Frequently Asked Questions

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FAQ

1. How many trades has been done? Any losing trades?

About 80 trades according to my btc-e.com account from about 5 days of trading since 23 August 2013. There will definitely be some losing trades because the robot is not perfect.

The number of trades per day varies according to the amount of volatility that is happening in the market on that day.

2. How easy it is to withdraw bitcoin in USD from btc-e account?

It is very easy. You have to sell your bitcoins first in USD at the exchange before withdrawing it. Then, you can withdraw the money to your Paypal account from the exchange. That is what I am going to do after I have made enough money.

3. When you want to withdraw your profits made by the BTC Robot in USD if you deposited by USD instead of bitcoins, is the withdrawal procedure different than that if you deposited by Bitcoins?

You can withdraw them to your Paypal account directly. I am using Paypal because it is easier.

4. Is BTC Robot really a scam?

The robot is definitely not a scam. I have used it and it is making me money. People who say that it is a scam are not even using it so how can you believe what they say? 

Anyway, if you are interested to know my results, you can visit here: http://bitcoinworldwide.net/my-btc-robot-weekly-updates/

5. Is there a Practice Account for BTC Robot?

There is no practice account with this robot. You will have to buy it in order to play with it. 

Besides buying it, you will be required to top up some money into your BTC exchange account to get started. The amount is dependent on you. You can start with US$10 or US$100. Instructions on how to top up will be provided in the Fast Start Guide.

Most importantly, the robot comes with a 60 days money guarantee so there is no harm in giving it a test drive.

6. How to deposit money into BTC-e?

Depositing money into BTC-e can be done in various ways. However, I found the easiest way to be via credit cards. Click here to find out how to do it.

7. How to get the API and Secret Keys for my BTC Robot?

When you log in to your BTC-e account, click on Finances (can be found at the top right hand corner of the webpage). Then click on API Keys (found on the left panel). After you click on API Keys, you will be required to type in a name for your key and click on“Create Key”. There you have it. Your API and Secret Keys. :)

8. When do I need to re-install my BTC Robot?

1. When you top up your btc-e account with new funds.

(Note: This can be done by switching OFF your robot and turning it ON now. Hence, there is no need to inform the support team when you top up your account again. :))

2. When you notice a lack of activity or zero activity for a prolonged period of time after verifying with your btc-e account under the Trade History.

Note: This only applies to Medium Risk setting.

3. When you withdraw funds from your btc-e account.

9. How to re-install my BTC Robot?

Send an email to the support team with the subject line “Re-installation of BTC Robot“.

For Gold and Silver Plan users, use support@btcrobot.com.

For Platinum Plan users, use platinum@btcrobot.com for personalized support.

10. I would like to buy BTC Robot but I am having trouble with my credit cards, what should I do?

Use bitcoins to buy the robot if you have them. Otherwise, you can register for a btc-e account. Then top up your account with USD to buy bitcoins to complete the transaction. Here are the steps: http://bitcoinworldwide.net/how-to-deposit-money-into-btc-e

Here is the payment processing part for the purchase of the robot through bitcoins: http://bitcoinworldwide.net/btc-robot-update-1-1-released-and-bitcoin-payment-accepted-now

11. Which mode setting should I use for my robot?

Please use Aggressive mode because I have confirmed it with my personal experience and verified it with the BTC Robot development team that it is the one that delivers the best results. 

Click here to get the complete story!

12. I have 2 robots. Can I use the same btc-e account for both robots?

Based on the support team’s recommendations, you can only use one btc-e account for one robot. If you have 2 robots, you will need to create another btc-e account for it. Otherwise, your profit margin may not be accurate and it will go haywire.

13. Where can I buy bitcoins?

I have listed a number of potential places that you can get your bitcoins from based on which country you are living in according to people who are using btc robot.

P:S – Feel free to contribute to the list because it is impossible for me to know of every place that you can get bitcoins from by adding a comment in the section below.

