We live in difficult times, recessions threaten the economy, inflation is raging, and no one’s job is safe. Pandemic is not making it any easier, so it’s time for millions of people to turn to crypto.
Why wouldn’t they? The cryptocurrency market is booming despite the threats from Fed and it seems that despite the adoption watershed moment, crypto markets are going to divest from the traditional markets very soon.
Crypto winter is here, people are buying the dip, but the expansion of crypto platforms, altcoins, and real use cases are going to recover the market soon. Many traders will be able to profit from it and gain so much money, but, sadly, not those who choose Bitcoin Compass for their auto trading needs. So, if you’re wondering are Bitcoin Compass Bitcoin robots profitable, we’ll answer this question right away – not only are they not profitable, but they’ll get you to lose all your money instead of earning a profit.
While posing as automated trading software, whose Bitcoin robots are supposed to make you money, Bitcoin Compass is, namely, a scam. It has exact same web design and layout as another known scam that allegedly offers automatic trading services – The bitcoin Era. Copy is a bit different, but all the scammy elements are there, they want you to deposit $250. This time the lure is a bit tighter. Namely, while previous iterations of this very same scam didn’t mention any return on investment, Bitcoin Compass auto trading robots promise
s a whopping 60% ROI – on a daily basis. Funny enough, that’s not impossible to earn in crypto space, especially for experienced traders with much trading knowledge. It’s just that this particular platform is a scam and you will never see any profits.
Full review of how to use Bitcoin Compass
So, how does Bitcoin Compass work? Well, the trading software doesn’t seem to work at all, actually. It lures you in with a reminder of the volatility of cryptocurrencies. Take advantage of it, they say. That’s actually correct. Cryptocurrencies are volatile. Bitcoin, explicitly mentioned in the website’s copy is actually one of the less volatile in sense of short-term movements. Bitcoin is now a ponderously moving indicator of interest rates, rather than an actual currency or an asset.
The Bitcoin Compass auto trading platform promises a 60% return on investment as soon as you begin trading. Daily. It means that when you deposit funds amounting to $250, you will have $400 the next day, then $640 the next day, $1024, $1638, and so on. This is not unheard of in the crypto market trading but usually comes with very volatile very risky investments. It’s not possible to get this kind of revenue from Bitcoin Compass accounts or Bitcoin generally.
What will happen is, that you leave your contact info after creating a Bitcoin Compass account. You get buggered by an aggressive agent, who is supposedly one of the brokers Bitcoin Compass works with, and then lose your $250 deposit. User reviews clearly indicate this. Bitcoin Compass focuses only on stealing your money; simple as that.
Ease of use: 0
Minimum deposit and payment options: 0
Demo account: 0
Support and tutorials: 0
Overall rating: 0
What are crypto trading bots?
Bitcoin Compass is, supposedly, a crypto trading bot. These programs help people trade bitcoin, ethereum and other crypto assets on various digital currency exchanges. They also create buy and sell strategies for investors to follow. Many bots also include alerts and trading signals that help traders maximize their profits. All in all, using bots makes it easier for anyone to make money with digital currencies.
Many people use crypto trading bots for several different reasons. For example, crypto traders mine for new digital currencies on public nodes without any difficulty or time limits. Alternatively, new crypto investors can set up buy and sell strategies for their portfolios. Or perhaps traders are looking to hedge their digital currency investments against the dollar or other fiat currencies. Bot developers have built many different strategies for helping people make money with digital currencies.
In addition, Bitcoin Compass offers an easy-to-use interface for creating trading strategies with a drag-and-drop builder. This builder allows you to create customized trading strategies based on candlesticks, technical analysis, wave analysis, Fibonacci analysis, and more. You can also set your own investment limits and define your desired market conditions before starting your bot’s trading journey.
Bitcoin Compass – What is this trading bot
The Bitcoin Compass platform specifically is supposedly as old as 2017. They claim the number one position among automated trading systems in crypto trading since the crypto boom of 2017, which simply isn’t true. Binance, Coinbase, Kraken, KuCoin, are legitimate trading platforms.
The funny thing is, they don’t claim they are an auto trading robot for trading cryptocurrencies or a crypto exchange. The actual title, as well as what Bitcoin Compass stands for, is a bit unclear. Allegedly, Bitcoin Compass works as a powerful AI-driven trading system. But such a thing doesn’t exist. AI is too strong a word for an automated trading algorithm which is what a trading bot actually is. So, clearly another flurry of buzzwords.
