Excellent Profit Review is E-profit.biz Scam or Should I Invest

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Bitcoin Profit Review: Scam or Not? The Ultimate Test

Last Updated: 29 January 2020

Bitcoin Profit is an automatic trading software that claims to make people money by buying and selling cryptocurrency at the right time, offering a win-rate of supposedly up to 92%.

The Bitcoin Profit app, also known as a bitcoin robot, uses a complex algorithm to detect market trends. These ‘signals’ are used by the most experienced traders to open and close buying and selling orders automatically. The Bitcoin Profit software completes this whole process on auto-pilot, making it beginner friendly.

You’ve probably heard about the Bitcoin Profit after seeing a Facebook ad claiming it’s made people rich. You may have also heard that the app was featured on some program such as This Morning and Shark Tank, and trusted by famous business men such as Peter Jones and Richard Branson.

In our Bitcoin Profit review, we look at whether Bitcoin Profit is legit and how it works.

Try Bitcoin Profit, the most popular auto trader in 2020!

  • 92% Claimed win-rate
  • $/£ 250 Min Deposit
  • Accepts Debit and Credit Card

Is Bitcoin Profit Scam or Not?

It’s no secret that everyone is looking for the perfect way to make money online. With the word spreading around trading robots, this is no exception. While some robots claim to be able to generate thousands per day, not all of them stand up to the best. BTC Profit claims to be one of the robots with the highest conversion rate in the wide selection of automatic trading tools, just like CryptoSoft and The Bitcoin Code software. If you’ve been scouring the web for reviews about this robot you will find that the search “Bitcoin Profit Scam” is very popular. However, after having reviewed the software in detail and read user testimonials and reviews, it seems that there is a very positive opinion of Bitcoin Profit online. We have tested the software and we have found that it appears legitimate and fully working. Read on to find out everything you need to know about this software and whether it’s worth investing in.

Is Bitcoin Profit Legit or Not: The Verdict!

  • 1). Inside Bitcoins has tested the Bitcoin Profit software and the platform is very intuitive and easy to use.
  • 2). Because of high risks and volatility when trading with Bitcoin and cryptocurrencies, we recommend beginning with a conservative investment of $250.
  • 3). Bitcoin Profit claims to have around 92% success rate, meaning that out of 10 trades, around 9 of them would be accurate.
  • 4). Try Bitcoin Profit right now through this link, or read on to learn more first.

What is Bitcoin Profit?

Bitcoin Profit is an automatic trading software created by John Mayers that claims to operate 0.01 seconds faster than the market average for trading signals and claims to helps many of its users making daily profits by trading Bitcoin and other cryptocurrencies.

Bitcoin Profit works by sending signals on the daily trends, and automatically opening and closing buying orders. Reliable auto trading platforms like Bitcoin Profit and Bitcoin Trader work this way. They are designed for inexperienced users, allowing them to lay back while the system gets to work. These are not the only platforms we consider to be reliable. You can check out our bitcoin robot page to find out more about these robots.

There are many trading robots advertised on the internet that promise to make daily profits. When the term Bitcoin surfaced, people started to be aware of the real value that investing in assets like Bitcoin has. There were several self-made millionaires from day to night, who invested a whole lot of money in trading Bitcoin. At the end of 2020, Bitcoin was the word that had the highest search volume in Google.

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Who founded Bitcoin Profit?

According to the Bitcoin Profit’s website, John Mayers, the creator of Bitcoin Profit, created the algorithm so that it operates 0.01 seconds faster than the market average for trading signals.

How Does Bitcoin Profit Work?

The way that the software behind BTC Profit works is very straight-forward. The application provides its users the trading signals for free, and performs the purchase and selling of Bitcoin (also known as buying and selling orders) happen automatically with their selected broker inside the platform. That’s right, the algorithm provided by John Mayers is completely free as advertised on the video in Bitcoin Profit’s homepage.

If you’re wondering why the developers behind Bitcoin Profit are providing this tool for free, the reason is fairly simple. The way they make money is taking a small percentage, as tiny as 1% of all their users’ profit. This means that the CEO of BTC Profit firmly believes that his platform is the next big thing.

