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Bitcoin System

Bitcoin System Review 2021 - Is It Worth It?

Author: Saad Ullah

Trading robots have become increasingly common in cryptocurrency trading. The high volatility and non-stop trading of cryptocurrencies like Bitcoin mean trading robots like Bitcoin System give people an opportunity to cash on the price movements without manual labour. 

This means you can simply start the trading app and go about your daily business knowing that the robot is making all the trades for you, even while you sleep in the night.

Bitcoin System reports having a high percentage of return on investment and a safe environment. But is it so? Let’s break down the trading robot and see if the claims made are up to the mark or not.

What is Bitcoin System?

While there are many crypto trading bots in the market, Bitcoin System states that it achieves a high profitability ratio due to the implementation of Artificial Intelligence that quickly identifies trading opportunities and communicates this to relevant affiliate brokers to perform the trade ahead of the market. At the same time, all trades are recorded on the blockchain for transparency for users.

Register Now With Bitcoin System

Who Created Bitcoin System?

Bitcoin System website claims to have two founders that are quantitative analysis from MIT and retired Wall Street investment bankers. There is also a mention of one Steve McKay as the creator on different websites. McKay, according to these other websites, has worked in a large software firm in the past and says has used his experience to create the trading bot with advanced AI features.

Along with this, the Bitcoin System website claims that only regulated ECN brokers use the trading bot, showing the legitimacy of the robot itself. We were unable to find the list of brokers to verify though.

Start Trading in 3 easy steps

1. Open a Free Account

Bitcoin System states that no special requirements are needed and opening an account is free. However, broker fees will be applicable. Users only need to give their full name, email address, mobile number and consent to the terms and conditions to activate their automated trading account. Since Bitcoin System says it will connect users with a regulated broker, these intermediaries may have their verification system pertinent to their local laws and regulations.

2. Make a Deposit

Bitcoin System requests a low minimum deposit of $250 to begin trading. The website doesn’t give detail on how to deposit, but the mobile app shows several different options. Potential traders can use both fiat and crypto. Debit and credit cards, wire transfers and digital wallets such as Skrill can be used for fiat while the app only accepts Bitcoin at the moment.

3. Start Trading

The creators claim that automated trading is easy, with the user only defining the risks and the amount of money committed. The robot is said to take care of the rest. The mobile displays all data for the users to keep a check on their investments and claim any profits or reinvest.

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Pros and Cons of Bitcoin System?

Pros

Easy signup: Interested users can register and start using the trading bot in minutes.
Secure: Bitcoin System advertises the use of 128-bit encryption for security along with a dedicated team to respond to cyber threats and attacks.
No trading knowledge necessary: As an automated trading bot, Bitcoin System decides on all trades and its affiliated brokers execute the actions. You don’t need to know how to trade at all.
Practice before trading: A demo option within the app allows users to test the accuracy of the Bitcoin System and get comfortable with the environment before committing and real money.

Cons

Little to no control: Since the trading bot makes all the decisions, users can only decide to invest or pull out their money, not on the trades, or even the selection of the broker.
No clarity on trading signals: While Bitcoin System says that it uses an advanced AI along with machine learning, it doesn’t clarify the type of inputs used and runs a chance of making a wrong decision if the right metric is not accommodated.

Key Features of Bitcoin System

While all trading robots and their creators will claim theirs to be the best, Bitcoin System tends to stay ahead with its claim in a few specific areas:

Payouts

Bitcoin System claims that it has an easy payout system for its users. There is no mention of any time limitations or minimum payout limit, but since brokers are used to make all the automated trades, these brokers might have their own set rules. The robot users have generally favourable reviews on the payouts though.

Verification System

The signup process on Bitcoin System is pretty straightforward, as described on their website. All new users have to do is to enter their first and last name, their email address (for verification) and their mobile phone number.

While this is all that the platform says is required at their end, since the trades are conducted by brokers, users will need to follow their specific KYC and AML requirements, which can vary from broker to broker.

Withdrawal Process

As with the payouts, Bitcoin System does not mention any minimum withdrawal requirements. All it mentions is that users have to head over to the funds’ management tap in the app to withdraw. They need to fill the withdrawal request form and funds processing usually takes around an hour.

Costs and Fees

Bitcoin System sets a minimum limit of $250 to start trading cryptocurrencies. It states to have no annual fees or charges and users only have to pay a “small commission” on profits they earn. The commission fees are charged by the affiliated ECN brokers and not the robot itself.

User Testimonials

The team behind Bitcoin System reports that it has been operating since 2016. Considering it has been around for half a decade and has witnessed two extreme crypto bull markets, the general reviews seem to favour it with several people claiming to have made fortunes using it.

Customer Services

For a crypto trading robot that claims to offer extremely good services, its website does not mention any kind of customer services users can be directed to get queries answered or resolve any conflicts or issues.

Affiliated Brokers

The Bitcoin System trading bot does not make trades directly on any users’ behalf. Instead, it matches the user with its affiliated broker network and passes on the signals to the brokers to make buy and sell orders as per the requirement of the user.

Is Bitcoin System Legitimate?

A quick online search shows that there are both negative and positive reviews for the Bitcoin System trading robot. A close inspection however shows that more people are praising it than negating it. Trustpilot, the leading review platform shows that Bitcoin System has a 4.5 rating out of a total possible 5, with 64% of reviewers giving it an excellent rating and 34% good.

This goes to show that several people have made profits using its automated trading system.

5 Reasons to Use Bitcoin System for Trading

Faster than Humans

The use of an advanced AI means that the reactionary time to execute a trade is far less than what humans can achieve.

Non-Stop Trading

The crypto market never sleeps and neither does the robot. You can simply start the automated trading and check-in whenever time permits to see how your invested money is doing. Bitcoin System keeps working day and night.