Bitcoin Compass Application / Web Platform Review
Bitcoin Compass’ website looks exactly like other trading platforms of known scammers, and the same goes for the Bitcoin Compass logo. If you compare it to Bitcoin Circuit or Bitcoin Era trading robot websites, you’ll see that they even have the exact same layout and almost the same copy.
The first part of the website is warning about crypto volatility as your opportunity to earn money.
They promise insane return on investment after you join Bitcoin Compass and start trading, a whopping 60% ROI – daily, for each trading session, even if you’re not among advanced traders and have no past trading experience. Next, among Bitcoin Compass pros, they tout their advanced trading technologies. This part is just a flurry of buzzwords, AI, blockchain, algorithms, supersonic speeds of trading. Next is the promise of an intuitive trading system, available to all the users across all the devices. They claim there is a Bitcoin Compass app for smartphones, but scouring the internet we couldn’t find anything like that.
Security, licensing, and payments of Bitcoin Compass
Unlike when using legitimate automatic trading robots, there’s no security on the Bitcoin market such as the common SSL online security protocol, no licensing, nor payments here. You will be taken to the partner scammer site, and reached by agents who introduce themselves as brokers but have one goal alone, to pluck that deposit from your account. You are not secure, your data is not secure and there are no profitable trades. They’ll tell you it’s an easy account setup process, and it is. But if you allow the Bitcoin Compass to get your number, they will just molest you, pushing you to do the deposit, and it’s not a paltry sum, it is $250.
There is nothing but scam here and there is no crypto trading robot, which is also obvious from another big red flag. Crypto celebrity endorsements are a big-time red flag. If you see anyone mention Elon Musk on their website, be sure that’s a scam – he doesn’t have a Bitcoin Compass trading account.
The fun choice they made for another endorsement, namely, they’ve picked Richard Branson. If you don’t read the text closely, it will seem like both Elon and Branson support the Bitcoin Compass auto trading system. However, the actual copy says (truthfully) that neither Brason nor Musk invested any money with this platform. So, their mention is just a namedropping, which is a typical red flag.
Bitcoin Compass suspicious lack of features
For Bitcoin Compass features, this auto trader allegedly offers a demo trading account and a free personal account manager, apart from the live trading feature conducted with manual trading. The demo trading feature generally allows you to practice trading and develop trading strategies and trading parameters in a simulated environment, protecting you from monetary losses.
That would be nice, but a common characteristic of scam bots is a strange lack of promised features. When compared to other automated trading systems, features of Bitcoin Compass are quite scarce. Having just the demo feature and the live trading system is too little – where’s trading forex, leveraged trading, etc.?
Sure, the account setup process is easy as they want to get ahold of your money quickly, but this is just another in the long line of red flags.
Bitcoin Compass – What do traders say?
Reviews on Trustpilot are scams as well, there are suspicious-looking words of praise for this “trading tool”, posted by clearly fake accounts that have endorsed Bitcoin Compass. How do we know that? Because they use exactly the same reviews across other scammer sites. Sadly, real reviews come from people tricked out of their deposits.
Another red flag is the screenshot that Trustpilot uses for this site, showing that they were running another version of the web design layout, also copied from known scammers running these auto traders. Shows how scammers are just updating their web layouts once the old become recognized and connected with fraud.
Is Bitcoin Compass legit? – Final verdict by traders
No, it’s one of the scam trading bots. Everyone agrees. It’s obvious, just like with many auto trading robots that it turns out are actually fraudulent. The final verdict is a big fat scam, a scammy scam. It doesn’t offer any considered investment advice for your trading process. Don’t invest here if you want to make money trading bitcoins, as you would only lose money trading with Bitcoin Compass. You have better chances throwing coins into a pool of goldfish hoping to hit the one that grants wishes… Alternatively, while trading carries risk always, it’s better to put your trust in one of the reliable and tested Bitcoin trading robots.
Tips on checking whether a bot is legit or a scam
Always check if the website of one of these auto trading systems 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 these scammy auto trading platforms 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. Of course, we have no idea
What is Bitcoin Compass?
As we’ve shown in this Bitcoin Compass review, Bitcoin Compass is an alleged crypto trading bot that was launched in 2017 by a man named Alexander Shatok with the intention of making a quick buck through deceptive marketing tactics. Anyone who owns Bitcoin Compass will only lose money. The Bitcoin Compass website features an attractive design and many glowing reviews from people who claim that the bot has made them wealthy.