How to Place a Trade on Bitcoin Profit

Just like other similar Bitcoin robots, with BTC Profit it’s fairly simple to place a trade.

Follow these steps below to sign up, and learn how to make your Bitcoin Profit login and get started:

1. Registration

Firstly, click here to open your account with Bitcoin Profit. You will need to fill out their registration form with basic information including first and last names, e-mail address, and phone number. For your password, remember to put a word or code that is only known by you, that is easy to remember but at the same time difficult to be discovered. Once you’ve created the account, you will be assigned a broker automatically. This broker is the one your Bitcoin Profit software will be performing the trades with. In order to begin trading, you need to add funds to your broker account.

2. Deposit

Once you’ve selected the option to deposit, you will be taken to the your selected broker’s website. It’s just an interstitial pop-up that’s open inside the Bitcoin Profit’s platform, which means you won’t have to browse all the way back to find your way inside their platform.

The minimum deposit is of $250. The payment methods accepted are many, including Skrill, MerchantPay, GiroPay, SafePay, Visa and Master Credit and Debit cards. It’s true that the more money you invest, the higher your payouts and profit could be. To begin, we recommend making a moderate investment of $250 until you familiarise yourself with the platform.

3. Demonstration account

You can try the demo account either before or after the initial deposit. Once you’ve selected the demo mode, you will be taken to an initial tour, so you can learn more about every functionality of the platform so you can trade bitcoin even if you’re a beginner.

On your test account, you receive a total balance of $1,500 to start the auto trade mode. It’s very simple, and you don’t need to fiddle with any of settings. Simply click on auto-trade ‘ON’, and the software will begin trading the pairs automatically.

4. Live account

Once you’ve familiarised yourself with the Bitcoin Profit platform, and you’re ready to start try the live mode, all you have to do is click on the switch that reads Push ‘Auto Trade’ to start on the dashboard screen.

On the dashboard is where you can check your Trade history, deposit additional funds, open trades, withdraw your profits, and change the settings. Bitcoin Profit trades with many pairs, including BTC/USD, ETH/USD, XRP/USD, LTC/USD and Crypto/Crypto as well. The cryptocurrencies available in the platform are Bitcoin, Ethereum, Ripple and Litecoin.

To begin your auto-trading, simply choose the amount you want to spend in every trade, the number of trades, and any limits you may want to set like Stop Loss or Take profit. After you’ve chosen the settings and configured the software, you will be ready to activate Bitcoin Profit and start trading.

Try Bitcoin Profit, the most popular auto trader in 2020!

  • 92% Claimed win-rate
  • $/£ 250 Min Deposit
  • Accepts Debit and Credit Card

Do I need a Bitcoin wallet in order to trade with Bitcoin Profit?

Bitcoin wallets are not needed to trade with the software. The reason for that is because the software does not buy actual Bitcoins – it trades cryptocurrency and claims to profit on the winning trades. This makes it a very convenient tool as the set up is very minimal, and you also avoid the risk of having your funds hacked.

Bitcoin Profit: Key Features

The robot claims that on average, users earn at least $1,300 on a daily basis. Even though you may not earn such high amounts at first, some users have reported to make high profits, part of which they have reinvested to increase their balance.

To sign up you will need some personal information, including your email address and phone number. Once you have created an account all you will need to do is deposit funds into your account. To do that you simply have to provide your payment details, but no ID or utility bills. It really is as simple as that.

You can make a withdrawal at any time of the day and you can be sure that it will be processed within 24 hours. In the remote case that does not happen, do not worry, because it could take up to three days. There are robots on the market that take 10 days to process a single withdrawal.

The only fee you should be aware of is that Bitcoin Profit plans to keep only 1% of your profits. That is how the platform makes profit. That is a very small amount considering that other robots have ridiculously high commissions and fees to make profit.

The testimonials and stories shared on their website show that Bitcoin Profit has the potential to change lives. If you’re a new investor and do not know how to trade Bitcoin, Bitcoin Profit can definitely help you. Because the software handles all the trades for their users you don’t need much experience to trade with it. However, note that due to a lot the volatility with the cryptocurrency market, the team behind Bitcoin Profit recommend their users to invest 20 minutes of work per day, and let the software run automatically asides from that. The amount of work required of every user is minimal.

