Many scams within the cryptocurrency space pop up from time to time. One of the most popular within the space was BitConnect which received a cease and desist order in the US. However, there are many projects like BitConnect such as Bitcoin Trader which promises its investors ridiculous returns. Bitcoin Trader promises investors they can make up to $ 13,000 a day.
How Bitcoin Trader works
Bitcoin trader requires its potential investors to start by downloading the software which will then automatically make trades on their behalf. They promise financial freedom to investors just a few days investing in the platform. It is important to note that the platform also offers a range of other assets and offers USD pairs.
The platform requires Bitcoin traders to invest a minimum of $ 250 and with little to no trading skills, they can lay back and watch your money grow. The owners claim the platform is being automated by one of the best algorithmic trading tools available and known to Traders with a 99.4% success rate.
According to their Bitcoin Trader, their algorithm is 0.01 seconds ahead of the market making it possible for traders to enter the market at the right time. This by them makes it the best Bitcoin trading software.
With the above claims, the platform promises their investors to make them millionaires within a space of two 2 months. Sounds interesting right? Well it would have only if it was not a scam
Why is Bitcoin Trader a scam?
Firstly, the fact that the creators behind Bitcoin Trader are not known to anyone makes it look like a scam. Most of such Bitcoin scams turn to be crypto projects with founders that are not known to anyone. Not even their investors. The Bitcoin Trader website, however, makes mention of a certain Gary Roberts, but it seems to be a fake name.
The fact that they used members of the Dragon Den to dupe victims makes it a full scam. The website had quotes from Irish stars from the famous show The Dragon’s Den claiming they are in support of the dubious project. This however led to immediate dismissal by Gavin Duffy from the Den as he denied associates and endorsements of Bitcoin Trader.
“The whole story actually reads very well if it wasn’t completely fake. I know it’s not true, but I’d imagine if you’re somebody in the UK you could easily be duped by this.” Gavin Duffy
The scam was even picked up by BBC and the Guardian who were also tricked to believing the claims by the fraudsters and the fake affiliation of Gavin. The posts were later taken down from both platforms after the intervention of Gavin.
“It is a total scam. I contacted the BBC but trying to get these things down off websites, because it’s a paid for ad by the people behind this scam to give a sort of official veneer,” Gavin continued.
Lastly, the fact that Bitcoin Trader is promising such huge gains for little to no effort makes it a complete scam. Making $13,000 a day on trades when you require no trading skills sounds very shady. Also, their claim of 99.4% success rate of their software also makes the project completely shady.
We understand that Bitcoin saw a very big spike that made many financially independent with many millionaires. However, this was for the most part investments made in Bitcoin more than 7 years prior to 2017. Therefore, be on the watch for any cryptocurrency or cryptocurrency projects like Bitcoin Trader promising you returns that seem too good to be true.