While operating in the cryptocurrency market, it is quite usual for us to stumble upon automated bots that we have never heard of but which have been operating in the industry for a while.
Sometimes, these bots appear as diamonds in the rough and provide credible solutions that are overlooked due to poor marketing or fan following. But at other times, you are better off not knowing about their services in the first place.
BTC Robot is one such automated trading platform that has been operating in the industry for a few years, but which hasn’t garnered the popularity that many of its newer counterparts enjoy.
So is it a platform you have been missing out on or a service that is not much to write home about? Let’s find out.
What is BTC Robot and How Long Has It Been in Business?
This is a trading bot software that has been in operation since at least 2013. It offers trading in Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).
Unlike most bot solutions that work with crypto exchanges such as Coinbase and Binance, BTC Robot works with brokers who support the popular foreign exchange platform MetaTrader 4 (MT4).
This makes it very different from the cryptocurrency bots that we have become used to in their modern iteration. Firstly, it doesn’t work with conventional cryptocurrency exchange accounts. Secondly, it doesn’t function as a standalone solution.
Instead, the functionality is dependent upon its connectivity to MT4 and your access to a relevant broker that supports crypto trading. This puts the bot in a wholly different section of its own.
How Reputable is BTC Robot?
Despite running for more than 7 years, BTC Robot has a very poor reputation among the cryptocurrency community. Most users who have had any interaction with the tool have expressed their disinterest at the way the overall service has been packaged. Whereas, others have simply compared BTC Robot to scam offers that talk a big talk but fail to deliver on their promises.
One of the most detailed takedown on this solution comes from Bitcointalk, where a user did a thorough check of the service. The deep look into BTC Robot’s operations did not only refute its claims of being the first Bitcoin trading bot of the world, but also its questionable promises of generating cryptocurrency profits.
Apart from that, a simple look at the BTC Robot page presents the service as more of a marketing gimmick than an actual bot. The platform also terms itself as one of the only services of its kind that doesn’t charge commission on every trade and only charges a license fee. This isn’t true, of course. Most bots do not charge commission on trades and only go by charging their license fee.
Which Exchanges Does BTC Robot Support?
Unlike a majority of cryptocurrency bots, BTC Robot does not support any major crypto exchanges. Instead, you need to get in touch with traditional FX brokers who deal in cryptocurrencies.
The platfroms by itself recommends a broker called FxChoice. But it promises that you can use its bot with any broker who uses MT4 and deals with crypto assets.
How Much Does BTC Robot Cost?
It comes in three different plans, namely Silver, Gold, and Platinum. The payment for all of these plans is accepted via credit cards including Visa, MasterCard, Maestro, and Discover. BTC Robot also accepts PayPal as a payment method.
Here are the details of each plan and what it offers to its customers.
The Silver plan is the starting point in BTC Robot. For $19.99/month, it allows you to run 1 Bitcoin bot over 1 MT4 broker.
The Gold plan promises to hold the most value. For $39.99/month, it allows you to run 1 Bitcoin bot and 1 Ethereum bot over 2 MT4 brokers.
This plan essentially gives you two licenses with additional support.
The Platinum plan holds the most features and also comes at an annual pricing model of $399/year.
This plan includes trading access to all three supported cryptocurrencies on the platform, namely Bitcoin, Ethereum and Litecoin. It also supports 3 MT4 brokers. This plan also offers one-on-one support.
All plans come with the ability for you to choose any MT4 broker of your preference.
How Easy to Use is BTC Robot?
Since it requires an industry level trading solution in the form of MT4 to work properly, BTC Robot is not easy to use at all. In fact, it is one of the most complex bots that you can use if you have recently entered the digital asset trading space.
But even when you are used to traditional crypto bots, this one can be quite a challenge to operate. From its integration to MT4 to its connectivity to a supported broker, the platform can prove to be quite complex due to its basic differences from other bot solutions.
BTC Robot promises to provide support with its more expensive plans, but it lacks a user-friendly knowledge base. Instead, what it offers to its users is a tabloid-marketing-style one pager that makes it difficult to navigate the information. But if you subscribe to the service, it promises to provide a detailed guide that answers all of your questions about the platform setup and installation.
What Settings are Available?
BTC Robot offers basic settings that are usually related to forex exchange trading. The robot allows you to use USD trading pairs with its offered cryptocurrencies. Apart from that, it uses traditional brokerage mechanisms to allow you to buy and sell cryptocurrencies easily.
BTC Robot takes pride in its automated trading mechanisms and promises to perform all of its buying and selling automatically. The service comes with the following two trading strategies.
- Medium-Term. According to BTC Robot, this strategy can have days where it makes no trades, but it is all done in the name of profitable trading. The platform promises that the automatic mechanism of this strategy is bound to turn a profit.
- Scalper. BTC Robot explains that while this strategy trades more frequently, it turns out smaller profits. But even in this case, the platform vows that its bots can turn profit easily.
What Kind of Security is Offered?
BTC Robot offers basic security where it connects to your MT4 trader software and then to your selected brokerage account. The platform does not connect to an exchange account and does not withdraw funds from your cryptocurrency exchange.
But given that the platform really doesn’t have many users or a good reputation, you should be wary of the security that it promises and do your own research before putting any funds into association with BTC Robot.
How Good is BTC Robot Customer Support?
The platform offers expedited support with its more expensive plans. But there is no credible proof about the level of customer service that it provides to its users.
It lacks social media followers and does not have any live chat support available on the website. It also doesn’t have a phone number listed on its site.
How Profitable is BTC Robot?
BTC Robot promises to turn 100 percent profit in volatile months and at least 5 percent profit in slower months. It also refers to past trades that turned $10,000 to $70,000.
At every turn on the website, this bot promises to earn you profit through automatic trading. But that’s where its reputation gets even more questionable.
None of the credible bots ever promise a guaranteed profit. Even when they are referring to past trades, they refrain from making their trading solution seem like a panacea for all your financial woes. But BTC Robot defies these unspoken rules and makes its service seem like it’s a surefire solution to turn your investment into profit.
With that being said, BTC Robot does take cautious steps and says in fineprint – such as the footer at the very end of its very long page – that it cannot guarantee profits. But that acts more as a disclaimer and seems like a practice to save itself in the face of customer complaints than anything else.
While you are encouraged to do your due diligence and research BTC Robot yourself, our advice will be to steer clear of this platform and move forward with a solution that is uncomplicated and works with standard digital asset trading practices.