USA

1. coinbase.com

Australia

1. coinjar.com (2% commission fee)

Singapore

1. https://www.fybsg.com/ (0% deposit fee) (0.6% transaction fee) ($1 withdrawal fee)

Highly recommended for its efficiency because I have personally used it. In fact, my account got verified within 30 minutes of uploading the personal documents.

Accepts internet banking from DBS and UOB. Anonymous deposit is also available. I have used it to top up SGD$2000 yesterday and I received my funds in my account within 24 hours. Great service.

2. itbit.com

Russia

1. btc-e.com

UK

1. bitstamp.net

Japan

1. Mt.Gox

Other Potential Places

1. virwox.com

14. What happened to my account? Did someone steal my bitcoins?

API Key Error 1

This is an issue that I encountered while checking my friend’s btc robot account today.

Upon clearer examination after logging in to his btc-e account, thankfully, the money is still there.

API Key Error2

Update: I have checked with the btc robot support team and Anna told me that it is an API Key error and they are fixing it.

API Key Error 3

Therefore, there is no cause for concern here. :) If you encounter the same issue as me, please log in to your btc-e account to check whether the money is still there before panicking like me. :)

15. Why does my robot turns OFF?

That is normal and not a bug. When they do maintenance of the servers or apply the upgrades, they automatically turn all robots Off for a short period of time to perform those updates without messing up with the trading.

Once the updates are finished, they will turn the robots automatically on for you. There is no need to babysit the robot or worry about it’s status, the robot will be turned ON once the updates are applied.

16. What if I have draw-down on the chart?

As you know that the Bitcoin price is very volatile, during the periods when the price of Bitcoin goes down from $1200 to $600 in a matter of hours, it is obvious that you might experience some draw-downs, which is a normal part of the trading.

Remember there is no crystal ball, but the robot is very effective in controlling and protecting the bankroll. During the last fall of BTC price, it reduced the draw-down by 33% compared to “buy and hold” strategy. Even if you experience the temporary draw-down, let the robot trade and it will generate good profits for you in the long run. Just let it work!

Got any questions on your mind that you need an answer for? Feel free to contact me. I will try my best to reply you in the next 24 to 72 hours. It will normally be faster than that. :)

Last Updated 11 Dec 2013

44 Response to Frequently Asked Questions

  1. ymleong on September 5, 2013

    how long does that broker confirm a registration, I have registered since Monday on 2/sep, no confirmaton no welcome email, cant deposit, cant trade, only stare at my acct.

    Does that broker accept visa deposit or not, their faq said accept, their knowledge base said No, biting their own tongue. Now my email not even verified, so they are too big for me to accept me as customer, U know I trade fx since 2007 and this is the FIRST broker that not at all so hard up for any customers IMHO!

    Reply
    • Jonathan on September 5, 2013

      Hi,

      Are you referring to BTC-e? You can confirm your email address by going to the Profile section and Click on confirm email.

      Jonathan

      Reply
  2. David on September 6, 2013

    How can I obtain an “API key” and a “Secret” to enter into the bitcoin robot? I have a BTC-e account.

    Reply
    • Jonathan on September 7, 2013

      Hi David,

      When you log in to your account, click on Finances (can be found at the top right hand corner of the webpage). Then click on API Keys (found on the left panel). After you click on API Keys, you will be required to type in a name for your key and click on “Create Key”. There you have it. Your API and Secret Keys. :)

      Regards
      Jonathan

      Reply
  3. subra on September 9, 2013

    hi sir, i have gold license btcrobot…my problem is after login, it keep fetching and fetching…i already downloaded latest google chrome and firefox and same problem.i even tried with 4,5 computers and same problem…how to solve this?

    can you please activate this robot for me sir? i can email you personally my email and passwords…since 4days my robot is sleeping….without any trades…

    Reply
    • Jonathan on September 10, 2013

      Hi Subra,

      Have you contacted the support about this issue? They can be reached at support@btcrobot.com

      Thanks.
      Jonathan

      Reply
  4. subra on September 10, 2013

    hi sir, they re-created my gold license and now everything is working fine….thank you.

