5 Differences Between Scam and Legit Cryptocurrency Robots

cryptocurrency-robots

There are legit Cryptocurrency robots and there are scams as well. How can you tell them apart?

Cryptocurrency robots are a major thing in crypto trading. With a bot, you basically allow a computer program to take control of all the trading. It is similar to using a robot investing application within the stock market domain.

Cryptocurrency robots have increased in popularity thanks to their ability to generate significant revenue for the investors. They allow you to relax as they do all the trading for you. The only thing you have to do is to set personal trading preferences and you are set.

As their popularity increases, so do more of these computer programs come up. There is no doubt that we have a good number of legit cryptocurrency robots. Similarly, there are scams that will only end up taking away your money. And even if a bot is offered for free but is still a scam, it will waste your time and place your data at the risk of getting stolen.

That is why you need to be vigilant so as to choose a bot that will deliver on the promises it makes. Make sure that you grill the chosen software. Read about it in forums and be ready to drop a bot that has a bad reputation.

There are a set of factors that differentiate scam and legit cryptocurrency robots.

#1: A legit bot has great whitepaper while a scam is sketchy/plagiarized.

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A whitepaper is some kind of authoritative documentation created by the product owners and use it to sell the product or service. In the case of a cryptocurrency robot, the whitepaper would be based on to highlight what the bot can do and the reasoning behind its creation.

It is worth noting that not all cryptocurrency robots have whitepapers but genuine ones will always make an effort to create one.

If you come across a whitepaper for your bot, begin by determining whether it is a plagiarism of something else or it is created from scratch.

Most scam bots often fill their whitepapers with technical jargon lifted from other reports so that they can be impressive. If you are having a hard time processing the information, you should give it a second thought.

The whitepaper of a legit bot is written so that the average user can read and understand. This is the main selling point, so why making it so hard to comprehend?

When you read this, you are able to visualize in your mind the problem being solved, how it is being solved, and how the cryptocurrency robot will generate greater revenue for you.

#2: Legit bots are constantly updated/upgraded. Scams are not.

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Regular updates or upgrades of the software are what make it efficient. With these updates, you get to tackle any bugs as well as make the bot exploit trading options it had not. If the cryptocurrency bot began by supporting only one crypto, it can onboard others. Remember there are over 1000 cryptocurrencies.

Scam cryptocurrency robots mostly never receive software upgrades. They remain in the same state they were ever since the initial design. That’s because the creators build these for the purposes of scamming you and have no interest in spending more time to upgrade them.

The same cannot be said for genuine cryptocurrency robots. From time and again, you will receive email notifications of scheduled upgrades. If this is your first time interacting with it, a quick look through its logs will reveal the many upgrades it has undergone in the past.

The creators know that they are in business and for them to be successful, they have to deliver top-notch service. Hence the regular updates.

#3: Legit bots are transparent. Scams conceal vital information.

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One of the main reasons why cryptocurrencies have grown as a medium of exchange is because the whole system is built to be transparent. These eradicate the tendency of banks to hide key information even as you trust them with your money.

There is literally no room for foul play in cryptocurrencies because all information can be easily seen on the blockchain – some kind of a public ledger.

If a trading bot is created to operate in this network, it must also be transparent. That’s because it is operating in an environment where concealing of transaction information is not accepted. Scams will always try to hide as much of this information as possible. They are empowered when they keep you in the dark.

The same cannot be said for genuine cryptocurrency robots. You do not even have to ask for information because they will readily render it. Whether it’s the developers you want to know about or it’s the bots’ social media channels you would like, such can be found on the website.

Make a point of working with bots that are transparent since this builds trust and allows you to get in touch with people who can fix any arising issue.

#4: Legit bots are very secure. Scams can easily be compromised.

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The Internet world is full of malicious hackers trying to bring down systems. They can launch any type of attacks such as denial of service, Trojan attack or even phishing. In denial of service, they basically make it impossible for you to access the bot while in phishing, they get away with key information that compromises your other logins.

A trading bot that does not factor in security is definitely a scam. It is less interested in keeping your money safe and more focused on stealing from you. You can watch out for red flags even the time when you are creating the password. If it does not require complex combinations, keep off.

Legit cryptocurrency robots take security seriously. The creators know that when you started using their bot, you gave them access to your funds. Thus, they have a responsibility to keep the money the same. This entails implementing various security mechanisms like encryption and complex passwords.

It is hard to determine how secure a bot can be. The best you can do is to conduct detailed research and use one that has a top-notch rating in terms of security.

#5: Legit bots make you money. Scams do not.

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What drove you to start using a trading bot? Profit, right? You want to make as much money as possible. That is why you are even willing to buy any of its packages all in the hope that the returns will be great.

Logically speaking, scam bots will never make you money. They implement algorithms that take you in circles, trying to convince you to wait a bit longer before the profits start trickling in. They are in the business of scamming; why should they bother about your profits?

When it comes to a legit bot, one thing that is making them get a better reputation is their ability to create profits for its clients. There would be no point for you to continue using it if it isn’t worthwhile. Thus, before selecting a cryptocurrency robot, evaluate its profitability so that you do not end up wasting your time and money.

#6: Legit bots are easy to use. Scams are complex.

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Just as profits are important to your decision to use a bot, simplifying your trading life also tacks a central role. You are automating your cryptocurrency trading so that you can focus on other matters. You expect things to go on well even when you are not online.

If a bot makes you keep on coming back to it to change things here and there for it to work, most likely it is a scam. Remember that scamming is not all about stealing from you. It could also entail being promised that a certain thing will happen but never does.

Legit bots do exactly what they say they will do. If they promise to automate your trading, that’s what you get. You get to control the bot with just a few clicks.

In conclusion, research plays a central part in making sure that you choose a legit cryptocurrency robot. When you consider all the factors shared above, you are more likely to keep off scams. It would be such a bad thing to invest your time and money in a bot only for it to end up disappointing you.

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