Exploring the Bitcoin Motion Trading Bot Scam
The use of cryptocurrency trading bots has proliferated widely by experienced and novice crypto traders. Like a trading bot on a traditional financial market, crypto trading bots are used to execute potentially profitable trades automatically.
As these platforms are so common in the cryptocurrency industry, many cryptocurrency trading bot scams exist. However, numerous websites have verified that the one we are discussing today: The Bitcoin Motion trading bot, is a scam you must avoid at all costs.
The scam works by luring people with promises of easy returns on Bitcoin for a simple fee of $250. They claim that investors have a dedicated account manager on call that they can reach and can withdraw at any time. This was proven to be fake. Luckily, helpful websites exist created by teams of people who care about informing the general public about crypto trading bot scams.
One way to find out about scam crypto trading bots like Bitcoin Motion is Scam Crypto Robots. According to this website, Bitcoin Motion trading bot users reported being unable to withdraw their money from a broker entitled “Coin Central Invest”, a registered business in Sophia, Bulgaria. Shady doesn’t even begin to describe it.
This Bitcoin Motion scam has even gone so far as to use the names of celebrities like Elon Musk and create fake videos of him “endorsing” it.
According to the Scam Crypto Bots site, all five of the Bitcoin Motion websites it found were discovered to be fake scams.
However, after all this, it begs the question…
Do real crypto trading bots exist?
There are multiple ways to recognize a fake or scam crypto trading bot.
They promise guaranteed returns Markets are unpredictable. Therefore, how can anyone promise guaranteed returns? Advertising such promises are illegal in traditional financial markets.
Free Rarely is a proper trading algorithm going to be free. The best one can hope for is a simulation or demo from a real trusted brokerage.
Disclosure Who are the people behind the company? Who developed the bot? Is the info available on their software? Do they have any documentation or whitepaper of their procedure?
Bitcoin Motion has been proven to be a scam and is re-used on a white-label basis by multiple shady agencies. Be aware, and protect your money.
Be very careful when looking to trade cryptocurrency online. Reliable blue chip exchanges like Coinbase are secure and are your best bet when investing in crypto. Real crypto trading bots do exist, such as Pionex. Such companies undergo heavy scrutiny, and a good way is to read the many reviews online.
The basic steps you can take to protect yourself from crypto fraud are first to ensure the following:
Is my wallet protected? Is your wallet legitimate in the first place? Also, if any company or individual asks for your wallet key to participate in an investment opportunity, it is probably a scam. Never give away your private crypto wallet key.
Watch your wallet Makes sure you are constantly watching for strange transactions or security alerts from your wallet. If it’s your first time using a crypto wallet, only transfer a small amount of money as a test.
Don’t rush! Take your time learning the world of crypto and read up on the legitimacy of any project you are interested in. Do your due diligence, and never believe anyone promising free money.
Ultimately, if something looks shady in the cryptocurrency world, it probably is.
At best, the Bitcoin motion scam will take your $250. At worst, scammers will steal your financial records or identity.
Author: Damir Khamzin
Having begun his career as a copy editor at Stockwatch, Damir was uniquely equipped to enter the crypto world by writing content for blockchain games. After learning about Bitcoin, he dove right in and has written for several cryptocurrency and finance blogs. He lives in Vancouver, BC and enjoys writing science fiction/fantasy in his spare time.