Last Updated: 26 November 2023
Bitcoin Bank is not a “bank” in the sense that it is a service provider (broker) for trading cryptocurrencies. It is designed to make it easier for investors to manage their investments in cryptocurrencies. It is therefore already a bank, but that does not mean that the money is not in circulation.
The prices change constantly and temporarily very quickly, so both the profits and the losses can be very high. However, this is always pointed out as soon as you sign up, that you are trading on your own responsibility and cryptocurrencies are subject to a high risk.
The entire invested capital can be lost. The bots and brokers access the latest information from the internet world, the overall economic situation and the price development with the help of “news spies”, so that the brokers are always brought up to date in real time and prove the data to be authentic and legitimate.
The risk of loss can cause a distrust from the customers’ side, but to fix this, some tips can be used. Firstly, a demo account can be used to get to know how the bots and the brokers work and to familiarise oneself with the platform.
On a demo account, you first trade with virtual money that does not yet bring you any real losses. You have to bear in mind that you cannot choose a financial service provider or broker yourself during the free registration, but are assigned to one.
You register with your name, e-mail and telephone number (also for a first intro call to introduce you to the system). Depending on the trading software, it is always a different platform, which you may have to familiarise yourself with.
Once you have tested the demo account sufficiently and perhaps established a basis of trust, it is still necessary to deposit a minimum amount of 250 euros so that you can trade on the platform “for real”.
In addition, a broker profit sharing fee of 5 per cent is levied on all profits and the profits have to be taxed through the tax office. In order not to lose control over the bots and the broker, it is recommended to invest little at first so as not to suffer such large losses.
Especially as a beginner, one can quickly lose track of the price developments and thus suffer unintentional losses. This is also the reason for some criticism of these systems.
You are still responsible for your own actions in the truest sense of the word and cannot necessarily blame the broker and the bots for your own failures, although you should always prepare yourself for how automated trading works.
However, the success rate is over 90 per cent and the amount of return paid out is also that high. If there are problems, a very good and competent customer service (international) helps and one can have the profits paid out after 24 hours and also switch off the bot again.
The system is therefore suitable for beginners as well as for professionals.