Bitcoin Compass is an online crypto broker that claims to let users invest automatically and discover trends in the top cryptocurrencies like Bitcoin and Ethereum. Integrated on the platform is a crypto trading algorithm that detects price actions for its users and allows for automated trading continuously for the user.

Is the Bitcoin Compass platform legitimate though? We took a closer look at this crypto trade bot tool in our Bitcoin Compass review.

Bitcoin Compass Summary

Below is a table that shows the crypto trading platform’s key features found in our Bitcoin Compass review.

Platform type Crypto trading platform
Cryptocurrencies supported BTC, ETH, BCH, LTC, DASH, ZEC, BTG, ETC, ADA, XRP, MIOTA, EOS, NEO, BNB, XRP
Withdrawal period 12 hours
Minimum deposit 250 USD

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

What is Bitcoin Compass?

bitcoin-compass-logo

Bitcoin Compass advertises itself as an a crypto trading platform that lets users invest in and discover the most popular cryptocurrencies without much input from them – similar to other Bitcoin robots on the market.

Based on the platform’s site, Bitcoin Compass integrates artificial intelligence to identify trading positions not only for investing in Bitcoin but for other top cryptocurrencies as well.

The Bitcoin Compass platform also offers different features to facilitate the trading of its users.  According to the official page, their trading algorithm offers a high win rate and is simple enough for anyone to use. However, please remember that any form of trading, be it automated or manual, includes risk and proper research is always advised.

bitcoin-compass-homepage

Additionally, this auto trading platform claims a high positive win rate with its algorithm which our Bitcoin Compass reviewers were not able to verify. Due to the required 250 USD minimum deposit to start trading cryptocurrencies on the platform, it is recommended that users only trade what they are willing to lose.

Bitcoin Compass Pros & Cons

Pros

  • Web Trader available
  • Mobile device compatible
  • Automated crypto trading
  • Bitcoin, Ethereum, and 13 other cryptos available for trading
  • Users set the trading algorithm settings
  • Demo trading available
  • Fast withdrawal period at 12 hours

Cons

  • Minimum deposit of $250
  • No built-in mobile trading app

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

How Does Bitcoin Compass Work?

Bitcoin Compass aims to help its users find profitable trading positions and use leveraged crypto CFDs to generate its return on investment. Users can even diversify their portfolios and switch between the 15 different cryptocurrencies offered to maximize trades in different market conditions.

Past trades have helped the platform’s trading algorithm grow and learn the best price trends to open crypto positions. It is then up to the user to either open these trades manually or set the automated software to trade for them. In any case, Bitcoin compass relies on a partner broker to facilitate the trades of its users. 

The website reports a solid track record over the past few years. Since users can only run the automated trading algorithm for 8 hours per day, Bitcoin Compass is mostly used for unmonitored crypto day trading.

Bitcoin Compass Key Features

Like many of the best crypto exchanges and platforms, Bitcoin Compass offers features that facilitate a better overall trading experience. Let’s take a look at these key features from our Bitcoin Compass review.

Automated Trading

Automated trading is not a new technology in the financial world. Many forex trading platforms offer software that opens trades for its users after certain conditions have been met. Bitcoin Compass features the same system but uses an algorithm that has been trained using cryptocurrency trades.

As we touched on earlier, users can spend up to 8 hours with the Bitcoin Compass automated trading software.

Easy-to-use Platform

Aside from compatibility across mobile and desktop devices, Bitcoin Compass has a user-friendly interface that allows for both new and seasoned traders to benefit from. Unlike some platforms that require trading knowledge or background for certain features, all experience levels can start using the crypto trading platform.

Demo Trading Account

To add to its overall usability and inclusiveness in trading, Bitcoin Compass has also integrated a demo trading account for new users to learn the platform without risking any capital. The demo account can also be used for those looking to try new trading strategies with the algorithm as well as helping them adjust to newer market environments.

