Bitcoin System Review 2024 - Is it Legit or a Scam?

Our Investigation Result: Bitcoin System is Legit!

Having undertaken extensive research and investigations, we can assume that Bitcoin System may well be a legitimate crypto trading platform. All claims made by the platform appear to be accurate.

If you are interested in signing up for a free account with Bitcoin System, then use the link below to get started and an account manager will walk you through the process.

Bitcoin System Summary

What Is Bitcoin System?

Bitcoin System is a trading bot that helps new and experienced retail traders make a profit from day trading by automating most of the trading activities needed to be profitable. The bot works as an assistant that handles the tasks that traders would have to do, freeing up time to focus on other things, like their trading strategy.

Ultimately, the goal is to help traders, both new and advanced, to increase profitability without a significant increase in work done, thereby allowing for exponential growth. And it does so by leveraging cutting-edge technologies like artificial intelligence and automation.

Who Created Bitcoin System?

Bitcoin System’s website claims to have two founders who graduated from MIT as quantitative analysis and gathered professional finance experience as Wall Street investment bankers.

While their exact identities remain unknown, the bot has been operational for a while and has gathered several users across the world. The website claims that only regulated ECN brokers use the trading bot. However, we were unable to find the list of brokers to verify.

How Does Bitcoin System Work?

Bitcoin System uses artificial intelligence to gather various market variables from several sources. These data points include price data, volume data, macroeconomic data, and sentiment analysis. The goal is to gather enough data to represent the market as accurately as possible.

Afterwards, the algorithm parses and combs through the data to find correlations among various variables. It does this across historical data to test the consistency of these correlations. The reasoning here is that consistent relationships are more likely to remain that way.

For example, if the price of a cryptocurrency (say BTC) has risen with inflation consistently for the last 9 years, then it will most likely continue to rise with inflation moving forward.

The algorithm uncovers relationships like these across all the data points it collects and stores them in its memory. Whenever the live market moves similarly to the data stored, the bot uses mathematical formulas, called indicators, to analyse price data on a technical level.

Indicators are an important part of technical analysis and are used to assess various aspects of price movements. The major types are strength indicators, volume indicators, volatility indicators, and momentum indicators. They tell the bot whether a market trend will start, continue, or reverse.

The bot uses these indicators to spot profitable entry and exit points which it then sends to its user via notifications. If the automated trading mode is activated, it sends trade instructions directly to a broker who opens and closes positions on behalf of the user.

To execute trades, the bot uses financial derivatives called Contracts for Differences (CFDs) to execute the trades. These contracts allow traders to trade the price movements of cryptos without owning the underlying assets. We dive more into CFDs in another section of this guide.

Bitcoin System Key Features

Demo mode

Bitcoin System’s demo mode uses real market data, both live and historical, to create a simulated environment where traders can learn how to trade. This environment works just like the live market but does not require real capital to trade. It helps traders refine their strategies with the confidence that strategies that work well in the demo mode have a higher chance of working well in the live market.

Transparent Fee Structure

Bitcoin System is upfront about the fees they charge. They do not charge fees for activities like deposits, withdrawals, trade execution, software licensing, or account maintenance. The only fee they charge is a 2% Commission on profits. If traders do not make profits, they do not get charged.

Customer Support

Bitcoin System provides various channels to reach its customer service team. Their team is available 24 hours five days a week to answer queries and to provide support via e-mail, live chats, and telephone.

Customisable Modes

While Bitcoin System has an automated trading mode that handles most of the trade execution process, it also has a manual mode that allows advanced traders to tweak the bot settings when running complex trades. Users can add new indicators, try out new features, and even reprogram the bot to some degree to run more complex and custom trades.

Easy and Quick Withdrawals

With Bitcoin System, withdrawals do not take long at all. Payouts are usually processed within 24 hours of filling out a withdrawal form usually found in the account dashboard. Withdrawals are also free and are not subject to any transfer limits.

Factors to Consider Before Using Bitcoin System

Trading bots work slightly differently in theory than in practice. This is why we tested the bot in various areas that we believe are important to traders’ everyday operations to see how the bot performs. Here are our findings:

Verification System: 4.4/5

The signup process on Bitcoin System is straightforward. As described on its website, new users will require a government-issued ID and proof of address document like a utility bill. This is to pass the KYC process which is a must for all your account to prevent impersonation and fraud.

We found the verification process to be quick and easy. The platform did not ask for more information than was necessary to verify our identity. The process took about 20 minutes to complete.

However, note that you will also be required to sign up with a partner broker when creating an account with Bitcoin System. These brokers are said to be regulated by internationally recognized regulatory agencies and will also require KYC documents.

