BTC Robot verdict - once and for all, an unbiased review of reviews

[ofirbeigel]

Let me start right off the bat here by saying this is not another “look how great my profits are with BTC Robot”. This review aims to bring real live research to conclude once and for all if purchasing BTC Robot is worth your money or not. I’ve been into Bitcoin for almost a year now and just recently got my hand on BTC Robot and this was only after some INTENSIVE market research. My guess is that if you’re on this page you probably are looking into researching it as well, so hopefully I can save you some time.

This review is not based on my personal experience only

Instead of just trading with BTC Robot and then giving you my personal opinion alone I integrated into this review as many online BTC robot reviews I could find online. I picked out the best ones (usually from Bitcointalk.org) and the worst ones (usually for people who are trying to make a quick profit) and brought them together. I will not talk about how to use BTC robot in the review since it’s pretty simple and there’s a complete step by step guide once you purchase it.

Searching for “BTC Robot reviews” on Google bring almost 92% are biased reviews…

So after going through the first 4 pages on Google for the term “BTC Robot Reivews” I managed to find only 3 reviews that were worth commenting about, the rest of the reviews were plain biased.

Jonathan shows real live proof that you can gain (and lose) with an honest BTC Robot review

I managed to go for almost 12 different reviews before deciding to purchase BTC robot. The first review I came across which was probably the most helpful was of a site called “Bitcoin World Wide” which was kind of suspicious looking since it seems to only be promoting BTC Robot. Nevertheless after reading the Jonathan’s review carefully  I saw that he was actually updating his stats each month including loss (which is something that biased reviews rarely do). So up until November 2013 his account was at a positive ROI of %26.75 but because of the big drop in Bitcoin price in December he ended 2013 with a negative ROI of  %61.23. My guess is that he was using the aggressive mode which cause him these loses. Here is his recap for December.

Here's the video

Michael Summer shows a real live screen capture of making profit

After screening some more excessively biased BTC Robot reviews I came across a Vimeo video of a guy named Michael Summers. Now this video is clearly narrated, but nevertheless he shows making actual profits off BTC Robot of around $386.18. After further investigation I saw that the video was uploaded on January 2014 but it was filmed on July 2013….make you wonder how legit it is after all.

The first major website to review BTC Robot says it’s a scam

After some more digging in, I came across an article from “The Verge”. To make a long story short the author of the post on The Verge claims the BTC Robot is just another scam in the world of making money online. Although he seems to be very determined about it, he did not bring one piece of evidence supporting his claims. On the comments that were posted to this article the BTC Robot team answered each and every reader who expressed the smallest of concerns which plays in their favour. If someone is trying to scam you, they usually won’t have such great customer service.

What [Suspicious link removed] forum has to say about BTC Robot

I found 3 different posts relating to BTC Robot reviews. The first was of a a staff member of Bitcointalk. He actually created a total profit of $52.15 through the time he was trading but was losing Bitcions. He was kind of iritated by this although the BTC Robot representative who replied on that post clarified that profits are based on USD and not BTC, meaning if you want to earn USD use BTC robot. If you’re aiming to earn Bitcoins then perhaps there’s a better way.

The second thread of BTC Robot review on Bitcointalk I read heated up pretty quickly and got over 400 posts! I went over most of them (you can’t actually read 400 posts). Going through the posts I encountered another video that seemed to be legit and shows profits.

There was A LOT of back and forth in these forums. Mostly people accusing it of scam but without actual proof. The BTC Robot team seemed to defend themselves fiercely against any accusations. A few member finally came up with some actual trading data showing that they lost money when using the robot and some complained about bad customer service. Towards the end, the forum get really aggressive, lowers the BTC Robot’s team trust score and calls out the program to be unsuccessful.


BTC Robot user on Bitcointalk

Finally I tried finding the latest BTC Robot review, since maybe something has changed during the time the program has been running. It seems that not much has changed although one reviewer said he had a hard time getting his money back because he bought the program with Bitcoins.

