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Bitcoin Code Review: Is Robot Legit or a Scam Software?

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Cryptocurrency trading bots like Bitcoin Code have become extremely popular in recent years. But can they really help you profit from Bitcoin and crypto markets?

In this in-depth Bitcoin Code review, we’ll explore everything you need to know about this crypto bot to see if it’s worth your time and money.

I’ve dug into all aspects of Bitcoin Code, from how it works to its features, costs, and more. I’ll also share tips on how to get started with crypto bot trading as a beginner.

My goal is to provide a helpful, reliable, and unbiased perspective on Bitcoin Code so you can determine if it’s right for your crypto trading needs. Let’s dive in!

How Does Bitcoin Code Work?

Bitcoin Code is an automated cryptocurrency trading system. It uses advanced algorithms and machine learning to analyze market data and identify potentially profitable trading opportunities.

homepage of Bitcoin Code

Once Bitcoin Code spots a trade with potential, it will automatically execute the trade for you without any manual intervention required. This helps remove emotion from trading and allows you to capitalize on opportunities faster than manual trading would allow.

Here are some key aspects of how Bitcoin Code works:

  • Integration with brokers – Bitcoin Code connects to the platforms of cryptocurrency brokers to execute live trades on your behalf. It does this through an API integration.
  • Automated trading – The Bitcoin Code software places trades automatically based on the parameters of its trading algorithm. You don’t need to monitor the software constantly.
  • Speed – Bitcoin Code can detect trading opportunities and execute trades 0.01 seconds faster than the average human trader. This speed gives it an advantage in rapidly-moving crypto markets.
  • Algorithm design – The trading algorithms powering Bitcoin Code were designed by a team of alleged former Wall Street traders. The goal was to take proven forex and stock market trading strategies and apply them to cryptocurrencies.

The end result is automated trading software that aims to help crypto investors capitalize on market opportunities quickly. But is Bitcoin Code right for your needs? Let’s explore its key features and offerings further.

Indexuniverse has published their own review of Bitcoin Code that covers how it works, key features, pros/cons, and expected returns. For an additional independent perspective on this popular crypto trading bot, check out their evaluation on the Indexuniverse website. Getting reviews from multiple trusted sources like Indexuniverse can help you make a more informed decision about algorithmic trading platforms like Bitcoin Code.

Bitcoin Code Features and Offerings

Bitcoin Code provides automated cryptocurrency trading paired with some useful features. Here are some of its notable offerings:

Supported Cryptocurrencies

While Bitcoin Code doesn’t support as many coins as some competitors, it does cover the most popular options:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Ripple (XRP)
  • Bitcoin Cash (BCH)
  • Bitcoin SV (BSV)
  • Tether (USDT)
  • EOS (EOS)
  • Binance Coin (BNB)

For most crypto investors, this selection of 10+ coins will be sufficient. Bitcoin and Ethereum alone account for a significant portion of overall crypto market value.

However, if you’re looking to trade less common altcoins, other crypto bots may be a better fit.

Demo Account

One of the best aspects of Bitcoin Code is that it provides new users with a free demo account.

The demo account allows you to test out the trading platform and try different strategies risk-free before putting real money on the line. It uses simulated market conditions to mirror real trading.

Practicing trading with a demo account can help you gain confidence and better understand how to effectively leverage Bitcoin Code before risking capital.

User-Adjustable Trading

Bitcoin Code offers users some customization options when it comes to trading:

  • Manual trading – If desired, you can choose to set the parameters for trades yourself manually and have Bitcoin Code automatically execute them for you. This gives you control over entry and exit points.
  • Asset selection – You can select which cryptocurrencies you want Bitcoin Code to trade for you. It doesn’t have to cover every available coin.
  • Risk management – You can adjust risk settings to suit your risk tolerance. More aggressive settings aim for higher reward potential but also increase risk.

The ability to customize trading parameters to match your style and risk preferences is an advantage.

