Trading cryptocurrency online is potentially lucrative but also risky. Crypto assets are volatile, and it is easy to lose money as well as make it. To make matters a little more challenging, the industry is prone to scams, so you must be careful when using trading tools and systems such as crypto trading robots. While there are plenty of legitimate trading robots that can help traders to make better trading decisions, there are some scam bots around too. So, is Centobot a scam? Or is it one of the ‘legit trading robots’?
What is Centobot Trading Robot?
Centobot provides a service that allows crypto traders to trade using automated smart trading bots so they can set up custom automated trades and take a more ‘hands off’ approach to trading. Traders can choose from a range of robots aimed at different traders, including those mainly trading bitcoin or ethereum, as well as those trading a range of altcoins.
You’ll still need to trade via a crypto exchange, but the bots can be linked to your account, and your trading can be automated using the software provided. Centobot claims to be an award-winning provider, but details of the awards published on the site are vague, with no mention of the actual awarding bodies. Regarding how the trading bots work, the algorithms are based on a range of well-known technical indicators used to assess when trades should be executed, including tools such as MACD and RSI indicators.
What does Centobot Trading Robot Offer?
Centobot offers a few different trading robots that tend to specialise in trading crypto assets, including Bitcoin, Litecoin, Ripple, Ethereum, and other altcoins. There is no subscription, so it is effectively free to use the platform, but obviously, the firm must be making money somehow. We noted that there are deposit and withdrawal fees when using Visa or MasterCard, for example, and it is fair to assume that the site gets a referral fee when you sign up for one of their recommended brokers via the site.
Crypto can be traded 24/7, so you can use the platform 24/7 as well. Some of the robots available include Cryptobot v2.0, which allows you to trade with the most popular and used cryptocurrencies. It is based on MACD and RSI technical indicators and Ethereum Rise v1.1, which incorporates an algorithm designed to trade ETH (the second most popular cryptocurrency after bitcoin) based on CCU and Stochastic indicators analysis.
There is also the Altcoins Combo robot facilitating trading with all the most popular altcoins and the Crypto Majors v1.1 bot, which is set up to trade with all the most popular and frequently used cryptocurrencies. In addition, you can create your own robot without the need for a lot of technical skills. The system simply allows you to choose the currencies you want to trade and the technical indicators you want to use. Then you can sit back and let your custom-made bot trade on your behalf.
The site claims that it is possible to make a profit of up to 300% using their robots, but as with many online trading robots, there is no way to verify this. Reviews from customers are mixed, and while there is no clear evidence of a Centobot scam as such, there is also no evidence that people are making the profits promised by the site, or indeed any profit at all.
Is Centobot Trading Robot Regulated?
The crypto industry generally tends to be unregulated, and trading robots do not even fall under the type of service covered by regulatory bodies. They provide software, not an investment platform or brokerage as such. It is, therefore, no surprise that Centobot is not regulated.
The site also partners with a few different brokers that traders can use alongside the software. However, as already mentioned, crypto trading, in general, is unregulated, so the brokers themselves are not regulated, at least not for crypto trading. Most crypto traders are fully aware that they operate in an unregulated industry and that this has pros and cons, but it does make crypto trading something to be wary of for most investors.
Is Centobot Trading Robot Safe?
Centobot appears to have the right kind of security in place in terms of site safety. The website and platform are SSL Certified, which should ensure that your data is safely collected and stored. However, this does not necessarily mean that trading with Centobot is safe.
On the plus side, the service is free, so you will not find yourself locked into an expensive subscription as is possible with other sites. On the other hand, you are investing money through the platform, which means that, despite the site’s claims of big profits, you could quickly lose money when trading via the platform, as you could when trading elsewhere. Losing money when trading crypto is common, as these are highly volatile assets, and automated trading is not a way to guard against this or guarantee high profits.
It should also be noted that, as with any ‘free’ service, there are some hidden fees with Centobot. You may find that you are charged a withdrawal fee or commission when it is time to withdraw. Remember that even if someone you trust recommends a particular service to you, it may just be that they have been lucky with the service. The volatility of crypto assets means that some people will make big profits, just as many will make significant losses.
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77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
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While there is no evidence of an out-and-out Centobot scam, we urge extreme caution if considering Centobot. It may be tempting to use the service as it is free, while other similar services charge a subscription fee. However, it is still possible to lose the money you have invested, and customers have also reported hidden withdrawal fees. As with any system, be aware of the risks and never invest more than you can afford to lose.