Cryptocurrency trading bots have been gaining traction rapidly for some time now. Although the most successful representatives of this technology have succeeded in garnering popularity among many crypto enthusiasts who are able to reap their benefits through an informed combination of manual inputs and bot usage, automated trading bots have also a) been a displeasing tool to those who are unable to create this smart balance in their own daily trading routine, and b) created fertile ground for the spawn of dubious platforms and, indeed, downright scams.
Having all of that in mind, this article will be focusing on the automated trading platform called Bitcoin Storm. According to the project’s web presentation (of which, at the time of writing, there are at least three different versions, all with slightly different domain names, which made it quite difficult to assess which one is the original), Bitcoin Storm is a cryptocurrency trading platform that applies an automated trading algorithm allegedly capable of anticipating the price fluctuations and movements of the Bitcoin market with astounding accuracy.
On the face of it, the prospect of Bitcoin Storm could definitely be useful in many kinds of crypto trading, irrespective of the user’s prior experience or level of trading expertise. However, there are several aspects of this platform that make it glaringly obvious that users should not be investing their funds in it.
What is the Bitcoin Storm software?
Bitcoin Storm describes itself as a platform that facilitates the execution of trading orders according to users’ predefined criteria by connecting to a cryptocurrency broker system. The app is alleged to be capable of doing all of the trading tasks of a seasoned crypto trader, but without as much manual intervention.
The Bitcoin Storm bot is supposed to perform trade research by examining hundreds of bitcoin charts for tradable patterns and reading real-time updates on market price movements. In order to configure and calibrate the trading bot, users trading with Bitcoin Storm need to put down a deposit, specify their risk threshold, activate the bot, and then withdraw or reinvest their gains as they see fit.
Bitcoin Storm Overview
We need to preface this section by saying that there is absolutely zero information available on the team behind the Bitcoin Storm platform. A cursory look at online search results also reveals some ludicrous comments such as the developers potentially being the richest Bitcoin investors currently active in the digital coin market.
As regards the platform’s technical specs, in order to use the Bitcoin Storm bot’s full set of features, users are required to deposit a minimum of $250. No explanation is given regarding why they require this exact amount.
When it comes to payment options, Bitcoin Storm accepts the use of bank transfers, debit or credit cards, and other electronic wallet alternatives as acceptable payment methods. Withdrawals may also be done within a 24-hour waiting period. In the meantime, the platform promises immediate rewards 24 hours a day, 7 days a week.
Bitcoin Storm allegedly does not charge any other accompanying fees for the use of its services.
How Does Bitcoin Storm Work?
The Bitcoin Storm website outlines two distinct trading methods that it has on offer: direct trading and trading through a crypto broker.
Direct (Peer-to-Peer) Trading
Direct trading via Bitcoin Storm entails peer-to-peer transactions. This implies that transactions are conducted exclusively between the buyer and seller, with no involvement of a third party such as a cryptocurrency broker.
The logistics behind this method seem simple enough. When you engage in direct trading, your buy and sell prices are added to the orders of other users. If the two quantities match, Bitcoin Storm closes the deal between you and the other trader. In general, this should be a less expensive, but riskier method of trading your crypto coins.
It should be noted that trading directly through crypto exchanges requires a certain level of expertise, as well as thorough prior research. If you do not have the time to devote to research and study, or if you are a complete newbie when it comes to crypto trading, the Bitcoin Storm team would advise to instead trade with one of their crypto brokers (more on that below).
The usage of a cryptocurrency exchange is required for direct trading. The exchange displays real-time cryptocurrency prices as well as their movements, allowing traders to purchase and sell cryptocurrencies at their leisure.
Crypto Broker Supported Trading
Generally speaking, a crypto broker is a financial middleman who helps people buy or sell their digital coins. If you choose to trade crypto through a broker, keep in mind that they always charge a fee for their services. Nevertheless, trading through a crypto broker might be the smarter option for beginners, as trading on an exchange can often be daunting, not to mention confusing to first-time users. Bitcoin Storm claims that its crypto brokers are also good to use if you want to acquire a small quantity of cryptocurrency, as buying and selling occurs at the broker’s fixed pricing.
Bitcoin Storm alleges that their ‘skilled brokers’ provide beginners with the confidence they need to perform trades successfully and with as little risk as possible. The platform provides this kind of service by collaborating with a number of Bitcoin brokers who then become in charge of implementing successful trading opportunities that get spotted by the trading bot. Other responsibilities include account management, depositing funds, and crediting users’ accounts.
Even so, when selecting a cryptocurrency broker, whether that ends up being through Bitcoin Storm or not, it is imperative that you ensure that the broker’s credentials show a high degree of competency. A good crypto broker should use cutting-edge security measures and adhere to current national regulatory guidelines for financial service providers. You should also check to make sure that the interface for your crypto broker is available 24 hours a day, seven days a week through both a desktop and mobile app.
How to Use the Bitcoin Storm App?
The Bitcoin Storm trading bot website promises that it employs an AI-powered algorithm to meticulously examine the cryptocurrency market for potential deals. The crypto investor is required to make minimal manual interventions, including setting the initial criteria that the bot should use to make trading choices. For instance, users need to select the digital asset they wish to trade in, define their risk tolerance, and authorize the Bitcoin Storm crypto trading bot to begin trading.