Withdrawal Process: 4.1/5

Bitcoin System does not have any minimum or maximum withdrawal requirement. withdrawals also take roughly 24 hours to complete once a withdrawal form has been submitted. Sometimes, the withdrawal time is less than 24 hours, but we cannot guarantee this as it depends on the total withdrawal volume and the withdrawal amount.

We found the withdrawal process to be adequate. Upon our first withdrawal, we were asked to verify our identity once more to ensure that the owner of the account was the one initiating the withdrawal.

Note that while there are no limits with Bitcoin System, your payment provider e.g., banks or electronic wallets may impose certain limits.

Costs and Fees: 5/5

Bitcoin System can be considered a cheap trading companion. The platform does not charge fees for everyday activities like deposits and withdrawals; however, they charge a 2% Commission for profit on the bot’s profits.

Our experience corroborates these claims as we were not charged for any of the activities. However, the bot works with its partner brokers to include a markup on the bid-ask spread for CFD pairs.

User Testimonials: 5/5

User testimonials for Bitcoin System have generally been positive. While there have been a few reviews and comments expressing difficulty with using the bots, most of the reviews have been positive.

We ensured that we did not count testimonials on the bot’s website as those may be biased. We only used testimonials from high-quality websites with strong domains and websites that have proven neutrality towards products and services.

Customer Service: 3/5

Customer service on Bitcoin System was adequate, although, non-account holders might find it difficult to get in touch with the team. The communication channels provided are only shown to account holders, so potential users who may want to get in touch with the team may be at a disadvantage.

Affiliated Brokers: 5/5

The brokers that Bitcoin System partners with are said to be regulated by the Cyprus Securities Exchange Commission (CySEC). While this is true for some, we cannot guarantee that all brokers are certified. Ensure you research the broker you are given before signing up for an account with them.

Deposit Methods and Limits: 4/5

Bitcoin System accepts deposits in USD, GBP, and EUR through channels like bank transfers, credit card payments, Bitcoin, and electronic wallets like PayPal. All accounts are subject to a $250 minimum initial deposit requirement.

We were able to deposit funds into our account easily. However, we found that credit card payments were the fastest and most widely used method as credit card companies automatically converted from local currency to any of the supported currencies.

How Does Bitcoin System Compare with Other Autotraders?

Compared to other crypto trading robots, Bitcoin System claims to have some of the most up-to-date algorithms.

Here are some other crypto trading robots that you can compare to Bitcoin System:

• Immediate Edge: This robot is a good option for traders who want to trade multiple crypto CFDs.

• Bitcoin Code: This is another great option for trading Bitcoin CFDs.

• Bit Index AI: This bot uses AI and machine learning models to achieve high accuracy.

• Bitcoin Prime: This robot focuses specifically on Bitcoin CFDs.

• 7Tesler: This robot is great for beginners who wish to trade both crypto and forex.

• Oil Profit: This bot is great for traders who also wish to trade commodities like oil.

Is Bitcoin System Legitimate?

To measure Bitcoin System’s legitimacy, we looked online for customer reviews. Our search showed that while there are both positive and negative reviews for the bot, an overwhelming majority are positive.

Furthermore, high-quality review sites, those with high domain scores, post reviews that are positive while maintaining neutrality. This goes to show that several people have made profits using the bot.

We also looked at customer service. Bitcoin System’s customer service team is available 24 hours a day, five days a week through e-mail, live chat, and telephone. However, we found it odd that it was tough for non-account holders to get in touch with the team.

Is Bitcoin System Safe?

Bitcoin System adopts top-tier SSL encryption to ensure that user identity and information are kept behind strong network and platform firewalls. Furthermore, it requires every new account owner to verify their identity to eliminate the chances of fraud and impersonation.

The platform also takes measures to ensure that user funds are kept safe. Firstly, it works with regulated brokers who implement adequate security measures. Secondly, it stores user funds with these brokers so that user capital is never exposed to attack on the Bitcoin System platform.

So far, there have not been any reports of hacks or compromises to user data or funds.

4 Reasons to Use Bitcoin System for Trading

High-Speed Trading

Bitcoin System gives traders the advantage of speed. Because it is powered by advanced AI algorithms and powerful computation resources, it can execute trades faster than humans.

Bitcoin System can execute trades about 0.1 seconds faster than most of its competitors. This is useful in periods of high volatility and flash crashes, and day traders can use this speed to their advantage to make profits every day.

24/7 Availability

The crypto market never sleeps and neither does Bitcoin System. Once the bot has been activated, it will trade on a set strategy for as long as you need it to. The bot does not get tired. It can constantly search the market for patterns and trends and execute profitable trades.

