Bitcoin Compass – Is it a scam or not? Review for traders
(3.4 / 5)
Looking for the right software to assist you in trading can be quite difficult, considering the wide range of options you have. It can also be a hassle to look for the websites of each software and go through them one by one just to see if they offer the services you need.
This article will help cut your effort in half when looking for the right automatic trading software. You will read about Bitcoin Compass and all its features, as well as its legitimacy and how safe it is. All the information you will find here will help you make a more informed decision as to whether Bitcoin Compass is the right automatic trading software for you.
What is Bitcoin Compass?
Bitcoin Compass is a third-party automatic trading software that was developed by a team of software engineers that share a passion for trading the asset.
They also realized that the process of trading and understanding Bitcoin and other cryptocurrencies, such as Bitcoin Cash for example, as a whole, has become complex. They developed Bitcoin Compass to simplify this process by allowing retail traders and newbies to profit from this sophisticated trading algorithm that they developed.
Aside from automatic trading, Bitcoin Compass also offers the ability to manually trade through a registered broker connected to liquidity providers that allows you to trade at the price and volume you want.
Is Bitcoin Compass legit and safe?
Since Bitcoin Compass is a crypto trading system, the trading robot is not regulated. This is common with many crypto providers. However, Bitcoin Compass works with reliable brokers that may be regulated. This always depends on the respective broker.
As mentioned above, Bitcoin Compass forges partnerships with regulated brokers. These brokers are registered under the Australian Securities and Investments Commission or ASIC and the Financial Conduct Authority or FCA.
The main role of the FCA and ASIC is to independently issue permits to brokers that operate under strict laws for the benefit and safety of clients around the globe. Bitcoin Compass also holds an SSL Certificate to ensure the safety of its client’s data. The SSL enables the encryption of data such as credit and debit card details, login credentials, and Bitcoin wallet codes.
Bitcoin Compass users also vouch for the software because of its high win rate of up to 88%. Achieving a win rate of more than 50%, as well as providing an accurate payout to all of their clients legitimizes the software and its services.
How do you create a Bitcoin Compass account?
Once you finish filling out the form, hit the “register now” button to receive a confirmation email from Bitcoin Compass. In the email, you will find a randomly generated password for your account as well as the broker assigned to you and their contact details.
How do you deposit and withdraw funds from your Bitcoin Compass account?
Bitcoin Compass, as mentioned above, partners with regulated brokers. This means that when you deposit funds to your account, you will directly be sending those funds to the broker. However, the funds you deposit will also reflect on your Bitcoin Compass account.
The methods vary depending on the assigned broker to you. However, most brokers support a wide range of methods for depositing funds. Methods such as bank transfer, wire transfer, Visa or MasterCard credit or debit card, and online payment methods like Neteller and Skrill are available.
The methods mentioned above also double as withdrawal methods. It is important to note that while Bitcoin Compass does not charge any forex fees, other third parties such as banks or e-wallets may have withdrawal fees that you will need to shoulder.
How does Bitcoin Compass work?
Bitcoin Compass utilizes state-of-the-art trading algorithms formulated by a group of well-trained software engineers who are quite knowledgeable when it comes to trading cryptocurrencies. The trading algorithm looks for new opportunities within its scope of assets. According to users, this has proven to work consistently and effectively.
Like all other third-party trading robots, Bitcoin Compass’ system automatically executes trades and closes them when they reach a specified value, either to cut losses or make a profit. You can customize Bitcoin Compass’ system to a certain degree and personalize it based on your Bitcoin trading strategy and goals.
How to trade with Bitcoin Compass
The first step to trading with Bitcoin Compass is creating an account. Please remember that the verification email you sent contains your log-in credentials. Use this and log in to your Bitcoin Compass account.
The next step is to add funds to your account. An amount of $250 is required for your initial deposit. After that, you can deposit any amount. The deposit method is also shown in the verification email sent to you by Bitcoin Compass.
Once your funds reflect on your account, you can access the live trading feature of Bitcoin Compass. You have the option to trade manually or automatically.
