One of the best known suppliers of Bitcoin Trading Robots or Crypto Trading Robots is Bitcoin Profit. We want to see if you can really make money with the service and have tested the site and the service.
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The Bitcoin Profit Website
If you go to the Bitcoin Profit page you are immediately promised that you can quickly become a millionaire. In addition, the impression is given that Bill Gates and Richard Branson are positive about the service. There is also an ad in the upper right corner, where every few seconds a new face of someone who just earned sum X is displayed. All together it should give the impression that it is possible to get rich quickly with Bitcoin Profit and that other users earn princely money with it.
Furthermore there are so-called testmonials at the bottom of the page. These are people who supposedly already earn money with the site. All persons listed there are from the USA. A certain Steven H. tells there for example that he currently earns 1,261.42 Euro per day with Bitcoin Profit. The other people also talk about financial freedom, which was made possible by Bitcoin Profit.
Of course, this all sounds too good to be true. So in the first step we took a look at whether the people really exist, even if we hadn’t expected it. As expected, the pictures shown are stock photos from the big photo providers. So it is not surprising that we find the photo of Jennifer A. on Amazon. There it is used to advertise a beauty product.
We also found other products that advertised with the same photo. If you want to try it yourself, you can use the Google Image Search and upload the pictures of the testimonials.
Also noticeable on the start page is the FAQ of Bitcoin Profit. The first question printed there is about how much money you can earn with the service. Bitcoin Profit says that members can earn at least 1,300 Euro per day. No information is given about how much money you actually have to pay for this. Since the minimum deposit is 250 Euro it would mean that even with this amount you can earn over 1,000 Euro per day, which is of course nonsense.
Who is behind Bitcoin Profit?
The fact that there is no imprint on the site and no information about the company behind Bitcoin Profit is suspicious. Thus, neither individual persons of Bitcoin Profit nor the company itself are introduced. If we look at who owns the domain, we notice that the domain was bought through domainsbyproxy.com. This is an American service provider, which is supposed to conceal who the operator and owner of this site actually is. So it is impossible to find out who is really behind Bitcoin Profit.
So just by looking at the start page and doing a little research, there are enough warning signals that should stop anyone from signing up for Bitcoin Profit. We did it once anyway to find out how it goes on.
Register with Bitcoin Profit
Registration with Bitcoin Profit is relatively simple. All you need to do is enter your name, email address, password and phone number.
What is unusual, of course, is that Bitcoin Profit immediately asks for the phone number upon first registration. Why this is done will become clear to you just a few minutes later. Because as soon as you sign up, you will receive a call. For me, there was not a minute between the registration and the first call.
I was called from a number in Switzerland. In the end, the call is meant to help the users to deposit their 250 Euro (or better more) as soon as possible. In addition you get help if you have any questions. With me the conversation ran completely normally. However, there are reports on the Internet of people who were threatened on the phone that they would have to pay contractual penalties of over 20,000 euros if they did not make a deposit. In addition, some people try to get the credit card number in order to make the payment by credit card directly on the phone.
Those who don’t make a deposit after the first call are repeatedly harassed by calls from Bitcoin Profit in the next few days. The numbers come from different countries, which suggests that only one service is used to hide the actual location.
This is how the Bitcoin Profit platform looks like
Whoever has completed the registration can log in. After logging in you will be logged into a demo account. In this account you have 1.400 US Dollar virtual starting capital. You will be shown how a robot is supposed to trade with this starting capital and makes a trade every few seconds. Sometimes he loses, but the vast majority of trades win. After a few minutes the total balance is already over 2.000 US Dollar. As I said, this is only virtual money.
But all together it should give the impression that the bot works and that you can earn money with it quickly. The sole goal of the site is to get people to deposit capital as soon as possible. That’s why there are several pop-ups asking you if you want to switch to live trading.
If you decide to switch to the Live Trading Room you will be redirected to a login page of CryptoKartal.
For this service you have to register at CryptoKartal. Your Bitcoin Profit credentials will not work for this service.
The CFD provider behind Bitcoin Profit
CryptoKartal is a CFD provider with whom you can trade crypto currencies as CFDs. So if you would log in there, you would not be able to buy real crypto currencies but CFDs. CFDs are trading instruments that are linked to the price of the crypto currency or underlying asset. It is also important to note that most investors lose money with CFDs. It is now a legal requirement that providers must state how many of their members have lost money. According to CryptoKartal it is 64%. Probably this figure is much higher.
