Bitcoin Hero review – Is it a scam or not? Real test of the robot
(2.3 / 5)
Bitcoins are the most popular cryptocurrency. However, they are not the only cryptocurrencies available for trading. Bitcoin is the oldest and is a popular choice. Even people who are not necessarily technically inclined will have heard of Bitcoin.
So what is Bitcoin (or any other cryptocurrency)? Cryptocurrencies are money, but not in the conventional sense. We can’t pick up and feel cryptocurrencies as it is not physical currency. It is an e-currency. It exists in the Internet environment – the cloud. So those of you who like to feel the weight of your stuffed wallet will probably not be comfortable with a token on your computer screen.
Some facts about Bitcoin
It is difficult to understand that the value of one Bitcoin has reached an unbelievable amount of just over $65,000. When you trade, you will be trading in fractions of a bitcoin. There is also a limit to the number of bitcoins available. The cap is 21,000,000, and now there are just about 2,000,000 available. Initially, you could only get Bitcoins by solving complex algorithms. Solving these algorithms is known as Bitcoin mining. But we are fortunate that we can now earn bitcoins by trading. The owners of Bitcoin are willing to sell them for a price. Bitcoins can be used instead of real money in online trading.
With all the talk about cryptocurrencies, it is not surprising that they are becoming a popular commodity to trade. It is also not surprising that many scammers have climbed on the bandwagon with tempting offers to win big when doing crypto trading with them. Before you get caught with an unscrupulous broker, do your investigations.
What is Bitcoin Hero? – The robot presented
Bitcoin hero is an internet site that offers you the automatic trading of cryptocurrencies. Its prime objective is trading Bitcoin, but trading can be done in any other cryptocurrency. When talking about automatic trading, we mean that the innovators of this platform have created a program that looks for the best available trading for their customer’s choice of cryptocurrency. Because the program is automated, it is called a robot or bot.
A trader signed up with Bitcoin Hero will have made a deposit. They will be assigned a broker that will work for them. A bot will be reserved for you if you decide to do auto trading. These bots will find the platform offering Bitcoin at a competitive buy/sell price and make the trade. They proffer that the investment will be profitable more than 90% of the time.
However, no one should go into trading because it is a quick route to financial freedom. Trading is risky, and there will be losses along the way. Traders should keep control of their trades rather than let the bot rule autonomously. Auto trading is perfect when you can’t sit at your computer watching your investment. Your cash is being used, so you must take some responsibility for your trades.
Regulation and safety
You are in a potentially unsafe environment whenever you log on to the internet. Lazy people have found ways of using and adapting legitimate businesses and passing them off as their own to extract money from unwary users. There are many ways that a user can implement to protect themselves. The most important way is to be careful who you trust, particularly with your finances. The internet site is a safe one. It is a registered secure site, as seen by the address book’s lock. The HTTPS in the domain name also specifies that it is a secure site. If a site moves you to another website, check to see that it is also secure. For example, you may be transferred to a broker’s site.
Whenever you supply a password in the internet environment, you must ensure it is secure. Gone are the days when you could sign in with a short password or the name of a child or a pet. When you sign in to Bitcoin Hero, generate your password that contains upper and lower-case letters, numbers, and special keys. Never reveal your password to anyone, particularly someone using the site or helping you with queries.
How does it work? – The trading platform
As explained before, the trading can be automatic, using an auto trading platform. In auto trading, bots run around in the trading websites, comparing prices, profits, etc., and do it in a far more intelligent, quicker way than you could. But I must stress again that it is your money, so you must be involved with the trading. Never trade with money that is earmarked for necessary expenses in an attempt to grow it.
Once you have registered and paid your deposit, you can start trading. You will likely get a broker to assist you. You must set your targets for the robot and broker to make decisions. The platform suggests you spend a bit of time at the beginning of the day to start. You will need to specify what trade you are interested in buying. It will also be an idea to set your stop/loss amount each day.
The platform is user-friendly for all. Even beginner traders will be able to navigate the platform. There is a verification system to ensure that you are a person, not a robot.
Open your free account
When you visit the site, you will find a signup form on the right side of the screen. There is no joining fee. The form requires you to supply your name and email address. You may be asked for a phone number as well. Once you have submitted the form, there may be a wait as they need to verify that you are not a robot. They will do this by either sending an email that will allow you to carry on or one of their agents will contact you by phone.