However, there are several red flags indicating that this program is a scam intended to trick new cryptocurrency users into parting with their money. For example, Bitcoin Compass has its own cryptocurrency known as ‘bitcoincore’ that can supposedly be used to purchase additional bot privileges for $200 worth of the cryptocurrency. Additionally, there is a link on the homepage that directs users to a non-existent training course on how to successfully trade cryptocurrencies using bots.
What is cryptocurrency?
Cryptocurrency is a digital currency that uses cryptography to verify and secure transactions. Cryptocurrency is also sometimes called crypto currency because it is encrypted. The most common cryptocurrency is Bitcoin, but there are numerous other types. When you hear about cryptocurrency, it often refers to Bitcoin. However, there are some key differences between Bitcoin and other cryptocurrencies.
Cryptocurrencies are independent of banks – they’re digital and decentralized. This means that they operate without a third party like a bank. Instead, all transactions are handled by a decentralized network with a copy of the digital wallet. Most cryptocurrencies are also open source, which allows users to both develop and use the currency code. This makes them fundamentally different from credit or debit cards that are proprietary and can only be used with the issuing institution.
When cryptocurrency was first conceived, it was intended for use by individuals, not businesses or governments. The original goal of cryptocurrency was to facilitate financial freedom and transactions without censorship. However, over time, corporate entities have started adopting blockchain technology to solve enterprise solutions. This includes financial services such as banking, stock trading, payment processing and payments via messages or notifications. When looking at how cryptocurrency has adapted to the enterprise sector, it’s clear that its original purpose was completely justified- it’s fundamentally transformational for the world of finance and business.
Today, cryptocurrency is a new and exciting alternative to traditional money. Many people see it as a way to cut out the middleman and pay for things directly from your bank account. Cryptocurrency gives you total control over your money and allows you to easily transfer money anywhere in the world quickly and easily. You can also keep your financial data private by using public addresses, which look like regular email addresses. Because of how easy cryptocurrency makes transferring money, there’s no reason not to use it when paying for items online.
Cryptocurrency is a new digital currency designed to be user friendly and convenient. It’s independent of banks and governments gives you total control over your money without asking permission from anyone. However, corporate entities have started adopting blockchain technology to solve enterprise solutions. Therefore, cryptocurrency is still in its infancy; but this hasn’t deterred companies from adopting it or users from adopting it in ever greater numbers.
What are crypto trading bots?
Cryptocurrency trading bots are computer programs that execute trades automatically and on a frequent basis. These programs have become an integral part of the cryptocurrency trading ecosystem. According to some estimates, there are over 200 million bots trading cryptocurrencies globally. However, many experts believe that the number is much higher- possibly around 500 million.
Most bots are designed to perform repetitive tasks to maximize profits while minimizing time and effort. Some trading bots have even been programmed to switch between multiple cryptocurrencies to find the most profitable trade. At the same, these bots can be used for fraudulent purposes by generating false transactions to generate profits.
Bot trading or automated trading is a trading method that uses software to perform trades. The bot is a computer program that performs trades on your behalf. The trend of bot trading is increasing at a fast rate; the number of bot developers is also increasing at a fast rate. Bot trading has several advantages over human trading, such as faster speed, better accuracy and higher income.
Bot trading has become popular in the crypto space because it helps traders earn money while helping them with their daily needs. There are several types of bots in development; some develop strategies for different cryptocurrencies such as Bitcoin and Ethereum. Other bots trade altcoins such as Litecoin, Ripple and Bitcoin Cash. There are also automated crypto trading systems where dozens or even hundreds of bots work together to increase the success rate of an automated crypto trading system.
Which cryptocurrencies can bots trade?
Basically – all kinds. Bitcoins and Ethers are the two most well-known cryptocurrencies. Bitcoin is the first cryptocurrency and has become increasingly popular since its inception in 2009. Compared to fiat currencies like the US Dollar, Bitcoin has gained a lot of traction in recent years. Most transactions conducted with Bitcoin are online purchases, which makes up over 70% of all transactions conducted with this cryptocurrency. Additionally, many online businesses accept payments in Bitcoin. There are also numerous physical Bitcoin ATMs where you can purchase or sell Bitcoins.
Other popular cryptocurrencies include Litecoin, Ethereum, Zcash, Monero and Dash. Each of these has different characteristics, but all share the same primary purpose- transfer of value or monetary units. For instance, unlike fiat currencies like the US Dollar, no one holds or creates new values for these cryptocurrencies. Different cryptocurrencies have different purposes; for instance, Dash acts as a decentralized payment system while Ethereum is a general purpose blockchain platform. Different cryptocurrencies cater to specific markets or use cases.
