|Minimum 1st Deposit||£100|
|Minimum Account Size||£100|
|Minimum Trade Amount||$25|
|Maximum Trade Amount||No maximum|
|Free Demo Account|
|Deposit Methods||Bank Transfer , Credit Card , Other Methods|
|Withdrawal Methods||Bank Transfer , Credit Card , Other Methods|
|Trading Currency||All Major Cryptos|
|Account Currency||GBP , USD , EUR|
|US Traders Allowed|
- Ideal for Beginners
- Easy to Use
- Invest on autopilot 24/7
- Black Box Algo
- No Mobile Platform
Bitcoin Formula Review
Volatile markets such as crypto, always present good opportunity to profit from the price swings. In trading, there is a large number of day traders who trade forex markets and make a good living out of it. Day traders typically use technical analysis and indicators to predict future price moves and to decide when to buy or sell a security. One of the main disadvantages of day trading is that traders need to stay in front of their computer all the time and carefully watch the prices. There is a number of stories going around when day traders stepped away from their desk to the toilet only to find out that the price moved against them and they lost a lot of money. In traditional markets, there is a large number of so-called quantitative trading firms, which are investment houses who use computer algorithms and automated trading systems to make trades. This removed emotions and allows trading all markets in the world 24 hours a day, 7 days a week and 365 days a year. In the meantime, with the recent development of technology, such trading algorithms became more available to smaller investors with many of them implementing similar tactics used by large quant firms. Needless to say, that when the price of Bitcoin, Ethereum and other altcoins skyrocketed in 2017, the crypto market attracted developers of the same automated trading strategies. Our team at EthereumTrading.pro have completed this Bitcoin Formula Review to introduce our readers to the Bitcoin Formula crypto trading robot. Our readers can find out all the features of this automated trading platform as well as it’s pros and cons.
What is Bitcoin Formula
As we explained in this Crypto Robots Overview, there are two distinct types of crypto trading robots. A first type is essentially an analytical software which allows users to create trading strategies from scratch or use the pre-built ones. Such trading bots use technical analysis to recommend buy and sell orders and allows investors to connect to crypto exchanges and place trades automatically. This type of crypto robots is usually a bit more sophisticated but in the meantime offers good flexibility as well as a wide range of pre-built options. If you want to learn more about automated crypto trading platforms of that time you can check our GunBot, HaasBot, Cryptohopper or Zignaly.
- Indicators, Safeties, and Insurances
- Growing Community
The other type of crypto robots is similar to Bitcoin Formula and are affiliated with one of the CFD brokers. They are very easy to set up and use but they do not provide much information about their trading algorithms, nor disclose their trading strategies. But The main advantage of these types of crypto trading bots is that they are very easy to set up and suitable for newbie investors, who don’t understand technical analysis. But there is a number of things to consider when using such crypto trading robots which we are going to cover further down the line in this Bitcoin Formula review.
How Bitcoin Formula Crypto Trading Bot Works
In a nutshell, Bitcoin Formula crypto trading robot works very simply. By using technical analysis and indicators, trading algorithms predict price moves and buy or sell signal. The goal is to make a large number of trades and make a small profit on each from the price swings. So volatile markets such as crypto make a perfect match for that sort of trading strategies. Obviously, not every trade is a profitable buy for crypto traders this is the numbers game. As long as on average they make more profitable trades than losing ones, they can walk away with a profit. And the fact that they can run trading on autopilot makes it easy to manage. On average, crypto investors are reporting 2-3% profits from trading robots which adds up to 20-30% monthly returns. But there is no magic formula and not all the crypto trading algos are the same. It is important to remember that with any investment your money is at risk. Also, if markets are just crashing and there are many sellers and no buyers, no trading algo will be able to make money.
Bitcoin Formula Review – is Bitcoin Formula Crypto Bot Scam or Not?
If you don’t know anything about technical analysis but want to start trading cryptocurrencies on autopilot, it is well worth trying a simple trading bot such as Bitcoin Formula. However, it is important to remember about risks and always better to start with a small amount until you get confidence in your trading strategy as well as your broker. There are some negative Bitcoin Formula reviews but it is possible that they have been written by competing CFD crypto brokers.
There are a number of important things to consider if you are thinking to trade with Bitcoin Formula crypto trading bot. The most important one is the CFD broker that is affiliated with Bitcoin Formula. It is affiliated with RI Markets, a CFD broker registered in the Marshall Islands and operated out of Latvia. The broker is not regulated which could be potentially a red flag but in the meantime, there is a large number of CFD brokers operating the same setup so it doesn’t necessarily mean they are a scam. The RI Markets website looks alright and they provide access to Metatrader 4 or WebTrader platforms.
How to open an account with Bitcoin Formula Crypt Bot
It is super easy to open an account with Bitcoin Formula and all you have to do is to provide your name, email address and phone number. You will automatically open an account with RI Markets and will need to complete the KYC process by supplying a copy of your passport and residential address. Once you deposit funds using bank transfer, credit card or a number of other methods you can start trading with Bitcoin Formula crypto bot.
How to start trading with Bitcoin Formula
Bitcoin Formula trading rooms are very easy to navigate and even if you don’t know anything about automated trading you should not have any problems. The basic settings include Take Profit, Trade Amount, Maximum Concurrent Trades, Daily Take Profit, Daily Stop Loss and Maximum Daily Trades. You will also need to choose a currency pair but that is pretty much it. Once you press Start Trading Button, the trading will be launched and you can sit back and watch your position as well as profit & loss on each of them.
Bitcoin Formula Crypto Bot Pros and Cons
One of the biggest advantages of the Bitcoin Formula Crypto Bot is that is it very easy to navigate and it is suitable to the absolute beginners.
But this Bitcoin Formula review also won’t be complete if we won’t mention some of the potential drawdowns of this crypto trading robot. First, is that CFD broker is not regulated so it is better to start and try them out and not invest a huge amount of money from day one. See how easy it is to deposit and withdraw funds with them, how responsive their support is and how their trading platform works first before committing large sums of money.
Another thing is that their trading algorithm is a black-box and again, it better to try it out first and see if you can make any profit. Try it in different market conditions and with different settings to be able to tell how good their algos are. Some crypto investors reported that they are making good profits while others are not so you always need to try for yourself.
Bitcoin Formula Review – Conclusion
As a conclusion, we can say that if you don’t understand technical analysis and never run automated trading strategies, Bitcoin Formula Crypto Bot can be a good place to start. But if have a bit of knowledge of technical analysis or at least is interested to learn, we recommend using some more established crypto robots such as GunBot, HaasBot, Cryptohopper or Zignaly. They also have extensive educational resources and active communities so much better suited for serious and committed cryptocurrency traders. Please let us know if you find this Bitcoin Formula review. May the profits always be with you!Visit Broker