Bitbot is an RPA (Robotic Process Automation) bot that claims to carry out high-frequency crypto trading. As per the vendor, this bot had executed several micro-transactions with profits in just two minutes of starting its operation. This bot is developed and promoted by Codelitt, a company based in Miami. A location address and phone number for the Miami office are provided on the official site. A live chat feature and an online contact form are other support options present for this vendor.
From the info provided on the official website, we can find that there are not many details divulged about the crypto bot. Instead, the vendor provides the history of how it was developed. The website contains sections on the company, the services they provide besides Bitbot, case studies, resources, contact Us, blog, and user testing. From the info present, here are the main features we identified in this crypto bot.
- The bot uses robotic process automation which is used by many hedge funds, investment banks, and institutional investors. The automation helps to scan several exchanges in a few seconds.
- It uses the algorithmic trading approach to increase returns by capitalizing on specific recurrent inefficiencies in the market.
- The bot is capable of automating the process of identifying opportunities, analyzing, and executing profitable trades with its AI and machine learning integration.
We could not find further info on the system like the automated settings, vendor recommendations, leverage, and others. The lack of info raises a red flag for this trading system.
The idea behind Bitbot
This cryptobot was formed by Codelitt in partnership with Autonomous Trading Systems Inc. (ATS) which specializes in developing HFT (High Frequency Trading) Robots. Codelitt is a Miami-based company made of a team of 45 members from 12 countries committed to developing innovative products. ATS was formed in 2015, with team members from different organizations like BTP Global, and Sony. The main objective for the partnerships was to generate a profit of one dollar on activation of the bot. As per the vendor, the bot was formed using technologies that ensured reliable testing, rapid execution time, and strong management of errors.
In the About Us section, the company provides info on the team members. The images of the members are present but there is no detail on their expertise or experience in the field. Vincent Hendrickx, Vicky Jaime, Kaio Magalhães, and Cody Littlewood are the core team members. As per the vendor, most of the team members work remotely and are based in countries like Brazil, Argentina, and others.
Safety of Bitbot and the network
As we mentioned before, the vendor does not provide much info on the actual functionality, approach, performance, etc. of the bot. This lack of transparency applies to the security measures also. We could not find info on the security methods the vendor uses for the transactions. The lack of info raises a red flag for this system.
Besides creating cryptobots, Codelitt also has expertise in various spheres like web and mobile app development, UI design, dashboard, automation, AI and machine learning, BI tools, Cloud Computing, Mixed Reality, and IoT. The services cover strategy and road mapping, designing, and building of new products with various steps like user testing, rapid prototyping, and more.
We could not find user reviews for this cryptobot on reputed sites like Trustpilot. The lack of feedback reveals this is not a popular service in the market.
Is Bitbot a legit investment service?
Our evaluation of the features, functionality, strategy and other aspects of this crypto trading tool reveals it is not a legitimate service.
Our verdictOur verdict
- A fully automated bot with high-frequency trading capacity
- No verified track record
- Lack of info on the security measures used