BitVestment App Review 2023
BitVestment is an investment service that offers users a trading robot to trade the digital currency markets. Put in other words, BitVestment is an app for automated trading of the cryptocurrency markets.
The world of cryptocurrency trading is less than ten years old. The need for software to perform several functions will continue to grow for a market that continues to evolve. Some of this software is already being used in more established markets, like forex.
Forex robots for retail forex trading have been around since the mid-2000s and have become a market staple. But the use of trading robots in the crypto market remains patchy and not very popular. There has been more investment in gaming robots and the GameFi ecosystem than in the development of trading robots.
BitVestment is one of the first attempts to bring automated trading to the retail participants of the digital currency market. Here is a review of aspects of this service, so that traders know what they are getting with this product.
A summary of trading conditions on BitVestment
The table below summarises some of the essential trading conditions of the service. Not much is indicated on the website about how to register for the service and what using the service entails. This is why it is necessary to highlight some of the important trading conditions you will encounter before and after registering for the service.
How BitVestment works
The BitVestment app has to work on a trading account to produce results. You will receive login information and the codes to activate the app, let it work on the account for some time, and hopefully, turn a profit. Usually, you will be assigned a preferred broker on which the app works as part of the process. It is presently still being determined how much the BitVestment app costs and whether a profit-sharing agreement caters to the compensation of the app's owners.
The BitVestment service requires all prospective users to provide their details on the online form of the home page to request more information about the product. This is so that the company will not breach the regulations regarding disseminating marketing information on CFDs for crypto assets. These are part of more comprehensive regulations first issued in 2018 under the European Securities and Market Authority (ESMA). The Financial Conduct Authority is the UK's financial regulator and, under ESMA until Brexit, adopted several of those recommendations. So you have to consent to be sent information on the BitVestment app.
After filling out the online form on the home page, you will be directed to the Thank You page, where you will take several steps to set up your account. This is where you will open an account with a compatible broker, where your copy of the Bitinvest app has been set up.
The first step is a phone call verification and setup process. You will receive a call within 30 minutes of completing the form from Monday to Friday during business hours. You also have the option to reschedule the appointment if the timing is not suitable.
Once you complete phone verification and setup, the next phase is to fund a trading account with any of the preferred brokers/exchanges listed on the page. This will require a money deposit, serving as the capital with which the BitVestment app will trade.
Registering with BitVestment
When you decide to trade with BitVestment, you can follow these steps to access the service.
Fill out the form on the right-hand side of the home page, as shown below.
Once you have completed the form and sent it, you will be directed to a "thank-you" page containing the steps required for activating the service.
Receive the call from the team to confirm your identity and to pass the phone number verification.
Choose the preferred broker in the next step and fund your account with the required amount.
You can use the demo account option to test out the app before subscribing to the live account service.
Pros and cons
There are pros and cons to the BitVestment service. These are listed below.
• Trading is done by the robot in an automated fashion, relieving the trader from the responsibility of analysis and trading.
• There is no cost attached to using the software.
• Any deposits made remain your money, and you can end the service and withdraw your funds whenever you want.
• The automated nature of the trading app gives new users a shorter curve for earning from the market.
• The service is accessible to all traders irrespective of your country of domicile. There are no restrictions whatsoever.
• The software is relatively new and there needs to be more data on the long-term performance of this software.
• The service appears unregulated, meaning investors will not qualify for the FCA's investor compensation scheme.
• Customer support is minimal, and there needs to be more channels to reach the team behind the product.
BitVestment app features
Here are some features you will encounter when using the BitVestment app.
• Informative website Even if you eventually do not sign up for the service, the website is a compendium of trader education. It presents write-ups and articles on various trading topics, all of which will enhance the quality of information available to the trader on how trading works.
• Quick sign-up process The sign-up process on the BitVestment website is simple. The online form is strategically placed on the right side of the home page. It only requires the user to submit a few pieces of personal information before moving on to the next steps.
• User-friendly interface There is very little the trader is expected to do on the trading portal, except to activate the software for trading to start or deactivate the app for trading to stop. The trader retains the power to determine when the app trades.
Costs of using the service
Trading on the cryptocurrency market usually attracts maker/taker fees. From our analysis of the BitVestment service, these are the only fees traders will incur. There is no separate cost to using the BitVestment app and no trading commissions. There are also no account maintenance fees.
