Bitcoin Loophole – Crypto Trading Bot Review by Traders
How to use Bitcoin Loophole – full review
Crypto trading is an investment that has a high risk and high reward. We all know it’s a fairly unpredictable environment.
There are two types of crypto investment strategies, active and passive. The passive approach means that you invest in the cryptocurrency and hold on to it for a while. You hope that its value increases manyfold over the following months or years and sell only then.
This is good for people who have money to simply spare and who are not concerned with milking every last possible drop of gains from market volatility.
Active income is when you trade the cryptocurrency, often on a daily basis, but this can be riskier because you run the chance of losing money if you don’t make a correct prediction.
For this reason, people started using bots. They just didn’t want to lose money because the market went haywire while they were sleeping. Trading bots are a kind of safety net as well as a facilitative influence in trading.
Naturally, there are many get-rich-quick schemes out there – scams. What about Bitcoin Loophole? Is this one a scam? We start this investigation with a simple Google search.
The Search Results of Bitcoin Loophole
Starting with a Google search allows us to cast a wide net and hear all the buzz about this crypto project. In addition, to review sites mentioning it, there are no fewer than 7 different websites dedicated to this trading bot that we can find between direct Google search and review sites.
The .io is an odd top-level domain to be used for a serious project. In addition to that, the overuse of convincing words is suspicious. We don’t usually see “™”, “official”, “2022”, or “updated” in website names in Google search.
Companies usually buy up similar-sounding domains or trademark their domain to ensure that all the traffic is being driven to that single source. This helps them rise to the top of the Google search and is a common-sense standard practice.
The use of many different websites is a staple of scams, which seek to quickly appeal to as broad a population as possible. A long-term strategy doesn’t fit into their business model.
The Many Websites
For the sake of brevity, we will have to mix and match here. Some websites contain very little of substance and are potentially still under construction, while others make definitive claims that clash with other statements on other websites. But first, the logo – the first thing we all see.
Logo? More like 6 different logos. Unheard of for any business and entirely counterproductive to building a brand identity and trust. Multiple logos can only serve to confuse a customer and the wider public. This makes it another favored element in scam operations.
We will only discuss this one signup form here because 7 would simply take too much time and they all share the same problematic element(s).
First, the websites are filled with statements, quotes, and images like the one to the left. Generic information vaguely related to the crypto world or, usually, Bitcoin itself. Rarely will these sites discuss their specific product and what it has to offer and how it differs from other options.
Second, the signup requires us to give away our phone number to be contacted for marketing purposes (according to the disclaimer itself). This unreasonable and ridiculous demand hinges on people conflating the optional two-factor identification system with a mandatory info field.
Why would receiving SMS and phone marketing be a key element to a crypto trade bot? Companies will usually try to deliver marketing content, but allow users to opt-out. This will usually be done through email, not by phone.
The probable real reason they want your phone is given on only one of the websites.
Why would we have to be contacted by a person to engage in crypto trading? This isn’t the Wolf of Wall Street, we don’t need brokers today. The beauty of crypto is its independence from precisely such institutions.
Everyone knows this and is usually drawn to crypto precisely because of this. You are your own master. Within minutes or hours, you can be trading according to your best hunch and be the master of your fate.
Not the case here, apparently. Bitcoin Loophole wants you to deal with other brokers even though it’s offering software that claims to do the trading for you – excellently. It just doesn’t fit the story at all.
Another website contains yet another ridiculous element. The testimonial section with sensitive info (all fake, of course) laid bare to the whole wide world.
Think about it. What could a criminal mind do with a name, a profile picture, and a social media search? Pinpoint their location? Reach them and contact them? If this were real, this practice would paint a huge mark on these people’s foreheads.
Neither any real person nor a reputable company would want this information exposed like this.
Most of the websites are chock full of text on the history of crypto and the importance of Bitcoin. This is all fine and well but it clearly serves as obfuscation. They are hoping to tire out the reader and dull their sharp and rightfully critical thinking.
The same methods exploit a number of other scam crypto bots we have been warning about:
Consider the following paragraph, a rare instance of any talk about Bitcoin Loophole itself.
So this software is free, but it took many hands a lot of time. Then we are told that this isn’t a platform, but merely software. The implication is that this is a bot that can be used on other trading platforms, but it’s couched in confusing language.
Again, why the need for third-party brokers to call us?
Unlike other scams which make it plain just how ridiculous their supposed business model would be, here they remembered to address the issue. Supposedly, they somehow share a commission with partnered brokers whom they never name. Which big platforms are they collaborating with?
Besides, different brokers have different fees, and not all of them facilitate trading bots or third-party trading bots. So how would they even know when to share the fee anyway? Wouldn’t Bitcoin Loophole favor the brokers with higher fees and try to advertise them more?
