Scam Crypto Bots Avoid From

This is a specific area of the crypto industry that’s been hit with many scams. Seemingly every day, there’s the latest scammer trading robot with no more than an attempt to steal your money and deposits. There are risks involved and it’s important to stay aware, recommended site!

In this regard, we’ve created a collection from three examples of cryptocurrency trading bot scams to avoid. It would be necessary to write the equivalent of a 1000-page dictionary to encompass each of these frauds. Three robots were chosen by us that have all displayed red flags. Before you start trading, make sure that you’re aware of these red flags.

Crypto Trading Robots 101

Simply put, trading bots for crypto will buy and trade cryptocurrencies on your behalf. Strategies for trading by the bots can be set by the user in order to trade cryptocurrency according to their preference.

We are here to caution our readers. There exist cases where legitimate robots for trading were accused of being fraudulent.

Unexperienced traders often are enticed to think that the bot does all the work for them while they relax and enjoy a passive income. It’s not possible as otherwise we’d be rich and sipping Pina Coladas in Bora Bora. The bot is able to aid you but only when you’ve provided it with the right data that’s compatible your trading strategy come up with.

It’s helpful to know what red flags that suggest fraudulent bots. All of these bots have been identified as fraudulent due to their alarming traits. You should now be able to identify the signs that indicate a scam trading bot.

We recommend that you continue to educate yourself via reliable websites like TradeCrypto, since there is nothing you can do to know for absolute certainty. There is a wealth of information on scam bots from here more in depth, including a the entire list of bots. As well as being aware of red flags that are common, that should be enough for you to know how to avoid the scammers.

Three Cryptobot Scams You Should Stay clear of

Now, it’s time to eat the main dish. For each of these scam crypto bots, we’ve created an inventory of warning signs that indicate the bots are fraudulent. These signs alone are not definitive proof, but when you combine them all and they are easy to recognize.

1) Crypto Bank

To find out more about the scam, we must visit the website of the bot and contains all of known scams. The fraudsters posted a range of security logos that were supposedly responsible for protecting the users of Crypto Bank. They aren’t involved in the security of crypto.

It’s stated that, if you agree to Crypto Bank’s conditions of usage, its representatives can legitimately call you at any time (they typically do so via WhatsApp).

That brings us to the third alarming sign that is an incredibly huge minimum deposit required of $250. This is a bafflingly high amount considering that the most required investment in genuine trading bots can be as low as 10 dollars. Scammers contact you through WhatsApp in order to “encourage” you to start trading. However, what they really want is for you to place a deposit so that they can take off the $250. Don’t do it.

The logos of Crypto Bank and Bitcoin Bank are identical. We’ve already learned that Bitcoin Bank is another trading bot scam. They employ the same template as well as the same name in order to make an entirely new site. Then they continue their scam until they are caught.

2.) Ethereum Code

In common in the case of bots for trading that are fraudulent, Ethereum Code actually owns several almost identical websites. Of course, this is quite a mystery – why should they create multiple sites for the same product? Answer: This allows the scammers to continue operating even the website they operate on is shut down. Cunning.

According to some reports, some claim the UK Trading Association has given the Ethereum Code an award for having the highest rating that is a trading program. With a little research it is easy to see that this has not happened. The majority of fake automated trading platforms are claimed to originate in Britain. As for whether that’s actually true – it’s hard to decide, but probably it’s not.

The only way to get in touch with team members of the Ethereum Code team is by leaving a comment on the website. There’s no email physical address, email, or number to call. This is clear it’s because Ethereum Code doesn’t want its founders to be in the same place as their creators. Why? Why?

3) Bitcoin Formula

According to the claims, this bot has an accuracy rate of 98percent. Yeah, right. When you hear with such astonishingly high accuracy rate, you should know it’s simply scammers who are trying to scam you.

The top trading robots offer a wide range of options to crypto investors. They include portfolio management, the futures market and margin trading among others. The scammers behind fake bots, like Bitcoin Formula, often claim that their bot only offers live trade and demo accounts. The likelihood is that they’re insufficiently skilled to design fake pictures that match the features that are common to all products.

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