Last but not least, my own experience with BTC Robot

So after reading so much stuff online I didn’t have a very good feeling about BTC Robot, but there was still no outright proof that it was a scam. Also, they promise a 60 day money back guarantee so I figured I can purchase it, play with it a little and if I think it’s crap just get refunded. The purchasing process went pretty smooth, just go to the BTC Robot website, select your plan (I chose the Silver one) and then get redirected to ClickBetter for payment.

Note: ClickBetter is the payment processor for BTC Robot, so if you want to get refunded or have problems during your purchase you need to approach them. A word of wisdom, don’t fall into all of the up-sell crap they try to pitch you after you buy the robot, it’s just cheap marketing tactics.

I got my API keys from BTC-E. You do this by just going to your profile, choosing API Keys and then creating a new key. You can name it whatever you like but then you need to give it “info” and “trade” permissions.



I funded my BTC-E account with $100 which was the most I was willing to lose on this test.  I set the robot to “medium” trade settings and waited to see what happens, unfortunately nothing did. The program wasn’t able to fetch my BTC-E information and therefor wasn’t trading. I sent an email to BTC Robot’s support and got answer the next day with some instructions. I followed these instruction but still nothing worked. I then decided to take things up a notch and actually upgraded to the “Gold Plan”. The reason being that I have a 60 day money back guarantee so there is no risk.

After signing up to the Gold plan the Bot actually started trading. I decided to leave it for the next few days and see what happens. This is my account on the first day of trading:



Unfortunately enough, nothing did happen. The robot stayed stuck in this situation for the next few days. I sent several support requests to the same email (even after upgrading to Gold) but got replied only after 3-4 days. The replies didn’t help much and basically said that if there’s no volatility the robot won’t trade. Needless to say there was much volatility in the past few days I wrote this and nothing happened.



Sadly, it was time to test out the last thing left…the 60 day money-back guarantee. I sent a refund request to ClickBetter and waiting to see if this will work as advertised. Fortunately it did and in 3 days I got my full refund for both programs.

The conclusion – is BTC Robot a scam ?

No, it’s not a scam, but I believe that there’s only a 5% chance that the BTC Robot will do what you want it to do. I personally can not recommend this product since my experience with it was less then optimal to say the least. I believe that there are some people who are able to get this robot to work and generate some revenue but I have yet to find them. The good thing is that the 60 day money back guarantee makes it a no brainer for someone who wants to try it out any way. If you would like to share your experience with BTC Robot just post your comment and rate this product below.

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[Bill Bisco]

Thank you very much for the review.  It was very helpful.  I find it strange that it defaults to USD denominations.  I'd rather that it Keep track of my btc and see if it is growing that way.

[jblaize]

FWIW, I had almost the exact same experience with their hosted service, although I let my 60 day membership trial go for closer to 25 days or so.  I had the setting on Aggressive also.  BTC Robot folks claim that the more fluctuation you have in the price of BTC, the better it works.

When I first signed up, the BTC Robot made 40+ calls thru the BTC-e API doing things (i.e. trying to buy/sell at prices, canceling orders after too long, re-submitting new buys, etc).  "Great!", I thought. Work it, Robot!

The following day it made another 85 BTC-e transactions on my behalf.  Super!  It's working its magic!  The price of BTC is barely fluctuating, and this robot is all over it!

After being extremely active for about 48 hours, it then decided to sit idle for more than 24 hours while the market fluctuated wildly.  I was concerned that the robot was stuck, so I wrote their support.  At the same time that I received an email telling me to be patient (and that the robot was working normally), the robot kicked back into action and made another 72 transactions.  Fine, I just need to be patient.

Well after this, almost nothing else happened w/ the robot.  A day later, it made 17 transactions, followed by 12 days plus change of NOTHING.  It sat completely idle while I watched the BTC market rise and fall over 100 points *twice*.

