Bitcoin Trader was once a very popular automated trading software, that was copied many times, on different websites. The various Bitcoin Trader apps online, are connected with a variety Crypto CFD brokers, sometimes you’ll end up at a licensed broker, but usually you are sent to an offshore broker.
It is important to understand that, trading Crypto CFDs is not the same thing as buying crypto on an exchange. Even when using a licensed broker like Pepperstone, you do not actually own the asset.
Updated August 2022 – There is no longer a real working app for automated trading. All the trading apps that are promoted online now are just funnels into offshore brokers.
Bitcoin Trader Reviews
We reviewed the original bitcoin trading robot software at BitcoinTraderNow.com, and immediately noticed how professionally it was made. They actually have a software that you can see how it works before you deposit money.
It is safe to say that this Bitcoin Trader, is one of the nicest Bitcoin robots we have reviewed in a long time. When comparing and choosing an automated trading system, the first item we look for is the ability to choose a licensed broker, and the second thing we look at are the settings available for us to configure.
The Bitcoin Trader randomly assigned us a Crypto currency broker, so we could not use our preferred broker. The software uses a basic trading strategy that is based on technical indicators. We like how it has risk management settings, with the ability to set a stop-loss and take profits.
You can see in this screenshot below, some of the many configuration options available.
Bitcoin Trader Settings
Risk Management: The 6 risk management settings are there to let you control your default trade size and minimize losses from bad signals. It is always smart to set the Max Daily Trades number very low.
We have seen trading systems that can generate 100 trades in one hour. The Max Concurrent Trades setting is for you to limit, how many open trades are happening at the same time.
Asset Selection: The signals generated by the Crypto software is for Bitcoin CFD’s versus the Euro and the US Dollar. Additionally, you will find trading signals for all the classic feat currency pairs. Investors select which underlying assets the robot will open positions on.
The reason asset selection is so important is because, an algorithm can sometimes work well during normal trading conditions, but will have bad results during volatile markets.
Does Bitcoin Trader Make Money?
Any algorithm trading app has the potential to make money, but equally as well it can lose money. With the Bitcoin Trader, you have no idea what strategy it is using.
If you look at the “Demo Trading” feature, you will be able to take a see how the trading software looks. But remember, demo trading is not real, and will always only show you what looks like profitable trades. Their purpose of a demo is to show you the features of the software, but not real trading signals or actual results.
CFD Crypto Brokers Need a License
Bitcoin Trader connects you with a variety of brokers mostly unregulated and some quasi licensed. It is extremely important that you only invest money, with a broker that you have verified is actually licensed in your country.
A huge problem with trading bitcoins are the many scam brokers that steal your money, and are not regulated by a government authority. Many trading robots we have reviewed looked good, but they do not work with licensed brokers which means they are a scam.