Simple User Interface

Bitcoin System is easy to use because it keeps beginner traders in mind. Not all users can set indicators and carry out the complex activities often associated with technical analysis. However, Bitcoin System’s simple dashboard and descriptive icons make it easy for newbies to get around, set trading strategies, and activate the automated trading mode.

The bot also abstracts away the day-to-day handling of CFDs as these contracts may be a bit complex for newbies.

Cheap Trading

Because Bitcoin System does not charge many of the fees that its counterparts do, it is the perfect trading system for beginners with limited funds who want to make the most of it. New users can open accounts, deposit funds, withdraw funds, execute trades, and use the software without paying any fees.

The only time users pay fees is when they make profits. If users do not make profits, they do not pay a charge. Users can trade with the confidence that if trading does not work out, they do not get charged.

What’s the Best Way to Use Bitcoin System?

The best way to use Bitcoin System usually starts with a demo mode. The demo mode account helps users to interface properly with the trading platform, gain some market experience, understand how trading strategies work, and get their feet wet with the entire trading process in an environment that is as close to the market live market as possible.

The whole point of using the demo mode is to understand how orders are executed and how the market moves because you should not rely completely on the bot. The bot should be a tool that you use as part of your trading arsenal, not your entire arsenal.

Once you are done with the demo mode, move to the automatic mode and set a trading strategy. You should have practised how to set a trading strategy in the demo mode. Once you have done that, activate the bot and start trading.

You will be required to deposit a minimum of $250 into your Bitcoin System account to gain access to a live account. Once your trading strategy is running, monitor it closely for a couple of days to ensure that the bot is executing it properly.

After this, you may now ease supervision to once a day and allow the bot to run its course.

Has Bitcoin System Ever Appeared on TV?

Various rumours sprang up online claiming that Bitcoin System was affiliated with various TV shows, appearing on episodes to either solicit funds or to promote the platform. We immediately got into research mode to ascertain the accuracy of these rumours. Here are the findings:

Dragons Den

Dragons Den is a popular British entrepreneurial show that features entrepreneurs and business-minded people with interesting ventures who pitch a panel of investors in hopes to get financing and business support to make their dreams a reality. The show has featured several technology startups, however, our search through the show’s archives did not turn up any episode featuring Bitcoin System or anyone from the company.

CNBC

CNBC has several shows and reports that feature cryptocurrency and crypto-centric companies. It is no surprise that rumours arose that Bitcoin System was featured on the show. However, our research shows that Bitcoin System never appeared on any CNBC show.

Has Bitcoin System Ever Been Endorsed by a Celebrity?

Several celebrities have gotten involved in crypto in recent times, many of them in NFT projects. Even business leaders have gotten on the train to talk about the benefits of cryptocurrencies and decentralized technology.

Hence, it was no surprise that rumours linking Bitcoin System to many of these celebrities and thought leaders arose. However, we did the research, and these are our findings:

Elon Musk

Elon Musk is an entrepreneur and the founder of cutting-edge companies like SpaceX and Tesla. He has been deeply involved with cryptocurrencies like Bitcoin and Dogecoin, even buying significant chunks of Bitcoin with his company Tesla at some point in 2021.

However, our research shows that even though Elon Musk is a supporter of decentralised technologies and cryptocurrencies, he has not endorsed Bitcoin System.

Bill Gates

Bill Gates is the founder of Microsoft and a business leader turned philanthropist. He has not shown support for cryptocurrencies. He is against the industry as a whole and has not seen any merits of the technology, at least not publicly. Hence, all rumours linking Bill Gates to Bitcoin System are false.

Warren Buffet

Warren Buffett is an investor and the CEO of the investment company Berkshire Hathaway. He is known as one of the greatest investors of his time as he has consistently beaten the markets throughout an illustrious career.

Although Warren Buffett has invested in several technology companies, he has not invested in anything Bitcoin related. He does not see the merits of the encrypted technology and believes the entire industry is a facade. Hence, all rumours linking him to Bitcoin System are false.

4 Ways you can Maximise Success with Bitcoin System

Despite Bitcoin System’s claims of profitability and accuracy, there is still a possibility that the bot’s analysis could be wrong and lead to losses. This is why you should take steps to ensure that you don’t get burned if the next trade goes sour.

Start Small

One of the golden rules of investing is to not put all your eggs in one basket. Start with a small amount, usually one that you can afford to lose. Get to know the trading robot and the market and increase your invested amount slowly as you build confidence and skill.

Save Some Profits

Reinvesting all your profits back into your trading account seems like a good idea on paper. However, it opens you up to more losses if the next few trades do not work out well. To protect against this, take out a percentage of all profits made, preferably off the platform, and create a financial cushion in case a series of events leads to you losing your losing funds.

