Bitcoin Money Review 2024 - Is it Legit or a Scam?
Bitcoin Money is a crypto trading robot that claims to give people a chance at making higher than average profits. According to the website, the robot can achieve this through the use of artificial intelligence (AI).
The AI analysing the crypto market is said to be faster than humans and that is what apparently helps the robot gain an edge over the market.
There are many trading robots available today and this review is to determine if Bitcoin Money’s claims are true or not so you don’t have to find out the hard way.
Who Created Bitcoin Money?
For a crypto trading robot that claims to have an astounding 60% ROI, one would expect that the creators of this reportedly highly profitable robot would be well known, but the Bitcoin Money website does not mention any creator or the team behind its operations.
With that said, the robot page says it partners with reputable brokers who “operate under strict regulatory watch and hence must operate in full transparency”. As such, the claim does appear to give legitimacy to the robot as regulated brokers should only work with reputable platforms.
Pros & Cons of Bitcoin Money?
Pros
- Low initial investment: Requiring only $250, Bitcoin Money asks for a low investment, making it feasible for small crypto traders.
- Safe and secure: Bitcoin Money states that it uses the latest SSL and RSA encryption which makes it harder to break into.
- Demo features: Users can check out the claims of the robot by testing out a dummy trading account to see if their expectations are being met.
- Multiple funding methods: From wire transfers to e-wallets to crypto, Bitcoin Money accepts a wide range of payment methods.
- Fast withdrawals: Bitcoin Money says profits can be withdrawn within 24 hours.
Cons
- Commission: While there are no signup charges or registration fees, Bitcoin Money does say it charges a 2% commission on trades to cover its expenses.
- Chance of losses: Cryptocurrencies are volatile and fast trading also increases the chances of losses.
- No crypto withdrawals: Bitcoin Money uses CFDs and therefore users can only cash out fiat money, not cryptocurrencies.
Key Features of Bitcoin Money
Payouts
Bitcoin Money claims to provide a return on investment of 60%. Although testimonials appear to suggest that users are happy with the payouts Bitcoin Money provides, this level of profit is unusually high and based on our research, we think it is unlikely that most users will be able to generate this amount of profit.
Verification System
The robot website says it doesn’t ask for much in terms of verification, apart from very simple information like name, email address, and a contact number. With this simplicity, the verification is fast and takes only a few minutes. The regulated brokers that Bitcoin Money claims to use, however, may need to comply with KYC and AML procedures, which the robot website does mention.
Withdrawal Process
When it comes to withdrawals, Bitcoin Money states that it is a simple process, requiring the user to put in a request, which is processed within 24 hours. There is no mention of supported channels which its patrons can use, but online feedback from customers suggests that bank transfers are done and only to the account that the user links with the robot.
Costs and Fees
Bitcoin Money asserts repeatedly that its services are free and there are no charges for signing up or any hidden annual fees. However, there is a mention of a 2% commission that it will charge on all trades. According to the website, the charges are to cover its operational costs and pay the brokerage fees.
User Testimonials
There are no testimonials on the Bitcoin Money website that can be used to gauge the service quality of the robot, but there is a dedicated TrustPilot page that gives it a 4.6 rating out of a possible 5, putting Bitcoin Money in its “Excellent” category. While the 60% ROI does seem a bit unrealistic, the user reviews do suggest that the robot offers good returns.
Customer Service
Bitcoin Money offers multiple channels for its users to reach out to the platform to resolve any issues that they might face. Registered users always have the facility to contact their accounts manager directly. Bitcoin Money also has a direct telephone line and an email address that people can reach out to.
Affiliated Brokers
Trading robots such as Bitcoin Money do not make trades directly. Bitcoin Money relies on a network of regulated brokers that it uses to place the trades. The AI decides when positions should be opened or closed and passes on the data to the brokers. The brokers are reported to be regulated and, as such, have a higher degree of security, both technical and financial, for users.
Alternative Crypto Robots
Is Bitcoin Money Legitimate?
Bitcoin Money has a 4.6 out of 5 rating on its TrustPilot page. Along with this, several online users are talking about how the robot has helped them make profits.
Users who have complained about the robot not living up to their expectations are few and far between, and it is possible that these users were simply victims of crypto’s volatility.
The high praise overall does point towards Bitcoin Money delivering on its promises, which points towards the robot being a legitimate service.
5 Reasons to Use Bitcoin Money
Beginner Friendly
Bitcoin Money is designed to be friendly for even the most novice users in the crypto trading scene. Claiming to have an intuitive interface and an auto trading feature that decides on its own when to open or close trades, people without any knowledge of trading are said to be able to take advantage of the robot too.
