A Comprehensive Review of Bitcoin Loophole – Is It Legit?

Who could have believed that a time would come when cryptocurrency trades would be automated? This is certainly a more recent phenomenon, especially for the cryptocurrency markets. Before you had to rely on technical and fundamental analysis, trading indicators, and much more to go about your trading endeavors. However, there are now products in the market that claim to do all of that for you, and one such product is Bitcoin Loophole

Bitcoin Loophole claims to be an automated trading software meant to fill the “loophole” created by the volatility in the crypto market. With this software, a majority of your concerns as a cryptocurrency trader can be resolved because you can leverage the software to be in tune with the market.

What is Bitcoin Loophole?

Bitcoin Loophole is an automated cryptocurrency trading software. Automation comes in handy when you don’t have enough time to make accurate trading decisions and when you simply want to make profits without being active in the market.

We must mention that there are several clones of Bitcoin Loophole, posing to be this platform. The original software in question has been tested and trusted by many traders who are pleased with what it has to offer according to online reviews.

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Pros and cons of using Bitcoin Loophole

Pros

  • Options for both manual and automated trading
  • Transparent payment methods
  • Working with reliable exchanges
  • Lots of trading robots to choose from

Cons

  • Service fees
  • No educational resources
  • The only exchange supported in Binance
  • No mobile apps

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Bitcoin Loophole markets, assets, and options

What assets and products can you trade using Bitcoin Loophole?

Cryptocurrencies are the primary financial assets you can trade with Bitcoin Loophole. Going by its name, Bitcoin is the major cryptocurrency enabled for auto trading via this software.

Many other kinds of cryptocurrencies are also enabled on autopilot. Examples of these are Dogecoin and Dash.

What leverage trading options are there?

Mention wasn’t made of leverage options on Bitcoin Loophole’s website, but we have information that some of the exchanges collaborating with Bitcoin Loophole offer leverage trading.

As much as leveraging can give higher profits, it can also lead to quicker losses. The best strategy is not to proceed with it if you are not familiar with how it works. Yet, if you want to give it a shot, consider using trailing stop loss to avoid losing all of your investment.

What are the spreads?

No spreads are offered, but Bitcoin Loophole and its partnered exchanges can charge certain fees as described below.

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Fees, limits, and payment options on Bitcoin Loophole

How much does Bitcoin Loophole cost?

There was no requirement to pay any fee prior to using the platform.

What are the payment methods accepted by Bitcoin Loophole?

A wide range of payment options (both deposits and withdrawals) are available. Cryptocurrencies, especially Bitcoin, are the primary payment methods.

Bitcoin Loophole has, in recent times, added a wide selection of other payment methods. These options range from bank wire transfer, MasterCard, Skrill, PayPal, and WebMoney.

Does Bitcoin Loophole also charge fees and commissions?

The website has not specified if it charges monthly fees for use, but it does charge service fees.

The service fees are charged as a percentage of the profit you make from every successful trade placed via Bitcoin Loophole.

Note that you are likely to pay maker and taker fees on the cryptocurrency exchange when you make profits, as well.

Bitcoin Loophole trade sizes and limits

The limits to your trades are adjustable because the software allows you to choose. Ideally, you can choose your daily trade limits, set your trailing stop losses, and set a target to take profits and exit the market every day.

There is a minimum to how much you need to deposit on the software. For example, Bitcoin Loophole follows the pattern of many other cryptocurrency exchanges with a minimum deposit of $250. The difference, however, is that you can only make a maximum deposit of $15,000.

Bitcoin Loophole’s platform

How does Bitcoin Loophole work?

The functionalities of this software are impressive. Unlike some of the other cryptocurrencies trading robots, you can leverage this one to make more profits from the market and gain more insights.

For example, you are required to sign up or create an account with your basic information, including your full name, telephone number, email address, and password.

Once that stage is scaled, the next step is to choose an exchange. At the time of writing, only the Binance cryptocurrency exchange is supported. Once you select it, you will be given the option to either create a new Binance account or log into your existing account with your email and password.

The next step is to create an API key. This key is used as a link between your account on Bitcoin Loophole and your trading account on Binance. The idea is to automatically generate cryptocurrency trading signals on Bitcoin Loophole. Then, the signals will be passed along to Binance via the API key so that the trades will be automatically placed.

You will also be required to link your Binance API key and secret key to your Bitcoin Loophole account. This facilitates the seamless link between the two platforms.

If everything went as planned, you should start enjoying the automated cryptocurrency trades offered by Bitcoin Loophole.

What devices can I use Bitcoin Loophole on?

The software doesn’t have any mobile applications at this time. Yet, it is compatible with a wide range of devices.