You can contact customer support at any time of the day or the night. There is staff available 24/7 and you may contact them via email. We contacted them to conduct our test and they were very professional and friendly and responded within an hour. Hopefully though, you will not be needing any support.

Like all crypto trading robots, with Bitcoin Profit your money is used to trade with online brokers. So basically your investments on assets are placed through brokers. These are regulated and secure so you should worry about this aspect.

Bitcoin Profit Versus other Robots

Bitcoin Profit Other bitcoin robots
✅Bitcoin Profit is one of the most popular and well-reputed robots because of its reported success of around 88%. ❌ Many robots have hidden fees and leave the trader with little or no profit at the end of trades.
✅Bitcoin Profit requires users to deposit a minimum of $250 to start trading. ❌ Other robots tend to require higher sums, which pushes new users to take higher risks.
✅Bitcoin Profit offers a wide variety of digital coins that users can choose to trade with or without. ❌ Most trading robots offer a very basic choice of assets.
✅Bitcoin Profit uses regulated and/or reliable online brokers. ❌Some platforms channel funds through unreliable brokers, risking users’ funds by investing them on the platforms supported by such broker.
✅The trading platform is suitable for all kinds of users, both beginners and experienced. ❌ Trading platforms on other robots can often be perceived by beginners as too complex or by professionals as too simple.

Can You Make Money With Bitcoin Profit?

The software claims it can generate good profits. Just like the other users that have left their testimonials in their website, the platform was easy and simple to use when we tested the demo. Although we didn’t commit as much as the serious investors, we did make automatic trades on the demo. Bitcoin and other crypto assets are highly lucrative, but also have a very high risk due to their volatility. Using a tool like Bitcoin Profit or Bitcoin Revolution can be helpful for new and experienced traders who may wish to invest in cryptocurrencies but do not have the time for manual trading. Below, we will share some tips on how to make the most of your Bitcoin Profit subscription:

    Start Small. You should start with a small investment to get yourself familiarised with the software. We recommend starting with the minimum deposit required of $250. Once you start making profitable trades, then you can choose to invest a little more to make higher payouts.
    Withdraw Your Profits. Don’t forget to withdraw your profits when you invest with Bitcoin Profit. Remember though to always reinvest some of the haul earned, to continue earning more and more.
    Follow the Expert’s Advice. You should definitely mix up a little bit with other settings and strategies from users who have tried the software themselves. Reading about Bitcoin Profit on other blogs and watching videos on Youtube could help you to find the best settings for this robot and to make the most of your account.
    Only Invest What You Can Afford to Lose. That’s right, you should only invest additional money that you are willing to risk. Investing in cryptocurrencies has a high risk due to volatility. You will find lurking on the web reviews of users who have invested a lot of money into Bitcoin Profit, but didn’t get the results expected. This is completely normal in such a volatile market like cryptocurrencies.

Why Trade with Bitcoin Profit?

There are many trading bots available in the market, and some claim to have extraordinary conversion and performance rate. The problem is that you will always find a feature that doesn’t make other robots as good as Bitcoin Profit. In comparison to other bitcoin robots, here’s what Bitcoin Profit brings to the table:

    Bitcoin Profit has an intuitive and user friendly platform. Needless to say that this is one of the features that makes Bitcoin Profit stand out from the crowd. The software works with a very complex algorithm, but the user experience is simply one of the best ones out of every platform tested by Inside Bitcoins. It’s very easy to set up the software, and have it up and running in no time.
    Bitcoin Profit claims to have a high success rate on its trades. Another major difference between Bitcoin Profit and other platforms is the amount of trades that are placed. Basically, the reason why the software claims to have a high success rate of 90% or more is because of the concurrent trades being placed with shorter investments. Out of a $250 deposit, it could place many concurrent trades of as little as $25 USD each.
    Demo account and tutorials. Inside the platform, you can create a demo account to get yourself familiarised with the software and its functionalities. If you access your mirror account, an account that is created with the broker at the same time you register on Bitcoin Profit, you can access many tutorials and tips on trading and educate yourself in their educational section. Responsive and dedicated customer support. Another strong point for Bitcoin Profit is their customer support. You can engage one of their customer experience representatives any time from your dashboard screen, or on the homepage. The fastest way to do so is via live chat.

