Bitcoin fraud and scamming incidences are still common although the cryptocurrency has been in existence for a decade. The BitMEX trading bot is the latest project to be labelled a scam.
The popularity of trading bots is ever-growing in the crypto space. These tools are particularly attractive to traders who want to make huge profits within a short time. The bots are seen as the ideal means of making profits for people with no knowledge of how crypto markets operate.
The majority of trading bots in existence are genuine projects. However, scammers are capitalizing on the popularity of bots by launching fraudulent projects. One such platform is the BitMEX trading bot. so far, nobody is yet to validate the existence of the BitMEX bot.
Apparently, users have to join a Telegram channel to get additional information concerning the BitMEX trading bot. The Telegram group has a conspicuous discounted offer on the price of the bot (from $1,000 to $200). The impractical nature of this offer should raise enough suspicion.
Typically, users expect to receive the trading bot software immediately after making the $200 payment. This is not applicable to the BitMEX trading bot which is renowned for its notorious delays. In fact, the bot’s support team are resorting to excuses when users ask for the delivery of the bot. surprisingly, investors are still falling for these underhand methods.
The Bitcoin address tied to the Bitmex trading bot is still active, meaning that more uninformed investors are getting scammed by the day. It is also an indicator of the increasing number of people that prefer the convenience of trading bots over leaning crypto trading the hard way.
The best way of avoiding frauds such as BitMEX is by learning how to trade digital assets. That said, most of the trading bots in the market are legitimate.