BitProfit Review – Scam or Legit?

A new crypto trading bot ‘BitProfit’ is trending on social media in 2023 – is it a scam though or a legitimate Bitcoin trading bot tool?

Of the many self-proclaimed Bitcoin robot tools on the market, BitProfit is one of the newest and little information is currently available. From online reports, BitProfit advertises itself as a proprietary Bitcoin bot that makes use of complex AI algorithms to automatically trade Bitcoin for its users.

The BitProfit platform – which also goes by the names BIT Profit, and BitProfit Amazon – states it has an over 80% win rate which is higher than most human traders are capable of – even experienced day traders, crypto professionals and quant traders and a trading desk.

BitProfit Amazon Review – Summary

While we haven’t been able to verify its stated success rate, below is a summary of the BitProfit / BIT Profit Amazon platform:

Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.

What is BitProfit?

As the name BIT Profit / BitProfit Amazon suggests, this tool is popular among those looking to earn side income passively online through automated trading platforms, that auto trade Bitcoin without an investor needing knowledge of blockchain technology, the financial markets, leverage, technical indicators, R/R (risk/reward), the Sharpe ratio and so on – the tools of daytrading pros.

BitProfit Amazon doesn’t appear however to be directly associated with Amazon, and be aware some cryptocurrency assets claiming to be ‘Amazon tokens’ or new crypto projects backed by the online store retail giant are scams.

BitProfit Amazon states it is a crypto trading bot – ‘robo trader’ – rather than being a crypto coin or token to invest in. The BitProfit website also states that buying Bitcoin is not required as the BitProfit program can both spot trade and margin trade Bitcoin CFDs – contracts for difference, synthetic contracts of Bitcoin.

Also see our reviews of the top algorithmic trading platforms for some verified ‘robo advisors’ that have more information currently available.

BitProfit Pros & Cons

Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.

How Does BitProfit Work?

BitProfit Amazon works by tracking price movements in Bitcoin, which is has a particular emphasis on – as well as hard forks of Bitcoin such as Bitcoin Cash (BCH), Bitcoin Gold (BTG) and the second largest cryptocurrency by market capitalization, Ethereum.

BitProfit does state it supports other altcoins such as Ripple (XRP), Binance Coin (BNB) and low cap cryptos like ZCash (ZEC) but may not be as optimal and profitable when trading cryptocurrency assets other than BTC.

BitProfit Key Features

Like many of the best crypto exchanges and platforms, BitProfit is a free crypto trading tool. These are its main features:

Automated Trading

Automated trading is not a unique technology in the financial markets. Many forex brokers offer robot software that opens trades for its users after certain conditions have been met. BitProfit features the same system but uses an algorithm that has been trained using cryptocurrency trades.

Easy-to-use Platform

BitProfit states it is simple to use as Amazon – i.e. accessible to the retail investor, intuitive, and accessible. Reportedly it is compatible with Windows and Mac and has its own proprietary web app.

Crypto traders can also make use of MetaTrader 4 or 5 (MT4 or MT5) software to trade using BitProfit, or use its own in-house crypto trading bot platform.

Demo Trading Account

To add to its accessibility for users to trade crypto automatically, BitProfit has also integrated a demo trading account for new users to first learn to trade using the BitProfit platform without risking any of their capital. The demo account can also be used for those looking to try new trading strategies with the algorithm as well as helping them adjust to newer market environments.

Multiple Supported Cryptocurrencies

BitProfit Amazon supports trading of a basket of 12+ cryptocurrencies like Bitcoin, BCH, BTC, ETH and more. Aside from the most popular cryptocurrencies that most people are looking to trade, they also offer lower-cap cryptos for users to diversify and hedge such as ZEC.

Customizable Trading Settings

BIT Profit can be used for fully automated crypto trading and users can also take an active role in managing their stop loss, entry, take profit orders, position size etc. if they wish to. This kind of calibration allows traders to complement their trading experience with their preferred trading strategies.

As the crypto market runs 24 hours a day, the market environment can change drastically and new positions and tactics might be preferred depending on the trader. Thanks to the varying degree of control with the algorithm and the many cryptocurrencies offered, users have more options when trading with BitProfit.

Responsive Customer Support

BitProfit offers responsive customer support around the clock. There is no reason for investors to wait in long queues as the bot boasts multiple channels where customers’ queries can be solved.

BIT Profit Fees

Here is an overview of the fees to use BitProfit:

Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.

Is BitProfit Amazon a Scam?

So, is BitProfit a scam? Based on the information provided in this BitProfit review, we can’t say for sure. First, there is no verifiable information concerning its founders. In addition, we couldn’t find any evidence to support the claimed success rate.

There also isn’t a reliable source like a BitProfit Trustpilot page available yet. However most online BitProfit testimonials and user reviews are generally positive – they make be fake paid reviews however. Even on crypto trading bot Reddit subs and similar forums, some reviews may not be legitimate.

