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BitTrader is one of the many crypto trading platforms claiming to ease the work of traders in the market and still earn them profits. While it has been around for a while, it recently got a lot of attention from traders who have used it and attested to its efficiency.
To that end, many traders are looking to learn what this trading bot has in store for them. We will review the BitTrader crypto trading tool, so prospective users can understand what it is and how it works.
BitTrader Summary
Before reading through the review, here is an overview of the most important aspects of BitTrader available from its website:
| 🏺 Platform type | Trading platform |
| 📱 Mobile App? | None |
| 🔀 Trading Commissions? | None |
| 💠 Multi-Currency Support? | No |
| 💥 Claimed Success Rate | 93% (unverified) |
What Is BitTrader?
BitTrader is an automated trading platform. It was designed to help traders automate their work and earn profits from the market through coin price speculation, research, and analysis. This ‘robo advisor’ is sometimes spelt Bit Trader without spaces.
Built by a team of traders, BitTrader was born out of a desire to help market participants optimise their profitability. Its developers claimed that it was created in 2018 after seeing the market wiped out that year. So, they decided to create something that would help traders improve their accuracy while trading, thus bolstering their profitability.
The prototype for BitTrader was launched in December 2019 and was eventually released to the public that same month. After getting an influx of users thanks to the market rally between 2020 and 2021, the tool has become one of the most sought-after trading platforms in the market.
All of this is impressive, but the identities of the tool’s developers are not available online. This made it impossible to verify their background or qualifications.
According to the BitTrader website, the trading platform uses an advanced algorithm powered by artificial intelligence. Its focus is to analyse market trends and swings in cryptocurrency prices and then build predictions based on these analyses. The developers claim that it has a success rate of 93%, although this claim remains largely unverified by any independent source.
BitTrader Pros & Cons
Check out this list of pros and cons for the BitTrader trading platform:
Pros
- Intuitive user interface
- Quick account opening
- Easy account setup
- Versatile trading for all types of users
Cons
- No mobile app
- Relatively high minimum deposit
Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.
How Does BitTrader Work?
BitTrader operates as an algorithmic trading platform. Its goal is to improve trading automation via AI trading, allowing traders to earn more profits while reducing the work they have to do. According to its developers, BitTrader can handle the bulk of the research and analysis, allowing traders to enjoy greater convenience and earn money even while they’re not there.
BitTrader doesn’t work alone. The platform operates with crypto exchanges, connecting traders to them and allowing them to handle important tasks like trade execution and order management features.
According to the BitTrader website, newbie traders and industry veterans can use its platform. The developers have touted its intuitive interface and quick account setup process, with even beginners able to use its automated trading service to earn profits. At the same time, advanced traders looking to set their own parameters and have greater control over their trading process can do so with the platform.
BitTrader claims to hold a success rate of 93% – quite competitive with the market. While the platform makes significant claims based on its efficiency, we couldn’t verify any of these. So, traders are advised to be cautious when using this crypto trading bot.
Cryptocurrencies are highly volatile assets. Trading is best done following risk management rules and in line with best practices. Traders should only trade funds that they can afford to lose. Many ‘Bitcoin trading bots’ are scams and most are unregulated.
BitTrader Key Features
Many features make BitTrader stand out from the crowd among crypto robots. Here are some of them:
Brokers
BitTrader claims to work with brokers that handle tasks like trade execution and order management. The tool’s developers claim that they have operating agreements with these third parties, although this claim couldn’t be verified.
Automated Trading
The primary feature of BitTrader is its automated trading feature. Its developers have made huge claims, including that beginners and advanced traders will have no problem using the software.
Multiple Positions
BitTrader’s developers have also touted the platform’s ability to help traders open multiple trading positions simultaneously.
According to them, this allows traders to increase their profitability chances.
Quick Sign Up
Traders looking to get on the BitTrader platform can sign up and open their accounts in minutes. The tool doesn’t take users through any lengthy identity verification checks, speeding up the signup and onboarding time.
Available Demo Account
Demo accounts have become a staple in the trading market. Traders need to find ways to test their strategies and become more familiar with platforms, and the demo account on BitTrader allows them to do just that.
BitTrader Fees
A breakdown of BitTrader’s fees is given below:
| Account Opening Fees | None |
| Maintenance Fees | None |
| Trading Commissions | None |
| Deposit Fees | None |
| Withdrawal Fees | None |
Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.
Is BitTrader a Scam?
After reviewing the crypto trading platform, many investors and traders as – is BitTrader a scam?
It is difficult to say. As a crypto trading tool, BitTrader seems to have some benefits for traders – including a demo account and the ability to sign up in minutes without going through lengthy identity verification checks.
However, there are a lot of unverified claims here. BitTrader claims a 93% success rate, which is competitive with crypto trading tools. However, many things remain vague, with no independent verification or document to show its partnerships with brokers. It is also worth pointing out that the broker’s developers are still anonymous.
It is recommended that traders stay careful when using the tool. Only trade with a minimal trading deposit, and use proper risk management tools to ensure responsible trading in a market as volatile as crypto.
BitTrader Minimum Deposit
BitTrader has a minimum deposit value of $250. Although it isn’t the cheapest trading tool available, BitTrader is still competitive in the market. There are cheaper options on some crypto exchanges that support automated copytrading of bots.
It is highly recommended that traders only trade with the minimum deposit – especially when they’re just starting. No one can overstate the importance of responsible trading in a volatile market such as crypto and an unregulated one regarding Bitcoin bots. Test out a withdrawal early on to be sure BitTrader works as described.
BitTrader Customer Support
Traders using crypto trading tools will need optimal customer support if facing challenges. The ability to contact someone on the other side will make them feel more confident.
The BitTrader website has a customer service portal where traders can send messages to the site’s administrators. However, they have made no guarantees about a response or how long it will take them to get back.
How to Use BitTrader
Interested traders can join the BitTrader platform by completing the following steps:
Sign Up
Visit the official BitTrader website. A trader can easily fill out the form on the website and enter their full name, email address, and phone number.
Once done, BitTrader will connect the trader to a broker in their region. This process should take no more than a few minutes.
Fund Account
BitTrader allows users to make payments using several methods – including payment processors, e-wallets, and bank transfers for some countries.
As always, trading with the minimum amount is always recommended for safety reasons.
Demo Account
BitTrader comes with a demo account that works for beginners and advanced traders. Beginners can use it to get a hang of the platform, while advanced traders can also test their strategies before deploying them on the market.
The demo account might not be necessary, but it is a recommended feature.
Live Trading
After demo trading, a trader can use the live trading tool to begin speculating in the market.
The Verdict
While it has been around for almost three years now, BitTrader is starting to get some recognition for its work as a crypto trading tool. As shown in the article above, BitTrader has a few things going well. However, when considering that many of the claims made by the platform are unverified, prospective traders should be careful with the tool.
Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.