Non-Stop Trading
The crypto market never sleeps and neither does Bitcoin Money. As a robot that is made up of computer code, it does not require any rest like its human counterparts. While you sleep or go about your daily life, the robot will continually make crypto trades for you.
Faster Analysis
The Bitcoin Money website states that the use of AI means that it can analyse the market situation quicker than others, at a claimed 0.001 seconds faster. This quick analysis is claimed to be the secret behind its success as it can execute orders even before the general market has time to react.
Practice Session
For the uninitiated and sceptics, Bitcoin Money offers a practice session through its demo feature, where people can simulate real-time trading without using their money to see if the service is worth it. Once satisfied, users can move on to live trading.
Multiple Payment Methods
Bitcoin Money says that it accepts a wide range of funding options, including wire transfers, credit and debit cards, e-wallets, and it even accepts cryptocurrencies. Multiple payment options mean that users can easily fund their trading accounts.
What’s the Best Way to Use Bitcoin Money?
Bitcoin Money claims to offer a very high return on investment and though that may or may not be possible, that doesn’t mean that a user has to solely rely on the trading robot’s strategies to make a living. Do not rely on the trading robot alone. Rather you should be using it to enhance your income. Crypto assets are highly volatile and where there is the chance of profit, you can run into losses too.
On the other hand, using the robot offers you the flexibility of trading in CFDs, which are contracts that use cryptocurrencies’ value rather than the coins themselves. You don’t need to understand how CFDs and leverage work to increase your profits when using the robot. This makes it beneficial for beginners who don’t understand complex trading instruments, as well as experienced traders who want to increase their efficiency and margins.
Has Bitcoin Money Ever Appeared on TV?
The Big Brain
A no-holds-barred show where entrepreneurs showcase their products and services, The Big Brain is famous for its hosts asking tough questions and being strict in their dealings with entrepreneurs. Online rumours are circulating that the Bitcoin Money team has been featured on the show. Our extensive research shows that is not the case, however.
Dragons’ Den
One of the most popular TV shows for people and small enterprises looking for investments to scale their operations, it is known that the hosts (known as Dragons) have shown interest in cryptocurrencies and some believe that Bitcoin Money has featured on the show. Our team has scrutinised the show and have found no evidence of this.
Has Bitcoin Money Ever Been Endorsed by a Celebrity?
Elon Musk
The South Africa-born powerhouse has not been shy of declaring his love for Dogecoin and cryptocurrencies, with Tesla briefly accepting Bitcoin as a payment option. The internet has many forums discussing if he uses Bitcoin Money to expand his crypto portfolio but there is no evidence to support this.
Mike Tyson
The famous heavyweight boxer does love his cryptocurrencies and has even launched his own non-fungible tokens (NFTs). We have searched the internet but he has not backed Bitcoin Money or ever used it for his crypto ventures.
Richard Branson
Sir Richard Branson is a famous personality when it comes to technology. Owner of the successful Virgin Group, he has shown interest in the crypto world. As far as we have found, Sir Richard Branson has not used or endorsed Bitcoin Money.
Jeff Bezos
The man behind Amazon, Jeff Bezos is famous for his eccentricity, even being one of the very few civilians who have been to space as a tourist. With his keen interest in technologies, it wouldn’t be very surprising if he had backed or invested in Bitcoin Money. This, however, is not the case.
5 Ways you can Maximise Success with Bitcoin Money
If you want to use Bitcoin Money and want to make the best of it, there are a few tips at your disposal that you can easily use to maximise your potential.
Start Small
Invest the minimum $250 required by Bitcoin Money. This way if things work out for you, you can be confident to put in a larger amount. If it doesn’t pan out, you get to save yourself from too huge a loss.
Save Some Profits
Set some profit aside for a rainy day. Never put all of your profits back in the game. It might come in handy one day.
Follow the Advice of Experts
Bitcoin Money’s AI might be able to look at the metrics of the market but it cannot provide future insight. Check out what the market experts are saying and incorporate that into your trading strategy.
Keep a Record for Tax Purposes
Don’t forget the taxman. With a higher frequency of trading through the robot, you might have a hard time at the end of the financial year calculating how much you owe to the government. Best to have a copy of each transaction for yourself.
Only Invest what you can Afford to Lose
Crypto trading, especially with leveraged CFDs, can be extremely volatile. Never put money into trading that you need for yourself. This way even if you incur losses, you still have enough money to get by.
Our Conclusion: Bitcoin Money
While the high level of profitability claimed by Bitcoin Money may seem too good to be true, the good praise that it is receiving from its users suggests that the robot may be delivering on its promises. There is some negative feedback too, but a small percentage is expected of any service, including Bitcoin Money.
If you would like to compare how Bitcoin Money performs against other trading robots, you can check out our reviews on Bitcoin Prime, Immediate Edge, Bitcoin Code and Bitcoin Up.