Bitcoin Bank Review 2023: Is It a Legit Trading Software?
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A wide array of people is thinking about extra income streams and potentially profitable online activities to fill in the gaps in both time and money.
This is one area that is propelling cryptocurrency trading in 2023 – and trading robots and AI software are doing their part in making things more accessible than ever before to provide a simpler way to get involved with little time, collateral, or experience. With this in mind, we’re taking a look at Bitcoin Bank right now, so the question is, is it a legit trading software?
A quick look at the Bitcoin Bank crypto trading platform
Before we get into what Bitcoin Bank is and how it functions, it is important to take a moment to consider that cryptocurrency trading is volatile by nature, that there are no guarantees no matter how much experience, insights, or technological help a trader has and that plenty of people that get into the niche find that it just isn’t for them. That’s not to say that it isn’t a viable endeavour for the right people, though.
Bitcoin Bank is one of many trading platforms that aim to blend AI software with trading support, to connect the digital finance and fintech niches with the average user. While automated software can be a great advantage to both those new to and experienced in the industry, there are scam platforms out there looking to take advantage. That’s why research and reviews like ours can be pivotal in your decision to get signed up to Bitcoin Bank today.
Many trading strategies require partnerships with brokerages to facilitate trading. Bitcoin Bank teams up with some of the most reputable out there, so that users will have the ability to trade using contracts for difference (CFDs), minimising their financial input and maximising profit potential. Of course successful trades can be greater, but so too can losses, so it is advisable to do separate research about this before taking any steps forward.
How to sign up to Bitcoin Bank
Nearly all crypto trading software will have the same signup process, but let’s take a quick look at what you’ll need to do nonetheless:
- Visit the Bitcoin Bank official website. You will find a quick signup form on the main page of the website and all you’ll need to do is simply fill in your first and last names, email address and the main phone number where you can be reached (this is important as a member of the customer service team will call you to finalise registration and take any necessary additional information for account verification).
- Sign up and start trading. You will need to credit your new account with $250 to gain access to trading and from here you will be able to go to the demo trading section of the website, connect with brokers, set your preferred trading parameters, take a look at the trading information available (such as analytics, trading insights and market news) and more.
What is Bitcoin Bank?
Bitcoin Bank is a trading platform that uses propitiatory automated trading software developed by professional traders and experienced software developers. It facilitates a network between crypto trading, brokers and users around the world for maximum profit potential when entering the digital financial markets. The niche is still widely unregulated and many scam websites claim to offer exactly what Bitcoin Bank does, so let’s take a closer look at the features, pros and even cons that can help you determine its legitimacy.
The top features and functions of Bitcoin Bank
The Bitcoin Bank trading platform claims to offer advanced AI programs that can scour the crypto markets in seconds to define the trades with the most potential. In fact, the developers claim that Bitcoin Bank works 0.1 seconds faster than the crypto market, making it highly accurate.
One thing that Bitcoin Bank proposes on its website is that it provides traders with an unrivalled level of flexibility when it comes to trading parameters and the ability to select just how automated you want your endeavours to be. This means that users can perform trades manually if they wish and simply use the features and brokerages on offer at Bitcoin Bank to improve their efforts. It also makes bold claims that it is the number one most trusted trading software currently on the market and that it is a community-driven platform, but it’s not clear what being part of the Bitcoin Bank group entails outside of signup or provides users. Here’s what you can expect from Bitcoin Bank:
A simple way to trade
Whether you are new to the niche or have a high level of experience, Bitcoin Bank has been designed to be easy to use so that you can carry out a multitude of actions with little fuss. You can set trading parameters, enter into CFDs and deposit and withdraw with Bitcoin Bank with little fuss (with the latter in mind, it may be worthwhile to note that during our research, we did come across some information to suggest that some users have had trouble with withdrawals in the past, so this could be a red flag).
Automated functionality and win rate on Bitcoin Bank
The main reason to use an automated trading robot like Bitcoin Bank is to buy and sell the cryptocurrency of your choice at a value that will leave you in the black as opposed to the red. While not every trade will be successful no matter how good the software performs, there is often a percentage chance that can help you when choosing which bot to sign up to.
With Bitcoin Bank, the bad news is that there is conflicting information from review website to review website, with some saying it claims to have 60%, 80% and even 99+% win rates. If it proposes the former, this would be a better indicator of legitimacy, but if it claims the latter, there’s a high chance that Bitcoin Bank is reporting false information. The website itself claims to be the most trustworthy and accurate trading software on the market due to advanced technology and programming and does make some bold statements that don’t seem to be verifiable just yet.
