Scam Bitcoin Bots That you should stay clear From

This is a specific area of the crypto industry that’s been hit with a lot of scams. Everyday, an untrue trading bot launched that aims to take your deposits. The risk is high and you must be aware. Additional info?

We’ve selected three crypto trading bot scams that you should avoid. It’s not possible to create a massive encyclopedia in order to cover all of these scams. Three robots we tested each displayed common red flags. Be sure to learn about them before you begin trading with an automated robot.

Crypto Trading Robots 101

In short, crypto trading bots automatically buy and sell cryptocurrency for you. Users are encouraged to configure the bot’s trading plan so that it can make trades in cryptocurrency according to your wants.

We should warn you, however. The trading robots are claimed to be fraudsters in certain instances, despite the fact that they’re legal.

The uninitiated are frequently enticed to think that robots can do all the work and let them relax and earn a steady income. That’s just not true. In other words, everyone could be sipping Pina Coladas on Bora Bora. The bot will assist you when you provide it with enough data that is in accordance with your trading strategy.

Being able to spot suspicious signs that indicate fraudulent bots will definitely be helpful. We’ve identified scams for all of these bots by analyzing a range of distinct warning indicators. After reading, you should have the knowledge that you need to be able to discern the signs of a fake trading bot on your own.

We suggest that you remain educated by using reliable websites, like TradeCrypto, since there is no way of knowing absolute certainty. Learn about fraud bots here in much detail, with the entire list of bots. You can prepare yourself by becoming aware of warning signs as well as the most common scammers.

Three Cryptobot Scams You Should Stay clear of

Then, let’s go to the main course. We’ve created a red flag list for each scam bot. These indicators aren’t evidence of conclusiveness, but when you combine them all these signs make it easy to recognize.

Crypto Bank

The investigation is based on the website of the bot, where you’ll find all of the typical scams. Here, we can see the fraudulent users have put up various logos representing different security firms that are believed to be in charge of Crypto Bank users’ protection. These companies are not involved in crypto-security.

The disclaimer says that as long as you accept the terms and condition of Crypto Bank, you can call them at any time. (They mostly utilize WhatsApp).

That brings us to the 3rd alarming warning sign that is an incredibly large minimum deposit requirement of $250. The minimum investment with legitimate trading bots is around 10 dollars. The scammers call you via WhatsApp and “encourage” users to begin trading. But, what they are really looking for is you to place a deposit in order for them to get off the $250. Don’t do it.

Not last, the logo of Crypto Bank itself is identical to the logo of Bitcoin Bank. As we’ve seen before, Bitcoin Bank is another trading bot scam. They utilize the same design and brand name to build another website. They then carry on their scam until they are caught.

Ethereum Code

Ethereum Code is actually the proprietor of numerous websites that are almost identical. This is often the case with trading bots. It’s a little suspicious since it’s unusual for a company to have numerous websites. Answer: This allows the scammers to continue operating even if their website is shut down. Cunning.

According to reports, UK Trading Association awarded the Ethereum code a prize in recognition of the top trading software. Upon further investigation the evidence is that this is not the case. Many of the fraudulent automated trading systems claim to be located in the United Kingdom. It’s difficult to discern whether or not this is true but it’s most likely not.

There’s no way to contact Ethereum Code developers. Ethereum Code developers, apart by leaving a message on one of the websites. There is no email physical address, email, or even a phone number. This is a clear indication that the people who are behind Ethereum Code don’t want to be identified. Why? What is the reason?

Bitcoin Formula

It is said that this bot provides the accuracy of 98percent. Yeah, right. If you see people claiming the highest accuracy rates It is just a way for them to scam you.

The most reliable trading robots provide a variety of alternatives for investors in crypto. They include portfolio management, futures and margin trading, among others. Fake bots designed by fraudsters like Bitcoin Formula claim that their services only allow real-time trading and demo accounts. They are most likely insufficiently skilled to design fake images to match common features.

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