Simpler

Trading, especially when it comes to derivatives such as CFDs can be too complex for many to understand. Bitcoin System takes care of the intricacies.

It’s a robot

With different indicators and signals being analysed, Bitcoin System is devoid of emotions and can make calculated decisions without emotional misjudgement.

Free

Bitcoin System doesn’t charge anything. Traders only pay for broker commissions.

What’s the Best Way to Use Bitcoin System?

While you will find claims of people making significant profits through the use of Bitcoin System trading robot, it would be better to use its service as an add-on, not your primary means of crypto trading.

If you are new to trading, refer to the page section on suggestions on maximising your profits. Take it slowly and absorb what is going on with your money and understand how trading is done. Bitcoin System can be a far better option if you just want accurate trades to occur without micromanaging trade-related stuff like handling fees, understanding how different orders are executed etc.

Has Bitcoin System Ever Appeared on TV?

Googling trading robots on TV will show you several results which will claim that trading bots such as Bitcoin System have been featured in the media. While cryptocurrencies are a hot topic and there are thousands of discussions on TV channels, our research shows that there is no mention of Bitcoin System or its creators ever being on TV shows:

Dragons Den

Dragons Den has been made popular for letting entrepreneurs present market disruptive ideas to get funding. While it is known that members of the Dragons Den have been interested in crypto-related applications, we have not found any mention of Bitcoin System in any of its episodes.

CNBC

While our research did reveal an image of a news anchor from CNBC with Bitcoin System written in the background, the website it led to turned out to be a clickbait for another unrelated service. As far as we know, Bitcoin System has never been mentioned on any major news channel.

Has Bitcoin System Ever Been Endorsed by a Celebrity?

Celebrities are known for their social influences and endorsement of products or services. We have searched the internet for various rumours of celebrities backing Bitcoin System.

Elon Musk

An entrepreneur made famous for making tech products and services a feasible reality (EVs and private space industry), he has also ventured into the crypto industry. However, we have found no proof of any celebrity endorsing Bitcoin System.

Bill Gates

Modern computers are synonymous with Bill Gates, Founder of Microsoft, Gates hasn’t been much vocal of anything remotely connected to cryptocurrencies, less a trading robot.

Richard Branson

Head of nearly 400 companies and founder of the Virgin Group, Sir Richard Branson has been falsely associated with different crypto coins and robots in the past. Our research shows that he has not backed Bitcoin System or any other trading bot.

Warren Buffet

Considered one of the most successful investors of all time, Warren Buffett has made money through stocks and asset management. He believes that cryptocurrencies are an excellent way to transmit value, but aren’t worth investing in. We have been unable to substantiate any claims made concerning him endorsing Bitcoin System as a crypto investment tool either.

5 Ways you can Maximise Success with Bitcoin System

Cryptocurrencies are highly volatile and even though trading bots like Bitcoin System lay bold claims of turning your small amount of money as large as a king’s treasure, you should remember that the same volatility can go against you and you can end up bearing losses you cannot afford.

That being said, there are a few ways you can maximise the chances of your success and mitigate losses:

Smart Small

The saying, don’t put all your eggs in one basket has merit. Try to start with a small amount, usually a value that you can afford to let go of as losses. Get to know the trading robot and the market and increase your invested amount slowly as you build confidence in yourself.

Save Some Profits

A profit distribution strategy can be very helpful. If your automated trading is making profits for you, it can be tempting to either withdraw all the money made or reinvest it for higher gains. A balanced approach can be more suitable, with some of the profits withdrawn for use and the rest left within the trading bot app for fast reinvestment if an opportunity arises.

Follow the Advice of Experts

While the Bitcoin System says it employs AI and advanced analytics to make the best trading decisions, it is you who ultimately decides when to start investing. To avoid bad timing, it is advisable to follow different crypto trading experts who can give an insight into the market. Explore different social media platforms and crypto news/discussion websites to find the ones that are genuine and have a track record of making good predictions.

Keep a Record for Tax Purposes

The taxman comes every year and you should be prepared. Depending on your jurisdiction, crypto trading profits can be taxable events either as capital gains or income. Keep a detailed record of all investments, profits and losses to be able to give an accurate tax filing. It’s advisable to get in touch with a crypto tax expert to make sure you are on the right side of the law.

Only Invest what you can Afford to Lose

If we have mentioned this in passing earlier on the page, we cannot stress more on this. All investments carry risks and you should make a careful evaluation of the chances and decide yourself on how much amount you can bear to lose without causing you a financial burden or crisis.

Our Conclusion: Bitcoin System

Bitcoin System stands out from the sea of different crypto trading robots that can be amply found online today. This is because the robot claims to be a legitimate trading bot that shows it has the right mix of services and technology to offer better chances of crypto profits.

Using AI and machine learning, Bitcoin System appears to be an easy way to start crypto trading without worrying about spending time to trade or learn how to in the first place.

Bitcoin System is not the only crypto trading robot that we have extensively explored and checked. These include Bitcoin Equaliser, Crypto Profit and Bitcoin Engine to name a few.

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Frequently Asked Questions

  1. There is no exact guaranteed figure. Though the robot’s website displays profits up to 60%, the actual returns will depend on your invested amount, risk aversion and market conditions.

  2. The trading robot offers more than 65 CFDs, including crypto to crypto and crypto to fiat pairs. The exact pairs offered will depend on the broker selected for you?

  3. The exact broker selected depends on which platform can legally give your services. This depends on the jurisdiction of both you and the broker.

  4. No, you can withdraw your total invested amount at any time, minus the broker and transaction fee, of course.

Disclaimer: All testimonial photos are stock imagery and do not represent the people behind the feedback.

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