How Bitcoin Profit works
Now it should be clear to everyone how Bitcoin Profit actually works. The complete service is structured in such a way that its sole purpose is to win new customers for CryptoKartal. The trading bot itself does not exist and only serves to attract new customers. CryptoKartal has traders whose accounts you can copy, but these are fake accounts. Usually they only exist for a few days and as soon as they make a loss they are closed and a new account is opened.
The backers of Bitcoin Profit then receive a commission for every new customer they refer to CryptoKartal. Other CFD providers currently pay affiliates $800 US per new customer who makes a deposit. It is therefore safe to assume that Bitcoin Profit also receives at least 800 US dollars per customer of CryptoKartal. To research this article we talked to over 10 people who have tried Bitcoin Profit and NO one has made money with the service or even got their deposited money back. We also know from the conversations that Bitcoin Profit not only works with one CFD provider, but in the past it has recruited customers for other CFD providers.
For CFD providers, the business is so profitable because customers can trade with leverage. If a customer then trades with a leverage of 1:10 he loses all his money if the price falls by even 10%. Such high volatility is not unusual for crypto currencies. If a customer is liquidated because he has traded with too much leverage and the price has fallen too much, the CFD provider receives 100% of the credit balance that the customer has used. The investors then usually go out empty and the CFD platforms are highly profitable.
Bitcoin Profit and Elon Musk
Bitcoin does not only advertise profit with the Lion’s Den, but also with famous personalities. Elon Musk, for example, is popular. Bitcoin Profit tries to attract new users with fake articles that look like they were published on CNN or similar sites. The articles then state that Elon Musk believes in Bitcoin Profit and has invested in it.
These assertions are of course false. Neither Elon Musk, nor Richard Branson, nor any other stars seriously believe in and invest in Bitcoin Profit. They are just trying to catch users with well-known names.
So whoever sees an advertisement that claims something similar should be very careful. They are just trying to build trust and find investors for this dubious service.
Bitcoin Profit App
It is often said that Bitcoin Profit is also available as an app. However, this is not the case. You can access the site on your mobile phone but there is no app for it. The app wouldn’t stay in the App Store for long because the system is obviously a scam.
Bitcoin Profit Experiences and Test
In our test we only had very negative experiences with Bitcoin Profit. The service is only optimized to find new investors for certain CFD trading platforms. Also with all the people we have talked to there was NO one who ever got their invested money back. Bitcoin Profit does a lot to get negative reviews off the Internet. That’s why there are not many reviews online. Also, many investors are probably ashamed to admit that they believed in the system and invested money in Bitcoin Profit.
It can also be assumed that the Bitcoin Profit system also operates under other names. There are also services that operate under the same system but with different names. This includes Bitcoin Code or Bitcoin Unlimited. Presumably the same providers are often behind these services, because the systems always function in the same way.
Is Bitcoin Profit a scam and a fake?
Bitcoin Profit is DEFINITIVE FRAUD. This should be clear to everyone just by looking at the website. Promises are made here that simply cannot be kept. Even if you made “only” 1% profit per day with your invested capital, you would have made over 37,000 Euros from 1,000 Euros after just one year. Such profit promises are simply absurd and there is no system in the world that can guarantee you these profits.
Investors should also be suspicious of the fact that Bitcoin Profit does everything it can to conceal its identity. Nowhere on the website does it say who’s behind it and things like domain registration are done through vendors that hide identities.
Conclusion
Not only in our own test are the 250 Euros used gone, but we couldn’t find anyone who has ever made money with Bitcoin Profit. Actually, the promises should stop anyone from investing money in the service. But it seems that greed outweighs greed when reading about the profits Bitcoin Profit promises.
It should be clear to everyone that there are no trading robots that work constantly and are made available to the general public. Those who have really found an algorithm that works will keep it to themselves. The logic alone does not make it possible for a large number of people, and therefore a lot of capital, to make the same trades. There must still be people on the other side who buy the crypto currencies again.
Who really wants to invest in crypto-currencies should do this on a serious platform. For example, you can go to eToro and buy real Bitcoins there, at a fair fee (0.75%). After that you just leave them for a few years and it will pay off for you. At the time this test was written the Bitcoin price was 3,200 Euro. Now you can check for yourself what the current price is. If it is below 3.200 Euro just come back in 6 months or 12 months.
If you want to take a little more risk, you can also copy successful crypto traders with eToro and maybe make a few percent more profit, but at a higher risk. With eToro you also have the advantage that you can see how much profit the traders really made in the last 12 months.
You should also never think of buying any other small coins (often called shitcoins), because you think their value will increase faster than Bitcoin. After all, there are few reasons why we have several thousand crypto currencies. Most of them will disappear from the market again. However, it is likely that Bitcoin will be one of the few crypto currencies that will catch on.