Has Bitcoin Profit Been on TV?

Bitcoin Profit has not been advertised on TV. The reason for that is because they have recently completed their open beta platform, and their exclusive selection process for accepting new users is on a first come, first served basis.

Although Bitcoin Profit seems to be one of the best automatic trading platforms out there, it has never appeared in Dragon’s Den. There are, however, a lot of images and fake news spread around the internet that indicate otherwise.

The same goes for Shark Tank. Despite the rumours spread by fake news and online images, Bitcoin Profit has never appeared on the popular TV shows. These websites are usually just trying to deviate the serious investors on their path of choosing a platform like Bitcoin Profit.

There are rumours that link Bitcoin Profit to the UK TV show “This Morning”. We have analysed the images that are circulating on the web, and we haven’t found anything that looks legit, or any episode that has Bitcoin Profit being featured on This Morning.

Is Bitcoin Profit endorsed by celebrities?

There seems to be a lot of rumors involving crypto trading robots and celebrities, with robots such as Bitcoin Loophole using celebs as a marketing strategy. These rumours are usually spread around the internet to advertise these platforms by affiliates. But have any celebrities been linked to Bitcoin Profit? Read on to find out.

The CEO of Shopify Tobias Lutke has been said to endorse Bitcoin and even endorse trading apps. Tobias clearly understands the value of Bitcoin as being an innovative investment and what a great asset it is, but there doesn’t seem to be anything linking him to the trading software Bitcoin Profit.

It’s no secret that Sir Richard Branson is a massive fan of Bitcoin. He’s openly said in many interviews of how fantastic cryptocurrencies are, and how he personally knows many people that made huge fortunes out of Bitcoin. As much as Branson supports Bitcoin, there doesn’t seem to be any connections between him and the trading robot Bitcoin Profit.

The presenter for the UK TV show This Morning and Dancing on Ice, Holly Willoughby, has been said to endorse Bitcoin Profit. Rumour has it that it all started after she received a guest on the show that had supposedly introduced a miraculous trading tool that helps people achieve financial freedom and make profit with Bitcoin. None of this has been confirmed. In fact, we could not find the episode anywhere on Youtube where Holly was seen talking about Bitcoin trading.

There are claims that Gordon Ramsay the British Billionaire has Endorsed Bitcoin Profit. InsideBitcoins investigation reveals that these are lies. We contacted Bitcoin Profit in this regard, and they denied any Gordon Ramsay Bitcoin Profit endorsement. We have determined that these claims are from unscrupulous affiliates. Bitcoin Profit has promised to take action against any affiliate tarnishing its name through misleading marketing.

InsideBitcoins recommends that you always carry out enough due diligence before settling on any tech product. The use of deceptive marketing techniques is common with most affiliates even for genuine products such as Bitcoin Profit. Never invest into a product based on celebrity endorsements purely. InsideBitcoins makes the research easier for you through comprehensive reviews like this one.

The Polish footballer Robert Lewandowski has been said to be an adept of Bitcoin. There have been claims about Lewandowski and Bitcoin Profit, but nothing can be confirmed about him endorsing trading apps. Footballers do make a fortune with playing, so it would not be uncommon that a few of them invest in Bitcoin.

The controversial rapper 50 Cent has been known to endorse Bitcoin for a long time. He has made it public that he was paid for an album in Bitcoin and he just forgot about it and let it age. The then bankrupt 50 cent had profited millions in Bitcoin, and was even said to have made so much money with trading apps such as Bitcoin Profit.

The truth is that 50 Cent said he was lying on social media, and didn’t make millions on Bitcoin. There are no backup claims about 50 cent and Bitcoin Profit as well.

Mirror and Bitcoin Profit

There are claims of Bitcoin Profit being featured in an article on The Mirror, a UK news tabloid. Truth is that there have been images circulating on the web, usually followed with a story about a single mum making millions by trading with Bitcoin.

It seems to be a fake Mirror page, which leads people to believe it is the real deal. Bitcoin Profit has not been featured on the Mirror, and if you see anything of the sort it’s most likely a scam.

