What is a Bitcoin Cycle Trading Bot?
A trading Bot, as the name suggests, is an automated system, which is programmed to carry out a certain amount of tasks automatically without the need for monitoring or supervision. Several bots are programmed to perform simple buying and selling tasks in order to make a profit, however, Bitcoin Cycle offers many benefits:
- Prediction of highs and lows around the Bitcoin
- Finding low prices for buying and high prices for selling
- Automated and instantaneous system
- Continuous profit reporting
- Duplication of capital on a daily basis
It seems like a surprising thing. Just by looking at it, we must think that this type of Bot must cost a fortune. Well, the most surprising thing is that it is „free“ and we can get it and manage it without any experience. The problem: the whole thing is a fraud.
Is Bitcoin Cycle legit or is it a con?
Unfortunately, no. Bitcoin Cycle does not have a system of traders and it is economically proven that there is no way a program can predict with such accuracy.
It also has no set algorithm, no programmed direction, and no loss limit. In short, the program just sends signals one after another randomly, and sends a false profit report to its owner.
This ends up meaning that Bitcoin Cycle is not a real investment site (unlike eToro), but is simply a fake application used as a mask for a much larger fraud operation.
So how does Bitcoin Cycle really work?
Bitcoin Cycle is one of the many fake apps that have popped up on the web. An experienced Bitcoin trading user can easily realize its inefficiency as a trading method. Unfortunately its target is different: those people who are just starting to get into this world.
For a novice with no trading experience, making thousands of euros profit overnight is something that is very eye-catching, especially if they don’t have to do anything else but invest. By taking advantage of the user’s ignorance, Bitcoin Cycle redirects all these users to their page.
Once having made the users enter the page, the whole masquerade begins. First of all, on their homepage you can usually see a video of famous people talking positively about the method of earning Bitcoins. Famous people like Gordon Ramsey, Mark Zuckenberg, etc. They are celebrities with some influencer power, with the ability to give validity to a comment. What many ignore is that, although these videos are true, at no time throughout this, we can see say the name „Bitcoin Cycle“. The video itself is a construction to give a sense of approval from the masses.
Following this, there are positive comments from many users, where they assert the millionaire profits that the application has given them, while strongly affirming all the advantages it has given them to reach their economic independence. The truth is that all these comments are false and designed to give strength to the scam. Finally, we will be able to see images with happy people with a lot of money, going on a trip, or giving the feeling of happiness.
And how the scam is carried out?
After Bitcoin Cycle has given all this image, the user is offered the possibility to purchase the application for free. However, the app requires an investment deposit. This deposit must be equal to or greater than 250 euros.
The application indicates that the deposit will be used to start the investment in the currency and from this get the profits, but the reality is that once the deposit is paid, the money is transferred directly to the scammers.
The application will pretend to work by giving false performance data as the user remains happy with his investment. This will incentivize the user to further investments on their part, with promises of more profits. All deposits are sent to the scammers account.
Is there a way to get out of the Bitcoin Cycle scam once you are in?
Unfortunately, getting out of this scam completely is impossible. Let’s remember that even though the charts indicate that we are making a profit, the truth is that our initial investment is gone.
However, Bitcoin Cycle does not miss the opportunity to make us lose more money. When we decide to withdraw our supposed profits (or even in some cases, withdraw only the capital we have invested), we will be offered several promotions which promise us more profits as long as we do not withdraw the money.
Following this, there will be problems of contact with the server or similar. The truth is that every time we go to withdraw the money, an endless number of excuses will appear.
Most users will turn to customer support. Surprisingly, customer service is a department where we will be treated in a timely and pleasant manner, seeking to give us the appearance of working on our problem.
However, the situation is the same. They will offer us deals and tell us that our withdrawal has been made. However, the money will never return to our hands, and the most common thing to do is to blame the bank.
So, how can I avoid getting into this kind of scams?
Let’s remember that entering into legal disputes directly with this type of pages, makes no sense whatsoever. Most of the legislations of different countries do not have anything that regulates online scams. Much less if they are unofficial brokers or not registered anywhere.
Thus, the most common way to avoid falling into these scams is prevention. Certain signs can lead us to draw the necessary conclusions to avoid being affected by these frauds:
- Promises of money in exchange for a monetary investment and no investment of time
- Unrealistic overnight profits
- Links redirect to pages with different names, which subsequently require deposit
- Opinions inside your main page, totally opposite to those made by the community outside of it
These data will allow anyone to identify a possible fake investment page, and thus, avoid disappointment with a method of gain as striking as it can be the Bitcoin.
eToro: The real way to invest Bitcoins
If you want to see how a successful Bitcoin trading site really works, look no further than the well-known platform eToro.
The said platform is designed so that every person can create an account and log in directly to it, choosing one’s own investment method. At no time will the platform require a deposit to be able to „initiate investments“ on its own. All investments are initiated and supervised by each of the responsible users.
This may discourage many people who do not have experience in this field: if you do not have experience there are bound to be losses. But let’s remember that eToro being a commission-based platform, it is in the interest of eToro that users see profits in order to keep them trading.
Therefore, eToro offers a wide variety of trader advisors, programs, and totally transparent data so that even the most novice user can grow in the world of trading. It is even quite likely to see trading courses where you can learn from the most basic to the most complex.
Regarding profits, they are directly linked to the user’s experience. As the user improves and is motivated to learn, little by little through the tools offered by the site, you can perform studies that will multiply your earnings exponentially.
The truth is that, in order to achieve financial freedom in this area, it is necessary to invest not only money, but also time. Profits can be gigantic, but everything comes not only from your individual effort, because you will need a reliable platform that will allow you to expand proportionally to the knowledge acquired.
Therefore, choosing reputable sites that not only allow transactions in Bitcoin (also buying shares and other cryptocurrencies) becomes imperative. Among the best known, it is advisable to stick to those with a reputation more endorsed by the community, such as the already named and known eToro. Security and profit without scams.