Bitcoin Prime is a new trading software that claims to provide retail traders enormous edge over the others in the market. Their sales pitch uses the same old scam print employed by a lot of binary options scams. From their website to trading interface, we could not find anything unique about them.
Unfortunately, the scammers behind this platform are very good when it comes to marketing and they have convinced a lot of authoritative blogs to work with them. In other words, there is just too much false information about them and retail traders might find it difficult to navigate this space without proper guidance.
The owners of this platform are are unknown and according to many online reports, this app works with a lot of unregulated brokers. Looking at their operational model, we can guarantee you that they will redirect people mainly towards offshore brokers in exchange for fat commissions.
The list of flaws with this trading platform is a big one. While we cannot possibly start explaining about everything wrong about them, we sure can highlight the concerning facts which will help you make better decisions and wise choices.
Go through the following piece of content and it will answer all of your questions.
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What is Bitcoin Prime?
Bitcoin Prime claims to be a cutting edge auto-trading software. Anyone can simply register with them, deposit around $250 and then use the app to start placing trades. According to them, the clients should be profitable, but reality dictates otherwise.
Easy money narratives are something which the retail crowd loves, but unfortunately, the world does not work that way. Automated trading and bots have been around for nearly 3 decades now. Till date numerous algorithms have been employed to tackle the markets, but guess what?
Most of them have never stood the test of time. Moreover, the robots just cannot evolve with time and as a result, they are bound to go obsolete sooner or later. Scam platforms like Bitcoin Prime have nothing valuable to offer to the clients.
Nonetheless, they will aggressively promote themselves and flee away with a huge score from time to time. Few people might have withdrawn from offshore brokers, but that does not mean that the whole thing is legitimate.
So, for your own good always associate yourself with licensed firms and never impulsively take part in any kind of get rich quick schemes.
Information about Founders and Team Members
If you notice the trends in the financial sector carefully, people have slowly started to use transparency as the best weapon to earn trust and instill confidence among the public. Just take a look at all the successful hedge funds and investment banks.
Quality customer support is important, but hands down, transparency is the ultimate thing that will act like a reputation magnet. Bitcoin Prime boasts about the abilities of their team members. However, it does not share any details about their staff or provide links to their Linkedin profiles.
Just by looking at the lack of details, it is more than evident that they are bluffing about their real abilities. If this firm was really helping people and doing their best to get them positive returns, then why are the founders staying away from the limelight?
Aren’t the flaws in the narratives pretty obvious? While easy money stories might ignite your greed, never let it bling you from seeing the truth. After all, if anyone could make money by pushing a few buttons, the world would have been completely poverty free, right?
Bitcoin Prime Performance
Bitcoin Prime trading app is supposedly a good trading software. If you are reading their online reviews, you will come across a lot of positive ones. However, do not let the cherry picked marketing copies fool you. This software does not make any claims about their success rate. Note that they do try to pose like an authoritative figure.
Nonetheless, when it comes to talking about actual numbers, they never specify the figures. For example, the win rate of the so-called advanced trading algorithms are never revealed. Expected drawdown is not mentioned.
There are disclaimers present, but the passive-aggressive nature exhibited should tell you a lot about them. Moreover, they do not even allow traders to modify the algorithms to custom parameters. In other words, they expect us, the end clients, to trust them blindly and use their software without any fail safe mechanics in place.
We know that there is a virtual account offered by them, but that is yet another gimmick which we will discuss later in this review. Trading cryptocurrencies can be profitable, but in the long run to maintain consistency you need to be disciplined and have proper risk management methods in place.
For any reason, if you start trading without a proper blueprint, then chances are it is going to kill your capital sooner or later. So, do not trust any app or approach without doing a backtest and always have a backup plan in place.
How does Bitcoin Prime make Money?
This is the type of question you need to ask yourself. Do you really believe this app was designed and being promoted to help clueless traders? Every business needs to sell something in order to generate revenue, right? Bitcoin Prime most likely makes money by introducing people to offshore platforms.
