CryptoTrader is the latest auto trading software that appeared on the market. It promises great payouts with little to no effort, so we can presume that many traders will want to know more about this product. This review will help you decide whether CryptoTrader is a scam or not.
Fair Binary Options Team never used this software for trading. The review is written based on the information available on the website and their social media accounts.
If interested in trading Crypto Currencies with a regulated broker – try a Demo account with AvaTrade (Read AvaTrade review) You can also take a look at our article about cryptocurrencies to get more general info.
What is CryptoTrader?
CryptoTrader is an auto trading software with a story that has already been seen before. It is a story of an outcast who created automated trading software that is now available only to a limited group of people. In the 20 minutes long video, we hear many buzzwords that should trigger the traders to make a deposit: millionaire club, money, limited offer, unique system.
What is also interesting is that the product is called CryptoTrader, but it was impossible anything related to cryptocurrencies, except pure website content. Once we registered with the service, we were immediately connected to the forex and CFDs broker. We immediately reached out to the broker and asked whether or not they offer cryptocurrencies either as a payment method or as an underlying asset. Unfortunately, crypto currencies were not available as a valid currency that can be used for trading, only as an asset. It remains a mystery whether or not these currencies are available assets on CryptoTrader as well.
CryptoTrader Software Explained
CryptoTrader is supposed to be based on auto trading algorithms that simply can do no wrong (or so they say). They even claim to make traders dreams come true, as it takes only 5 clicks to make more than $5,000. Of course, they even provide some screenshots that should convince us that this fact is true, but unfortunately, image like this can be easily manipulated in any basic editing program.
As in many cases like this, the video claims how this project is top secret, and how in the past 6 months 43 complete strangers became millionaires. However, there is no evidence that CryptoTrader really can do that. Only empty claims. What they describe as ‘completely automated money making machine’ is just another automated trading software that involves high risk as traders lose all control over their investments.
Is CryptoTrader a scam – the Verdict
The CryptoTrader review must accentuate the fact that the very name is very misleading. We were expecting a robot that will deliver a thrilling crypto trading experience. Considering that cryptocurrencies are a hot asset these days, and everyone wants a piece of that tasty cake, robots that support crypto currencies are in high demand. Unfortunately, this is just another basic robot that offers cryptocurrencies by coincidence.
Learn more on how to recognize a trading scam.
One iof the reasons CryptoTrader could be a scam is the fact that it is promising risk free trading with great payouts. There is no such thing as risk free when it comes to financial trading. Also, downplaying the risk and making false promises is very dangerous, especially when it comes to traders who are looking for a service that is easy to use.
They never mention any initial investment required, but after we registered and wanted to check out how deposit works, the default amount was set to $1,000. It is impossible to say whether or not they accept smaller deposits as well, but this number is a bit intimidating, especially considering that most broker ask for only $250 of minimum deposit.
Also, their promotional video is full of fake testimonials, and there is a high chance that all people who make appearance are actors, including the founder. This is something that is very common among trading scams.
Always give an advantage to products that offer you a higher level of control and don’t make false promises. Do a proper research before making a deposit and don’t make decisions when under stress.