Verified Robot (verifiedrobot.com) claims to be an automated cryptocurrency trading bot that will buy and sell Bitcoin, Litecoin, Ethereum, Ripple, and other big name cryptocurrencies for you at a 86% profit rate, which is pretty darn high. But the question is… Is this automated trading robot actually legitimate or is this all a scam that has been designed to steal people’s money?
In my opinion this is more than likely a scam and in this review I’ll be going over why I think this. There are many red flags that stand out to me that are common characteristics of these types of scams. So if you were thinking about buying into this I would read over my review here and think again.
What Is Verified Robot?
Well, like I said, it is supposedly a cryptocurrency trading robot that does everything for you automatically. They tell you that it uses a complex set of trading algorithms to analyze the cryptocurrency market and make trades within average accuracy of 86%.
Now nothing really stands out right off the bat as this place being a scam. I mean in 86% accuracy rate is high, but it is something that could possibly be “do-able”, although unlikely. At least they aren’t telling you it has a 100% win rate like many of the cryptocurrency trading bot scams out there. I have reviewed many such scams that are much more ridiculous including Bitcoin Millionaire Club, Litecoin Trader, Crypto News Trader, etc.
But although this does not come across nearly as “scammy” as many of the other systems out there, I still do believe it is a scam.
No Information On The People Behind This
The first red flag that I’ll go over is that there is absolutely no information on the people behind this. I always like to look into the team that created such a system to see if everything checks out and unfortunately here there is no information for me to look into. This definitely does not mean it’s a scam but it is a red flag that is concerning because every other known scam out there does the same thing.
Don’t Know How It Trades
All we know is that it supposedly runs on a “complex set of trading algorithms” to make these highly accurate and extremely profitable trades for you. We have no idea what method it trades with, the strategy behind it, or anything. Is it making large position swing trades for you? Is it making smaller day trades? Is it making trades using Bollinger Bands, using an EMA Spread, is it dollar cost averaging down? There are so many questions with absolutely zero answers.
With legitimate trading robots there is usually much more transparency. But here we know nothing… Another major red flag.
No Information About The Exchanges It Uses
When you trade cryptocurrency, which I do as a hobby by the way, you have to use a cryptocurrency exchange such as Binance, Bittrex, GDAX, etc. And with a legitimate trading robot you will hook it up to an exchange so that I can make the trade for you.
The problem here is that they make no mention of any exchange and you have no idea what is going on. I have used legitimate trading bots before and what you would do is create an account with the exchange you will be using and then grant API access to the trading bot so that I can make trades for you.
This is really starting to smell more and more like a scam.
Refer You To a Broker
To make things worse they refer you to a broker. Now of course they tell you that this is a “reputable broker” as you can see here…
… But the problem is that there is no need for a broker. When trading cryptocurrencies brokers are completely unnecessary. I have never heard of a legitimate trading bot that goes through a broker.
As I mentioned above, when trading cryptocurrencies you trade through an exchange. You create the exchange account yourself and that’s all there is to it. No need for a broker at all and any sort of opportunity that refers you to a broker to trade cryptocurrencies is more than likely a scam.
$250 Minimum Deposit
Of course you have to make a minimum deposit of $250 to fund your trading account with your broker. This is where they scam you because it is unlikely that you will ever see that money again. For some reason all of the trading bot scams out there require a deposit of $250. I’m not sure why this is exactly, maybe this is the minimum amount that you can deposit with a broker, but it doesn’t really matter because I’m about 99% sure this is a scam.
Conclusion on Verified Robot – Scam?
This is a bit more sneaky than your typical cryptocurrency trading bot scam but it still seems to be a scam in my opinion. When I look into opportunities like this that seem a bit fishy I always look for reasons that they might not be a scam. I pretty much begin my research with the mindset that they are a scam and look to be proven wrong. But there is nothing about this place that leads me to believe that they are actually legitimate.
There is no proof of anything they say being true and there is a severe lack of information. If it were a legitimate then they would be more than happy to provide ample information so that customers know what’s going on, which they don’t. And the whole getting referred to a broker thing is probably the biggest red flag of all.
If you want to buy into this then go for it. It’s your money and you can use it as you wish. This just definitely is not something I would recommend by any means. And if you already did buy into it and are looking to get your money back then you may want to try chargeback service like MyChargeBack to help you do this. If you used a credit/debit card such as Visa or MasterCard they will be able to help you get your money back but of course this isn’t a guarantee.