Cryptocurrencies have witnessed an impressive run in the market, over the past few years. The year 2021 has been particularly eventful as it saw Bitcoin breaching the $1 trillion market cap barrier. The makers of Bitcoin Madrid claim to use a superior algorithm to extract actionable market insights for the traders in real-time.
However, the cryptocurrency market has been witness to all kinds of trading bots getting launched in the past. Not all of them delivered. We studied Bitcoin Madrid in good detail and created this review to help people decide if they’d like to use it or not.
What Is Bitcoin Madrid?
Bitcoin Madrid is a crypto trading application that supposedly helps traders by providing them with data-driven market analysis in real-time, allowing them to make well-informed crypto trading decisions. The product’s algorithm reportedly makes use of important technical indicators and historical price details to provide market insights in an accurate and timely manner.
Who Created Bitcoin Madrid?
Going by the information provided on the Bitcoin Madrid website, the robot has been reportedly developed by some highly experienced and skilled professionals, who collaborated particularly for this project. Their likely intent of coming together was to develop an intuitive trading tool capable of providing real-time analytical data on cryptocurrency markets. The website claims that these team members had many years of combined experience in trading and computer technology, making them well-equipped to create such an app.
Despite the fact that the Bitcoin Madrid team completely backs the results offered by their product, they don’t hide the fact that any type of crypto trading activity involves some inherent risks which cannot be overlooked. There are no profit guarantees offered by the Bitcoin Madrid team, and the developers maintain that it is only by strategically using the market research info delivered by the app that traders can possibly benefit from it.
Start Trading in 3 easy steps
1. Open a Free Account
The first step in using Bitcoin Madrid service is opening a free account on its official website. You will need to enter some basic information like your first name, last name, email ID, country of residence and phone number to complete this process. Normally, the account gets activated within a few minutes.
2. Make a Deposit
After you have successfully opened your Bitcoin Madrid trading account, you will need to make a minimum deposit of £250, to access the crypto trading markets. Please note, the entire initial deposit will be used towards the trading activity, with nothing getting deducted as any fees. Though you can deposit even more than £250, Bitcoin Madrid developers encourage users to go slow, owing to the inherent risks involved in any such cryptocurrency trading activity.
3. Start Trading
Once the deposited funds show up in your Bitcoin Madrid trading account, which would normally be in an instant, you can start opening long/short positions on cryptocurrencies of your choice, depending upon your personal research and the information gathered from the tool. The application’s user interface seems friendly enough for both experienced as well as new crypto traders. As per developers, you don’t require any past trading knowledge to benefit from the robot.
Pros & Cons of Bitcoin Madrid
Key Features of Bitcoin Madrid
The Bitcoin Madrid creators have made it very clear that the trading app doesn’t promise any specific earnings with its regular use. As per them, the highly volatile nature of cryptocurrency markets makes it very difficult to gauge the amount one may possibly earn through any such product. Nevertheless, they do stress the fact that the app provides regularly updated market information which can potentially contribute to the quality of your trades.
The registration form appearing on the Bitcoin Madrid website makes it very clear that one can easily sign up for the service by providing some basic details. You are required to enter your full name, country of residence, email ID, and a working phone number, in order to open an account. Thereafter, you can use any of the popular payment options to make a minimum deposit of £250. The entire process doesn’t take more than a few minutes. Please note, although doing all this is enough to sign up with the trading app, the broker affiliated with it in the backend may require you to submit a government-issued id proof, as per its KYC procedures, especially at the time of withdrawal.
The creators of the Bitcoin Madrid app seem like being well-acquainted with the importance of timely withdrawals in any such trading activity. Traders want to be able to withdraw their funds anytime they like, without any hassles. When you use Bitcoin Madrid, you can apparently make easy withdrawals to the payment option used at the time of making the initial deposit. From whatever we learned from the Bitcoin Madrid website and the details available on the affiliated brokers’ platforms, the withdrawn funds normally may take anywhere around 7 business days to appear in your bank account. Nonetheless, it is always recommended that you personally crosscheck this timeline, and also any potential charges, beforehand.
Costs and Fees
The Bitcoin Madrid tool can be used free of cost, as has also been asserted by its makers on the official website. You are not required to pay any account registration fee, commissions, deposit/withdrawal charges, or transaction fees. The app does require you to make a minimum £250 deposit at the beginning, which is entirely allocated to the trading activity.
After carrying out some thorough research on third-party party cryptocurrency forums, we discovered that there are many people who reported benefiting from the Bitcoin Madrid app. But none of them provided any details on how much money they exactly made. We got an impression that people who were regularly using Bitcoin Madrid, wanted to keep it under the wraps. Having said that, please know that such user testimonials only give a limited idea about the workings of a tool; the best way still is to actually use the product first-hand, to gauge its true effectiveness.
