Cryptocurrency Robots: New Scam in Town

Aug 1, 2018 at 11:30 Update Date :Aug 1, 2018 at 11:30 UTC

The mad scramble of owning digital coins and making big money out of them continue to take over people as the popularity of cryptocurrencies grows. Unfortunately, a lot of amateur investors have little or no knowledge about how cryptocurrencies work. The little awareness they do have is because of the attention that these currencies have been getting by the media.

These rookie investors look for ‘fast and easy’ ways to make their money big and fall in the traps laid down by scamsters sneaking around in every other corner. In the past few months increased numbers of crypto scams have been reported; from ICO scams to airdrops, the consequences have to be borne by the innocent investors with their wealth going down the drain. To top these scams, a new scam involving fake cryptocurrency robots has surfaced.

These robots find their way to the investors when the latter search the highly valued keywords like Bitcoin robots, Bitcoin trader, or Crypto robots. The scamsters guarantee the inexperienced investors easy money without any knowledge of trading or investing in virtual currencies. They claim having developed a program that generates loads of cash in a couple of hours.

A novice of an investor who finds it difficult to understand the concept of ICOs and digital exchanges is led into believing that this algorithm is just ‘what he needs’. Moreover, these cryptocurrency robots are assisted by fake website reviews and success stories. After the investor is convinced of this scheme, he/she is redirected to Binary Options, Forex Brokers, or a CFD where more and more money is demanded from him/her. The investors’ accounts are then emptied by using all their cash.

In reality, there are no cryptocurrency robots. Guesses have been about ‘auto – traders’ which might predict the market but they really are just ‘white- labelled’ robots and not custom made machines with patented technology that anyone can buy and use for similar robot schemes. For instance, Ethereum – code robot that was exposed earlier found itself again in wrong hands and was used after giving it a new captivating name and domain.

The question arises whether there are any legit robots or not. The answer is there are, in fact, no cryptocurrency robots that can magically help you earn effortless money. There are no shortcuts to trading skills. In order to make it big in the crypto markets, you have to research the markets and the digital currencies. After gaining enough knowledge about the trends and a few attempts at trading you might be able to crack it as an investor. A little good luck might come in handy. So good luck!

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