Trading automatically only takes a couple of minutes of your time. All you need to do is set your trade stop loss, the amount you want to invest, daily take profit, daily stop loss, and the maximum number of daily trades. While Bitcoin Compass’ algorithm accurately analyzes the market, it is advisable for you to do your own research before you calibrate the settings of your trading bot.
Trading manually requires more effort and time since you will have to do everything the robot normally does. However, Bitcoin Compass features trading signals on their platform to help you analyze the market yourself to look for opportunities that will yield higher profits.
What are the key features of Bitcoin Compass?
Live automated trading
The primary feature of Bitcoin Compass is its well-developed proprietary trading system that allows its clients to trade automatically. As previously mentioned, the system they developed has a high win rate in addition to high ROI.
Clients can either run their trading bot without any changes to its predetermined settings, as these have already been set up for convenience. Alternatively, users may also adjust some settings to suit their trading goals and trading style.
Some of the settings that clients can change are the assets to be traded, the invested amount, and the maximum trades that the bot can perform at any single time. In addition to this great system, partner brokers that are affiliated with Bitcoin Compass have direct access to liquidity providers and will always provide the best price for any asset.
For traders that would prefer manual trading over bot-based trades, they can simply turn off the auto-trade function and select the asset they wish to trade. Once a trade has been made by entering the amount you’re willing to risk as well as stop loss and take profit levels, details of your purchase will be listed in the Open Trades portion of your portfolio.
Keep in mind that you must have the experience and confidence to trade on your own. Also, you should double-check if the amount you have in your account is enough to make the trade that you want to execute.
Using the demo account provided by Bitcoin Compass allows a risk-free alternative to backtesting using their system or using their own strategy. The data that backtesting provides is essential to any trader or investor since it provides an overview of the performance of a trading strategy.
With that, you can compare the average gain and win rate of Bitcoin Compass with other trading bots in the market. Keep in mind that details like drawdowns and ROI can also be measured and compared. With the mentioned data above, one can even optimize the performance of the system of Bitcoin Code to bring about even greater profits.
With Bitcoin Compass, you do not need to download any software, but you can have full access to their trading room by logging in on their website. The website keeps itself updated with new assets you can trade, and its automated trading system is also at its latest version.
On their main trading platform, you will be able to access both auto trading as well as demo trading. These two features can be used simultaneously depending on what you need.
The platform also features different tabs such as your trading history, portfolio, and your own Trading Room. On your trading history, you’ll be able to see historical trades that have been executed and closed either manually or automatically.
Details for the full trade, such as asset name, the direction of the trade, outcome, and many more, are listed here. The data from this can be used for backtesting as well as trade journaling to track the performance of the robot or your strategy.
The portfolio portion in your platform will function as a list for all of your open trades that were executed by the bot or the client. You can track the current prices of your assets here as their corresponding take profit and cut loss values here. A button for closing your trades can also be located here.
When using the Trading Room, you can manually purchase assets, and you can also turn on your auto trade feature provided by Bitcoin Compass. To manually enter a trade, you must input the asset you want to trade and the price you want to purchase it for. On the other hand, you can use the trading bot automatically by simply turning it on or by changing some of its settings prior to use.
Advantages of Bitcoin Compass
Signing up with Bitcoin Compass requires only a few minutes of your time. Even if you don’t plan on investing yet, having an account and gaining access to their demo services would be an advantage to you. It is totally free, and you will lose absolutely nothing trying it out. You might even gain valuable knowledge that could net you tons of profits.
Once you have invested money, it’s easy to track your portfolio with their easy-to-understand interface. Navigating through their website and applications will be a breeze.
According to their claims, they have the most advanced AI when it comes to automated trading. This would bring about consistent trades and a high ROI or return on investment.
Since Bitcoin Compass has clients all over the world, you do not have to worry about country restrictions. Furthermore, their website supports multiple languages such as English, Spanish, and Russian, to name a few.
Compared to other brokers and third-party services, it only takes a bit of your time to set up your trading robot. Even if you have a busy lifestyle, you would be able to have just a few minutes for something that would let you gain additional profits.
