Bitcoin Bank – Trader’s Crypto Trading Bot Review

07.03.2022
Crypto Reviews

Try to change your life today. We resist change. Life change sounds hard thing to do. Risky. So, it makes sense that for this change to happen you either have to put in a lot of time and effort (booo-ring!) or turn to something risky and profitable.

Like – bitcoin! Bitcoin bank opens with a video clip with interviews from top tech millionaires like Richard Branson, Bill Gates, Eric Schmith. The connection is there, made instantly in your mind, hey I can be like these guys if I turn to bitcoin.

After all, there is a grain of truth there. Bitcoin and similar cryptocurrencies did make millionaires, didn’t they? Oh, yes they did. But to get rich this way requires a lot of knowledge, insight, and above all – proper tools.

Bitcoin Bank isn’t such a tool. It is a scam made by people who change website addresses, layouts, and logos, shifting them around as Trustpilot and other trustworthy review sites blast them to oblivion. In fact, I couldn’t even find Bitcoin Bank through Google, I had to snatch the link through one of the fraudulent review sites that praise it.

Full review of how to use

Bitcoin Bank is explained on one of the fraudulent review sites as reliable software for beginners and professionals. It’s marketed as automated trading software promising profit maximization with a return of investment of over 90%. 

Supposedly you click on the register now button to get a free license for trading. Then you follow the instructions on the platform to profit from bitcoin quickly. They urge you to register since the free trial version will not be available after tomorrow. This creates a sense of urgency as well as a sense of missing out on a great opportunity. 

There is a screenshot of Bitcoin Bank, which doesn’t match the actual website look. This just raises so many red flags, especially because there are more than a dozen websites looking exactly the same with the same copy, luring you in by different promises. The outcome is the same. You are being contacted by an agent. You will be asked for our credit card or a $250 deposit. And it’s gone.

Security: 0

Ease of use: 0

UI/UX: 0

Minimum deposit and payment options: 0

Demo account: 0

Support and tutorials: 0

Profit: 0

Overall rating: 0

Bitcoin Bank – What is this trading bot

Bitcoin Bank is not a trading bot. Trading bots are automatization algorithms that help traders perform quick buy/sell orders faster than a human could, to take advantage of market volatility. So, yes trading bots are a real thing, but Bitcoin Bank simply isn’t that.  

Review claims that Bitcoin Bank is an automated crypto trading platform. Well, there isn’t really such a thing. Gives you another big red flag right there, because there are crypto exchanges, which allow you to trade. There are lending platforms but they require cryptocurrency deposits. Then the language is wrong. Crypto services and platforms express the profits as yield, in the form of APY (annualized percentage yield) or APR (annual percentage rate).

Bitcoin Bank Application / Web Platform Review

Bitcoin Bank’s website looks exactly like the website of known scammers. This is quite an old setup, though. I wouldn’t be surprised to see the new issue of this website resemble a more current copy and design. 

The header of the website presents a video, with snippets from Bloomberg TV, inserts from an interview with Bill Gates, Richard Branson, and a few others, as iconic millionaires who are often used as namedropping lures for fraudulent sites. Then there is an invitation to “join us and become a BTC Trader”.

A strip of logos displays BitGo, Norton, Secure Trading, and McAfee (another popular figure from the crypto space) is followed by bid and asking price, though is not clear what is offered and asked for that price. Added are the logos of popular business media, “As seen on CNN, FT.com, Time, Forbes.com”.

Interesting is the disclaimer at the bottom, that clearly states your data will be transferred to third parties. Actually, the disclaimer is quite huge, almost a full quarter of the entire website. There are warnings about the risk of investing, disclaimers that pictures and names are not connected to the company, etc.

Security, licensing, and payments of Bitcoin Bank

No security, licensing, or payments. You will be redirected to another website and reached by agents who introduce themselves as brokers but have only one goal. To get the deposit from your account. You will be repeatedly pressured to deposit. If you allow them to get your number, they will just never let you go, pushing you to do the deposit, and it’s not a paltry sum, it is $250.

Bitcoin Bank – What do traders say?

Reviews on Trustpilot are scams as well, there are overly lavish words of praise by clearly fake accounts. How do we know that? Because they use exactly the same reviews across other scammer sites. Funny thing is that while customer service number and company address couldn’t be found on the original website, Trustpilot lists it. If you go to their address via google maps and get a street view, you will see an office building of a huge law firm Orrick. 

Is Bitcoin Bank legit? – Final verdict by traders

Scam. Everyone agrees. It’s obvious. The final verdict is a big fat scam, a scammy scam. Don’t invest here. You have better chances to get rich by scuba diving in wishing wells collecting pennies.

Tips on checking whether a bot is legit or a scam

Namedropping

Always check if the website mentions celebrities. The most popular bait is Elon Musk, but there are others too, from Mark Lewis to LeBron, to Kanye West, to as we saw here – Gordon Ramsey. 

Copy and Web design

Web design and layout for this kind of site are always the same. Not sure why. Even if they change the actual design (like Anon bot), the layout and the flow are the same. Some truths mixed with the lure of a quick return of investment. 

No support, no contact

The red flag which reinforces the others is when there are no social media links, when you can’t contact the support or when there are no contacts other than a regular website e-mail form.

https://cryptowatcher.info

I think my life changed the day I learned about this amazing guy whom I share the name with - Aaron Schwarz. He was among the first people ever to advocate for freedom of information and the internet, and I feel he would support a great deal of decentralized finance idea if he was alive today. So, I am just another IT guy, super curious about crypto and writing my opinions and analyses here from time to time. Enjoy!

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