We found a ‘Contact Us’ page on Bitcoin Madrid’s official website, which anyone can use to reach out to their team. They respond in quick time too, usually within an hour. However, upon researching the broker affiliated with the app, we discovered that you can also use the broker’s live chat service, email, and phone number to seek direct assistance, in case of any problems.
Please note, the algorithm used by any such trading app is always used in conjunction with an efficient broker service in the backend. The same is the case with Bitcoin Madrid. Just like many other similar crypto trading bots, Bitcoin Madrid is also affiliated to multiple geo-specific brokerage services which cater to the traders residing in different parts of the world. After researching some of these broker platforms, we discovered that they were all reputed and regulated services, following the specific AML and KYC norms of the jurisdictions they were serving in. Still, it is always better to check at your own end that the broker you’ve been referred to is indeed regulated by a reputed authority.
Is Bitcoin Madrid Legitimate?
Going through its entire website, we learnt that the app’s makers frequently talk about the tool providing detailed market data which any trader can use to his/her advantage. The onus seems to be entirely on the trader to profit from the analytical data delivered by the app. Moreover, we found many independent testimonials on the Internet, though in closed forums, which suggested that people have found this app easy to use. However, the features of such tools and the brokers affiliated with them may change from time to time. Therefore, it’s always recommended to do your bit of due diligence before using any such product.
5 Reasons to Use Bitcoin Madrid for Trading
Bitcoin Madrid comes across as an application that can be extremely useful provided you know how to make the most of it. Let’s go over 5 reasons that justify using this app for crypto trading activity, which also makes it potentially better than manual trading.
Free to use the app
As you’re not going to get charged anything for using this app and will be able to use your entire deposit amount for trading purposes, it seems like a harmless tool that can possibly offer you a lot of useful market insights.
Seemingly advanced algorithmic technology
Bitcoin Madrid claims to use advanced-level algorithmic technology which enables it to sift through heaps of market data, important technical indicators and historical price data, to generate potentially useful market analysis, in real-time. Carrying out so much research manually can take a lot of time and effort.
No apparent requirement of past trading experience
The app makes it clear that you don’t require any past trading experience or knowledge to use its features. On the other hand, whenever you trade manually, you can’t possibly do without having a certain amount of trading knowledge and experience under your belt.
Adjustable autonomy and assistance levels
Bitcoin Madrid app enables traders to use varying levels of autonomy and assistance, to use it as per their comfort level. This is a particularly useful feature as not everyone is comfortable with the idea of an application entirely taking over their capital, and executing trades on their behalf.
The application can be used on various devices including desktops, laptops and mobile phones, as long as you have a functional web browser and a working Internet connection on them. Therefore, it allows you to continue trading even when you’re on the move.
What’s the Best Way to Use Bitcoin Madrid?
The seemingly best way of using the Bitcoin Madrid robot, especially if you’re using such a tool for the first time, is in conjunction with your already-existing manual trades. Perhaps you can use the detailed market info provided by it, to optimise your manual trades. Later on, once you’re comfortable with the workings of the app, you can allow it to take charge, at an autonomy level comfortable to you, and observe how it goes about executing trades on your behalf.
People who have used cryptocurrency exchanges or brokerage platforms in the past would know how complex they can sometimes be. The app also offers a demo version that can be used to understand its workings and learn about its user interface. Whatever approach you take, ensure that you use relevant risk management measures, for instance, ‘Stop Loss’ and ‘Take Profit’ settings, to steer clear of any major losses.
Has Bitcoin Madrid Ever Appeared On TV?
While researching this app, we came across many rumours on the Internet, linking it to multiple investment-based reality TV shows like Shark Tank, TechStars and others. We tried getting to the bottom of the matter and below-detailed are our findings with respect to a couple of prominent TV shows.
Dragons’ Den is a British reality TV program wherein budding entrepreneurs get 3 minutes to successfully pitch their ideas to multimillionaires, who may then possibly invest in their ventures. We checked multiple online sources, but couldn’t find any valid evidence of Bitcoin Madrid appearing on the Dragons’ Den show. The tool’s official website also doesn’t talk about any such claim, to authenticate the rumour.
An Americanised version of the British show Dragons’ Den, Shark Tank too involves aspiring entrepreneurs from different fields pitching their business ideas to a panel of self-made billionaires like Robert Herjavec, Kevin O’Leary, Daymond John, Mark Cuban and others. There were rumours that the makers of Bitcoin Madrid appeared on the show, trying to raise funds for their software. But after detailed research, we found no Shark Tank episode ever featured this app. Hence, it can be safely inferred that these were all just rumours and had no weight behind them.
Has Bitcoin Madrid Ever Been Endorsed by a Celebrity?
Just like the rumours about Bitcoin Madrid’s appearance on reality TV shows, many people were found talking about the tool earning an endorsement from some well-known celebrities, including Floyd Mayweather, Jamie Foxx, Manny Pacquiao and Elon Musk. We dug a little deeper to find the truth behind these claims, and below-provided are our findings in this regard.
