to the others and even the regulators haven’t been able to put an end to the hassles created because of it.
Have you lost money to the Bit Trader Scam?
Losing money to any online scam feels frustrating. With or without realising our lives have become heavily dependent on the internet and one small leak of information might have a domino effect that might harm something more valuable than money. If you have lost money to Bit Trader, then your first step should include reporting the incident to your local authorities.
For any kind of transaction done through credit card, the chargeback process will be sufficient enough to get the funds back. If you have used other funding methods, then it doesn’t mean that you cannot do anything. The accounting laws and current tracking tools have made the process simple and as a result, you can take back funds from fraud entities in a short period of time.
As some recovery procedures are complicated, it is better to let the professionals handle the situation. If you want to get in touch with our team for a free consultation and know the different approaches available for your specific case, use the contact form below and we will be glad to assist you.
Verdict
Bit Trader doesn’t have any kind of mathematical edge over the markets. Their platform is not customizable and the kind of narratives they have put up is scary to say the least. Anyone that proceeds with them is bound to lose money eventually and if they make the mistake of accepting the terms and conditions, the situation will get worse.
As there is no special or enticing thing provided by them, it is better to avoid this platform entirely. Remember, if you want to grow your wealth over the long term, then choosing a reliable exchange or broker is necessary and there is no way around that.
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