Bitcoin has come a long way. The digital currency was started a few years ago and has grown to become a trillion-dollar asset. Its success has also incentivized many entrepreneurs who have created almost 5,000 cryptocurrencies valued at more than $2.26 trillion.
Crypto trading has also become an exciting part-time activity used by many people to make money online. As a result, many traders and software developers have ventured into the industry with several products like trading platforms and robots.
What is Bitcoin Trader?
A robot, also known as expert advisor, is a piece of software that allows people to automate their trades. These tools are widely used by hedge funds and advanced day traders. They are built using technical indicators and other price action tools to either send signals or initiate trades. There are many trading robots, some of which are offered for free. In this Bitcoin Trader review, we will look at what it is and how to use it in trading.
Bitcoin Trader is a robot that automates cryptocurrency trading by analyzing vast amounts of data to identify trade opportunities. The robot also combines technical indicators like the Relative Strength Index (RSI) and moving averages (MAs) to find these opportunities. After signing up, users can link their trading accounts and the robot will do the trading.
Most people who pay for Bitcoin Trader are inexperienced traders who want to make money in the cryptocurrency industry. As such, their expectations are that the robot will help them make money even when they don’t have the experience.
While Bitcoin Trader was developed with BTC in mind, it can be used to trade other popular cryptocurrencies like Ether, XRP, and Binance Coin.
The reality of using Bitcoin Trader robot
While Bitcoin Trader is a genuine product, its performance cannot be guaranteed. This is a common feature among all expert advisors available today. First, there is no robot that is usually 100% perfect. This is similar to the fact that no trader is usually perfect all the time. Indeed, in the past, we have seen many experienced traders lose money trading assets like stocks and cryptocurrencies.
Second, while some robots do work well, the volatility of the cryptocurrency industry makes it difficult for a robot to make money all the time. Indeed, many day traders have lost a substantial amount of money using robots.
Further, there is a major risk because very few details of this robot are known. Its website has not provided any details on the developers, how it works, and even how to contact them. This is risky because you need to work with a company that you know well.
Using Bitcoin Trader vs DIY
An ideal alternative to using Bitcoin Trader robot is to day trade yourself. This is how many professionals do it. If you are new to day trading, we recommend that you first take a cryptocurrency course that will guide you on the basics.
Some of the concepts you will learn are on fundamental, technical, and price action analysis techniques. You will also learn concepts on risk management, correlations, and the various types of cryptocurrencies.
While this approach is a relatively long and complex one, it offers better opportunities than relying on a robot. Most importantly, it will help you interpret the information that is found on the robot and how you can minimize your risk in day trading.
Online Bitcoin Trader reviews have found that the robot is a genuine one. However, many reviewers found that the robot developers have left some important gaps like who they really are, how it works, and how to contact them.