Disadvantages of Bitcoin Compass
There isn’t much information as to how the Bitcoin Compass was established and who created it. We do know, however, that a group of software developers took a lot of time to create a very efficient system for their clients.
Upon signing up, you will be partnered with a random broker depending on your location. As much as it is a bit of a disadvantage that you’re not given a choice, it is still a welcome perk to also automatically have an account with a registered broker. This allows you to trade other asset classes as well.
A full list of all of their available assets isn’t listed on their website as well. Luckily, once you sign up and use their platform, you can try their software out as well as view what you can trade.
Tips and tricks
In the past few years, Bitcoin has steadily risen in value and has made thousands of profitable traders. You shouldn’t miss out on this opportunity, and Bitcoin Compass might be your ticket to getting rich. Try out their system that boasts high accuracy and profitability. If you start as soon as possible, you get to learn more things when the bull run continues for cryptocurrency.
If you don’t feel so confident with Bitcoin Compass or other trading robots, you can always create an account with them to try out their demo accounts. These demo accounts will always be free and are risk-free.
You should also read up on Bitcoin and cryptocurrency as a whole. Gaining a deeper understanding of this asset would allow you to expand your investment options as well to other altcoins. You might even discover leveraging, margin trading, staking, and many more.
Starting out even with the minimum amount would give you the experience to trade higher amounts. Do not be scared of investing a few hundred dollars because if Bitcoin does become bigger than it is right now, you would be earning thousands.
Upon making an account with Bitcoin Compass, you’ll also be given access to a designated broker. You should use this opportunity to also trade assets aside from Cryptocurrency. Having the know-how to navigate your way through stocks and forex gives you an additional edge. When cryptocurrencies would be experiencing a bear market, you could transition to other markets that are showing more probable opportunities.
Even with the trading bot of Bitcoin Compass that has a win rate of 70% and an ROI of up to 60%, it is good practice to continuously take profits from your account. The money that should remain in your account should only be the amount you’re willing to risk. Though having more money would mean more profit, having cash on the sidelines would also allow you to purchase assets at a more attractive price should the markets go down.
Even with a highly accurate trading bot, never forget that it’s never perfect. You might suffer from consecutive losses that would bring down your portfolio. That’s why always take into account the worst-case scenario that your portfolio might experience.
Customer support of Bitcoin Compass
Bitcoin Compass’s customer support representatives are readily available 24/7 via live chat or telephone. They are knowledgeable and are sure to answer all of your queries when it comes to trading software. You can also rest assured that they will be able to address your concern as soon as possible if you reach out to them through chat or telephone.
If your concern is not urgent, you can send them an email by clicking on the “contact us” button on the website. You will be redirected to their online form that will ask for your full name, email address, and your concern or query. The average response time to emails is one to two business days.
Frequently asked questions about Bitcoin Compass:
Can I withdraw Bitcoin from Bitcoin Compass?
Since Bitcoin Compass automatically converts your profit into your local or chosen currency, it is not possible to withdraw Bitcoins from their system. The withdrawal process may take 24 to 48 hours, depending on your method of withdrawal
Is there a limit to how much I can earn with Bitcoin Compass?
You can earn as much as you can with Bitcoin Compass. There is no limit.
Is Bitcoin Compass a scam?
Bitcoin Compass only partners with registered brokers. Also, Bitcoin Compass does not charge any fees and even has a demo account that will give you virtual funds so you can test the software out. Users have also reported having a profit ratio of more than 60%. All this information point towards the fact that Bitcoin Compass is not a scam.
How much can I potentially earn with Bitcoin Compass?
Users have reported up to 60% of profit. The amount will depend on how much you initially deposited and market status.
Are there any fees I should know about?
Signing up with Bitcoin Compass is 100% free, and there are no fees as well. However, it is important to note that when withdrawing funds, your broker or other third parties might charge a withdrawal fee that you will have to pay.
Does Bitcoin Compass’ website support other languages?
Yes. Bitcoin Compass’ website supports 13 languages. These are English, Dutch, Danish, Finnish, French, Italian, German, Norwegian, Polish, Portuguese, Russian, Spanish, and Swedish.
Does Bitcoin Compass have a mobile app?