Trading with Bitcoin has made a lot of people into millionaires, and believe it or not, these bitcoin robots do help people with trading and making profit.

Is there a Bitcoin Profit app?

There currently is no Bitcoin Profit app available but you can access the software from any mobile device with an Internet connection and benefit from the same functions you would if connected from a laptop.

Bitcoin Profit Review: The Verdict!

What do all of these successful businessmen have in common? They were all pioneers in their targeted niche and specific product. Although many people have already gotten started with Bitcoin, it’s such a complex asset to invest in that not everyone understands the true value of it yet. That’s why the smart and successful people cracked the best way to get started with Bitcoin and are already making a huge amount of profit on a daily basis investing in this cryptocurrency.

The bad reputation of automatic trading platforms, or robots, comes from the fact that some users who have never traded in their lives create an account expecting to have a 100% foolproof system, when in reality there is a lot of volatility that comes with trading stocks, forex, bitcoin and cryptocurrencies in general. Although Bitcoin Profit appears to be a legit automatic trading robot, new investors should always start with a moderate investment to test the software out. We would recommend an initial investment of no more than $250 to begin.

If you still have any doubts about whether or not you should get started with Bitcoin, and start trading with an automatic trading tool like Bitcoin Profit, take a look at the video below.

Try Bitcoin Profit, the most popular auto trader in 2020!

Pay Attention to These 7 Bitcoin Scams

Bitcoin – the possible Pandora’s Box of the currency world – has never been short of controversy. Whether it be aiding the black market or scamming users out of millions, bitcoin is no stranger to the front page.

Still, the jury is out on the legality and usefulness of bitcoin – leaving it in a proverbial grey area. Bitcoin’s price has fluctuated throughout its history, falling and rising, currently hovering near $10,000. Perhaps you’ve found bitcoin while it looks to be on the rebound and find yourself interested in it as an investment.

However, there have been several legitimate bitcoin scams that have become infamous, and you need to know about them – but, what are the top 7 bitcoin scams? And how can you avoid them?

What Is a Bitcoin Scam?

For most cases, it may be pretty obvious what a scam is – but with bitcoin, and cryptocurrency in general, things become murkier. Bitcoin itself is an unregulated form of currency that essentially is a mere number that is only given value because of an agreement. It’s basically like a moneybag with a lock on it – the code of which is given to the recipient of the bitcoin (an analogy drawn by Forbes in 2020).

Bitcoin scams have been famously criminal and public in nature. With no bank as a middleman in exchange, things become more complicated; so hackers and con men have had a heyday.

Top 7 Bitcoin Scams

There have been (and undoubtedly will be) nearly countless bitcoin scams, but these frauds make the list of the top 7 worst bitcoin scams to date. Take note.

1. Malware Scams

Malware has long been the hallmark of many online scams. But with cryptocurrency, it poses an increased threat given the nature of the currency in and of itself.

Recently, a tech support site called Bleeping Computer issued a warning about cryptocurrency-targeting malware in hopes of saving customers from sending cryptocoins via transactions, reported Yahoo Finance.

“This type of malware, called CryptoCurrency Clipboard Hijackers, works by monitoring the Windows clipboard for cryptocurrency addresses, and if one is detected, will swap it out with an address that they control,” wrote Lawrence Abrahams, computer forensics and creator of Bleeping Computer.

The malware, CryptoCurrency Clipboard Hijackers (which reportedly manages 2.3 million bitcoin addresses) switches addresses used to transfer cryptocoin with ones the malware controls – thus transferring the coins to the scammers instead. And, according to Asia Times, even MacOS malware has been connected to malware scams involving cryptocurrency investors using trusted sites like Slack and Discord chats – coined “OSX.Dummy.”

2. Fake Bitcoin Exchanges – BitKRX

Surely one of the easiest ways to scam investors is to pose as an affiliate branch of a respectable and legitimate organization. Well, that’s exactly what scammers in the bitcoin field are doing.

South Korean scam BitKRX presented itself as a place to exchange and trade bitcoin, but was ultimately fraudulent. The fake exchange took on part of the name of the real Korean Exchange (KRX), and scammed people out of their money by posing as a respectable and legitimate cryptocurrency exchange.