The legendary and outspoken boxing champion is known to have promoted a few crypto projects back in 2018. Ever since then, multiple crypto products have surfaced online, claiming association with the pugilist. Even though there is no mention of Floyd Mayweather on the Bitcoin Madrid website, some online forums had posts linking the boxer to the trading app. However, we couldn’t find any credible link between the two.
A global celebrity and a Hollywood legend, Jamie Foxx has been reportedly responsible for hyping up a couple of cryptocurrency projects over the past few years. We went through a good number of online and offline sources, but couldn’t find anything linking Jamie to the Bitcoin Madrid app.
Manny Pacquiao etched his name in the history books by becoming the oldest-ever welterweight boxing champion in 2019. He is known to have launched a well-known cryptocurrency project a few years ago and has also been mentioned in the context of more similar projects over the past few years. Some rumours had been doing the rounds associating Manny to the Bitcoin Madrid trading robot, but we couldn’t find anything online/offline to substantiate those claims.
The unconventional and often controversial billionaire who is behind path-breaking ventures like SpaceX and Tesla, Elon Musk’s name also surfaced as one of the celebrities who endorsed the Bitcoin Madrid app. Though he is known to have a great affinity towards decentralised digital currencies, we couldn’t lay our hands on any substantial proof linking him to this app.
5 Ways You Can Maximise Success With Bitcoin Madrid
In order to put the Bitcoin Madrid app to best use, you may need to learn how to effectively use the market information provided by it. Let’s delve into some useful ways in which you can possibly maximise your success rate with Bitcoin Madrid.
No matter how tempting it may seem to invest big right away, considering the prospects shown by such tools, you must go slow and start only with the basic minimum of £250 mandated by the app. You may gradually increase the volume and values of your trades as you get comfortable with the app’s workings and learn how to tweak its settings, for the best results. In addition, always use appropriate risk management strategies, to prevent any major losses.
Save Some Profits
In case you do earn some profits by regularly using the Bitcoin Madrid app, it’s advisable that you retain a percentage of your profits, and withdraw it to your bank account. Though the idea of reinvesting the entire earnings may seem very tempting, you must refrain from doing so, as it’s always better to secure the targeted profit, to stay on course to accomplish your financial goals. You’re free to reinvest any amount left after setting such profit aside.
Follow the Advice of Experts
Even though tools like these talk about being equipped with intelligent algorithms and AI to make potentially profitable market decisions on your behalf, we can never underestimate the importance of human input. The ideal approach may be to use the market info delivered by the app in conjunction with the advice offered by experts in the crypto trading field. There are several social media platforms and other third-party websites where you can learn a great deal about crypto trading from seasoned experts.
Keep a Record for Tax Purposes
As against the popular perception, there’s a very good chance that any profits made from the crypto trading activity may be taxable in your respective country/state. However, the percentage of taxes collected on any such capital gains may vary from location to location. Hence, it is highly recommended that you maintain comprehensive records of your cryptocurrency transactions, to stay compliant with the local tax laws.
Only Invest What You Can Afford to Lose
At the end of the day, all crypto traders are exposed to the volatility of the cryptocurrency markets. Therefore, you must always keep a separate bankroll for any such trading endeavour, and never invest more than what you can afford to lose.
Our Conclusion: Bitcoin Madrid
As a final roundup of the Bitcoin Madrid trading app, we’d like to highlight that it appears to be an authentic product, capable of offering potentially useful market insights, thus enabling users to take better trading decisions. Though you can use this product for completely automated trades, the developers encourage people to start slow, and gradually adjust the automation and assistance levels based on their comfort. The idea is to find the right mix based on your experience and knowledge. Furthermore, considering that it’s free of cost and offers detailed market research data, it can be worth checking. If you’re keen on trying out other similar robots in the marketplace which have been positively reviewed by us, you can also look at apps like BitQH, Bitcoin Bank and Ethereum Code.
Haven't found what you're looking for?View more at the Robot Hub page
Frequently Asked Questions
Bitcoin Madrid app requires you to deposit a minimum trading capital of £250, at the time of sign-up.
There is no specific number. The developers of Bitcoin Madrid don’t promise any figure you can potentially earn from its regular use. It all depends on how well you can use the information provided by the app for your trades.
So far we haven’t found any record of this app being associated with any celebrity.
You can use the Bitcoin Madrid app completely free of cost, after depositing the minimum trading capital.
Bitcoin Madrid’s website states that they use some of the best security technologies, such as SSL encryption and others, to ensure the safety of the users’ confidential data.
Yes. You can use the Bitcoin Madrid app on a mobile phone as long as it has a working web browser and Internet connectivity.
The developers claim that you don’t require any prior experience or knowledge of trading, to benefit from this app.
Yes, you may be asked to upload some government-issued photo ID to comply with the KYC requirements of the broker affiliated with the app, especially for withdrawals.
Disclaimer: All testimonial photos are stock imagery and do not represent the people behind the feedback.