    Reply
    • Jonathan on September 10, 2013

      Hi Subra,

      I am glad that I can help. :)

      Jonathan

      Reply
  5. moradave on September 11, 2013

    Price: $138.50 on MtGox, $122.75 on BTC-e

    Excuse my ignorance, but with such a wide gap the prices between the 2 exchanges, why doesn’t the robot buy on BTC-e and sell on MtGox? Arbitrage I think it is called.

    Reply
    • moradave on September 14, 2013

      You haven’t answered my question so I will ask it another way. Currently the prices are the following on the 2 exchanges:

      Price: $139.00 on MtGox, $123.99 on BTC-e

      If I had an account with BTC-e and transferred 1 Bitcoin to my account at MtGOX, would my dollar value go from 123.99 to 130.99 minus any exchange fees? If yes, then why bother with the robot. I could get rich very quickly doing only this.

      Reply
      • Jonathan on September 14, 2013

        Hi moradave,

        Sorry for the late response because I am still figuring out the answer. You have a point there but I haven’t really tried this method before.

        You may want to suggest this idea to the BTC robot development team. They may be able to work something out from your suggestion.

        Jonathan

        Reply
  6. Julian on September 12, 2013

    Hi Jonathan

    I have had the btc robot running since Aug 27, so far it has only made 2% profit, with ups and downs. But i think i might have a conectivity problem. I have the silver acc, so the robot works as long as my internet works. My internet conection works fine normally, i get some periods where it gets kinda slow, but usable still, and i download movies or games from time to time, so my question is: is it really internet-demanding? meaning, the internet conection has to be perfect so as for the robot to work to its best?. im not seeing many trades a day, actaully im looking at the trade history right now, only 49 trades since Aug 27. it didnt make any trade from Aug 30 to Sept 7… thats why im guessing is an internet issue. plus my account has 300 dolars, maybe too small… also i have deposited some btc on the 3rd day, so its showing a false profit, so i might try reinstalling it, to see if it restarts the profit counter.
    Ok im going off topic now haha, so my main question is about btc robot and internet conection.

    Thanks!

    Reply
    • Jonathan on September 12, 2013

      Hi Julian,

      You may want to get help from the support if you realized that there isn’t any trades for a prolonged period of time after you have re-installed it.

      I haven’t used the Silver plan before. Therefore, I cannot tell you whether your internet connection will have an effect on your btc robot performance. You may want to pose this question to the support team instead. :)

      And if you have gotten the answer from them, do let me know so that I can advise other people who may have the same issue as you.

      Otherwise, it may be a good idea to upgrade your plan to gold or platinum.

      Thanks.
      Jonathan

      Reply
  7. keith on September 14, 2013

    …does the btc-e account title (owner) need to be the same as the name of the purchaser (owner) of the robot?

    Reply
    • Jonathan on September 14, 2013

      Hi Keith,

      No need. So long as you have the API and Secret Key to activate the robot.

      But do note that you can only have a btc-e account for one robot. You cannot use the same account for multiple robots.

      Hope that answers your question.

      Jonathan

      Reply
  8. Gheorghe Simandan on October 29, 2013

    Hi . I have Gold Plan . So I understand that each new deposit in BTC-E account, I have to announce the support that it reinstall again BTC robot ?

    Thank you
    All the best
    Gheorghe

    Reply
    • Jonathan on October 29, 2013

      Hi Gheorghe,

      You are right. :)

      Regards,
      Jonathan

      Reply
      • Gheorghe Simandan on October 30, 2013

        Thank you for your quick answer , same in the case of withdrawals ?

        Regards
        Gheorghe

        Reply
        • Jonathan on October 30, 2013

          Hi Gheorghe,

          Yes, you are right. You can use the same procedure by informing the support team. :)

          Regards,
          Jonathan

          Reply
  9. Gheorghe on October 31, 2013

    Hi Jonathan

    Me again :)…I bought two robots , so I have to create 2 API keys in my BTC-E account and activate each robot independent ? Its correct ?

