If you do not have any experience in trading, seeing a candlestick chart with a bunch of trading tools can be intimidating. On the flip side, one cannot help but envy those who make fortunes because of the high volatility of cryptocurrencies.
Those who want to jump on the crypto bandwagon as soon as possible do not want to take the time to learn how to successfully trade cryptocurrencies. They look for easy ways that would let them get involved in crypto trading in a snap (from automated trading bots to Bitcoin yield investment programs).
In this review, we will cover BTC Profit — a website that specifically caters to the desire to profit big off of cryptocurrencies in practically no time. Whether one makes quick millions with little to no efforts has something to do with the reality of cryptocurrency investment.
Understanding Bitcoin high yield investment programs (HYIP)
Before we get down to the actual review, let’s quickly grasp the concept of a Bitcoin high yield investment program (HYIP) that allows conducting trading on your behalf.
The rule of thumb is that any platform that offers high returns in a snap can be considered a scam. Do Bitcoin HYIP websites belong to the same crowd? Well, kind of.
Each Bitcoin HYIP site has its one lifespan which consists of several stages:
Stage I (the start)
The new website gets launched, and it further cooperates in order to lure in investors. At this stage, the administration behind this website has to shell out its own money in order to get the whole thing going.
Stage II (the peak)
As more and more investors find an easy way to make quick dollars, the website continues booming. The amount of profit rises, but the creator of the website covers the daily payments to investors.
Stage III (the downfall)
The last stage of the site's lifespan involves investors leaving the website in droves while the administration wants to rake in the biggest profit possible by simply refusing to pay its users the daily reward.
The consensus is that you do have the ability to make quick dollars on such websites, but do not expect to get a steady long-term return on your investment.
The modus operandi of such websites is quite similar to cryptocurrency pump-and-dump-schemes. You are only able to make a profit if you are not late to the party. Otherwise, you will have to look for other ways of how to successfully trade cryptocurrency.
How to spot a Bitcoin HYIP website?
The Securities Exchange Commision (SEC) offers a clear guidance on factors that help recognize such schemes:
guaranteed gargantuan returns;
fake financial instruments;
little to no information about the owners of the website.
BTC Profit is yet another example of such a website. All you have to do is to put money into their platform for them to trade crypto on your behalf.
The website starts with a highly bullish prediction about people making millions by trading crypto, and the site assures that you can always join the exclusive club of Bitcoin millionaires despite the crypto rout.
The video on its website states that everyone has already made millions by investing in Bitcoin (which is an outright lie). The good thing is that they don’t even try to hide it, so any person with common sense will be able to grasp the idea that their promised investment returns are too good to be true.
The website cannot be trusted, and it's a typical get-rich-quick type of site. The company's software looks absolutely bogus, and it clearly won’t help you to learn how to trade cryptocurrencies. Their primary goal is to get your email address and spam you with letters.
The BTC scam hired gig actors with poor acting skills to make it seem like what was supposed to look like real investors. In the screenshot below, you can see one of the alleged investors who offers his service on Fiverr.
Not to mention the cheap Screenshots on their website. Like, did they even try to make them believable? These advertisements simply scream a scam.
An elusive creator
Despite the site claiming that it was created by prominent crypto investor John Mayers, there is no actual information about the real owner of this site (this is a typical “feature” of all Bitcoin HYIP websites, no matter how fraudulent they are).
Is this a scam after all?
As you can see, BTC profit is a salient example of a scam. We do not rule out that you can make some short-term profit on this website, but it looks very likely that it represents the bottom of the barrel of Bitcoin yield websites. Despite many fake reviews with too much flowery, it is absolutely clear that BTC profit is not a legitimate trading system, but you will still be able to make quick money.
Ironically, the website has a disclaimer pertaining to potential earnings, claiming that individual results can “vary”. On top of that, all information presented on the website is entirely fictitious.
Becoming a real trader
OK, you won’t likely have thousands of dollars falling right into your lap just because you stumbled upon BTC profit. Remember that nobody is going to make money for you (while there are numerous AI-powered trading tools, they are not accurate enough to ensure a trader’s success). Hence, you have to learn how to trade cryptocurrencies on Reddit or any other crypto-related source.
Before picking a specific coin, you have to analyze the white paper of this asset, and then choose the most appropriate exchange where you would like to trade it. If you are looking for the so-called “entry-level” exchanges, Coinbase would be the most suitable option for you since you can purchase cryptocurrencies directly with the help of a credit card or wire transfer. Robinhood would be a good option if you are curious to trade cryptocurrency without fees.
The last thing you have to do is choose the most appropriate form of your cryptocurrency wallet (whether it’s the hardware or software wallet one).
For those who already know the basics of cryptocurrency trading, take a look at these main recommendations that will help you become a successful trader:
Don’t buy the coin when it’s hot. Case in point: Ripple surging to $0.67 in September and then falling. When you see a steady surge, it will most likely be followed by a steady decline.
Don’t listen to the advice of other investment-gurus. While it seems rather obvious, beginner-level investors might be tempted to buy into the lies of YouTube talking heads that are simply paid to promote projects. Avoid FUD by all means by properly researching the coin of your choice.
Find the best trading strategy. Before dipping your toes in the obscure world of cryptocurrency trading, you have to determine your trading strategy — whether you join the ‘HODLer’ crowd, keeping your assets for dear life, or become a day trader who always has to keep his hands on the pulse of the market. After reading tutorials on how to day trade cryptocurrencies, you can also try margin trading (not beginner-friendly).
Always keep up with the latest crypto news. U.Today will definitely help you stay informed.
Our verdict — no pain, no gain
While reviewing this website, we've come to the conclusion that it is really worth investing money in if you are a risk taker who's looking to make a quick profit. However, remember that you are walking on thin ice, and earning money as a cryptocurrency trader requires more than simply creating an account with a scam-ish website that promises you quick profits.