BitKRX claimed to be a branch of the KRX, a creation of KOSDAQ, South Korean Futures Exchange, and South Korean Stock Exchange, according to Coin Telegraph.

BitKRX used this faux-affiliation to ensnare people to use their system. The scam was exposed in 2020.

3. Ponzi Scheme – MiningMax

“Ponzi bitcoin scam” has got to be the worst combination of words imaginable for financial gurus. And, the reality is just as bad.

Several organizations have scammed people out of millions with Ponzi schemes using bitcoins, including South Korean website MiningMax. The site, which was not registered with the U.S. Securities and Exchange Commission, promised to provide investors with daily ROI’s in exchange for an original investment and commission from getting others to invest (basically, a Ponzi scheme). Apparently, the site was asking people to invest $3,200 for daily ROI’s over two years, and a $200 referral commission for every personally recruited investor, reports claim.

MiningMax’s domain was privately registered in mid-2020, and had a binary compensation structure. The fraudulent crypto-currency scam was reported by affiliates, resulting in 14 arrests in Korea in December of 2020.

Korea has long been a leader in technological developments – bitcoin is no exception. However, after recent controversy, it seems as though this is changing.

“But a lot of governments are looking at this very carefully,” Yoo Byung-joon, business administration professor at Seoul National University and co-author of the 2020 research paper “Is Bitcoin a Viable E-Business?: Empirical Analysis of the Digital Currency’s Speculative Nature,” told South China Morning Post in January. “Some are even considering putting their currencies on the blockchain system. The biggest challenge facing bitcoin now is the potential for misuse, but that’s true of any new technology.”

4. Fake Bitcoin Scam – My Big Coin

A classic (but no less dubious) scam involving bitcoin and cryptocurrency is simply, well, fake currency. One such arbiter of this faux bitcoin was My Big Coin. Essentially, the site sold fake bitcoin. Plain and simple.

In early 2020, My Big Coin, a cryptocurrency scam that lured investors into sinking an alleged $6 million, was sued by the U.S. Commodity Futures Trading Commission, according to a CFTC case filed in late January.

The CFTC case further details that the suit was due to “commodity fraud and misappropriation related to the ongoing solicitation of customers for a virtual currency known as My Big Coin (MBC),” further charging the scam with “misappropriating over $6 million from customers by, among other things, transferring customer funds into personal bank accounts, and using those funds for personal expenses and the purchase of luxury goods.”

Among other things, the site fraudulently claimed that the coin was being actively traded on several platforms, and even mislead investors by claiming it was also partnered with MasterCard, according to the CFTC case.

Those sued included Randall Carter, Mark Gillespie and the My Big Coin Pay, Inc.

5. ICO Scam – Bitcoin Savings and Trust and Centra Tech

Still other scammers have used ICO’s – initial coin offerings – to dupe users out of their money.

Along with the rise in blockchain-backed companies, fake ICOs became popular as a way to back these new companies. However, given the unregulated nature of bitcoin itself, the door has been wide open for fraud.

Most ICO frauds have taken place through getting investors to invest in or through fake ICO websites using faulty wallets, or by posing as real cryptocurrency-based companies.

Notably, $32 million Centra Tech garnered celebrity support (most famously from DJ Khaled), but was exposed for ICO fraud back in April of 2020, according to Fortune. The company was sued for misleading investors and lying about products, among other fraudulent activities.

The famous DJ wrote his support in a caption on Instagram back in 2020.

“I just received my titanium centra debit card. The Centra Card & Centra Wallet app is the ultimate winner in Cryptocurrency debit cards powered by CTR tokens!” Khaled wrote.

The U.S. Securities and Exchange Commission even issued a warning in 2020 about ICO scams and faux investment opportunities, brought on by a slew of celebrities who promoted certain ICOs (like Paris Hilton and Floyd Mayweather Jr. to name a few).

“Any celebrity or other individual who promotes a virtual token or coin that is a security must disclose the nature, scope, and amount of compensation received in exchange for the promotion,” the SEC wrote in an Investor Alert in 2020. “A failure to disclose this information is a violation of the anti-touting provisions of the federal securities laws.”