Follow Expert Advice

Bitcoin System cannot incorporate certain types of data, especially those that cannot easily be quantified. For example, the arrest of a key member of a cryptocurrency team could mean that the cryptocurrency decreases in price.

So also, a prominent figure being affiliated with a crypto project could cause the price of the coin to increase. Bitcoin System may not be able to pick up on these types of data or anticipate their effects on the market.

If you can, it gives you an added advantage. Take out the time to learn the fundamentals of cryptocurrency, what is going on in the market, and key figures to watch out for. This will give you an added advantage that could help you become even more profitable.

Keep a Record for Tax Purposes

Various countries are beginning to implement crypto tax frameworks. Nations like the United States, the United Kingdom, and Kenya are just some of the countries that already have crypto reporting and taxation frameworks in place. In response to this, you should keep accurate records of your crypto transaction as your legal jurisdiction may implement crypto taxation if they haven’t already.

How to Use Bitcoin System - Step-by-Step Guide

To begin using Bitcoin System:

1. Register for an account with Bitcoin System

To register for an account, navigate to the bot’s website and fill out the registration form with your email address and phone number. You will receive a confirmation email after submitting the form.

2. Sign up with a partner broker

Follow the link in the confirmation email to verify your account and complete registration by submitting KYC documents like a government-issued ID and a proof-of-address document like a utility bill.

Bitcoin System will refer you to a partner broker to sign up for an account. Do so by following the same process as above.

3. Develop a trading strategy

A simple strategy involves an entry point, an exit point, and a stop-loss price. You can develop more complex strategies as you gain experience.

4. Practice using the demo account

Use the demo account to test your strategy. Ensure it works as intended, especially the risk management aspects.

5. Make a deposit

To begin trading, you need to deposit funds into your account. The minimum initial amount is $250. Check your broker’s deposit methods and limits to ensure you can easily fund your account.

6. Set up automatic trading

Activate the automated mode and set it to execute your trading strategy.

Bitcoin System Assets, Market, and Options

What assets can you trade using Bitcoin System?

Bitcoin System supports five cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Bitcoin Cash (BCH) and over 20 markets through CFDs.

CFDs allow traders to open positions in long and short directions. Retail traders can short-sell cryptos without owning them first and profit from crypto even in bearish markets.

For example, a trader opens a $250 Bitcoin Short position at $17,000 per BTC, i.e., they bet that Bitcoin’s price will fall. If BTC’s price falls to $12,000, the trader makes a $73.52 profit. However, if the price rises to $21,000 per BTC, the trader loses $58.82.

What leverage trading options are available with Bitcoin System?

Bitcoin System offers up to 1000:1 leverage on CFD trades. This is quite high and is not legally allowed in territories like the United States. 

While traders can use leverage to increase their position size and multiply their margins without adding more capital, too much leverage is dangerous and can lead to financial ruin.

The recommended leverage is 100:1 as it allows traders to increase their potential margin without taking on too much risk. But even leverage at this level should be accompanied by effective risk management.

What are the spreads on Bitcoin System?

Bitcoin System doesn’t specify its spreads on its website. You’ll have to check with the partner brokers who usually state it on their website. Although, crypto spreads are often dynamic and change with market conditions.

Can I Use Bitcoin System in my Country?

Bitcoin System Review - Our Conclusion

Bitcoin System offers a mix of services and features that make it unique among peers. For example, the bot does not promise sky-high accuracy levels and profit claims like several of its competitors who sometimes offer a 99% accuracy rate (which is impossible with current technologies) or a daily profit (which depends on the market and cannot be guaranteed).

Bitcoin System, on the other hand, offers a modest success claim, one that is easier to achieve, and consistent performance builds trust with users.

The platform is also upfront about its fees. It does not charge for many of the account-level transactions like deposits, withdrawals, trade execution, or account management.

It charges a 2% commission on profits made and adds a markup to the bid-ask spread of CFD pairs.

The bot’s most highlighted features include a demo account that uses real market data to create a simulated trade environment, a customisable dashboard that appeals to both newbies and advanced traders, and flexible deposit channels like bank transfers, credit card payments, and PayPal.

Despite the huge question mark around the safety of trading bots in general, Bitcoin System did not give us any reason to believe the bot was ingenuine. However, we always advise you proceed with caution as we do not have all the facts.

To start trading with Bitcoin System, go to the website, sign up for an account, and deposit a minimum of $250.

Review Methodology

We review crypto robots by aggregating various tests, reviews, and testimonies across the web, allowing us to give you a balanced view that accounts for multiple perspectives. Check out our why trust us and how we test pages for more information on our testing process.

We are aware that the internet is full of false testimonies: there are several purported trading robots out there that are, in fact, scams. For this reason, we find it important to compare information from across the internet in our Bitcoin System review.