BitcoinX appears to be a new crypto trading platform that aims to help traders make money off of short-term changes in the prices of popular cryptocurrencies like Bitcoin. The platform claims to use an algorithm to identify potential crypto trade setups and then enters and exits positions on a user’s behalf without manual intervention.

According to the BitcoinX website, traders can earn up to $1,300 per day with this Bitcoin robot – although that may be exaggerated and not sustainable long term.

So, is BitcoinX a scam or legit? Our BitcoinX review will take a closer look at this crypto day trading platform and cover everything traders need to know about it.

BitcoinX Summary

We’ll start out our BitcoinX review with a brief overview of everything traders need to know about the BitcoinX platform:

Platform type Algorithmic crypto trading platform
Supported cryptocurrencies BTC, ETH, XRP, DASH
Withdrawal time 24 hours
Minimum deposit $250

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

What is BitcoinX?

BitcoinX LogoBitcoinX advertises itself as an algorithmic crypto trading platform. That means the platform uses an advanced AI-based algorithm to track small movements in the prices of Bitcoin and a few other popular altcoins like Ethereum, Ripple, and Dash.

When the BitcoinX software detects a price movement that could be profitable for traders, it issues a corresponding buy or sell signal to alert traders to the opportunity.

BitcoinX goes one step further than most crypto signals platforms, though. In addition to issuing trade signals, this platform states it is capable of trading on behalf of users.

Once a signal is issued, BitcoinX can use money from a trader’s account to open a position. It will then follow the trade and exit the position when a stop loss is reached or the trade’s profit target is achieved. All funds from the trade, including any profits that resulted, are returned to the trader’s account.

BitcoinX is somewhat unique among crypto trading platforms in that it is completely fee-free. The platform does not charge account fees or trading fees, nor does it take commissions on traders’ profits.

The only requirement traders must meet however is to make a $250 minimum deposit when opening a new account – unlike crypto exchanges like Coinbase with a $2 minimum deposit. Coinbase recently added more advanced trading tools and has ways to earn free crypto through its Coinbase Earn program.

BitcoinX Pros & Cons

Pros

  • Issues trading signals for 4 popular cryptocurrencies
  • Can trade using funds in traders’ accounts
  • Very fast trade execution
  • No commissions or trading fees
  • Fast and free withdrawals

Cons

  • $250 minimum deposit
  • No way to contact support before joining

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

How Does BitcoinX Work?

BitcoinX uses an AI algorithm to find crypto signals. The platform doesn’t provide much detail about this proprietary algorithm, but it is likely that it has been trained on several years’ worth of cryptocurrency price data. This enables the algorithm to identify price patterns that have preceded bigger price movements in the past, and which may be suitable for trading.

BitcoinX Homepage

When the BitcoinX algorithm identifies such a pattern, it issues a crypto signal to traders. This includes an entry point, profit target, and stop loss. Traders can act on these signals on their own, or they can allow BitcoinX to trade for them. When the platform trades on a user’s behalf, it uses money from their account to open a new position. It then exits that position when a stop loss or profit target from the signal is reached.

It’s important for traders to keep in mind that BitcoinX will not win every trade. In fact, the live results feed on the BitcoinX website shows some losing trades alongside winning trades. Traders should only trade with money they are willing to lose.

BitcoinX Key Features

We identified key features as part of our BitcoinX review that help set this crypto trading platform apart from competitors.

Multiple Cryptocurrency Markets

BitcoinX states it is capable of trading Bitcoin and some of the best altcoins including Ethereum, Ripple, and Dash. These cryptocurrencies are among the largest coins by market cap and experience relatively high daily trading volume, which makes them liquid enough for short-term trading.

Unlike other crypto trading platforms, BitcoinX is not limited to trading these cryptocurrencies against each other or against the US dollar. The platform also identifies signals for other crypto-fiat pairs, such as BTC/GBP, BTC/NZD, and BTC/AUD.

The larger number of possible pairings means that BitcoinX is capable of finding more signals than some competing platforms. The platform can also have multiple trades open simultaneously in different crypto markets.

Fast Trade Execution

According to BitcoinX, this platform is capable of ultra-fast trade execution that enables it to stay 0.1 seconds ahead of the rest of the market. We were unable to verify this claim as part of our BitcoinX review. However, this makes sense given that BitcoinX’s algorithm is able to identify price movements before they happen based on patterns in the prices of popular cryptocurrencies.

