However, this is a sector of the crypto industry that's plagued with a very large number of scams. Seemingly every day, there's a new fraudulent trading bot that's nothing more than an attempt to steal your hard-earned deposits. It's dangerous out there and one needs to be vigilant.
With that in mind, we've prepared a selection of three illustrative crypto trading bot scams to avoid. Unfortunately, we would need to write a 1000-page encyclopedia in order to cover all such scams. So, we choose three bots that each display common red flags that one often encounters. Be sure to learn about them before you begin trading with any automated robot.
Crypto Trading Robots 101
In brief, crypto trading bots will automatically buy or sell cryptocurrency on your behalf. Users are encouraged to set up the bot's trading strategy, so that it can trade crypto according to your wants.
We should warn you, however. There exist cases of legitimate trading robots that were accused of being fraudulent.
That's because inexperienced traders often fall into the trap of thinking the bot will do everything for them, while they're relaxing and enjoying a steady passive income. But, that's impossible, otherwise, we'd all be rich and drinking Pina Coladas in Bora Bora. Sure, the bot can assist you, but only after you provide it with adequate data, that's in line with whatever trading strategy you've devised.
Learning to recognize red flags indicative of fraudulent bots on your own will, certainly, be beneficial. We have identified as scams each of the bots below thanks to a number of different alarming signs. After reading, you should be equipped with the know-how necessary to spot the telltale signs of a fake trading bot by yourself.
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