Bitcoin Formula – Crypto Trading Bot Review by Traders
Full Review: How to Use Bitcoin Formula (And Why You Shouldn’t)
The crypto industry is developing much faster than regulation. In turn, a legal gap is opening, which is unfortunately fertile soil for criminal activities. Various individuals and criminal groups take advantage of people’s poverty and lack of experience, promising stellar profits if they only make small deposits. However, these people usually stay empty-handed, when criminals stop replying to their emails and run away with their money.
Therefore, in this Bitcoin Formula review, we are not only speaking about another scam crypto robot. We are also showing how to spot a scam crypto robot.
In time, we believe people will become able to recognize fake platforms and notice red flags on time. Hopefully, before they entrust criminals with their money and personal information. If you dedicate enough time to research and learning how to recognize a fraudulent trading system, there’s no reason why you shouldn’t be able to do so.
In the meantime, we’ve looked into the Bitcoin Formula platform. Below, you’ll find all the relevant data that we’ve unearthed. When it comes to a fraudulent trading platform such as this one, there are usually plenty of red flags, indicating that it’s part of the scammers’ scheme to rid people of their money.
On their own, these red flags are not definitive proof, but when put together, it becomes obvious that something fishy is going on. You should definitely steer clear of the Bitcoin Formula trading system, as it certainly won’t score you any lucrative trades. Read on to learn why.
Risks of Trading With Bitcoin Formula
- High risk of personal data harvesting
- Unethical marketing
- Fake customer reviews
- Crude web design
- No licenses
- No cybersecurity protocols
- Unrealistic gain promises
- Reports of stolen deposits and unavailable withdrawals
Bitcoin Formula Trading Robot: What Is It?
Bitcoin Formula is, allegedly, a platform that offers its users an algorithm for trading cryptocurrencies. This algorithm is AI-based, has access to the user’s deposit, and is allowed to use this deposit to buy and sell cryptocurrencies.
A cryptocurrency trading software is supposed to work by analyzing the market trends and cryptocurrency trading signals. It then makes a trading decision or provides investment advice based on the analyzed data or preset trading rules. For instance, if a trading signal is positive, the trading robot automatically reinvests the funds.
A good trading system of this kind can be rather helpful to any crypto trader. Conducting sufficient research before making any trading decisions is essential for successful trading, considering the high market volatility.
Unfortunately, there’s often just not enough time in the day for proper research on potential trades you’d like to make, regardless of previous trading experience. Moreover, even experienced traders will tell you that the trading process itself can also be rather time-consuming.
And that’s where automated trading software comes into play, as it takes over the cryptocurrency trading process and automates the process.
But, if you make a wrong decision and choose a fake crypto trading platform, you won’t be saving any time. On the contrary, you’ll end up losing time, money, and nerves. So, let’s look into what’s the problem with the Bitcoin Formula trading system exactly.
What’s Fishy About Bitcoin Formula?
For starters, the “company” claims not to have a target audience, and “everyone” can join in. However, they also say that their users usually are unemployed and older, retired people.
What Bitcoin Formula fails to admit here is that they know very well who their target audience is. It is either people who are in desperate need of money or older people, who aren’t very good with computers and are especially easy to deceive with false promises. It is unusually slimy to be preying on desperate people, even for scammers such as these.
So, as per their founders and friendly affiliates, the key advantages of this trading program are:
- Speed – the “superior technology” behind Bitcoin Formula is capable of foreseeing and making deals 0.1 seconds before they change
- Accuracy – the award-winning app can predict the changes with 98% of accuracy
However, anyone with at least basic knowledge in crypto technology knows that, if this speed and accuracy were true, it wouldn’t be technology, but magic. Simply, it is impossible to make profitable trades and predict development in the highly volatile cryptocurrency market with 98% of accuracy. And we are supposed to believe that Bitcoin Formula works this well? Even the best and most expensive trading robots predict with 70% accuracy. Let alone completely free platforms such as Bitcoin Formula.
Speaking about “superior technology” everyone can get for free, we don’t know who were these generous people that developed it. Also, while affiliates are so full of praise for the technology, they don’t tell us much about the features available on the platform. Everything we know about the available options is that there is a demo mode, live trading feature, and broker’s assistance.
The one positive thing that we can say about the Bitcoin Formula trading system is that its user interface is rather well thought out. However, this only makes the scammers appear even dirtier. It seems they took great care to make this fake trading auto trading system easy to use, so that the accessible interface can enable users to leave their money to the scammers in a smooth way.
The scammers have cunningly realized that if the interface wasn’t as approachable, more of their unsuspecting victims would stop using the bot before they’ve lost their money. Again, this is rather slimy.
Bitcoin Formula Application: Many Red Flags and Evidence of Scam
The minimum amount of money users need to deposit to begin trading on the Bitcoin Formula app is $250. Of course, there are multiple payment options, as the scammers want to make it easy for you to leave a deposit.
Once you’ve set up a new Bitcoin Formula account and started trading, the platform promises up to $5000 of profit in a single trading session, which is obviously way overestimated. The trading strategy utilized by this automated trading platform must truly be something out of this world for it to secure such a high profit. Or the scammers behind this trading platform are lying, which is far more likely.