Thanks to the intuitive interface, you can access it with your iPhone, Android, and Blackberry mobile phones. Using a desktop? It is easier to access the software via Windows, Linux, and macOS.

What exchanges and brokers does Bitcoin Loophole partner with?

At the time of writing this article, only Binance is supported by Bitcoin Loophole.

This is impressive because Binance has built a reputation as one of the leading cryptocurrency exchanges in the world.

Can I use Bitcoin Loophole in my country?

Bitcoin Loophole is meant to be a universal cryptocurrency trading software. Yet, it makes sense for you to verify the availability of its services in your location.

This information is not available on the website. You should find out if Binance is allowed to offer cryptocurrency trading services in your country because the Binance is the exchange Bitcoin Loophole will use to trade automatically.

Is Bitcoin Loophole available in my language?

The software supports several languages, including English. The other languages on the list are Dutch, German, Italian, French, and Spanish.

How easy is it to use Bitcoin Loophole?

One of the features you will like about this software is the replication of its automation. For example, you are immediately prompted to select an exchange (in this case, Binance). After this, you will generate or use existing API and secret keys to connect your account on the exchange with your account on Bitcoin Loophole.

Then, copy the successes of the existing traders or create a new robot.

Key features

This Bitcoin Loophole review would not be complete if we do not mention how you can use this software to the fullest advantage.

These are some of the features that not only make the software unique, but also make it outstanding from the other trading robots:

Copy existing robots

From your dashboard, navigate to the “Robots” tab to see a list of the available robots. At the time of writing this article, October 2021, there are over 200 robots on the software.

Once you navigate here, you have the option of either viewing or copying the robots. The idea of copying these robots is so you can have a replica of the bots. One rule of thumb you want to observe is to only copy the robots that have made massive profits in the last couple of days or months. This strategy is based on the idea that a robot that has been that profitable over time has a chance of making higher profits in the coming months.

Once you copy the robots, go back to your dashboard and start using the bot’s features to automate your next crypto trades.

Robot development

Are you experienced in cryptocurrency robot development? Or do you have an idea of how to create and apply different kinds of parameters? If so, it will be easy for you to create a robot that can automate your crypto trades.

Robot customization

It is also pertinent to specify the type of action you want the robot you created to take. For example, you can choose either BUY or SELL, which means that the robot can either buy or sell cryptocurrencies at the same time.

The other customization option is to select an indicator and a timeframe. The indicator is used to scan the crypto market to find viable trading opportunities. The timeframe is used as a parameter to determine when the robot is expected to automatically carry out the actions you already set.

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Security & regulation

Is Bitcoin Loophole legit?

Bitcoin Loophole seem legitimate but caution is always recommended when utilizing a trading bot.

Is Bitcoin Loophole safe?

Bitcoin Loophole partners with Binance which is a relatively globally trusted exchange. With this in mind, the software seems safe for use.

Are me and my funds protected?

Your funds are not protected by Bitcoin Loophole because the software doesn’t control or have access to the funds of its users.

Binance, being the primary cryptocurrency exchange partnering with Bitcoin Loophole, is the platform that controls your funds. You can easily access your portfolio from there.

Is Bitcoin Loophole regulated?

No, Bitcoin Loophole is not regulated and it doesn’t claim to be. Yet, the software is using the platform of one of the most regulated and trusted cryptocurrency exchanges – Binance. This adds some legitimacy to its usability.

Do I have to verify my account with Bitcoin Loophole?

It is a wise practice to assume any legitimate platform involving investing will require user verification. You will likely be required to provide government-issued documents (including your ID or International Passport) before you can use the exchange.

Extra Information

Educational resources

There are no educational resources on Bitcoin Loophole’s website at this time.

Tools and charting

The software does all the jobs of finding trading opportunities and executing the orders. You don’t need to draw charts to do this, except if you want to use the manual trading interface.

Customer support

You will find a contact section on your dashboard. Fill in your email address, full name and your message then send.

Customer support will get the message and get in touch with you in the shortest time possible.

How to get started with Bitcoin Loophole

Here are the steps you must take before using Bitcoin Loophole to trade cryptocurrencies automatically:

  • Create an Account: Use your full name, email address, and telephone number to create an account on Bitcoin Loophole’s website.
  • Link Your Binance: Link your Binance account or create one. The linking is done via the connection of API keys from both ends.
  • Add Money to the Account: Add a minimum of $250 to start trading.
  • Choose a Trading Option: You have two options. The first is to copy the trades or copy the settings of the over 200 existing robots. The second option is to create a new robot with your defined trading parameters.
  • Launch and Trade: The trades can now be executed. Take your profits as they come and be ready to replicate the process for more gains.

Conclusion

Bitcoin Loophole seems reliable since it is partnered with one of the best cryptocurrency exchanges in the world and offers multiple automated trading options.