Regulation and Safety

An important consideration with any trading platform is safety. Bitcoin Code implements some measures aimed at protecting user funds:

  • Segregated accounts – User funds are kept in segregated accounts at regulated brokers for protection. Bitcoin Code itself does not take custody of funds.
  • Regulation – Bitcoin Code is regulated by the Cyprus Securities and Exchange Commission (CySEC), giving it legal oversight in the EU.
  • Investor protection – CySEC regulation provides protection up to €20,000 per trader in case of issues like bankruptcy.
  • SSL encryption – The Bitcoin Code website uses SSL encryption to help keep user data secure.

While regulation does not guarantee the platform is foolproof, it provides recourse if issues arise. Trading only through regulated brokers adds another layer of protection.

Costs of Using Bitcoin Code

One of the most common questions around Bitcoin Code is whether it costs anything to use. Here is a breakdown of the pricing:

  • Subscription cost – Bitcoin Code does not charge any subscription fees or commissions to use its trading software.
  • Minimum deposit – You need to make a minimum deposit of $250 with a connected broker in order to trade live. This provides your starting capital.
  • Broker fees – The brokers that Bitcoin Code connects with may charge some trading fees or commissions, which vary by provider. Be sure to understand broker fee structures.
  • Withdrawal fees – Most brokers don’t charge for withdrawals, but some may impose small fees for wire transfers. Read the fine print.

The bottom line is you need about $250 to get started trading with real capital through Bitcoin Code. Analyze any additional broker fees to understand the total costs.

Leverage Trading – Use Caution

Leverage allows traders to gain greater exposure to the crypto market without increasing their capital. With leverage, your broker essentially loans you additional funds to increase the size of your trades.

For example, 1:10 leverage means your broker would loan you 10x your deposit amount for trading. This can significantly amplify your gains – but also your losses.

Leverage is considered high risk, especially for beginners. A small market move against your position can lead to a margin call where your position is liquidated. It’s easy to lose your entire deposit and owe additional funds to the broker when using high leverage.

We advise extreme caution when utilizing leverage. Consider starting without leverage while you gain experience and prove profitability. Only use low leverage once you’ve developed strong risk management skills over months of trading.

While tempting, avoid the highest leverage options even with experience. Never risk funds you aren’t willing to lose, as massive sudden market swings can cause unforeseen losses. Leverage can provide upside, but improper use can quickly amplify downside.

Taxes on Crypto Trading Profits

Remember to account for taxes when trading cryptocurrencies. In most jurisdictions, capital gains from investing and trading crypto are subject to taxes.

You incur taxes when selling crypto at a profit compared to the purchase price. Short-term gains under one year are often taxed at your normal income rate. Long-term gains on assets held over a year are typically taxed at preferential rates.

Keeping detailed records of your trading activity is crucial for tax reporting purposes. You’ll need records of:

  • Purchase dates and costs
  • Sale dates and proceeds
  • Fees paid to exchanges or brokers

There are some methods to help reduce taxes on crypto trades, like tax-loss harvesting and using retirement accounts. However, taxes remain a reality. Factor them into your performance projections and set aside a portion of profits to pay what you owe.

Failing to report crypto profits can lead to significant penalties if discovered by tax authorities. Comply with regulations to avoid headaches down the road. The crypto space is still rapidly evolving, so stay up to date on latest guidance.

Security Best Practices

As with any online financial platform, practicing good security habits is key to protecting your Bitcoin Code account and personal data. Here are some tips:

  • Use a unique, complex password only for your trading account. Never reuse passwords across sites.
  • Enable two-factor authentication (2FA) for an added layer of login protection.
  • Avoid accessing your account on public WiFi networks. Only log in on personal, password-protected networks.
  • Keep software and apps updated across all your devices. Outdated programs increase vulnerability.
  • Beware phishing attempts via email and fake social media profiles impersonating Bitcoin Code. Their support will never ask for your password or sensitive data.
  • Monitor your account activity regularly for unauthorized access attempts. Report suspicious logins promptly.

With cyber threats constantly evolving, it pays to be overly cautious protecting your data and accounts. Practicing good “crypto hygiene” habits will help deter potential attacks and keep your funds secure.