As for the $250 deposit, this is precisely what the scammers are after. When you register a trading account and give them some of your personal information, they won’t stop calling you until you’ve placed the deposit. The scammers will claim they’re simply encouraging you to start trading in order to make a fortune quickly, but in reality, they’ll steal the $250 and disappear. After that, good luck with finding them again.
Suspicious Lack of Features
According to the “developers’” claims, this automated trading system only provides live trading and demo account options after the initial account setup process. This is strange, to say the least.
We’re used to legit automated trading systems offering various trading options, even if they’re not of the highest quality. Releasing an automated trading robot that can, supposedly, make you money only through a live trading session is, frankly, ridiculous.
Even if Bitcoin Formula was legitimate, it would be very hard to recommend it to readers due to a significant lack of trading tools. With this in mind, it’s quite ironic that the Bitcoin Formula platform is marketed as advanced crypto trading software.
As for the demo trading option, in theory, this is certainly a neat feature. It allows users to practice their trading strategies and acclimatize to the bot’s user interface in a safe, simulated environment.
In other words, you can’t actually lose any money while you practice trading with this feature. However, when we’re talking about a fake automated trading system, the demo account feature is clearly useless.
Poor Web Design
The official Bitcoin Formula website has only one single landing page. And what’s even more suspicious, this landing page contains only vague information about the best cryptocurrencies to invest in. No mention of the developing team, no “Contact us” section, and no tutorials on how to use the platform.
Probably, there aren’t any tutorials because the entire platform is fake, and there isn’t much to learn?
Furthermore, there is one important thing on this single landing page, and it is very disturbing. As can be seen from the drawing above, Bitcoin Formula openly states that they can and will sell their users’ sensitive data. Therefore, those who are happy to share their phone numbers, credit card details, and money with whomever these criminals see fit, are free to use the platform.
Bitcoin Formula Behaving Badly Since 2018
Bitcoin Formula has been a notorious crypto trading bot for some time now. According to some reports, Bitcoin Formula is a member of a rogue affiliate network. Along with ProfitsTrade, LucromPro, or FXCM Group, these guys make an international organized crime group.
According to some reports, since at least 2018, they have been involved in promoting fake crypto platforms on social media using fake celebrity endorsements and fake news. For those who fall for their lies, Bitcoin Formula and their mates have a lot of unpleasant surprises, such as stolen data, impossible withdrawals, unstoppable phone calls, and so on.
Security, Licenses, and Payments
And while elsewhere brokers advise users on the best possible trades, those working for Bitcoin Formula “keep an eye on AI bots” and protect users from phishing and hacking. It remains unclear why these brokers, knowledgeable in both the crypto market and cybersecurity, don’t have any official licenses to work as brokers.
Speaking of licenses, which is something that a legit trading app must obtain, there is no information that Bitcoin Formula has one either.
Finally, except for meager SSL encryption, there is absolutely no protection for using Bitcoin Formula’s website. Most legit platforms have site stamps as proof that their website has been regularly audited and protected against hackers’ attacks and viruses. With Bitcoin Formula, it is not the case, so users are strongly advised to stay away from their website, let alone trade with them.
Traders’ Feedback: Bitcoin Formula Caught Lying
Bitcoin Formula must be working hard to hide the evidence of their wrongdoings. However, they can run, but they cannot hide.
On Trustpilot, they have 100% of positive reviews. Looks too good to be true, right?
Another thing that is suspicious is that, although all reviews are 5-star, the final rating is 4.0. How is this possible?
Based on this questionable rating on Trustpilot, there are two options. One, this is the perfect platform, the best app that has ever existed, and it will turn the entire humanity into millionaires. Or, two, this is a preposterous lie, and all of the reviews are fake.
And we know the positive reviews are fake because they all have the label “Invited”. This means that the platform invited users to rate them in an email. And since all these “users” have only one review, one doesn’t have to be a genius to understand that these accounts were made only for the purpose of making this review.
Moreover, even if didn’t know that, it would still be obvious that these were fake reviews due to a total lack of any nuance. According to these reviews, Bitcoin Formula is simply amazing and has no flaws whatsoever.
Finally, some reviews from less popular customer rating platforms such as SiteJabber confirm our hypothesis. Despite fictively high ratings there as well, one user says that he sued Bitcoin Formula in order to get his money back.
Final Verdict: Bitcoin Formula Is A SCAM!
To an experienced eye, it is as clear as day that people in the Bitcoin Formula team are nothing more than immoral con artists. The website is cheap, there are no cybersecurity measures or licenses, and all of the available customer feedback is clearly fake. On top of everything, the website openly admits that they trade with their users’ personal data.
Finally, their marketing strategies aren’t only foolish. Fake news and celebrity support resemble the same cunning tactics used by dozens of similar crypto trading bots we have already written about.
Therefore, traders are warmly advised to stay away from Bitcoin Formula and entrust their money to reliable and approved crypto trading platforms.