In either case, once you have been verified, you can proceed. You will have to set a password and make a deposit. Once you have done that, you will be ready to move to the trading section of the website.
The signing-up process is quick and easy for beginners and experienced traders.
Test it with a demo account
Even an experienced trader will benefit from running a demo account, but using a demo account is a definite must if this is the first time you are trading.
A demo account looks and feels like a genuine marketplace, but you can invest make-believe money and get the feel of the market. Some demo accounts allow you access to the real market, other demo accounts run a pre-programmed “look-alike” market platform. Either way, the beginner can learn while they are trading. They can establish if this is how they want to trade cryptocurrencies.
Beginners should spend some time with the demo account, as trading with real money can be stressful for the uninitiated. Beginners should also study online to clarify problems that the online help and demo account cannot resolve.
A deposit of $250 is required before you can start trading in any way. Once you have made the deposit, you can start trading. Many methods of payment are accepted, like MasterCard, Visa, etc.
While $250 is the minimum deposit required, there is no limit to how much money you can deposit. You are advised to proceed cautiously and only make the minimum deposit until you are sure of the environment.
You can withdraw your profits. They will be held in an e-wallet until you wish to withdraw them to your bank account.
When registering, you would have given your banking details. The profits you make can be paid into that account. You cannot withdraw bitcoin, but you can get the monetary equivalent. The withdrawal process takes approximately twenty-four hours.
It is good to get into the habit of withdrawing your winnings regularly. It is always great to receive cash. It gives confidence that the system is working. Some prefer to use the profits to bolster their initial deposit. The decision is yours, and you should not let brokers change your mind.
Some users have expressed distress that withdrawing their winnings comes with a few hassles.
Advantages of using this trading platform
There are no fees for joining Bitcoin Hero. However, you are not permitted onto the trading platform until you have paid your $250 deposit. They say there are no fees attached to your transactions, but it is a business, so I ask how they are making money.
Also, realize that if you are assigned a broker, they will charge fees on your transactions. They will work out a cost that is the difference between the buy/sell amounts.
They have agents ready to answer the phone 24/7. So your phone queries should be answered as soon as an agent is free. You also have the option to contact them by email. If you go the email route, you will have to wait for an answer to your query. You should get the broker’s contact details if assigned a broker.
Conclusion – Bitcoin Hero has its ups and downs
One worrying feature is that the platform looks and feels like many other cryptocurrency trading sites. Many of these sites are fake or scam sites where your deposit disappears into a bottomless pit.
Users’ comments range from the site being brilliant to the site being a scam. The users who support that it is a scam have numerous complaints.
Complaints range from:
- Once they have made the deposit, the site closes down on them.
- There are no means, no buttons, and no choices to make a withdrawal.
- The site states that they deal with all cryptocurrencies, but at least one user claimed that they could only trade Bitcoin.
My problems with the site:
- The originators of the site are never disclosed.
- There is a timer, and you are urged to join before the timer reaches 0. The timer started at 5 minutes 32 seconds, and I was warned that the site would close. Each time I refreshed, the timer started again. I let the timer expire. No problem, it started again at 5 minutes 32 seconds.
- Because of regulations in the United States, it is not available in that country.
- What appears to be linked are just pictures of the various companies.
- The video on the home page is not about the website. It is about bitcoins and features well-known people, but none of them say they are subscribers to Bitcoin Hero.
- Some of my searches for the website led me to other bitcoin trading sites.
- The testimonials from users are suspect as the people are actors who are available to be hired for reviews. Two of the users have been mixed up. The lady has a guy’s name (John D.), and the guy has a lady’s name (Linda M.)
- In their terms and conditions, they forbid using the website address as a hyperlink in anything written or on any other website.
Frequently asked questions (FAQs) about Bitcoin Hero:
How much does it cost to open a Bitcoin Hero account?
Nothing. All you have to do is enroll and deposit $250 into your trading account, and you are good to go.
Will it be time-consuming?
Setting up your daily trading preferences will take about half an hour.
Can I withdraw Bitcoins from my account?
No. You can withdraw the equivalent monetary value. It will be paid into your banking account.
Does Bitcoin Hero have a mobile app?
No, but you can access the website on your cell phone, tablet or computer.
What is the minimum deposit?
The website requires you to invest $250 to move on to the trading app.