Trading is no new concept, but online exchanges have grown and developed to now offer automated trading options with technological advancements. This involves using a trading robot powered by an algorithm that does the work for you by assessing market trends, identifying favorable trading opportunities, and conducting trading activities on a user’s behalf.
These robots are affordable and are readily available online for the beginner and advanced trader alike. However, with this innovative technology does come an opportunity for scammers to set up fake trading robots and trading platforms to trick people into investing with them.
While some scammers do not try hard to conceal their false platform, others can appear much like a legitimate trading website, so it can be incredibly hard to tell the difference.
At TrustPedia, we do the digging for you to determine whether a trading platform or auto-trading robot is indeed legitimate, or a ploy used by a scammer. One auto-trading robot that has come under our radar is Bitcoin Wise.
We have taken a closer look at this trading platform to determine whether it is a legitimate way to trade or a scam. Here is what we found.
- 1 What to do instead?
- 2 General Overview – Is Bitcoin Wise Legitimate? – Not Likely!
- 3 What Is Bitcoin Wise
- 4 Bitcoin Wise Review – Why Is It a Scam?
- 5 Generic and Fake Software Information
- 6 Fake Brokers
- 7 Fake Trading Platform
- 8 Inexistent Safety and Security Measures
- 9 Is There Any Information on Bitcoin Wise’s Creator?
- 10 Is Bitcoin Wise a Scam? The Verdict!
- 11 Frequently Asked Questions
General Overview – Is Bitcoin Wise Legitimate? – Not Likely!
- We have given Bitcoin Wise a low legitimacy score because it provides generic information and provides absolutely no information about the company behind it
- Information on the website is limited and copied from another site
- Our research has shown that the trading robot itself is fake
- Reviews online appear to be marketing the software rather than reviewing it
What Is Bitcoin Wise
Bitcoin Wise is a new self-proclaimed auto-trading robot that claims to be “one of the best trading robots today.” However, we found this to be untrue. It has supposedly been designed to accommodate beginners and advanced traders, promising unrealistically high returns on investments of 60 percent the value of your investment per day.
Platforms that make these claims without providing adequate proof are usually run by scammers and must be avoided. We also noticed that this platform is suspiciously like another scam auto-trading robot, Bitcoin Capital. The information found on these sites is almost identical, indicating that the same scammers run these two sites.
Bitcoin Wise allows users to trade Forex and popular cryptocurrency pairs. There is also an option to trade directly with this software, which entails monitoring the markets for yourself and executing trades based on your own market analysis. Users are also given the choice of trading with a mobile application.
Bitcoin Wise Review – Why Is It a Scam?
Like Bitcoin Capital, Bitcoin Wise provides no transparency. It includes no information about the company behind it, the technology it uses in its software, or its policies and procedures in place to protect users.
Information regarding its use of brokers is contradictory and hazy, giving us little reason to trust what you are being told. The site also offers a bonus for APNews visitors. Still, it later states in fine print at the bottom of the page that this bonus is subject to a list of qualifying criteria, and ultimately, your broker decides if you receive the bonus or not.
This is false advertising, as they promise something, but later free themselves from any obligation to give it to you.
The lack of information regarding who the company is and where it is located is another particularly concerning factor, as offshore companies usually function in this manner. Offshore companies are not typically regulated by any regulatory body, do not follow any industry standards, and do not offer the kind of security you get with legitimate platforms.
Another red flag is that this platform relies on reviews from other sites such as SiteJabber, Trustpilot, and ForexPeaceArmy. The problem is that most of these reviews appear to be false because they sound more like advertisements than they do honest customer reviews.
Additionally, because this platform is so new, it is unlikely that so many people have already tried it out and had such success. After you realize that this is simply a marketing ploy, Bitcoin Wise’s credibility falls away.
There is also no accurate indication that the trading robot itself is a legitimate one. According to our research, this robot is designed to simply provide false trading signals to the user to make it seem like they have made impressive profits when they haven’t.
Another way to tell that this is a fake site is that it doesn’t provide any factual, valuable information educating potential traders on what trading entails and how they can develop an effective trading strategy.
Legitimate platforms often take the time to do this because they want their traders to succeed, so they can develop long-term relationships with them, while scammers are just looking to make a quick buck.
Generic and Fake Software Information
The information provided on this website about its trading software is generic and fake. It makes claims to be the best software out there but provides no real indication of how the software works.
You don’t get any new information from what you read on its website, and it is clearly evident that the company has not taken much time to create a compelling and informative website.
Additionally, the safety and security measures mentioned are confusing and are noted with no evidence. At the top, SSL encryption is mentioned, but in the write-up, RSA encryption is mentioned, so users essentially cannot be sure whether they are protected when using the software at all.