Pros and Cons of Bitcoin Code

Now that we’ve explored how Bitcoin Code works and what it offers, let’s summarize some of the key pros and cons:

Bitcoin Code Pros

  • User-friendly and easy to set up
  • Automated trading saves time and effort
  • Demo account helps you learn risk-free
  • Speedy trade execution to capitalize on opportunities
  • CySEC regulation provides recourse if issues arise
  • Broker segregation of funds enhances safety

Bitcoin Code Cons

  • No mobile app (web-based only)
  • Relatively limited coin support
  • Dependent on brokers for withdrawals and fees
  • No guarantee of profits from trading

As with most trading bots, Bitcoin Code won’t be a fit for every trader. Make sure to carefully weigh the pros and cons against your needs.

Getting Started with Bitcoin Code

If you decide Bitcoin Code automated trading aligns with your goals, here are the basic steps to get up and running:

Step 1: Create a Bitcoin Code Account

First, visit the Bitcoin Code website and fill out the registration form to create your account. You’ll need to provide some personal details and contact information.

After registering, you’ll receive a verification email to confirm your account. The verification process typically takes 30 minutes or less.

Step 2: Make a Minimum Deposit

Once your account is verified, you need to make a minimum deposit of $250 to connect with a broker and begin live trading. Bitcoin Code accepts credit cards, debit cards, and wire transfers.

Some brokers may require additional verification details like a copy of your ID.

Step 3: Configure Your Trading Settings

Before live trading, you can tweak Bitcoin Code’s parameters to match your trading style. This includes selecting assets, adjusting risk tolerance, setting stop losses, and more.

Take the time to carefully consider your settings – don’t just use the defaults.

Step 4: Run in Demo Mode

Even if you’re ready to trade live, it’s smart to run Bitcoin Code in demo mode for a while first. Demo trading allows you to understand how the robot handles real market scenarios.

You can fine-tune settings and get used to the interface without putting capital at risk.

Step 5: Go Live!

Once you’re confident with your trading parameters and performance in demo mode, you can switch the robot into live trading mode to start automated trading with real capital.

Monitor performance closely and adjust settings periodically if needed. Never “set and forget” trading bots entirely.

Who Created Bitcoin Code?

While many trading bots are created by anonymous groups, Bitcoin Code has a backstory tied to former Wall Street traders turned crypto experts.

The founder and CEO of Bitcoin Code is Steve McKay, a software developer and entrepreneur. His LinkedIn profile describes experience creating trading software for major New York trading firms earlier in his career.

The story goes that in 2017, Steve assembled a team of former Wall Street colleagues to develop one of the first crypto trading bots – Bitcoin Code. The goal was to transfer their knowledge of proven forex and stock market trading strategies to the new emerging asset class of cryptocurrencies.

While we can’t verify the story entirely, Bitcoin Code does have more known leadership than most automated trading systems. The development team’s experience in traditional financial markets could give Bitcoin Code an edge in successful trading algorithms.

Bitcoin Code in the Media

Given Bitcoin Code’s popularity, it’s no surprise it has attracted media attention and rumors over the years. Let’s fact check some of the top Bitcoin Code claims floating around the internet:

Has Bitcoin Code been endorsed by celebrities?

There are online articles claiming various celebrities like Daniel Craig, Filip Hammar, and Holly Willoughby have endorsed Bitcoin Code. These endorsements appear to be false and fabricated. We found no evidence these celebs actually used or promoted Bitcoin Code.

Did Bitcoin Code appear on TV shows like Dragon’s Den?

Some sites say Bitcoin Code was featured on Dragon’s Den, This Morning, and other popular shows. However, our research found no proof that Bitcoin Code ever appeared on these shows. There are no legitimate mainstream media features about the platform.

Is Elon Musk affiliated with Bitcoin Code?

While Elon Musk has expressed his support for cryptocurrencies, he has no association with Bitcoin Code or other trading robots. Any articles listing him as an investor or affiliate contain false information.

The bottom line is that while Bitcoin Code has an interesting backstory, any mainstream celebrity endorsements or media features appear to be unfounded rumor. As with any trading bot, focus on its actual features and performance rather than unverified hype.