This is a very weak argument upon closer consideration and the logic falls apart quickly. Worse yet, it’s contradicted on one of the websites.
This one makes it seem like what they are selling is not just a trading bot, but a brokerage platform. Then there is the flat 2% fee which is pretty high. Finally, it’s not specified to whom does the fee apply – the buyer or the seller – which is how it’s always done.
Applying the fee to a single party in the transaction would disincentivize trading in certain cases and slow the market down, which is in no one’s interest here.
But that’s not the only discrepancy when it comes to money. Consider the following two, different statements.
This website wants us to deposit 250 British Pounds. On the other hand…
Here we are asked for 250 US Dollars. The difference is about 80 dollars and is very significant.
Moreover, why are we being asked for this fixed deposit? If the service is free, why would it matter if we wanted to start with, say, $10?
If the service carries a trading fee of 2%, that applies only to trading crypto, so it wouldn’t affect the deposit. There’s just no logical reason for this deposit and their stated business model can not profit from this in any way.
In addition to the very dubious testimonials presented above, there is this boastful claim.
How generic. Consider this. The company is willing to provide names, profile pictures, and transaction amounts of its users to the world, but not simply name the award(s) that they were given nor the institutions that endorse it.
Note, also, the following seemingly technical term.
What they are really describing here is either low lag or predictive analytics.
Low lag is simply achieved by using multiple servers to host the software to bring it physically closer to the location of the trade. It can be expensive as it must enable the entirety of the operation on many servers over the whole globe.
If we’re talking about analytics here, what algorithms are being used? Is NLP being used to analyze textual information such as news? Strange that they wouldn’t go into detail about such important and boast-worthy technology if they had it.
Either way, these are efficient but expensive solutions and so far no business model presented comes even close to supporting this.
Finally, there is this strange disclaimer on yet another one of these websites.
Everything else in it seems more or less in order, but the underlined claim is simply ridiculous. It comes with no context. For example: How much money did these traders lose? When did this happen and in which situations?
If this is a general rule when using this software how are people becoming millionaires when more than ⅔ are losing money?
One last thing to note is the complete absence of any mention of persons involved with this project. They try to address that here.
But this does nothing to ease the suspicion. After exposing your users and boasting about vague awards, why wouldn’t you want to name these experts and benefit from the reputation of their expertise? Wouldn’t their mere names pull in a certain userbase?
There are no developers because there is nothing developed here. This is a dirty scam, like many others from a well-known scam network:
Our investigation of these ridiculous websites concludes, but we turn to external sources to see if we can gather more clues.
Trustpilot Reviews of Bitcoin Loophole
Trustpilot is a great review aggregator and it helped us pinpoint some of these websites. It also shows the reviews of some which have been brought down, because they started amassing negative reviews.
The german one, for example, has been taken down, but this review is still up and it confirms our suspicion about the nature of this project. Enough can be gathered even by a non-German speaker.
Then there are these two reviews which put it in no uncertain terms.
Poor Mr. Stracker, the second reviewer, should serve as a lesson to you, dear reader.
The negative reviews are scattered among overly enthusiastic generic praise, clearly fake reviews initially put up by the scammers.
Public review aggregators are great for many things, but one thing to consider is review-packing. Always read the review carefully and compare the rating to the meaning of the review. Consider whether the tone matches the rating and whether the rating is specific or generic as well as whether the user reviewed any other products.
These can all help weed out the fake reviews from the real ones.
Similar Trustpilot reviews have several scam crypto bots we have been warning about:
As regards the About & Contact section(s), we can note the following. The about sections either come empty or filled with incomprehensible lingo nonsense. It almost has some comedic value, if the subject weren’t criminal.
The contact section provides multiple addresses but the result of the investigation is the same. Consider this one: “St Magnus House 3 Lower Thames St EC3R 6HA London United Kingdom”
A generic office building with no mention of there being a millionaire-making company there. Ever.
Having exhausted almost all venues of investigation we are left only with looking up the domain registrar(s) to try and pinpoint the identity and location of the scammers.
Surprisingly, in the case of this scam, they didn’t opt for Cloudflare as their hosting provider. Instead, they used GoDaddy, so we can take a very small peek at their information.
While any information of substance is absent, we can at least see that the registrar came from France, which is a little strange given that their business is claimed to be in the UK and Germany, and they have no presence in what is supposedly their home country.
Whoever these people are and whether they even really come from France – you shouldn’t trust them according to everything presented above.
FAQ on Bitcoin Loophole
Bitcoin Loophole is a confusing and wide scam operation targeting both English and German-speaking audiences.
You be the final judge of that but the evidence presented above presents a very strong case that it is.
You can’t earn any money, but there’s no telling how much you could lose.
No. Very much so not legit.