Bitcoin Trading Robot Scams
Every time Bitcoin sees a bullish trend, the reports of scams also increase considerably. In most recent cases, scammers have been reported as scamming less experienced traders with trading robots.
Trading robots are created to help traders in making trades at times when the traders are not available themselves. The robots are programmed in such a way that they automatically execute trades if they see favorable conditions. But the problem which has arisen is that these robots are being used by scammers to fetch information of traders that is later used to bankrupt them overnight. MTI and Africrypt are the companies that introduced their trading robots but later proved a scam.
The scam has become so common nowadays that smaller criminals have also developed their trading robots which they sell only to defraud traders. These robots’ software is sold by convincing traders that these robots will generate higher returns than average. Many traders who want to become successful in a short time go for these automated robots. We at Money-Back always prefer using modern technologies but we also warn traders that completely automated robots can be used for illegal purposes such as money laundering. So we suggest that human supervision is necessary if you are inclined to use trading robots.
Another drawback of using the Bitcoin trading robots is that when the robots are in charge, third parties can also steal trader information quite easily. This type of scam has also been reported on Money-Back where the robots were not fake but were manipulated into sharing the personal information of traders.
In the eyes of our experts, the majority of available Bitcoin trading robots are fake and created by notorious brokerage platforms for illegal purposes. Our experts also conclude that the legit robots with high precision results are expensive so we don’t suggest beginners go for any cheap trading robots because they will provide no good.
If unluckily you have already purchased a robot and now sense that the robot is fake than you should contact our team in a hurry because we can recover your investment in a short time.