Tips for New Crypto Bot Traders

While Bitcoin Code automates the trading process, you still need some crypto knowledge and trading skills to use it effectively. Here are some essential tips:

  • Learn crypto basics – Research how cryptocurrencies work, top coins, and market news before trading. Understanding crypto will help you trade better.
  • Start small – Don’t deposit your life savings into Bitcoin Code on day one. Start with the minimum and increase amounts gradually as you gain experience.
  • Manage risk – Crypto’s volatility makes risk management essential. Set stop losses, limit position sizes, and enable safety features to limit losses.
  • Go slow with leverage – New traders should avoid leverage, which can amplify losses. Build skills with cash trading first before adding leverage.
  • Monitor performance – Check your trade history regularly and adjust bot settings if needed. Don’t just turn on auto-pilot and walk away.

Following these tips will make your bot trading journey smoother. Don’t expect perfect success right away – give yourself time to learn and improve.

Is Bitcoin Code Right for You?

Bitcoin Code provides an intriguing option for automated crypto trading. But is it ultimately right for your needs?

While results will vary, Bitcoin Code shows promise for traders who:

  • Want to automate technical trading analysis
  • Seek to quickly capitalize on market moves
  • Have some background knowledge of crypto markets
  • Are willing to spend time tweaking settings

On the other hand, manual trading may be better for:

  • Complete beginners new to crypto
  • Those looking for diverse coin options
  • Traders who enjoy chart-reading and analysis
  • Investors taking a long-term buy-and-hold approach

Carefully consider how Bitcoin Code aligns with your skill level, interests, and goals. Don’t treat it like a magic money-making machine or fall for unrealistic hype about guaranteed profits.

Approached properly, Bitcoin trading bots like Bitcoin Code can enhance your opportunities in the exciting cryptocurrency markets.

Frequently Asked Questions

Here are answers to some of the most common questions about the Bitcoin Code trading platform:

Is Bitcoin Code free to use?

No, Bitcoin Code does require an initial deposit of at least $250 to start live trading. There are no subscription fees though – it only requires a one-time deposit.

What is Bitcoin Code’s accuracy rate?

The developers of Bitcoin Code claim it has a very high accuracy rate of around 99%. However, there’s no way to independently verify this claim. As with any trading bot, your individual profitability will depend on factors like market conditions, settings, experience, etc.

Can I use Bitcoin Code on my phone?

Currently there is no mobile app for Bitcoin Code. However, its web-based software works on mobile browsers, so you can monitor your account and trading on a smartphone if desired.

How quickly can I make withdrawals?

Once your broker account is set up, Bitcoin Code processes withdrawal requests instantly. However, some brokers may impose a short pending period for security purposes. Expect withdrawals to process in 12-24 hours or less in most cases.

Is Bitcoin Code safe to use?

There are never any guarantees with online trading platforms. However, Bitcoin Code implements measures like broker fund segregation and SSL encryption aimed at protecting user data and funds. Performing your own due diligence on connected brokers is advised.

What results can I expect from Bitcoin Code?

As with any trading system, individual results will vary based on market conditions and your own settings, deposit amount, risk management, and trading experience. It’s unrealistic to expect guaranteed profits, so manage your expectations appropriately.

The Bottom Line

Bitcoin Code provides an intriguing automated trading option for crypto investors looking to capitalize on market opportunities faster and more efficiently. The ability to customize settings and practice with a demo account are useful features for newer traders.

However, it’s important to approach Bitcoin Code with realistic expectations. There are no guarantees you’ll achieve consistent returns. Take the time to carefully adjust settings, implement risk management procedures, and monitor performance. Don’t buy into hype about getting rich instantly with no effort or trading knowledge.

Used properly as part of an overall trading plan, Bitcoin Code can be a beneficial addition for motivated traders who want automated assistance executing trades based on advanced algorithms. It may not be the best fit for complete beginners though.

Make sure to consider your personal needs, interests, and risk tolerance before committing significant capital to Bitcoin Code or any cryptocurrency trading robot. Do your research and start cautiously. The high-volatility world of crypto trading contains risks, but it also presents exciting profit opportunities.

With the right trading bot and some dedication to developing your skills, you could potentially grow your crypto investments faster than manual trading alone. Just don’t rely entirely on automation and be sure to implement safety measures.

I hope this comprehensive Bitcoin Code review provides helpful and reliable insights to empower your decision about this popular crypto trading robot. Let me know if you have any other questions!