Bitcoineer Review 2023: Is It Legit or a Scam Software?
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There were some highs and lows in the crypto niche over the last couple of years, but as sentiment is still positive and technology continues to advance, there are still plenty of individuals hoping to make some cash with trading in 2023. As automated software has some worthwhile potential, it’s time to take a look at Bitcoineer and whether this trading robot is legit or a scam.
Table of Contents
What is Bitcoineer?
Bitcoineer is one of the newer trading robots on the cryptocurrency market, established in 2023 in fact, so it can be especially important to do some research before signing up for this platform. Right off the bat, it is yet another site that focuses on algorithms and automated software, with the aim of helping users improve their chances of making worthwhile trades.
One of the first points to take into consideration with any trading robot is whether or not they boast a success rate. The Bitcoineer website states that its software has a ‘more than 80% win rate’ so that ‘every user can earn a profit every day’. Further on, it then states a 90% win rate, so there is conflicting information. For many traders thinking about using this platform, it can be a good idea to keep in mind that not only can this claim be seen as a negative, but the website itself also is not consistent in its own numbers, and when backed up by such a significant statement, things begin to look shady.
When trading crypto, the market is extremely volatile, so there are simply no guarantees. Any trading robot, brokerage, software, or individual that alludes to consistent or large profits isn’t likely to come through on their promises.
On a more positive note, it is free to sign up for and there are no trading fees, so this can be an attractive feature for those who are new to trading, have little funds, or want to maximize the amount of cash they earn from their endeavors.
The Bitcoineer website states that its trading robot was developed to provide a combination of a super-fast algorithm and highly functional AI. The algorithm is said to perform 0.01 seconds faster than the leading market equivalent, analyzing and extracting data from the crypto market to perform the most lucrative trades based on the parameters set by the user. As with all trading robots, the goal is to minimize the time and effort put in by the trader, maximize the number of trades executed per day/trading session, and increase profit potential.
Users can expect trades to be automatically executed using the funds in their account, so as long as there is enough to cover the needs of the algorithm, no manual input will be necessary. Of course, accounts should still be monitored to ensure all of the right moves are being made.
Bitcoineer offers a demo trading account. This is a worthwhile feature that many reputable platforms offer, as traders will have the ability to gain some familiarity with the site itself, how it performs, and how trading typically functions. This can be a good starting point for new and experienced traders alike. If you decide to sign up for Bitcoineer, be sure to set different parameters while demo trading to determine what works best for your needs before putting your real finances on the line.
Access to trading support with community managers and registered brokers
While there is no specific information out there about the developers of Bitcoineer, the site claims that it has been set up by a team of software specialists. When you create an account, you will be assigned what the website refers to as a ‘community manager’ to help you with your endeavors. There is also mention of partnering with a host of registered, licensed brokers to ensure that there are ‘no irregularities’ when trading, but there is no other information on this outside of a single mention.
Comprehensive customer service
Another interesting feature of Bitcoineer is the fact that it has a well-appointed customer support team that can be contacted 24/7 via phone, email, and live chat. While there are few reviews and testimonies out there verifying just how helpful the team is, the website is still new, but the more avenues for support on offer, the higher a site’s reputation is likely to be.
As you would expect from a crypto trading robot, Bitcoineer claims to use SSL encryption to keep its site as safe to use as possible, but it also provides two-factor authentication as an extra security measure. The website states support from BitGo, Norton, and McAfee.
MetaTrader 4 and 5 integration
Bitcoineer claims that aside from its own trading platform, it can also be integrated with trading platforms MetaTrader 4 and 5. As with everything else on this platform, there isn’t much information that explains just how the integration works, but MT4 and MT5 are extremely popular websites that facilitate trading on their propitiatory software while supporting trading with brokerages and trading robots from all over the world. Users can expect to have access to a host of tools and insights to conduct both fundamental and technical analyses for trading cryptocurrencies, stocks, Forex, and many more assets. It may be a good idea to do some separate research on these platforms to be sure of everything on offer.
Supported currencies and trading types
Trading is supported for cryptocurrencies like Bitcoin, Ethereum, Ripple, Litecoin, Dash, Monero, Zcash, and Stellar Lumen, and Bitcoineer states that users can trade crypto, stocks, commodities, ETFs and indices. It lists the following trading pairs:
There isn’t really much information about how any of the trading methods work, or how they are supported, but it’s possible that more information will become available once you create an account (as much of this may be reserved for those who are serious about trading and using the platform).
The sign-up process is simple and straightforward and is as follows:
Go to the Bitcoineer website. Bitcoineer doesn’t have a mobile app, but users can access the website on a host of operating systems. There is a form at the top of the site where you will need to enter your first and last name, email address, and phone number. A dedicated account manager will contact you with advice for your next steps.
Make a deposit. There is an initial minimum deposit of $250, but this is yours to trade with once you are ready. Bitcoineer supports a host of payment options, including Visa, Mastercard, Amex, Bank Transfer, Paypal, Yandex, Skrill, and Neteller.
Use the demo account. Whether you are a new or experienced trader, demo trading is always advised when signing up for a new platform. Once you have gained some experience with practice trades and feel more confident in your efforts, you can move on to live to trade.
Live trading. When you begin live trading, the community manager you have been assigned will be available to help you set up the right trading parameters for your needs (including stop-loss orders). The idea is to let the software and algorithms take care of trading for you, but be sure to regularly check that everything is performing as you’d hoped.
