What is Bitcoin Lifestyle?
Bitcoin Lifestyles i supposedly an automated bot that trades automatically and rarely makes an error, so you are able to use it as a decision maker for binary trading. The upshot of this is, you make money for nothing!
Well, that is an amazing claim, no question, as we have never read about in, for instance, The Economist, or the Financial Times, or even Yahoo Finance who will talk about almost anything.
Bitcoin lifestyle claims to be automatic trading robot for cryptocurrencies, so just to be clear, let's just discuss what that means. If I had a computer algorithm that always made a profit on trades of cryptocurrency, that would mean that I and thousands like me would be permanently earning money for nothing. Not from stocks in a company that pays shareholders for other people's work, but for simply running a computer programme. As time went by and we all become worth millions and billions, all of that money has been taken out of normal (broad currency) circulation. Where has this money come from? Has it come from the brokerage houses? Well if it had done, the brokerages would be out of business and the software would be useless. Winning money from CFDs is not making money from increasing prices, it is taking money from the brokerage houses which are essentially financial bookies. Once the brokerages began losing money steadily on a certain product, they would stop providing that product. There is no way to continually take money from a bookie without consequences. That is why we say beware of auto-trading AI robots - they are impossible!
So if Bitcoin Lifestyle isn't an Auto-Trading Bot, What Is It?
The trading robots or bots invariably turn out to be trading with MetaTrader 4 & 5 or MT4 & MT5. These software were developed for speculating on the ForEX markets, in the case of MT4, and CFDs (Contracts for Differences), stocks and ForEx for MT5. These software trading tools are used in the very rapid moving markets of ForEx where you bet on points (1% of one cent or penny) and assign values to win or lose depending on whether the stock goes up or down. Going long is betting on a rise and going short is betting on a fall. Some traders develop algorithms using the MQL 4&5 coding that MT4 & 5 support.
Now these MT4/5 systems allow for a certain condition or state of the market to be auto traded by the software as the actual buying and selling is very repetitive and usually low in profits, and so the automation is appealing.
Neither MT4 or 5 support crypto trading and so the robots cannot be used in this market.
If Bitcoin Lifestyle Doesn't Trade Bitcoin, What Does it Do?
The MT4 & MT5 systems allow you to trade what is known as CFDs (Contracts For Differences) which are usually short term contracts for the speculation of price changes in stocks and shares. MT will allow you to speculate on cryptocurrency in this way but CFDs are very risky and complex options and you can easily lose your position for reasons that only seasoned traders will understand. So although you can speculate on cryptocurrencies, the market is highly volatile and you can lose a huge stake in seconds when the market coughs. This is not a suitable condition to try and use a robot or algorithm in unless you really know your stuff.
Is CFD Trading A Good Idea?
The Bitcoin Lifestyle websites states that there are no broker fees or taxes to pay. Now this cannot be true under any circumstances. If you are trading in a country where you have to pay capital gains on trading profits then you have to pay tax. It doesn't matter what you're trading, that is the law. If you are not subject to trading fees then you are betting, that is a legal fact. And if you are betting or spread betting, as betting on trading is called, then you have a very high likelihood of losing some, all or even more than every part of your stake. Spread betting is highly speculative and highly risky betting on markets and you can wind up owing more than you bet. A margin call is announced to decide if you can stay in by paying the capital required to do so, or you will lose your position and your original stake. CFDs do suffer from capital gains tax and so the website is lying once again. It cannot be based on real trading.
This means that the claims on this website are false.
So If It Isn't Trading, What is Bitcoin Lifestyle?
Bitcoin Lifestyle connects you through to trading systems that are quite simply, fake! They are not real platforms at all. They let you deposit your money and then they show you that the correct amount has been added to the balance, but the balance isn't real.
So what is happening is that the webpage you are supposedly using to buy and sell or speculate on stock is being used to stop you realising you are being scammed. While you are playing that fake trading game, they are transferring your money into different cryptocurrencies to hide the trail. When they are convinced that you have lost the scent they will sell the currency on another platform somewhere and pocket the cash.
How Can I Avoid Being Scammed?
Well there are a few simple steps to take when arriving on any website, a few simple checks to make. You have to bear in mind that appearing convincing is what a con-artist does. That is what they are - a confidence trickster - and once you have let your guard down it all sounds more and more convincing. Let's go through some of the checks that you should definitely be making:
- Does the website suggest that a celebrity is involved and has been making money with their app?
- If so it is a scam, as simple as that. No celebrity would risk their brand image on a financial product. If people started to lose money it would ruin their career and exorcise them from the spotlight. This is not worth any price of endorsement. The day you can no longer make money opening a supermarket is the day you die in the eyes of most celebrities, and so this is a dead giveaway. It is a scam.
- Does the website have a limited time remaining or limited spaces left message at the top?
- it's a scam, plain and simple. It is an old trick, get them to book a room by telling then that it is the last one at that price. Booking.com and many others employ this trick, and it is not good for business really. It tends to mean that you get a lot of people winding up with the wrong room at the wrong price etc. When it comes to trading or any other financial product, it is a complete no-no. A financially responsible company would never want this type of rushed, panicked customer. They would spend the rest of their annual budget on court cases and refunds. Any trading website that has limited time or space for a deal is not worth dealing with. They need customers who have proved who they are and proved themselves as legitimate, not panicked people running for the hills.
- Is the website claiming that you will always win or nearly always win? Is there a percentage of winning trades mentioned?
- Then the website is a scam. If you could calculate the number of trades you were going to lose then you must be able to predict the market with a 100% reliability to complete the calculation. These websites are a scam.
- Does the web page claim that the product is suitable for both novice and advanced traders or brokers?
- Stop! There is no such thing as a product that is suitable for novice traders except when they are intending to take you to the cleaners! If you are a novice, then what the hell gives you the idea that you should be trading at all? That is a terrible idea! Go and see a financial advisor and get some advice on how to invest in something safe. Do not start spread-betting or playing with CFDs or crypto until you know what you are doing!
There, rant over.
This scam industry is growing all the time because people are becoming able to access the internet that have never encountered these kinds of people. People who lie by default and have no empathy or scruples or morals. Scum in other words.
No kind of product makes you rich without effort, high risk or being born into the right family/going to the right school. If you wish to be happy, do not look to money as it will not help you become free easily. The prison of debt is designed to imprison you. They would never let you get away so easily, do not be fooled!
VERDICT: BITCOIN LIFESTYLE IS A SCAM !!
At the time of writing it has been blocked in the UK, but beware in France and Germany!
It will soon reappear though!
It also seems to be operating in the US where it is illegal to sell unregulated CFD trading products to their citizens.