Once the bot spots a good trading opportunity, the deal is transmitted to the user’s chosen broker. Based on the parameters obtained by the Bitcoin Storm bot, the broker makes a buy or sell deal and credits the user’s account on its brokerage platform.
Bitcoin Storm provides new users with a demo account for practice that allows them to test their trading techniques. According to the platform, the users are later able to seamlessly move between their demo account and a real account. This feature allegedly enables traders to discover how the Bitcoin Storm robot operates and how to capitalize on its functionalities.
Bitcoin Storm Mobile App
Bitcoin Storm does not have a mobile app equivalent. To make trades with this automated trading software, interested users need to visit the web-based version — via their desktop computers or using the browser app of their choice on their smartphones.
Trading with Bitcoin Storm – How to Start?
In order to get started with Bitcoin Storm, the process is ostensibly straightforward. However, the lack of additional guidance on the registration and depositing process should definitely raise some eyebrows.
For example, the only sign-up form available on the website is this box shown on the home page:
There is no other dedicated sign-up page, nor a section that might provide more information about the website, its team, history, roadmap, or anything remotely informative about trading specifically with Bitcoin Storm to people who have yet to register.
The only bit that does warn people of the risks associated with the use of crypto trading platforms is located at the bottom of the page and it reads as follows:
“Important Risk Note: Trading can generate notable benefits; however, it also involves a risk of partial/full funds loss, and should be considered by initial investors. Around 70 percent of the investors will lose money. Carefully read our terms & conditions and disclaimer page before investing. Customers must be cognizant of their individual capital gain tax liability in their country of residence. It is against the law to solicit United States persons to buy and sell commodity options, even if they are called ‘prediction’ contracts unless they are listed for trading and traded on a CFTC-registered exchange or unless legally exempt.”
The vague wording and random percentage of 70% in terms of how much funds are lost during trading are just some of the highly suspicious aspects of this platform that you can immediately spot once trying to dig a little deeper.
However, once you have registered for an account, you will presumably be prompted to deposit the required amount in order to start using the Bitcoin Storm robot. Your account needs a minimum deposit of $250. After you’ve placed your deposit, you should be able to use the platform’s live trading option. Bitcoin Storm claims to accept a variety of payment methods, including Visa, MasterCard, and PayPal.
Regardless of the trading platform or tool you end up using, a general rule of thumb for new and inexperienced customers is to start small and work your way up as soon as you’ve gotten the hang of your trading strategies and outcomes.
Bitcoin Storm Rates
Although the information found on the website is quite scarce, other (concerningly) positive reviews have been able to collect some of the most basic specs related to Bitcoin Storm’s offer, all of which can be seen in the table below.
|Alleged success rate||85%|
|Fees||None, apart from separate crypto broker fees|
|Withdrawal time||24 hours|
Word of Caution Regarding Bitcoin Storm
At this point, it is necessary to point out that you should carefully assess which Bitcoin Storm website (if any) you will use, as there are several different links that pop up in search results once you Google the phrase ‘Bitcoin Storm’, making it extremely difficult (especially to newcomers) to figure out which one of them is the real deal.
You should also keep in mind that it is often difficult for inexperienced or casual crypto investors to know how to investigate every single element that separates fraudulent crypto platforms from legitimate ones, and the ones we have flagged so far with regard to Bitcoin Storm are probably not even all of them. Thankfully, there are dedicated websites like www.ScammerWatch.com that thoroughly vet and research platforms that market themselves as smart investments to crypto traders.
Is Bitcoin Storm Legit?
It is clear that finding a legitimate and objective Bitcoin Storm review is quite challenging due to the sheer amount of websites that have posted glowing reviews about the platform. Although a discerning user might think it is obvious that the positive comments stem from a partnership with Bitcoin Storm with no substantial evidence that could back those comments up, it is also important to bear in mind that not all crypto enthusiasts are seasoned, veteran traders who can tell the difference between a real project and a fake one.
First of all, the fact that you can’t immediately tell which Bitcoin Storm link is the official one should be a red flag. New users should not be forced to choose between two or three similar websites by trying to glean their legitimacy from the domain name or the website copy.
Secondly, the website’s answer regarding safety can be summed up as “you can trust us because we pulled all the stops to make the platform safe to use.” No actual supporting evidence is given to clarify how Bitcoin Storm has been developed or how its ‘AI-backed’ framework really works.
Furthermore, just by looking at some of its overly enthusiastic reviews online (all jam-packed with Bitcoin Storm affiliate links) and the vague, over-generalized cryptocurrency content found on Bitcoin Storm’s website(s), combined with the lack of information about the company and developer team behind the project, one should definitely take a step back and reassess whether trading through a platform like this is truly the best possible choice for their crypto holdings.
Finally, the case could very well be that at least one of the links leading to a platform called Bitcoin Storm is a real automated trading platform that users can earn rewards through as smoothly and as safely as with any other renowned trading platform. However, new users should definitely heed everything we’ve covered here before registering — if, for whatever reason, they really have their hearts set on putting their money into this platform.
Our advice? Save yourself the headache and go for a reliable automated trading platform instead.