Open to Anyone

BitcoinX is open to traders of all experience levels, including beginners who have never tried to buy Bitcoin or other cryptocurrencies before. The platform doesn’t require users to have a crypto exchange account or a crypto wallet. According to BitcoinX, traders can spend as little as 20 minutes each day monitoring their account once they learn how the trading system works.

Demo Account

BitcoinX includes a demo account for all traders. The demo account gives traders an opportunity to learn how the platform works without risking money on real trades. It also enables traders to evaluate whether BitcoinX matches their trading style and to determine how BitcoinX is performing under current crypto market conditions.

Fast Withdrawals

BitcoinX enables traders to withdraw funds from their account at any time without fees. Most withdrawal requests are processed in less than 24 hours.

BitcoinX Fees

BitcoinX is completely free to use. The platform does not charge trading fees or account fees, and there are no commissions taken on traders’ profits made through the platform. BitcoinX also does not charge deposit or withdrawal fees. We did not identify any other hidden fees during our BitcoinX review.

Account fees None
Deposit/withdrawal fees None
Commissions None

Is BitcoinX a Scam?

Our BitcoinX review set out to determine whether this crypto service is legit or a scam. We found that BitcoinX is one of many Bitcoin robots and auto trading tools that issues crypto signals for high liquidity cryptocurrencies and can open trades on a user’s behalf.

The BitcoinX website includes a live feed of all trades the platform is currently closing. The list shows multiple profitable trades as well as several losing trades. BitcoinX does not provide an overview of its historical performance, but says that the platform has issued more than 82,000 crypto signals since it first launched.

BitcoinX Live Results

BitcoinX reviews online are generally positive. However, BitcoinX does not display testimonials from past users on its website, as some competing crypto trading platforms do. Also bear in mind any review of BitcoinX, could be paid reviews or fake.

New traders can test out BitcoinX for themselves using the platform’s demo account. Traders must open a BitcoinX account in order to use the demo account, but there are no fees associated with this and traders are free to close their account at any time.

BitcoinX Minimum Deposit

BitcoinX requires traders to deposit at least $250 when opening a new trading account. This money is used to fund a crypto trading account and is also used as the seed money for BitcoinX to use for trading.

The deposit is fee-free and can be made by credit card, debit card, bank transfer, or e-wallet. This money belongs to traders and can be withdrawn at any time if traders decide that BitcoinX isn’t right for them.

BitcoinX Customer Support

BitcoinX says that it offers customer support by phone and email. However, support is only available for current users and there is no way to get in touch with the support team prior to signing up for a BitcoinX trading account.

How to Use BitcoinX

Ready to start trading cryptocurrencies with BitcoinX? In this part of our BitcoinX review, we’ll walk traders through how to open an account and begin trading with this platform.

Step 1: Sign Up

Visit the BitcoinX website and locate the registration form near the top of the homepage. Traders are required to provide their name, email address, and phone number. When ready,click ‘Register Now’ to open a new trading account.

Step 2: Deposit Funds

BitcoinX requires all new users to fund their account with at least $250. This deposit can be made using a credit card, debit card, bank transfer, or e-wallet payment. Enter payment details and click ‘Deposit.’

Step 3: Demo Trading

Traders can start out in demo trading mode to learn the ropes of BitcoinX. The demo account provides an opportunity to test out the platform, see how it performs under current market conditions, and adjust the platform’s risk management to suit users’ preferences.

Step 4: Start Trading

Once a trader is ready to begin trading cryptocurrencies with real money, they can activate live trading within the BitcoinX dashboard. The platform will immediately begin identifying crypto signals and opening real crypto trades. BitcoinX suggests that users spend at least 20 minutes a day in their account to keep track of what the platform is doing.

The Verdict

The BitcoinX program is an algorithmic crypto trading tool that claims to help traders profit more from price movements in Bitcoin, Ethereum, Ripple, and Dash. The platform uses an AI algorithm to identify signals and can enter and exit trades on a user’s behalf.

BitcoinX offers a live feed of trade results as well as a demo account that traders can use to try out the platform for themselves. Traders can sign up to use the BitcoinX robot by visiting the platform’s website and registering a new account, but exercise caution as crypto robot software is unregulated.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

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