When I say the robot did "nothing" for half a month, I don't mean it setup bids to buy or sell at prices and these orders were never completed (and therefore there was no change).  I mean, it didn't do anything.  No attempts to set buys, sell, cancel and try new bids.  It made ZERO calls through the BTC-e API on my behalf.

I had several emails w/ support, where I received the same form-letter replies about how the robot was doing it's thing, don't rush it, have patience, etc.

I then requested a refund, which eventually made it to me about a week later.

[eurobitcoin]

Thank you for the review

Our BTC robot topic is here

https://bitcointalk.org/index.php?topic=268533.msg2872418#msg2872418

Regarding the Verge thing our response was the following.

I am not sure what this article is trying to say, but our robot has nothing to do with pyramid schemes mentioned in the article. Probably the authors should get into the topic more before making such false assumptions. We provide a trading software that simply connects to your btc-e.com trading account via API keys and trades it. We don’t accept any deposits whatsoever.

Yes, the software is easy to setup. If you choose platinum plan you can get a preinstalled web version. Nothing to install.

The long term performance of the robot is here http://btcrobot.com/images/longtermprofit.png
We are also publishing our public performance on the salespage. It will not get you right overnight but it provides a stable consistent profits and grows the portfolio (sum of BTC+USD on your trading acc)

If you have any questions, please send us the support ticket.

Regarding trust rating = it was placed by unhappy moderator. We don't do any trades on this forum, it's irrelevant.

Unfortunately enough, nothing did happen. The robot stayed stuck in this situation for the next few days.

If you follow Bitcoin niche you might now about the dramatic news from Mtgox and other exchangers driving the price down. On such bearish trend it does not make sense buying bitcoins, the robot simply sits on USD and waits for favorable signals to buy bitcoins. It's goal is to protect the capital (USD value of portfolio) not to trade for the sake of trading.


P.s.
We also have a new Litecoin robot here http://ltcbot.com/earlybird.php
 
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[eurobitcoin]

I would add that despite some negative online reviews, we have been to most Bitcoin conferences and discussed and presented our robot with bitcoin enthusiasts and were very well accepted. You are welcome to visit us on one of the next conferences.
A lot of negativity usually comes simply from misundertanding Like in case of verge article calling it a pyramid is just ridicilous.

[odyssey]

We traded with it for about 4 weeks and saw about the same thing as the main reviewer here.  When we asked for a refund, we got much technical jarnagin that only a newbie would believe (sorry newbies for the insult).  Finally, after a week of back and forth discussions, we got our refund about 2-3 days before the time expired.  What bothered me was that whenever you added any money to your account, it counted that as profit.  While there were a few profitable trades (very few), any profit calculations they showed, were just not accurate - very deceptive on their part in our opinion.

[eurobitcoin]

As you might heard, MTGox (ex leading marketplace) went out of business. This might sound like a bad news for many, but we see it as a good news for bitcoin. and here is why

1. Mtgox issues are nothing new to the market. If you are following the scene, you know that they stopped payouts over a year ago and their troubles were long anticipated and already included in the bitcoin price index. They are already replaced by the promising marketplaces such as Bitstamp and Btc-e. So nothing new here really.

2. A lot of people worried that Mtgox was dragging the btc price down which is true. Finally after it is officially closed, there is no more concern about it. The price will start rising.

3. Low bitcoin price is a good opportunity to buy bitcoins cheap.

4. A lot of newbie traders when they hear bad news they start so called "panic sell". Should i Panic Sell ? Here is the answer http://shouldipanicsell.com/  In short, where most people see negativity, the rich people see opportunity. Most world riches were made during the time of crisis.

Will this affect the BTC robot?

Short answer is NO. All is fine.

We replaced Mtgox by Bitstamp long ago in BTC Robot algorithms so this will not affect the robot in any way. We will of course remove mtgox price feed from the chart as well

How to anticipate where the price will be moving?

Great question. You can do this easily using the Bitcoin indicator for MT4 that you can download here.



BTC robot team