Multiple Supported Cryptocurrencies

Bitcoin Compass supports trading of 15 cryptocurrencies like Bitcoin, Etherum, Litecoin, and Bitcoin to name a few. Aside from the most popular cryptocurrencies that most people are looking to trade, they also offer lower-cap cryptos for users to diversify and hedge.

Customizable Trading Settings

Bitcoin Compass can be used for fully automated crypto trading or semi-automatic trading for those looking for more control over their positions. This kind of calibration allows traders to complement their trading experience with their preferred trading strategies.

As the crypto market runs 24 hours a day, the market environment can change drastically and new positions and tactics might be preferred depending on the trader. Thanks to the varying degree of control with the algorithm and the many cryptocurrencies offered, users have more options when trading with Bitcoin Compass.

Bitcoin Compass Fees

Bitcoin Compass does not charge any maintenance or platform fees and trading fees will depend on the partner broker used to open positions. Only a 250 USD minimum deposit is required to start trading which can be withdrawn in 12 hours.

License fees None
Deposit fees None
Withdrawal fees None
Commissions Varies between partner brokers

Is Bitcoin Compass a Scam?

Bitcoin Compass does not disclose its ownership or company and there have been no verified reports that back their overall track record and return on investment (ROI) for users. Despite claiming to be positively reviewed by experts from around the world, none of this information has been validated and no third party audit appears to be available.

Given this, the main question to ask is, is Bitcoin Compass a Scam? From our Bitcoin Compass review, additional research on the platform is still necessary. The crypto trading platform does offer a free demo trading account for users to try out and see if they can truly benefit from its features.

Bitcoin Compass Minimum Deposit

To start trading with Bitcoin Compass, 250 USD must be funded to your account. Payment methods on the platform include bank cards (debit/credit cards), wire transfer, e-wallets, and bitcoin to deposit into your account.

There are no deposit or withdrawal fees charged by the Bitcoin Compass platform itself and the withdrawal period is short.

Bitcoin Compass Customer Support

Bitcoin Compass does not reveal any information regarding customer support or contact. This Bitcoin Compass review could not find any forms or details to get in touch with the platform’s team.

How to use Bitcoin Compass

Now that we’ve discussed the important details of the platform, let’s look into how to start trading with Bitcoin Compass.

Step 1: Open a Bitcoin Compass Account

Visit the Bitcoin Compass website and find the form to create a new account.

bitcoin-compass-register

You’ll need to fill in your name, email, and cellphone number to sign up.

Step 2: Deposit Funds

Next, all new users of Bitcoin Compass are required to deposit 250 USD minimum. Use the e-wallet, bank card, wire transfer, or bitcoin transfer to deposit funds into your account.

Step 3: Demo Trading

bitcoin-compass-demo

Before risking the funds that you have deposited in your account, it’s best to first try Bitcoin Compass’s demo trading feature. New users can use this to better understand how the platform works alongside the trading algorithm. You have access to this feature anytime, so demo trading can even be used to try new strategies in varying market environments.

Step 4: Start Trading Cryptocurrencies

After getting used to the platform and its different features through demo trading, users can start opening live positions on Bitcoin Compass. Look for the toggle button to switch to real trading and start trading with real funds.

The Verdict

Algorithmic trading has been around for years and has brought success to retail and institutional investors alike. Some crypto robot platforms have been confirmed to be scams however. Bitcoin Compass claim to offer a proprietary artificial intelligence software to help traders find price actions that can help with finding crypto positions, but not much information on it is public.

Bitcoin Compass state their software tools are built to benefit traders of all experience levels and welcomes anyone to try out their platform for free through the demo account. However, do note that not all of the platform’s reports have been verified so also test out a withdrawal early once trading with real money.

When it comes to any form of trading, responsible trading practices like proper research and only risking what you can afford to lose is always advised. Some alternatives to Bitcoin Compass include automated copytrading of professional traders on crypto exchanges.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

FAQs

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