The benefits of Bitcoineer
One of the unique features of Bitcoineer is that they offer support from community managers so that users will have useful advice about trading. The individual you are assigned can give unique trading insights and assist with account set-up, transactions, and more. Other benefits include:
Fast, intuitive trading algorithms
Free demo account and risk management features
Access to reputable brokers
24/7 trading with multiple cryptocurrencies and trading methods
24-hour (same-day) withdrawal
Available worldwide (except the US)
Automated trading with little trader input
Accepts fiat currencies
The ability to trade manually if users would prefer to perform their own trades
Bitcoineer supports a wide range of cryptocurrencies, whereas some other leading platforms may be more limited
Right now, trading robots that focus on algorithms, Machine Learning, and Artificial Intelligence are beginning to outperform those that offer trading insights and tools alone, so this could be considered an advantage of Bitcoineer.
Is Bitcoineer a scam platform?
To determine this, you will need to look at all of the features on offer to make a more educated decision, but as there are a host of scam websites out there and little regulation, it is quite simple to make a website look legit without making it look too obvious that it’s not. One of the biggest assets is typically user reviews, but as Bitcoineer is new to the niche, there aren’t many third-party opinions out there. The website itself does boast a number of user testimonials but is always advised to look elsewhere for these, as the host site can’t always be trusted to provide real information.
Remember that the claimed win rate of over 80% can be a red flag – and the Bitcoineer website not only states 90% later on but as it is a new website, there is no supporting evidence to take into account.
Aside from these points, it doesn’t seem to be a scam platform, as it has a fully functional customer support team that can be reached via multiple channels 24/7, website security, and a host of worthwhile features that could potentially make it a reputable platform once it gains more traction.
The cons of trading with Bitcoineer
First of all, Bitcoineer’s newness can be perceived as a con, as there isn’t any historical data or use data to back up any claims made just yet. This also means that there is a lack of general information out there regarding the site, so this could be a drawback when selecting the right trading robot for your needs. As it stands, traders will be all but going in blindly and trusting that the site is reputable without any evidence.
Another con is that Bitcoineer doesn’t have a mobile app, but this isn’t typically a deal breaker and could be on the cards for the future as the platform grows.
A more generalized con is that trading robots are not infallible, so there will be losses, no matter how well the software performs or how careful you are when trading. This is why it is always advised to practice risk management to minimize losses where possible and to never put more money towards trade than you can afford.
Trading tips for Bitcoineer
Bitcoineer states that its website is user-friendly and will be simple to navigate for new users as well as being well-appointed for long-term user needs. The dashboard displays key performance metrics, so those manual trading can make better-informed decisions and those using algorithms can define what is and isn’t working and make adjustments. Users also have access to a risk management feature, where they can customize risk levels in accordance with their budget and trading goals.
There will be times when you’ll want to make trades yourself, so it can be a good idea to use algorithmic trading as a support function more than a default method of trading. This can come in handy if you want to close positions early or buy into a specific trade before the robot has spotted it. Check that your robot is not set to override manual trades and when switching back, always ensure your bot is switched on so you don’t miss out while you are away from your computer.
Bitcoineer can be used as part of a trading strategy even if you prefer to place trades manually. This is because you can automate risk management processes like stop loss orders and trailing stops, which many exchanges won’t have as standard. These types of tools can be especially worthwhile for cryptocurrencies as gains can quickly build up, but losses can manifest just as quickly.
A quick look at the developers of Bitcoineer and celebrity endorsements
There are no ownership records for Bitcoineer in the public domain, but the website states that it was developed by experienced crypto traders that bring some worthwhile insights to both trading and the niche. It can be an advantage to have names that can be cross-referenced, but also to have skilled individuals behind a trading platform, so this can be a consideration when signing up.
As far as celebrity endorsements go, the site has been linked to Bill Gates, Richard Branson, and Warren Buffet and is said to have been featured on both Dragons Den and its US equivalent Shark Tank, but as with most trading robots, there is no evidence to support this. However, the Bitcoineer website does state that it has been featured on CNN, FT.com, TIME and Forbes.com.
Is Bitcoineer a legit trading robot?
There are some worthwhile advantages to using Bitcoineer, but there are some drawbacks as well. When you are putting your real cash on the line, there is always going to be a certain level of risk and no crypto trading efforts are going to be 100% successful, all of the time. As mentioned above, it can be worthwhile to practice risk management to ensure that the losses you do incur are as small as possible.
There are a host of trading strategies available that can increase your chances of making profitable trades too, so be sure to look into the different ones out there to maximize your trading efforts. As Bitcoineer claims to partner with brokers, there will potentially be the option for leverage when trading and this has its own pros and cons. With these factors in mind, it can be a good idea to do some additional research into the trading environment to ensure you get the best out of your time and input.
Crypto trading may be volatile and losses are to be expected, but there is still the potential for gains if you trade properly, practice risk management and make use of trading software and strategies.
Bitcoineer uses automated algorithms to scour and analyze the cryptocurrency markets and execute trading decisions on the users’ behalf when identifying the right time to buy or sell. Bitcoineer states that it is partnered with certified, reputable brokers and provides support from a community manager who will be automatically assigned to traders upon registration to the website.
What are the trade sizes and limits on Bitcoineer?
There is a minimum deposit that is required upon opening an account and this is $250, which is the industry standard. The minimum trade size is $25 and there is currently no maximum trade limit outlined on the website.
Do the Bitcoineer trading platforms charge fees and commissions?
Bitcoineer doesn’t charge any signup fees or trading fees, but some websites state that there is a small commission taken on profits. This will be disclosed upon signup. The demo trading account can be used to practice trading and this will also show you how to commission fees work.