Is Bitcoin Compass a legit Bitcoin trading platform? Can you really make more than $1.3k a day with it?
On the surface, Bitcoin Compass looks like a legit platform that can help you make a lot of money on autopilot. However, you’d be surprised to find out what they’re hiding.
For those of you who have been following my website, you’ll know that I always go deep below the surface to find out what a product/system truly is, before making my recommendation.
Honest, unbiased reviews – that is what you will find here.
And if you’d like to see an alternative, honest, and legitimate platform to start earning money online, then please click here.
Bitcoin Compass Summary
Product Name: Bitcoin Compass
Product Type: Trading robot
Best For: No one
Summary: Bitcoin Compass is trading bot that help you runs your trades on autopilot. It is associated with unregulated, unlicensed offshore brokers that are potentially involved in fraudulent activities.
Overall Ranking: 1/10
What Bitcoin Compass Claims To Be
Bitcoin Compass claims to be a crypto trading robot that helps traders to get the best out of their crypto currency trades. The bot can do all the work – from analysing the market, to opening and closing trades.
All you need to do is to register and set up your trading account, sign up with a broker assigned to you by Bitcoin Compass, and monitor the account for 20 minutes a day.
Powered by an innovative algorithm that simulates top trading strategies of some of the best Bitcoin traders in the world, Bitcoin Compass claims to perform at the 99.4% level of accuracy, with no other trading app able to beat. It has also won a various award such as #1 in the trading software category for the US Trading Association.
That’s not all, according to Bitcoin Compass, members typically profit a minimum of $1,300 daily, with some members earned their first million within just 61 days.
There are a lot of bold claims there, but what Bitcoin Compass doesn’t provide you with on their website is the information on who regulates them. There are risks associated with engaging an unregulated broker, keep on reading because I am going to show you exactly what I meant by that in the coming section.
How Does Bitcoin Compass Works
Signing up with Bitcoin Compass is easy. Once you have created an account with Bitcoin Compass, you will be assigned a broker for you to deposit a minimum of $250. The broker I am assigned to is called Libra Markets.
After signed up with the broker, you can then expect to get a phone call from a high-pressure salesman, who will try and convince you to invest more money with them (of course, please don’t do that).
Your trading activity will be done on the Bitcoin Compass Trading Room. The system works with the major cryptocurrencies in the industry like Bitcoin, Ethereum etc. You can choose to either enter a trade manually or have it run fully autopilot:
The software presents the forecast, and members can manually choose to enter the recommended trades by clicking on the blue ‘Buy’ button.
The auto-trading feature of the robot places investments according to the analysis the software has made. Just click on the ‘Auto Trading’ button to enable this function.
Bitcoin Compass Ugly Truth Revealed
1. Unlicensed Broker
After being assigned Libra Markets as my broker, I did some research as to what financial institutions were regulating this trading platform, only to find out that there weren’t any.
Libra Markets is an unregulated offshore Estonian broker.
And guess what? Libra Markets is not the only broker working with Bitcoin Compass. Here is another broker that used to work with Bitcoin Compass, called KontoFX.
KontoFX was set up in Jun 2018. Unfortunately, at the time of writing this article, I found that KontoFX is no longer operating – their website is gone, emails got pinged back, and all contact numbers no longer working. Many people reported unable to recover any money from the broker.
Unregulated brokers often operate in offshore jurisdictions – they do not have any rules to comply with and can behave in any manner they see fit. Without any regulation, your money is not protected if something goes wrong.
Regulated brokers on the other hand, are those who are registered with the financial regulatory body of their country (for example the FCA in the UK) and who must comply with the rules set down by that body. That way, you can be sure that your money is in safe hands.
2. Not To Your Best Interest
This brings us to another question, why would Bitcoin Compass work together with such brokers?
This just goes to show how desperate Bitcoin Compass is – their real interest lies in making money for themselves, not you!
Think about it! Without companies like Bitcoin Compass, it is hard to convince anyone to invest with unregulated brokers. Most people in their right mind would have approached reputable brokers with good track record instead.
I am sure it is quite clear now, that Bitcoin Compass must be getting their profit from referring people to unregulated brokers. Their interest does not align with yours – they are not getting a cut from your winning, but a cut from the money you have put in with the unregulated brokers!
3. Fake Testimonials
Making $300k+ with Bitcoin Compass, retire early, getting $1k each and every day? As you might have guessed, those are just lies concocted by the creators.
They used fake names and ripped off photos from other sites to make it look like the testimonial is legit. As seen on this screenshot right here:
You may have also come across many positive reviews online, trying to shove Bitcoin Compass down your throat. But the fact is Bitcoin Compass work in cahoots with unscrupulous affiliates, who are willing to say anything in order to get their commission upon your registration.
Is Bitcoin Compass A Scam?
Bitcoin Compass itself is just a trading robot. The one handling your money is the broker which Bitcoin Compass assigns you to. As I have shown you earlier, Bitcoin Compass has a record of working with unregulated, unlicensed offshore brokers, which is bad news for anyone who signs up with them.
No matter how good a trading robot claims to be, there’s no way around the fact that trading is a high-risk activity. You have to realise that, every time you trade, you’re risking a capital loss – it’s entirely possible to put in S$1,000 and walk away with nothing. Therefore, it is important that you should never risk your entire savings or retirement fund in copy trading; only use money that you can afford to lose.
How do I know? Because I am a trader myself.
If you decided that high-risk trading isn’t for you, keep on reading, because I have good news for you.
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What do you think about Bitcoin Compass? Share with me your thoughts at the comment section below!