Demo trading support
It’s no secret that within this niche, demo trading software can be one of the best tools in your arsenal. While the benefits may be obvious for new traders (you will be able to practice trading without risking funds), it is still widely advised for more experienced traders to perform at least a small amount of practice before diving straight in (but this is mostly related to gaining familiarity with the site itself, as its software as it has been developed specifically by the sites very own team).
The demo trading feature (and all of the additional features across the site, in fact) will become available after an initial $250 deposit. While this may seem steep or a strange way to provide services, there are plenty of trading robots out there that are hidden by this type of paywall. Keep in mind that many consider demo trading as another element of risk management, so be sure to make use of the software on offer at Bitcoin Bank no matter how excited you may be to get stuck in with real trades.
No fees or transaction costs
While we are on the subject of the initial deposit you will need to activate your account, it’s a good idea to talk about the fees you can expect from Bitcoin Bank. Outside of this amount, the website doesn’t have any sign-up fees, transaction fees, or trading fees. You will simply be able to make deposits and withdrawals as you exercise your own personal trading efforts.
Supported currencies and payment methods
Bitcoin Bank supports trading with BTC, ETH, ADA, LTC and XRP, alongside fiat currencies including GBP, EUR and USD. You will be able to make transactions via debit and credit cards, PayPal and more.
Bitcoin Bank security
Unfortunately, there is little information around the web about the security protocols put in place by Bitcoin Bank’s developers, some review websites state it has the necessary SSL encryption, but there isn’t much else to be said. As it partners with brokerages, it can be worthwhile to also look at the security on offer for these providers to be extra cautious.
Customer services
As with many trading robots, you can expect to reach customer services via email and live chat 24/7 – but you will be contacted directly by a member of the team when creating an account to finalise registration.
The pros and cons of Bitcoin Bank
The pros of the Bitcoin Bank trading robot:
- 24/7 trading using major cryptocurrencies
- No fees
- Fast transactions
- Simple UI
- CFD trading capabilities
The cons of the Bitcoin Bank trading robot:
- It doesn’t have a propitiatory mobile app like some other bots
- Leveraged trading can pose some significant risks if you choose to use CFDs
- There is little information on the developers or on what the community aspect provides users, even though this seems to be a significant selling point of signing up to the site
Is Bitcoin Bank a scam or legit?
As it seems with any crypto trading robot on the market, there are a host of factors that can you can look at to come to a conclusion that will help you to determine whether a site is a scam or legit. There’s simply no one rule or feature that will prove this either way, but rather a collection of aspects that can push the needle for or against its favour. You should look out for the following markers that could potentially lend credibility:
- How much information the website provides
- Third-party reviews and testimonials
- A more realistic proposed win rate (such as 60%)
- Information about the developers
- Site security
- Disclaimers (if a site makes users aware of the potential of pitfalls as opposed to promoting success)
- Displays of regulation compliance at the bottom of the homepage
- Additional verification steps (like KYC verification)
- An easy-to-use site with multiple payment methods
- An easy-to-reach customer service department
On the opposite side of the coin, the following aspects could pose signs of a scam:
- A win rate above 80%
- Little avenues of contact for customer support
- Bold or substantial claims of success or a high level of jargon on the host website
- Little to no reviews around the web, including on social media
- No security features
- Little or poorly worded information on the website
Key information about trading cryptocurrencies before you sign up to Bitcoin Bank
Many individuals wanting to get into crypto trading simply take the positive information they read around the web and make the decision to sign up and put their funds on the line. This can be an easy way to throw money down the drain however, as there is a lot that should be considered with crypto trading in general. While trading software like Bitcoin Bank can perform trades on your behalf with little input or knowledge, it is still advisable to do some research into the wider niche, how cryptos function, the volatility of financial markets and much more.
One of the top ways to ensure you don’t lose more than you can afford is to practice risk management, so it can be worthwhile to look into trading strategies and the risks and rewards on offer when using leveraged trading (which is the principle that CFDs run on). It is considered a best practice to start with trades of lower values and work your way up as you see success and build confidence, but don’t forget to keep your budget in mind and adjust it as necessary to avoid significant losses.
Bitcoin Bank FAQ
Are there any celebrity endorsements for Bitcoin Bank?
This may not seem like an important factor to consider, but it is certainly something that is brought up in conversation where trading software is concerned. Right now, there is nothing to suggest that the likes of Elon Musk have shown support for Bitcoin Bank in specific.
Will all trades be successful when using Bitcoin Bank?
No matter the accuracy reported by Bitcoin Bank, no trading software currently on the market can offer 100% success when trading. This is because markets are volatile and even the most well-developed software or level of trading experience won’t guarantee wins.
How does Bitcoin Bank work?
The Bitcoin Bank website reports a blend of advanced AI software designed by professional traders and software developers with reputable brokerages and trading info including market insights, to execute the most worthwhile trades on the behalf of the user 0.01 seconds faster than the market itself.