    Thank you
    All the best

    Reply
    • Jonathan on October 31, 2013

      Hi Gheorghe,

      You will need to create 2 separate btc-e accounts. You can only use one btc-e account for one robot based on the support team’s recommendations.

      Regards,
      Jonathan

      Reply
  10. Nicolas on November 8, 2013

    hi,

    if i turn off the bot and then i make some trades, the robot will reconsiderate my money balance and trade when i’ll turn it on again ??

    Nicolas have a good day

    Reply
    • Jonathan on November 8, 2013

      Hi Nicolas,

      I haven’t tried that before. Therefore, I cannot give you a definite answer. You will have to check with the btc robot support team.

      Regards,
      Jonathan

      Reply
  11. Nicolas on November 8, 2013

    Hi Jonathan,

    thank you i will ask the support team and ill come back with the answer so people will know.

    Nicolas

    Reply
    • Gheorghe on November 10, 2013

      Very good question . We look forward to give as the answer

      Reply
  12. Lasse on November 19, 2013

    Hi there,
    How does the robot Work in fast uptrends – and downtrends – will it still make Money?

    Lasse

    Reply
    • Jonathan on November 21, 2013

      Hi Lasse,

      All I can say is that the majority of trades which are carried out by the robot is profitable. Hence, you will still make money in the long run.

      Regards,
      Jonathan

      Reply
  13. Raul on November 26, 2013

    Hi Jonathan

    I want to ask you a question

    I live in the US and I have my bitcoin robot running and making me money. I also have friends who live in latinamerica.

    Do you happen to know What Exchange can people from Latin America use to buy the bitcoins?

    I also want to thank you so much for having this site witch is helping us to better understand the bitcoin robot and how it works.

    Take care good job

    Reply
    • Jonathan on November 26, 2013

      Hi Raul,

      I am happy to know that you are making money with the robot.

      Where are your friends located in Latin America? They should have bitcoin exchanges which are located in their country.

      Regards,
      Jonathan

      Reply
  14. David on November 26, 2013

    Use Google. For example a search for “Bitcoin exchange Brazil” will bring up many exchanges in Brazil.

    Reply
    • Jonathan on November 26, 2013

      Thanks for the input. David.

      Reply
  15. Patrick on November 26, 2013

    The robot support emailed on the 21st Nov: …It managed to increase the profit by 15% comparing to so called “buy and hold” straregy while reducing drawdowns to minmal! I can’t beliefe that.

    On the 16th Nov I had 60 BTC valued @ USD400 = $24,000. Today the robot shows me 45 BTC valued @ USD750 = $33,750.

    The profit is great BUT based on that calculation I feel I would be much better off by ‘buy and hold’ – $33,750 with robot compared to $45,000 buy and hold. Q1: Do you have the same result in your buy and hold experiment?

    Q2: I have opened a second BTC-e account and consider to move BTC’s in a hold position. Can you please explain me how I can transfer BTC from one account to the other?

    Thanks for all the work you do for us Johnathan.

    Reply
    • Jonathan on November 26, 2013

      Hi Patrick,

      I am doing a case study on this issue as well. You can read more about it here: http://bitcoinworldwide.net/case-study/

      If you want to transfer your bitcoins from one btc-e account to another, you need to retrieve the bitcoin address from the other btc-e account and input it to your existing btc-e account where the bitcoins are to complete the transfer.

      Regards,
      Jonathan

      Reply
  16. Raul on November 27, 2013

    Hi Jonathan

    I have a couple of questions

    Do you know if the robot uses some of the profits we have made to trade with or It always trades with the initial deposit or both?

    How I can withdraw some of my profits on bitcoins from my BTC-E account to sell them on Coinbase or MT Gox at a higher price.

    Thanks again for your help

    Reply
  17. Heber on December 2, 2013

    Hi, i just got my gold btc robot, and it looks good, I lost money so far but we will see with time, the problem i have is that my acc with btc-e shows no history or change of balance.

    thanks
    HO

    Reply
    • Jonathan on December 3, 2013

      Hi ho,

      How long have you used the robot? You can check your trade history under the Finances section of your btc-e account.

