Bitcoin Prime - Scam or Legit?
Is Bitcoin Prime scam or legit? That's the question investors have been asking after promises of huge returns for little work. Bitcoin Prime is a trading bot that employs sophisticated artificial intelligence (AI) algorithms to make automatic trades on your behalf. It has a claimed 90%winning rate, per its official website, and the software is completely free to use.
All you have to do is to pay a small fee in commission only when you win. Due to the controversies such as scams and hacks miring the crypto finance market, many people ask, is Bitcoin Prime worth your time and money? This article looks at all the essential details you need to know about this crypto trading robot.
What is Bitcoin Prime?
Bitcoin Prime is reputed to be a cryptocurrency trading service that detects trading opportunities in the cryptocurrency markets. Once profitable setups are found, Bitcoin Prime automatically places trades on your behalf.
Because it markets itself under its AI algorithm, its success largely depends on it. Although it has been difficult for software engineers to identify the details of Bitcoin Prime's algorithm, many experts believe it sources data from technical analysis patterns that several day traders use to make money. Despite being accessible to everyone with internet access, you need $250 as an initial deposit before you make real profits using Bitcoin Prime. The platform’s revenue comes from charging a 2% commission on profitable trades.
You should note that you would not be subject to commission fees if your account does not turn profits.
How Does Bitcoin Prime Work?
Despite the phrase 'Bitcoin Prime scam' trending online, it appears to be a legitimate project, and this is how it works. The crypto trading robot tracks the price movements of 14 different digital assets. They are Binance Coin (BNB), Ripple (XRP), NEO, EOS, Miota (IOTA), Cardano (ADA), Ethereum Classic (ETC), DASH, Zcash (ZEC), Bitcoin Gold (BTG), Bitcoin Cash (BCH), and Bitcoin (BTC).
Once the algorithm detects a price pattern in any of the aforementioned assets, a trade will be triggered. An order will be entered into your account, which will be monitored, and the position will be closed once the trade expires. Once done, your funds and any profits will be returned to your account.
Like certain exchanges, such as eToro, Bitcoin Prime provides a demo account. This helps you familiarise yourself with its AI algorithm. Bitcoin Prime does not store your funds in their wallet. For the purposes of credibility, funds are held in the accounts of a third-party broker. As a result, while Bitcoin Prime can issue orders for the execution of trades, it does not have access to your funds. You can withdraw funds within a few hours if you are not satisfied with your trading activity.
Pros and Cons of Bitcoin Prime?
While the crypto robot offers a unique innovation that has made trading highly volatile assets such as cryptocurrencies easy, it is not a perfect system. One of the pros of Bitcoin Prime is that it lists several cryptocurrencies for trading. Also, it does not take a huge part of potential profits. A 2% commission fee is relatively lower than some of the fees charged on certain cryptocurrency exchanges.
What’s more, Bitcoin Prime’s association with third-party brokers in executing contract-for-differences (CFDs) shows a commitment to staying up to speed with the space. The trading service's demo account converts novices to experts, resulting in rave reviews by past and active users of the platform. With that said, Bitcoin Prime does not offer a mobile application. One of the pros of cryptocurrency exchanges is their accessibility on smart devices powered by Android and iOS. This has made it easy for traders to buy and sell cryptocurrencies.
Aside from that, the minimum deposit for being a customer of the trading service is $250. Several cryptocurrency exchanges have minimum deposits that range from $1 to about $50.
Bitcoin Prime's deposit requirement is five, 10, 15, or even 20 times that of some.
When it comes to answering the questions 'Bitcoin Prime Scam or Legit?' you should conduct your own research.
Author: Raphael Darkwah
Raphael Darkwah/ Albert Zuhnden (preferred pen name) is a crypto finance expert who has covered several projects since taking a stake in Bitcoin in 2016. He has covered NFTs, decentralized finance, decentralized cloud storage networks, stablecoins, and several blockchain projects. He believes blockchain technology could revolutionize the world of work and money.