As many platforms have strict rules and ad policies, offshore brokers have a hard time when it comes to growing their user base. So, the unregulated brokers are forced to work with fake trading apps like this one wherein the entire landscape benefits both the parties involved.
Sadly, at the end of the day, the real ones that are going to be exposed to a lot of danger are the retail clients. As the system is full of loopholes, we strongly suggest all of our audience to never entertain any unregulated platforms in the first place.
Also, make sure not to indulge with anyone that has got conflict of interest. Remember, every agency, firm, investment bank and platform will aim to make a profit by offering their services. If anything appears to be attractive and free, then it is better to stay away from it.
Demo Account Trap
Virtual accounts are very helpful for beginners. It allows newbies to test out a platform, try different strategies, backtest certain approaches without having to risk their hard earned money. While there is nothing wrong with demo accounts, there are few flaws that are present.
For example, demo accounts for the most part are not affected by slippages or order execution delays. In the real world, during high impact news events or panic liquidations, executing orders on time which prove to be a herculean task.
Hopefully, now you understand the difference between virtual accounts and real accounts. Scammers love to offer free demo accounts because they have huge control over the feds. By accessing the backend servers, they can twist the results a lot and by doing so, they give wrong impressions to the users.
While you might be winning every single trade on the demo account, you will start losing as soon as you switch to the real account. So, do not let this cheap gimmick and literally the oldest trick in the book fool you.
More importantly, remember that backtesting is a good way to analyse a trading approach. Sadly, it also contains few fatal flaws which is why you need to be fully hedged to mitigate the downside risk.
Bitcoin Prime Feedback
Anything that claims to enable people to make easy money will get a lot of traction on the web. People for some reason are willing to test them out and eventually, a wave of user testimonials will hit the market. As social proof is very powerful, it will enhance the profile of a company and it also indirectly contributes to the amount of traffic they get.
We fully agree that it is possible to create a buzz by spreading fake user testimonials. However, time will expose their true nature. Bitcoin Prime has got more than enough mentions on social media platforms. Unfortunately, a lot of sketchy channels and blogs are also promoting this scheme.
Nonetheless, if you notice carefully the testimonials aren’t that many because it is being tightly controlled. Plus, a lot of customer reviews appear like an endorsement and they have referral links attached. Moreover, it is impossible to verify any claims or reports.
Given every fact about them, we strongly believe that it is best to ignore the noise and never mess around with them. Remember, one wrong move with fraudulent platforms like these will have severe consequences and it is never worth the risks involved.
Bitcoin Prime Scam Objectives
Bitcoin Prime is a scam. Their trading software does not have anything unique. Their numbers are not verified. From their website registrar information to the founders, everyone is enjoying the show from the shadows.
Demo accounts are the knockout punch used by them to win over the newbies and everyone that fell for the scheme is regretting their choice every single day. If you are a victim of this trading scam, then do not feel shy about voicing your opinion.
Feel free to share your experience in the comment’s thread below and we will do our best to assist you. Also, use the contact form to get in touch with our recovery experts and let them guide you. The consultations are offered for free and our end goal from the inception of this platform is to put an end to online scams.
Bitcoin Prime is a bogus trading software. There is nothing proprietary about them. They use the age-old clipping that binary options scams once employed. The traits they display and the concepts they adore are all too obvious.
After analysing the way they operate, it is highly likely that they will be blacklisted everywhere and their longevity is going to be very short. Trading presents the retail side with loads of opportunities on a daily basis. However, it is not a secret key to wealth.
Wild swings can catch you off-guard and crashes are going to be violent as well. If you truly want to excel, then focus on risk management and capital allocation. Automation will help you, but that is not the one that is hard to find.
Once you gain enough experience and capital, then venture into this space. More importantly, never ever trust anything or anyone that promises you instant results. In this space, patience is indeed a virtue and there is no arguing with that fact.