      Regards,
      Jonathan

      Reply
  18. Kobie on December 12, 2013

    Hi Jonothan

    After funding my BTC-E Account with 0.6237 BTC, the BTC Robot is just not working. Please help me to see if I have done correctly.

    1. I went to my BTC-E Account and deleted/disabled the existing API Key and Secret.
    2. Then I did the following:
    a. In ‘Key name’ box I typed in ‘BTC Robot’ –> and clicked on ‘Create’ to create a new Key and Secret
    b. Then I ticked the ‘Info’ and ‘Trade’ boxes –> and then clicked ‘safe’ (My BTC-E account does not show the ‘withdraw’ box – is that a problem?)
    3. Then I went to the BTC Robot and put Robot to ‘Off’ –> I went logged out of the robot and then logged in again
    4. Then I did the following:
    a. I deleted the existing ‘Key’ and ‘Secret’
    b. Then I copied and pasted the new BTC-E ‘Key’ and ‘Secret’ to the relevant boxes
    c. I changed the mode to ‘Aggressive’
    d. Then I switched the robot to ‘On’
    e. And then I clicked on ‘Save’
    5. Then the message ‘Connected to the Robot’s server and fetching data’ came up for a few moments
    6. After this the robot acted as if it was on, saying that it was trading, etc. –> on the start page it even says that it was ‘active’
    7. But, what it does not do is…
    a. It does not show any BTC or $ balances
    b. And it does not trade

    So, please help, what am I doing wrong?

    Reply
    • Jonathan on December 13, 2013

      Hi Kobie,

      You have done nothing wrong. However, you might want to drop an email to the support team to inform them about this issue.

      Regards.
      Jonathan

      Reply
  19. Mitchell Goldblatt on January 4, 2014

    Hi, Jonathan,
    You are really doing an outstanding and much needed service, Many thanks.
    I am about to purchase the Robot and am wondering how the amount of money for each trade is established. Do we manage the money or does the Robot determine how much money for each trade?
    Thanks for your anticipated courtesy.

    Reply
    • Jonathan on January 4, 2014

      Hi Mitchell,

      Thank you for your compliment. :) The robot will determine how much money for each trade. Hence, it is a hands=free approach to trading.

      Regards,
      Jonathan

      Reply
  20. Ehsan on January 4, 2014

    Hi Jonathan,

    I just want to know if I purchase the Gold Plan at price of USD248, is this money only for robot purchasing, or it also as include as deposit to start bitcoin trading in btcrobot.com VPS?

    Thanks
    Ehsan

    Reply
    • Jonathan on January 5, 2014

      Hi Ehsan,

      It covers both the robot and VPS for 1 year.

      Regards,
      Jonathan

      Reply
      • Ehsan on January 5, 2014

        Dear Jonathan,

        Thanks for your info.

        I have few questions.

        1. Regarding payment by credit card, if we wish to request to withdraw some profits, will it be transfer directly to our credit card account?

        2. What is your recommendation about profit withdrawal timeframe, can it be weekly or monthly or wait till our profits became huge?

        3. Based on your experience in recent months, what is the profit percentage per month?

        Your professional recommendation is highly appreciated.

        Thanks.

        Reply
        • Jonathan on January 5, 2014

          Hi Ehsan,

          1. I would recommend withdrawing your bitcoins to your local bitcoin exchange account to be sold and then transferred to your bank account directly.

          2. This is totally up to you. If you want, you can withdraw the profits after you have made more than your initial investment inclusive of the robot.

          3. The profit % for the past 2 months ranges from 26% to 126%. Again, it depends on market conditions. The robot did not do well for me for this month. I actually made a loss of about 60% due to the sudden drastic drop in bitcoin prices in the mid of December from US$1100+ to US$400. This may be partly due to me investing more money into my account at a period when prices were at an all-time high.

          Regards,
          Jonathan

          Reply

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