Scam Crypto Bots Avoid From

But, it’s a sector of the crypto industry which has been plagued by a huge number of frauds. Every day there’s an enticing new trading bot with no more than attempts to take the hard-earned money of your deposits. There are plenty of risks that are out there and you must to be vigilant, article source!

In this regard, we’ve put together a set of three illustrative crypto trading bot scams to avoid. We would have to create the equivalent of a 1000-page dictionary to encompass the entire list of scams. So, we choose three bots who each exhibit typical red flags are often encountered. You should be aware of them before you begin trading with any automated system.

Crypto Trading Robots 101

Briefly speaking, trading bots to trade crypto will buy and sell cryptocurrencies for you. The users are advised to create the bot’s trading method so that it can make trades in cryptocurrency according to the needs of you.

We have to warn us to warn. The trading robots are accused of fraud in some instances even though they’re genuine.

For those who aren’t experienced, they tend to believe that the robot does all the work for them while they relax and make a profit. This is impossible. Otherwise, everyone is drinking Pina Coladas on Bora Bora. It’s true that the bot will assist but only when you provide it with adequate details that are in sync your trading strategy devised.

Being able to spot indicators of fake bots will most definitely benefit you. All of these bots have been identified by us as fraud because of their alarming features. Once you’ve read the report, be armed with the information necessary to spot the telltale indicators of a fraudulent trading bot on your own.

Still, as you can never be certain We recommend also informing yourself through reliable web resources like TradeCrypto. Here you can find the list of scambots and a detailed description about their scams. Together with being aware of the usual red flags, that should be enough to prepare you in order to avoid these con artists.

3 Bitcoin Scams Beware of

Now, let’s move on to the main meal. The red flags we’ve devised are a list of each bot that is a scam. On their own this list isn’t a complete evidence, but when you look at so many, it becomes crystal clear what we’re dealing with.

1.) Crypto Bank

The investigation starts with the bot’s official website where you’ll find all the scamming tricks you’ve come across. The scammers posted a variety of security logos believed to be responsible for protecting the Crypto Bank’s customers. These companies are not involved in crypto-security.

The disclaimer states that, in the event that you agree to the terms and conditions of Crypto Bank, you can phone them anytime. (They typically utilize WhatsApp).

That brings us to the 3rd alarming warning sign of a scammer, which is a bizarrely high minimum required deposit of $250. This is a bafflingly high amount considering that the most required investment in genuine trading bots is just 10 dollars. When you sign up for an account, fraudsters will call you on WhatsApp for the purpose of “encourage users to open an account”. However, what they really want is for you to make a deposit so that they can take off with $250. Don’t do it.

Not last, the logo of Crypto Bank itself is identical to the logo of Bitcoin Bank. As we’ve seen before, Bitcoin Bank is another trading robot fraud. The scammers make use of the same template and use the same name to launch a new website. They then carry on the scam until they’re stopped.

Ethereum Code

Like many other instances in the case of bots for trading that are fraudulent, Ethereum Code actually owns several similar websites. Naturally, this seems suspicious. Why should they create multiple websites for the same purpose? It is because by doing this, the fraudsters are able to continue their business even if the website they are using is blocked. Cunning.

As per reports, the UK Trading Association awarded the Ethereum code a prize in recognition of the most efficient trading software. But, if we do some investigation, we can easily learn that nothing like this happened. Most of the fake automated trading platforms are claimed to originate from Britain. It’s difficult to tell if this is true, however, it’s highly unlikely.

The only method to contact to the Ethereum Code team is by writing a post on the website. Thus, no e-mail address contact number, telephone number, or physical address are listed. It’s clear from this the fact that Ethereum Code doesn’t want its creators to be found. Why? You’ve probably guessed.

Bitcoin Formula

It is claimed to be able to achieve an accuracy of 98. Yeah, right. If you are hearing people promise an accuracy rate of 99% or more it is a scammer trying to scam you.

A good trading system will provide an array of alternatives for investors in crypto. This includes portfolio management, margin and futures trading, etc. Scammers who create fake bots such as Bitcoin Formula claim that their services only allow the option of live trading or demo accounts. The most likely explanation is that they’re simply too stupid to come up with fake pictures that match other features commonly used.

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