This would prompt questions on how the team behind this app makes money. A commission structure between the team and the exchange/broker allows the team to earn from trading activity rather than from a cost applied to the software.
The only other fees that may be incurred are the network confirmation fees payable for all crypto deposit and withdrawal transactions. These are determined by the miners who validate the transactions.
Customer support for this app is minimal. The only way to reach out to the team behind BitVestment is to use the online contact form on the website. There are no emails, phone numbers, or social media contacts, making it hard to get proper support if you experience issues with the service. This is a huge minus.
BitVestment minimum deposit
The website featuring the app does not stipulate what the initial deposit into the account you will open with the preferred broker is.
However, trading is an activity where you need money to make money. It is a game of numbers where the higher you invest, the higher your rate of return could be. The general template would be for an initial investment of 500 units of currency (dollars, pounds, euros, or USDT).
Is BitVestment a scam?
Before a product can be classified as genuine or labelled as a scam, sufficient evidence must support either claim. The evidence must come from verified users who have used the product for an appreciable length of time and have either lost money or had some other unsavoury experience. Even investment banks have been fined several times for scammy behaviour, but they still operate as usual.
There is little information to make any claims of authenticity or otherwise. The site is relatively new, and there are no notable user complaints so far. Where there have been, there is no evidence that such persons are verified users. The fact that the BitVestment team did not make any outlandish claims on the website makes it more challenging to have a benchmark by which the service can be gauged.
At this time, it is hard to say if this service is a scam. However, as with all investment types, you are advised to only trade with money you can afford to lose and do your due diligence not just with the site, but with the preferred brokers whose platforms will be used for the investment.
Conclusions about the service
BitVestment is a passive investment service that allows traders to apply its trading app to their accounts with listed partner brokers, aiming to earn from trading the cryptocurrency market. In addition to this app, the website also serves as a compendium of resources for trader education. The site also claims to have a trading forum through which investors on this app can network with each other, even though evidence of its existence is sketchy.
While the service being advertised appears laudable, several deficiencies have been noticed. A lack of an effective customer support system is a huge minus, given that we are at an age where information and digital communication is everything. A site of this magnitude should boast at least ten communication means, not just a simple online form.
You must try out this service with a demo account option and subscribe to the live trading platform with funds you can afford to lose. The site did not display any trading history to show the service's profitability. Even if there was, you must understand that past results do not indicate future outcomes.
We recommend only going live with this service after you have tested it with a demo and a small live account. You should also check out the preferred brokers listed on the site to ensure you can withdraw funds when needed.
Here are some frequently asked questions regarding the BitVestment service.
What is BitVestment?
BitVestment is an automated trading app that provides subscribers with automated trading of the cryptocurrency market.
How does BitVestment work?
You register for the service by filling out a form and depositing funds with a broker whose platform is pre-configured with the trading app.
Is BitVestment a scam or legit?
The service is relatively new. As of now, there are no scam reports online. However, the software does not have enough history to determine if it is 100% genuine.
What currency does BitVestment accept?
Cryptocurrency deposits in USDT are accepted. Your location will ultimately determine how you can fund your account.
How can I join BitVestment?
You must complete an online form and fulfil the requirements in the next stage of the process to gain access to the service.
Who owns BitVestment?
The owners of BitVestment are not known, as the website does not provide this information. This appears to be a common practice with developers of such products.
Are there any country restrictions on trading with BitVestment?
There are no restrictions on who can open an account with BitVestment, no matter your country of origin. However, you still need to pass the broker’s KYC checks to be allowed to trade.
Author: Brendan Beeken
Moni Talks Founder and Chairman Brendan Beeken is an entrepreneur, commercial strategist, investor, and philanthropist. He writes on a wide range of subjects, including cryptocurrency, decentralised finance, blockchain, business advice, and professional wellbeing, for news and business websites, as well as Latest Moni and his personal site, brendanbeeken.com. Brendan draws from his own research and more than two decades of personal experience in business to offer a unique insight, perspective, and commentary on diverse subjects. He is passionate about making the cryptocurrency space more accessible and encouraging safer and more responsible trading and investing. Brendan's LinkTree is https://linktr.ee/brendanbeeken.