Before selecting a trading robot, it is essential to analyze the associated brokers to determine if they are regulated and trustworthy.
Bitcoin Wise claims to have brokers that are “reportedly regulated by the SEC, FCA, and ASIC.” This is another red flag because the company has not taken the time to confirm whether the brokers it associates itself with are regulated or not, another red flag.
Apart from this, there is no real information given about the brokers that the platform provides. This lack of information leads us to believe that these are not legitimate brokers and, therefore, must not be trusted.
Fake Trading Platform
We have not seen any evidence that an algorithm is used by this trading software at all. This is common with scam websites and is another way that scammers reel people in and get them to invest their money with them.
Fake trading signals generated by the software can lead you to believe that you are making real profits with Bitcoin Wise when you aren’t really making any profits at all. If you notice that a company is making unrealistic claims and promising high returns, it is probably a scam.
Inexistent Safety and Security Measures
As mentioned previously, two methods of encryption are mentioned on Bitcoin Wise’s website. The first is RSA encryption, and the second is SSL encryption. However, no proof that the site uses any of these is provided.
Legitimate trading platforms provide detailed information regarding their safety and security measures to build a relationship of trust with their users. This is essential to form long-term relationships with traders.
Apart from mentioning the EU General Data Protection Regulation, or GDPR, in passing, it does not give you any clear intention of how it uses your information, a major reason to steer clear.
Is There Any Information on Bitcoin Wise’s Creator?
Many traders are unaware that scam sites do not disclose details about the developer or owner. We couldn’t find any information about Bitcoin Wise or its owners. Furthermore, we are not offered the option of contacting them to find out more.
Most legitimate marketplaces provide you with information about the firm that operates the site, including its location and contact details if you require additional information regarding the business.
The omission of this information is a likely indicator that you are dealing with a scammer or offshore company that is not worthy of your trust and business.
No customer service is another red flag. This shows unprofessionalism and the company’s need to protect itself rather than cater to the needs of its clients, a characteristic quality of a scammer.
Is Bitcoin Wise a Scam? The Verdict!
According to our research, there is no reason to believe that Bitcoin Wise is a legitimate platform. Legitimate trading robots always provide information to back up their claims and always assure clients of their reliability through transparency.
Sadly, none of this is the case with Bitcoin Wise, which leads us to believe that it is undoubtedly a scam and advise users never to invest their money with them.
Here are all the reasons not to trust Bitcoin Wise:
- No company information was provided, which means that you have no idea who you are dealing with when you sign up
- The information on the company website is the same information provided on the Bitcoin Capital website, another scam website, indicating that it is the same scam artist
- No educational information regarding Forex or crypto trading is provided
- A fake trading robot provides false trading signals and false indications that you are making a profit when you are not
- The site relies on online reviews for its credibility, which appear to be fabricated, as they seem to be trying to market the platform rather than review it
- Contradictory information is provided
- Brokers are not screened, so it is up to the user to determine whether the broker they are using is in fact regulated
- Visitors from APNews are promised a bonus, but terms in fine print at the bottom of the page essentially free Bitcoin Wise of paying out these bonuses
- Images from other sites are used to promote this trading platform
If you notice any red flags when assessing a trading robot, it is best to steer clear of them, and Bitcoin Wise has raised enough flags to make us confident enough to believe that they are run by scam artists who have cleverly marketed it as a legitimate and safe trading platform.
Do not lose heart – there are several reliable and trustworthy trading platforms on the market that you can use with confidence to engage in cryptocurrency and Forex trading. Some of these include Bitcoin Pro, Yuan Pay Group, and Immediate Edge.
Please browse through our reviews to find the best auto-trading robot for you!
Frequently Asked Questions
- Is Bitcoin Wise a scam?
Yes, Bitcoin Wise is a scam. We have found no evidence to prove that it is a legitimate auto-trading robot, so it is best to avoid it altogether.
- How does the fee structure work with Bitcoin Wise?
While not much information is provided regarding the fee structure, users can expect to pay two percent for every transaction they make.
- Are there any alternatives to Bitcoin Wise?
Yes, there are many alternatives, such as Bitcoin Pro, Immediate Edge, Oil Profit, and BitiQ.
- How can I sign up with Bitcoin Wise (NOT RECOMMENDED)?
We do not recommend that you sign up with Bitcoin Wise. However, if you choose to ignore our warning and sign up anyway, you can start by completing the registration form on its website. Next, the site may request documents, so that it can verify you.
After that, you must fund the account and select how you would like to trade (with the robot or manually), and you can begin trading.