Another example is Bitcoin Savings and Trust, which was fined $40.7 million in 2020 by the SEC for creating fake investments and using a Ponzi scheme to scam investors. According to Coin Telegraph, Trenton Shavers, the organization’s leader, allegedly scammed investors into giving him 720,000 bitcoins promising a 7% weekly interest on investments – which he then used to pay back old investors and even fill his personal bank accounts.

6. Bitcoin Gold Scam – mybtgwallet.com

Nothing catches the eye of the naïve quite like the promise of gold – bitcoin gold, of course.

That is exactly what mybtgwallet.com did to unsuspecting bitcoin investors.

According to CNN, the bitcoin gold (BTG) wallet duped investors out of $3.2 million in 2020 by promising to allow them to claim their bitcoin gold. The website allegedly used links on a legitimate website (Bitcoin Gold) to get investors to share their private keys or seeds with the scam, as this old screenshot from the website shows.

Before the scam was done, the website managers (slash scammers) was able to get their hands on $107,000 worth of bitcoin gold, $72,000 of litecoin, $30,000 of ethereum, and $3 million of bitcoin, according to CNN.

Bitcoin Gold, the site’s wallet used in the scam, began investigating shortly after, but the site remains controversial. Still, firm released a warning to bitcoin investors.

“It’s worth reminding everyone that it will never be truly safe to enter your private key or mnemonic phrase for a pre-existing wallet into any online website,” Bitcoin Gold wrote. “When you want to sweep new coins from a pre-fork wallet address, best practice is the same as after other forks: Send your old coins to a new wallet first, before you expose the private keys of the original wallet. Following this basic rule of private key management greatly reduces your risk of theft.”

7. Pump and Dump Scam

While this type of scam is certainly not relegated to just bitcoin (thank you for the education, “The Wolf of Wall Street”), a pump-and-dump scam is especially dangerous in the internet space.

The basic idea is that investors hype up (or “pump up”) a certain bitcoin – that is usually an alternative coin that is very cheap but high risk – via investor’s websites, blogs, or even Reddit, according to The Daily Dot. Once the scammers pump up a certain bitcoin enough, skyrocketing its value, they cash out and “dump” their bitcoin onto the naïve investors who bought into the bitcoin thinking it was the next big thing.

Bittrex, a popular bitcoin exchange site, released a set of guidelines to avoid bitcoin pump-and-dump scams.

While “stackin’ penny stocks” may sound like an appealing way to earn an extra buck (thanks to its glamorization by Jordan Belfort), messing in bitcoin scams is nothing to smirk at.

How to Avoid Bitcoin Scams

With the inevitable rise of bitcoin in current and coming years, it is becoming increasingly important to understand and be on the lookout for bitcoin scams that could cost you thousands. As more people become interested in Bitcoin, more people are also likely to try and pull off a scam.

There is no one formula to avoiding being scammed, but reading up on the latest bitcoin red flags, keeping information private, and double checking sources before investing in anything are good standard procedures that may help save you from being duped. Cryptocurrency can be a confusing topic even for the experienced Bitcoin enthusiast, so the more you read up on the world of Bitcoin, the more prepared you can be. After all, knowledge is power.

10 Best Investment Apps of 2020

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

You can do just about anything on your phone — including invest, thanks to a variety of investment and stock trading apps.

All of the brokers on our list of best brokers for stock trading have high-quality apps. But if mobile trading is most important to you, these 10 investing apps are NerdWallet’s picks for the best of 2020. (Need more info to get started? Read our primer on how to buy stocks.)

on TD Ameritrade’s website

TD Ameritrade

cash credit with qualifying deposit

on TD Ameritrade’s website

cash credit with qualifying deposit

Commission-free stock, ETF and options trades.

High-quality trading platforms.

No account minimum.

Good customer support.

Large investment selection.

Costly broker-assisted trades.

on Robinhood’s website

Robinhood

no promotion available at this time

on Robinhood’s website

no promotion available at this time

No account minimum.

No retirement accounts.

No mutual funds or bonds.

Limited customer support.

on Stash Invest’s website

Stash Invest

cash credit to invest with qualifying deposit

on Stash Invest’s website

cash credit to invest with qualifying deposit

Educational content and support.

Values-based investment offerings.