Also note that contrary to some online reports there’s no evidence Martin Lewis, Elon Musk or Tesla have endorsed BitProfit or are involved in releasing new crypto trading bot tools. We also searched for BitProfit Reddit threads but failed to find any reference to Elon Musk, Martin Lewis or Jeff Bezos in the community forums.

All trading carries risks, as crypto assets are volatile and unregulated – split your funds up across various auto trading platforms and different types of investing. Crypto presales are another option to profit by a high percentage in a short space of time.

Another option is to copy trade pro investors – which involves humans rather than crypto trading bots, but its still a form of automated trading – last year on one exchange that returned 30.4% ROI.

BitProfit Minimum Deposit

The minimum amount to deposit is stated as zero – similar to platforms like Coinbase that require a near zero minimum deposit ($2) and automated Bitcoin trading apps such as BitVestment.

That’s also considerably lower than many platforms we’ve reviewed like Bitcoin 360 Ai that stipulate a $250 deposit.

The funding options available to deposit include PayPal, bank transfers and debit/credit cards as well as eWallets like Neteller, according to BitProfit reviews online from users and testimonials.

BitProfit Customer Support

Customer support is vital choosing a crypto trading bot or Bitcoin trading robot. Live chat support is reportedly available from the BitProfit support staff as well as 24/5 phone support and email support.

Who Owns BitProfit?

Although there is little information about BitProfit’s founding team, the robot is supposedly built by a team of skilled crypto traders and trading software engineers with a wide range of experiences. They have combined their resources and thoughts to create a crypto bot that can crawl through the market and assist traders in placing lucrative orders.

To guarantee that the robot stays trustworthy and efficient, the owners continually evaluate its performance and update it depending on current crypto market conditions. However, cryptocurrency traders are cautioned not to rely solely on the BitProfit robot because it does not guarantee profitable deals. There is always a danger of losing money in a volatile crypto market if you risk more than you can afford to lose.

What Devices are Supported by BitProfit?

A web-enabled device is required to use this trading platform. Unfortunately, the robot does not have a native app that can be installed on a mobile device. So, if you have a browser-enabled device, you may use BitProfit to automate your cryptocurrency traders. For example you can use:

• Desktop computers and laptop computers
• Smartphones based on Android and iOS
• Tablets

Check that your device is up to date and that you have access to a fast and steady internet connection. This ensures that you never miss out on opportunities in the volatile crypto market.

How Simple Is BitProfit to Use?

BitProfit has a user-friendly automated trading platform. Furthermore, the bot has a straightforward layout that is easy for beginners to navigate. All it takes is a few clicks to browse around the trading platform and access all of the features. The robot can operate in both manually and automaticly.

Bear in mind that with high-leverage trading, only experienced traders should use it because it does not guarantee profits and ROIs.

How Do I Cancel My BitProfit Account?

You can easily terminate your BitProfit account via the BitProfit website or via a broker that it is partnered with. Remember that cancelling your account through the broker will eventually sign you out and cause you to lose everything. So, before beginning the process, make sure to withdraw any outstanding winnings and close any open trades. Alternatively, you can seek assistance from the broker’s or BitProfit’s support service.

Is BitProfit Endorsed by Celebrities and Big Brands?

BitProfit is a new blockchain bot in the marketplace, which has many traders and experts asking if it is legit or a hoax. The robot is reported to have become a hot issue among celebrity/company sponsorships, thus we conducted research to see whether or not these reports are real. Our findings are as follows:

Does Elon Musk Endorse BitProfit?

Arguably one of the most famous entrepreneurs of 2023 Elon Musk is the CEO and founder of Tesla and SpaceX and recently acquired Twitter for over $40 billion. Following our research there’s nothing to imply or prove that Elon Musk uses or endorses BitProfit.

Does Martin Lewis Endorse BitProfit?

Martin Steven Lewis was born on the 9th May 1972 and is a financial journalist and presenter from the UK. Lewis is the founder of MoneySavingExpert.com. In 2012, he sold the website for more than £85 million to the Moneysupermarket.com group. According to our research, there is no evidence or information showing that Martin Lewis is affiliated with BitProfit.

Does Jeff Bezos Endorse BitProfit?

Jeff Bezos is an entrepreneur, media mogul, investor, and commercial astronaut. He is the founder and executive chairman of Amazon. He also has a net worth of $114.5 billion. There’s no evidence that Jeff Bezos invests in cryptocurrencies and therefore is not connected with BitProfit.

The Verdict

Our BitProfit review highlighted the features of the crypto robot and how it works. We also considered the low minimum deposit and its legitimacy as a credible trading bot – which is difficult to establish given its several names – BIT Profit and BitProfit Amazon – and the little information available.

Our review found out that BitProfit comes with several positives. The robot has a claimed success rate of 80%, but we couldn’t verify this. Never go ‘all in’ in only one Bitcoin bot platform or crypto asset.

What is the best crypto trading bot? That’s also difficult to decide as dozens are active on the crypto market. For some BitProfit alternatives consider copytrading or using a copy portfolio on a crypto exchange, those kind of auto trading tools are becoming increasing popular in 2023 given the volatility of Bitcoin.

Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.

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