We stumbled upon a website called Bitcoin for Newbies that claims you can trade cryptocurrencies successfully just by following some simple steps.
All you have to do is to deposit money and start trading when you see a trend. Really?
Bitcoin for Newbies scam
Bitcoin for Newbies says that just by staying sideways when the price is moving sideways will make you a successful bitcoin trader. Well, it certainly is not that easy.
It reminds us of those old binary options scams that were telling you that you will become rich if you buy when the price goes up and sell when the price goes down. But how to predict future price movements? That’s the hard part.
How it really works
Bitcoin for Newbies is just a sales pitch from an unregulated broker called eMarketsTrade. We have already seen this broker associated with scams like Bitcoin Mogul and Crypto Trade Book, so it is not trustworthy.
Basically, they want you to lose your money with them so that they can keep it. This is why they are not telling the truth about how difficult trading really is.
With eMarketsTrade you are not trading with cryptocurrencies directly, you don’t own them. You are just trading derivatives. By the way, this is the reason why eMarketsTrade needs to be regulated, but is not, so it cannot offer its services legally in most countries.
Bitcoin for Newbie is just a funnel to make you lose money with an unregulated broker, stay away from it!
If you want to try to make money with cryptos, try it first on a free demo account with a regulated broker so that you don’t risk anything.
Only if you manage to trade profitably on the demo you can start thinking of trading with real money.