No investment management.

High ETF expense ratios.

on Acorns’s website

Acorns

no promotion at this time

on Acorns’s website

no promotion at this time

Automatically invests spare change.

Cash back at select retailers.

Educational content available.

Small investment portfolio.

High fee on small account balances.

Want to compare more options? Here are our other top picks:

Summary of Best Investment Apps of 2020

on E*TRADE’s website

cash credit with a qualifying deposit or transfer

on E*TRADE’s website

on TD Ameritrade’s website

cash credit with qualifying deposit

on TD Ameritrade’s website

on Robinhood’s website

no promotion available at this time

on Robinhood’s website

on Stash Invest’s website

cash credit to invest with qualifying deposit

on Stash Invest’s website

on Acorns’s website

no promotion at this time

on Acorns’s website

SoFi Active Investing

on SoFi Invest’s website

career counseling plus loan discounts with qualifying deposit

on SoFi Invest’s website

cash credit with qualifying deposit

in cash bonus with qualifying deposit.

No promotion at this time

No promotion available at this time

Brokerage app FAQs

How much money do I need to get started?

Shockingly little. Thanks to micro-investing apps like Acorns and Stash, you can kick-start an investment portfolio with small amounts of money — just your spare change, in fact. Acorns, for example, sweeps a linked credit or debit card account, rounds up purchases to the nearest dollar and invests the change. Stash offers a similar opt-in feature that rounds up purchases to deposit money in a user’s account.

Beyond the micro-investing apps, the amount of money you’ll need to begin investing after you open your account depends on the assets you intend to buy. Individual stock shares range from as little as a few dollars to hundreds or even thousands of dollars per share. Mutual funds often have minimums of $1,000 or more, but exchange-traded funds (ETFs) are essentially mutual funds that trade like a stock, and they can often be purchased for less than many mutual funds. Don’t forget, too, that some brokers charge trading fees every time you buy or sell an investment. The good news there is that many brokers now offer free trades.

Many of NerdWallet’s picks for best apps have account minimums of $5 or less, so you can open an account right away and over the internet. Here’s more on what a brokerage account is and how to open one.

Which investment app is best for stock traders?

In the summary table above we’ve categorized our best investing apps based in part on price (trading costs and account fees), mobile platform features and account minimums.

What is the best investment app for beginners?

For new investors just learning the ropes, Acorns and Stash are worthy contenders for your first investing dollars. One reason is that their services focus on ETFs instead of just individual stocks, although Stash also offers about 150 stocks.

While the idea of buying individual stocks might be exciting, building a portfolio of stocks requires a fair amount of research and discipline. ETFs offer instant diversification in that they contain shares of multiple companies (dozens, even) like a mutual fund, but trade like individual stocks. (Check out this full explainer on ETFs.)

Although all the other brokers allow investing in ETFs through their apps, Acorns takes a different approach by steering investors towards pre-built portfolios that contain multiple ETFs, diversifying your investment dollars across a collection of stocks and bonds. Portfolios are based on your tolerance for risk — based on your age, goals and time horizon — and automatically rebalanced when the stock market fluctuates. Acorns uses a handful of ETF portfolios that range from aggressive to conservative. Stash doesn’t offer pre-built portfolios but helps investors choose specific ETFs based on themes (e.g., “Clean and Green” is an ETF that holds environmentally responsible companies).

If buying individual shares of companies is something you’d like to do, see our guide on How to Buy Stocks.

What assets can I trade on these apps?

The mobile trading experience varies by broker — and so do the range of available assets. Among the picks for best apps, Acorns offers only ETFs, while TD Ameritrade’s offerings include individual stocks, mutual funds, ETFs, bonds, options and currency (or forex).

Is my money insured?

Just as FDIC insurance insures bank accounts, SIPC insurance insures the money you have in your brokerage account (or robo-advisor account) up to $500,000. $250,000 of that total can be applied to protect cash that you haven’t yet invested. All of NerdWallet’s picks for best apps are members of the SIPC.

However, it’s important to note that investments you make in your account can potentially fall in value or even decrease to zero, and investment losses are not covered by any type of insurance. (Here’s more on SIPC insurance and what it does and doesn’t protect.)

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