Have you heard of MyBitcoinBot? We have and decided to review this company. Why? Because this is a company that promises that it will enable the users to get literal “boatloads of money” from investing in Bitcoin and enjoying the volatility of the cryptocurrency market. This can be quite good if it is true, but terrible for you if it is not.
Should you trust your money with MyBitcoinBot? We’ll see.
What Is MyBitcoinBot?
MybitcoinBot presents itself as a special automated software that you can use to make money from the volatility of Bitcoin. The hook of the company is that “you didn’t miss the boat, you can still make a lot of money” from the cryptocurrency market. How? Because the value of Bitcoin will probably never skyrocket again like in the recent past but you can profit from its changes in price.
The company then tries to sell to you a software that will allegedly make it easier for you to always be protected whenever you invest in Bitcoin so you can profit from it. The point here is that you will not even “need” (you can read as “be able to” too) use the software because the company will offer a stock brokerage account for you.
The offer is not really to use the software, but to exchange Bitcoin via brokers. Why? Because, the site of the company states, they are regulated, unlike exchanges, instantly execute orders, protect your money and enable you to withdraw whenever you want.
The software developed by this company allows you access to the brokers so you can have “leverage” and get a massive amount of money without actually having the money in the first place because you will be able to pay a small amount of money per month.
How To Use MyBitcoinBot?
If you are interested, you can download the program, run the installer, set a risk limit, invest and then let the program work. The company promises that you can get rich by doing this.
To invest, you have to pay a fee of $297 USD for a whole year of membership or $39 monthly. You also have to deposit the amount that you want to invest before you can actually get some money.
Is MyBitcoinBot Automated Bitcoin Trading Software Safe?
Sure, this company promises a lot, but is it a safe bet to invest in MyBitcoinBot? Some indications that we have found on MyBitcoinBot have raised some potential red flags about this company and how it markets its services.
In the first place, MyBitcoinBot talks a lot about cryptocurrency and its market but at no moment it states that you are, in fact, buying Bitcoin. What you are (if what the company is stating is true at all) is dealing with a broker. The broker, if he exists, deal with the Bitcoin, you just pay and expect the rewards.
Does this sound like a safe investment for you? Obviously not, we hope. Because of this, we have to determine that MyBitcoinBot is not really safe at all.
Is MyBitcoinBot A Scam?
We are almost certain that this company is, in fact, a scam. We know that this can be unfortunate for you if you intended to use this company’s services, but avoiding it will be for the best in the end. Now, we will explain why we believe this.
The company talks about a bot but it does not explain anything about it. Also, it does not say that brokers are susceptible to mistakes and that no human could ever predict such a volatile market well. Another important point is that you will spend thousands of dollars to create a software that will really predict the market with some degree of success.
Because of this, doesn’t it feel strange to you that MyBitcoinBot is offering its services for $279 instead of, say, $3000 annually or even more? The price is high because the company is trying to lure clients to rob them, probably.
The creator of the site, the so-called Brad Sheridon, obviously does not exist too. The whole site is full of wishful thinking and promises that are simply too good to be actually truth. It just uses fancy words to make people confused at the same time that they feel happy that they are buying such a good software for almost no money at all.
If our review was not obvious enough, avoid MyBitcoinBot. Nothing good will come out of investing in this company.