Bitcoin Compass does not currently have a mobile app that can be downloaded from the Google Play Store or Apple App Store. However, you can access the platform through your browser of choice on any of your mobile devices.
Which countries are accepted by Bitcoin Compass?
Below is a list of the countries that are eligible to use Bitcoin Compass’ services:
Zimbabwe, Zambia, Yemen, Western Sahara,
Wallis and Futuna, Vietnam, Venezuela, Vatican City,
Vanuatu, Uzbekistan, Uruguay, United States,
United Kingdom, Uganda, Ukraine, United Arab Emirates,
US, Virgin Islands, Tuvalu, Turkmenistan, Turks and Caicos Islands,
Turkey, Tunisia, Trinidad and Tobago, Tonga,
Tokela, Togo, Timor-Leste, Thailand,
Tanzania, Tajikistan, Taiwan, Syria,
Switzerland, Sweden, Swaziland, Svalbard and Jan Mayen,
Suriname, Sudan, Sri Lanka, Spain,
South Sudan, South Korea, South Africa, Somalia,
Solomon Islands, Slovenia, Slovakia, Sint Maarten,
Singapore, Sierra Leone, Seychelles, Serbia,
Senegal, Saudi Arabia, San Marino, Sao Tome and Principe,
Samoa, Saint Martin, Saint Barthelemy, Saint Vincent and the Grenadines,
Saint Lucia, Saint Kitts and Navis, Saint Helena, Saint Pierre and Miquelon,
Rwanda, Russia, Romania, Reunion,
Qatar, Puerto Rico, Portugal, Poland,
Philippines, Peru, Paraguay, Papua New Guinea,
Panama, Palestine, Palau, Pakistan,
Oman, Norway, North Korea, Northern, Mariana Islands,
Norfolk Island, Niue Nigeria, Niger,
Nicaragua, New Zealand, New Caledonia, Netherlands,
Nepal, Nauru, Nambia, Myanmar,
Mozambique, Morocco, Montserrat, Montenegro,
Mongolia, Monaco, Moldova, Micronesia,
Mexico, Mayotte, Mauritius, Mauritania,
Martinique, Marshall Islands, Malta, Mali,
Maldives, Malaysia, Malawi, Madagascar,
Macedonia, Macau, Luxembourg, Lithuania,
Liechtenstein, Libya, Liberia, Lesotho,
Lebanon, Latvia, Laos, Kyrgyzstan,
Kuwait, Kosovo, Kiribati, Kenya,
Kazakhstan, Jordan, Jersey, Japan,
Jamaica, Italy, Israel, Isle of Man,
Ireland, Iraq, Iran, Indonesia,
India, Iceland, Hungary, Hong Kong,
Honduras, Haiti, Guyana Guinea-Bissau,
Guinea Guernsey, Guatemala, Guam,
Guadeloupe, Grenada, Greenland, Greece,
Gibraltar, Ghana, Germany, Georgia,
Gambia, Gabon, French Polynesia, French Guiana,
France, Finland, Fiji, Faroe Islands,
Falkland, Islands Ethiopia, Estonia, Eritrea,
Equatorial Guinea, El Salvador, Egypt, Ecuador,
Dominican Republic, Dominica, Djibouti, Denmark,
Czech Republic, Cyprus, Curacao, Cuba,
Croatia, Cote d’Ivoire, Costa Rica, Cook Islands,
Congo, Comoros, Colombia, Cocos Islands,
Christmas Islands, China, Chile, Caribbean Netherlands,
Cape Verde/ Cayman Islands, Canada, Central African Republic,
Chad, Cameroon, Cambodia, Burundi,
Burkina, Faso, Bulgaria, Brunei, British Virgin Islands,
Brazil, Botswana, Bolivia, Bosnia and Herzegovina,
Bhutan, Bermuda, Benin, Belize,
Belgium, Belarus, Barbados, Bangladesh,
Bahrain, Bahamas, Azerbaijan, Austria,
Australia, Aruba, Armenia, Argentina,
Andorra, Anguilla, Angola, Antigua and Barbuda,
American Samoa, Algeria, Albania, Afghanistan.