Several other less-well-known cryptocurrencies exist beyond Bitcoin and Ether. These include IOTA, NEO, VeChain and OmiseGO. There are also several Altcoins like Ethereum’s ERC20 token Standard Replicated throughout the entire blockchain industry- which proves that this technology is expanding beyond just Bitcoin mining. Each of these lesser-known cryptocurrencies has its own unique features and applications in the real world.
As of 2022, there were over 1,500 cryptocurrencies available to use. Despite being new, cryptocurrency has already found its place in our financial system- particularly as a method of payment for goods and services online. In fact, 99 percent of all internet users in Japan had at least one account in 2017 thanks to 95 percent of banks offering Cryptocurrency accounts to their customers. Over thirty countries have either started using or started developing cryptocurrencies for their people.
Cryptocurrency has seen rapid growth in recent years because of its benefits to individuals and businesses alike. The technology has proved useful in many ways such as secure payments, avoiding banks fees and creating decentralized control systems for financial systems and governments. Plus, there’s no telling what new forms of cryptocurrency will be invented in the future, but there’s no doubt that crypto trading bots will be able to handle them.
What are fraudulent trading bots?
Cryptocurrency trading is an exciting field with a lot of potential. Unfortunately, this also makes it highly susceptible to fraud and manipulation. Many cryptojacking incidents involve bots changing the settings of computers so they can mine cryptocurrency without their owners’ permission.
As such, anyone involved in cryptocurrency trading should always be aware of how bots can be used for malicious purposes. Fraudulent trading bots are typically discovered when unexpected transactions occur on accounts that use them. However, it can be difficult to distinguish between legitimate bot trades and fraudulent ones.
Fraudulent trading bots are primarily used for fraudulent activities such as market manipulation and money laundering. These bot operators use them to buy low and sell high multiple times in a short period of time. This creates artificial spikes in the price of a given cryptocurrency as many bot accounts make transactions simultaneously.
An account that uses many bot accounts to commit fraudulently purchased cryptocurrency is called a botnet. A botnet is a large group of computers used for malicious purposes, such as mining cryptocurrency or performing denial-of-service attacks against websites. A single botnet can generate hundreds of thousands of dollars per year by committing fraud on cryptocurrency markets.
While there is nothing inherently wrong with wanting to make money online through cryptocurrency trading bots, it’s important for everyone who wants to do so legitimately to do their research first. There are many fake crypto trading bots aimed at scamming people; however, there are also scammers who have already developed genuine scams intended for legitimate users. Until there’s a reliable way for everyone who wants to trade cryptocurrencies to implement botting safely, they’ll just have to rely on hard work and good judgment instead.
How to detect a fraudulent trading bot?
Anyone involved in cryptocurrency trading should always be aware of how bots can be used for fraudulent purposes. Fraudulent trading bots are used globally in crypto markets, especially where crypto coins are traded against other crypto coins or currencies like USDT or BTC.
It’s impossible to determine how many bot accounts currently exist in the crypto space, but estimates suggest there are around 500 million of them worldwide. Unless improvements are made to protect users against fraudulent acts committed by Bots, it’ll be hard for users of this exciting new currency system to avoid the many trading bot scams that plague the market.
There are several ways that traders detect fraudulent trades performed by bots. The most obvious sign is a sudden increase in the number of trades being made on an account’s transactions page. Other signs include unusually high losses or gains compared to non-bot account balances and unusual trading patterns such as repeated purchases or sales of similar cryptocurrencies.
It’s also important to note that some bot accounts will cease operation once they’re discovered by authorities or have minimal impact on the value of their associated cryptocurrencies. This is due to bot operators trying to minimize risk by using common PC hardware vs. expensive AI software components when committing fraudulently traded transactions.
Some fake accounts will send out direct messages claiming that they’ve detected unusual trading activity on a certain exchange platform and want feedback on how best to exploit it for profit. Other accounts will email potential victims pretending to be local business owners interested in opening up shop on a particular exchange platform. These accounts will then ask for personal information such as bank account details or payment methods in order to facilitate transactions between their business and new customers.
How to develop a crypto trading bot?
Developing bots is not easy; there are several skills that need to be mastered before developing bots. These skills include coding, security and data analysis. The first skill needed is coding – this is where the coded program goes and makes trades.
Next, security needs to be mastered – this protects the code from being broken down by hackers and ensures that your bots are safe. After that, data analysis needs to be done- this gives the bot information on different cryptocurrency markets to make informed decisions on the price of cryptocurrency.
I think my life changed the day I learned about this amazing guy whom I share the name with – Aaron Savage. 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!