Cryptocurrency trading has been attracting many people who see it as a way to make some quick money with minimal effort. And crypto trading bots go hand in hand with this view of cryptocurrency. In theory, such bots can automatize a portion of users’ trading activity, leaving you with additional time to devote to other business matters.
However, it is precisely those users who want to get rich quickly that the con artists behind crypto trading bot scams are targeting. Unfortunately, scams such as Bitcoin Cycle aren’t worth your time and money, and are currently plaguing the crypto trading bot market and making users distrustful of even legitimate bots.
The short story about Bitcoin Billionaire is that it’s just another in the long line of trading robot scams. For the long story and evidence of fraudulent intent - read on.
1) Ridiculous Promises
Claims made on Bitcoin Billionaire’s official website raise suspicion right from the start. Namely, this bot can allegedly predict crypto price fluctuations with 98% accuracy. But that’s not all. In the process, Bitcoin Billionaire has been making its users some $10,000 a week!
Simply put, today’s technology isn’t anywhere near being able to provide that kind of result. While such bots can indeed assist users, they’re not that helpful.
If these claims were true, Bitcoin Billionaire would have been all over the news worldwide. We’d all be using it before retiring to some tropical paradise to enjoy our new-gained wealth.
In addition, Bitcoin Billionaire allegedly comes with only two features - demo trading and live trading sessions. As the Bitcoin Billionaire review over on the specialized website Scammer Watch tells us, it is common for trading bot scams to completely disregard all the options we have become accustomed to with legitimate bots.
So, no reverse trading, no leveraged auto trading, no… you get the gist.
2) Fake Reviews and Endorsements
Next, it’s time to check what people have said about their experience using Bitcoin Billionaire.
For starters, the scammers behind it claim that celebrities like comedian Jim Davidson are fans of this “trading bot”. But after a Google search, we can’t find absolutely any source to corroborate these claims. It’s safe to say that Jim Davidson has no idea what Bitcoin Billionaire is.
User testimonials on Bitcoin Billionaire are just as fake as celebrity endorsements. With the assistance of the Google Lens service, we find the same images elsewhere online. However, this time, the names are different. These are obviously stock images utilized by scammers.
The same goes for positive user reviews on Trustpilot. They instill zero confidence in their legitimacy, as they’re all written in an overly generalized manner.
There are no details mentioned whatsoever, just immoderate praise of Bitcoin Billionaire, which appears to be a miraculous product that will completely change your life. In truth, it will just drain your wallet of funds.
3) No License
But looking at traders’ experiences elsewhere, we find that there’s a high probability of Bitcoin Billionaire being affiliated with the known forex scam, 365CapitalMarkets. Namely, the con artists behind these two scams have been sending e-mails whose content is remarkably similar.
While that may not be much of a proof, 365CapitalMarkets has been linked to other trading bot scams in the past, including Bitcoin Bank, Market Master, and Crypto Cash Fortune. Unsurprisingly, this fraudulent forex company was blacklisted by many crypto platforms.
While we can’t claim that 365CapitalMarkets is, indeed, behind Bitcoin Billionaire, there’s another lie that’s relevant for this discussion.
Bitcoin Billionaire, the scammers say, operates out of Cyprus and its brokers are CySEC-licensed. However, looking at the Cyprus Securities and Exchange Commission public database, we can’t find any mention of it. The logical conclusion is that Bitcoin Billionaire isn’t licensed after all and is, in fact, most likely run by 365CapitalMarkets.
Unfortunately, with so many trading bot scams out there, crypto traders who are interested in automated trading solutions need to be very careful. Generally speaking, it’s a good idea to visit Scammer Watch when choosing such a bot, in order to ensure that you’re not about to put your trust and funds into a scam.
And Bitcoin Billionaire definitely is one such scam. While none of these red flags constitute proof on their own, together, they leave no room for doubt. There are so many telltale signs that we can give only one piece of advice to readers: don’t use Bitcoin Billionaire.
Author: Michael Klias
Blockchain and smart contract expert with over 7 years of experience managing cryptocurrency funds. I provide lectures and workshops on blockchain and smart contract programming to the crypto community.