Cryptorobot Review: AI Trading Vaporware Used for a Phishing Scheme

On paper, this firm allows their users to take advantage of an AI-empowered trading software, capable of predicting market shifts and pulling calculated moves to increase your trading profits. Under the surface, however, lies a carefully set trap designed to clean out your trading accounts.

Despite numerous regulatory warnings, this online con scheme still lingers. Find out more about crypto scams in our Cryptobot review.

Another AI Trading Fraud

The scarcity of legal documents and the absence of corporate information immediately raises flags once you start exploring the website. 

You see, there’s no information about the company running this project or the people who have developed the Cryptorobot AI tools. Whoever is behind the site, and the idea of automated trading software solutions advertised, is completely anonymous.

However, that’s not the only trouble with this suspicious software provider. Their unscrupulous actions directed at crypto investors worldwide have drawn the attention of several regulatory bodies. 

How Regulators Label This Firm

CONSOB, CNMV, IOSCO and A-TVP have posted warnings regarding the fraudulent activities of the company running this domain. 

Considering these warnings came out at the end of 2021, it’s strange the domain is still operational. Such schemes are known to be short-lived, but this one is quite persistent. 

They’re probably managing to avoid legal consequences by claiming not to offer financial services that would otherwise require a license. Instead, the cons allegedly sell crypto bots, but that too is just a front for a bigger Cryptorobot scam and data theft.

If you’re looking for a solid service provider and a place to keep your crypto assets safe from such cons, Trezor Wallet is a great solution.

Scam Strategy Explained

Many confidence tricksters use deceptively old domains to trick their marks. The cryptorobot.com domain was created in May 2012, but it only became the platform we see today in 2017.

You’d expect a company that old to have a rather large online following. This one however only has a  Facebook profile, with a grand total of 24 followers.

Where did the clients learn about Cryptorobot platform, then? These sorts of con circles use a scam call center, more commonly known as a boiler room. The agents working for the fraudsters introduce themselves as industry experts, and offer unrealistic profits to unwary marks.

Many firms like TradeManifest require costly packages, but this fraud doesn’t need to – they operate a phishing platform instead. They try to get confidential information, which is in this case the victims’ Binance account login and secret keys.

These allegedly allow the robot to trade independently via some API, but in reality the cons just clean out your account and call it a day.

Where Are The Clients Hiding?

One additional concern is the fact that you can’t find any Cryptorobot reviews on the web.The most popular ratings platforms, including TrustPilot and SiteJabber, have created a company profile page, but there are zero ratings so far.

This certainly raises suspicion, especially since the firm claims to have been in business for a decade and to have thousands of successful clients.

Indicators and Robots Available

In order to start trading via this platform, all potential clients need to pass only two phases:

• Create a Cryptorobot login
• Deposit

Right after completing these steps, the users are introduced to several crypto indicators allegedly available:

• Trend Indicator – analysis of both chart patterns and technical indicators
• Rsi Indicator – measures the speed and change of price movements
• Williams Indicator  – measures the overbought and oversold levels of an asset
• Macd Indicator – shows the relationship between two different price averages
• Stoch Indicator – compares the closing price of a crypto to it’s range of prices over time
• Cci Indicator – detects trend changes in the market

Accessing the user dashboard opens a possibility of choosing between a total of 47 Cryptorobot auto trading tools. We won’t mention the whole spectrum of them here, just some of the more popular ones: UpDown, DogeBot, BTC Bollinger, RippleBot, Btc evolution, ETH Bollinger, Btc evo and many others.

Lifetime License – Good Deal or Not?

It is clear that transparency is not this firm’s forte. All of the above described services are advertised as miraculous AI-based technological wonders that are supposed to bring traders an edge on every crypto market. 

Besides being marketed as a potential solution to every problem of a beginner trader, these AI trading tools also cost seemingly nothing. When, in exchange, you’re promised a literal money-making machine which is 100% accurate and reliable, about a hundred dollars seems like a small price to pay.

Cryptorobot signals, along with all the trading bots compatible with all major crypto tokens could be yours for only $99. This single purchase allegedly provides a lifetime license for all those who wish to use all of the 47 robots but also those that wish to develop their own bots.

Cryptorobot Deposits Disappear

The entirety of transactions performed on this portal can only happen via crypto channels. Various crypto currencies are supported: BTC, ETH, DOGE, DOT, ADA, XRP and others. Although the portal claims that you’ll be trading in the Binance ecosystem, that is a complete and utter lie. 

The second you deposit anything in order to start trading, your funds will simply vanish. Crypto transfers are instant and extremely hard to track. 

Skilled and experienced cyber criminals are ready to snatch your funds and instantaneously move them to other wallets until you lose track of your assets. Therefore, we implore you to refrain from depositing anything with this crypto criminal.

Have You Tried Prop Trading Before?

Navigating the world of finance is riddled with great difficulties, which can sometimes bog you down and undermine your profits significantly. With our forex prop trading, you can have one less complication to worry about!

Book a free Zoom meeting with our staff, and secure up to $180,000 in funded trading accounts. Let us worry about the money, so you can focus on trading and profits.

FAQ