ProfitFarmers: Is it legit or a scam? Review 2020

Two of the biggest challenges for people who are new to cryptocurrency trading are knowing where to start and how to time the market.

That’s because cryptocurrency prices fluctuate so much that it can be difficult to identify good trading opportunities without years of experience and the right trading tools.

However, many of the tools available are either too difficult for beginners to use or outright scams.

So in this review, we’ll take a look at an automated crypto trading tool that promises to grow your money regardless of your trading experience.

Let’s see if ProfitFarmers is a legitimate piece of software or just another scam.

What is ProfitFarmers

ProfitFarmers claims to be a fully hands-free crypto trading software that was designed for people who want to make money without too much hassle.

It’s a tool that shows its members what coins to buy and at what price to sell them using “signals”.

These come from the company’s in-house trading experts who are said to have years of experience with the cryptocurrency market.

According to them, anyone can make money just by following the signals.

At a Glance

ProfitFarmers
What is it?	An automated cryptocurrency trading software
Main Features	●     Cryptocurrency Trading Signals ●     Automated Trades ●     Price Action Scanner ●     Relative Strength Index Scanner
Exchange	Binance
Demo Account	NO
Withdrawal and Transaction Fees	None.   ProfitFarmers doesn’t have any withdrawal capabilities as your money is stored on Binance.
Price	€87 per month
Partner Companies	www.TrailingCrypto.com

 

A Quick Rundown of its Features:

Cryptocurrency Trading Signals

In simple terms, trading signals are a set of instructions that tell you what price to buy a coin and what price to sell it at. If the instructions are good, you make easy money. If not…well you will probably lose money.

In the case of ProfitFarmers, their expert cryptocurrency trading team use proprietary software to produce their signals and track the coin prices.

This might suggest that the resulting trades are more reliable, however, it is important to remember that trading signals aren’t going to give you profits 100% the time.

So keep this in mind before committing to any trades.

Parts of a Signal:

Last Price – This shows the latest recorded price of a coin and changes every few seconds.

Entry  – This shows the ideal price range for when you should buy the coin.

Target  – These are the prices that they recommend to sell the coins to make a profit.

Status – This tells you how close a signal is to achieving its target or the stop-loss. They recommend following signals that say “Within Entry Zone” to make the most money.

Auto-trade

The automated trading feature is said to offer true passive income by letting you set and forget your trades. Just wait until the trade closes and check to see if you made a profit.

But what if the price didn’t hit the target and instead went lower than buying price?

If that happens, the signals have a stop-loss feature that triggers when the last coin price hits a certain level. When it does, it’ll sell the coin at the Stop Price.

You can think of it like a seatbelt that’ll secure most of your assets if the trade crashes.

To activate it, you’ll need to first connect the software with Binance, then just follow a signal.

This feature isn’t something we’ve seen with any other trading signals group or platform. It saves a lot of time and meant that we didn’t even need to do any of the trading.

Price Action Scanner (PAS)

This feature scans all of the coins in play on the market in an instant. It’s separated into 8 timeframes and you can organize it by coin (Bitcoin, Ethereum, USDT).

You can also add coin pairs to a watchlist so you won’t have to go through the trouble of looking for them in the future.

Relative Strength Index Scanner (RSI Scanner)

An RSI is a momentum indicator that measures the speed and change of price movement. Experienced traders sometimes use it to figure out the price trends.

ProfitFarmers’s RSI scanner makes it easier to spot trends by highlighting oversold assets in red and overbought assets in blue.

Our Experience with It

When we started, we had to go through a short tutorial. It’s a step-by-step guide to the things you need to do before you can use the software.

Once we finished, we decided to look for promising signals.

It was much more straightforward than we thought.

If you’ve ever tried browsing pins on Pinterest, looking for something to watch on Netflix, or following someone on Twitter, then it’s going to feel very familiar.

After finding five trades that looked very profitable, we decided to invest €1000 in each of them and left it alone.

We checked the test account after two weeks and to our surprise, four of the trades made some money!

However, one of the signals didn’t hit the target and the price kept going down so the stop-loss triggered and sold all the coins automatically.

It wasn’t too bad because the profits more than made up for the losses!

Overall, the software proved to be very reliable and user-friendly.

Exchanges that are compatible with it

If you aren’t familiar with Binance, it’s one of the biggest cryptocurrency exchanges in the world.

Part of the reason why it became so popular is that it can handle millions of transactions in a few seconds and has a diverse selection of coins available for trading.

It also has an automated security system which monitors the accounts 24/7 so you can expect that your account is well protected.

These, along with several factors, make the exchange one of the go-to platforms for many cryptocurrency traders.

As of the time of writing, the software’s auto-trade feature only works with a Binance.

Pros:

Easy to Use

After the tutorial, the software will show you the fresh signals section which shows the latest trades available.

The interface looks professional and it was easy to see the status of the signal and its potential profits.

Clicking on the trade button will redirect you to the trade form.

The values for the entry, target, and stop-loss prices are already populated so all we had to do was type in the quantity and create the order.

Overall, following a signal was VERY easy and the entire process took less than five minutes to complete.

Orders are Made Instantly

When you decide to follow a signal, the system automatically creates the order and sends them to Binance and makes use of some extra features from Trailing Crypto so that your trade can be 100% automated.

When the price hits any of the targets or the stop-loss, it sells the coins that very instant which means that you won’t have to worry about missing the timing.

Just set your trades and the system will take care of everything else!

No Transaction or Hidden Fees

Many cryptocurrency trading tools have a limit on the number of features you can access depending on your plan.

With ProfitFarmers, you get unlimited access to the software for just €87 a month.

There’s no limit to the number of signals they produce and depending on the market, you may see five or more opportunities that you can follow!

The company promises that it will not charge you for any transaction fees and won’t take a portion of your earnings.

So, regardless of how much money you made using their signals, rest assured that you’ll have all of the profits. All you need to do is renew your monthly membership.

Cons:

Automated Trade is Limited to Binance

Auto-trade relies on a connection to a Binance account using API keys.

So, if you prefer using other exchanges like Coinbase, Kraken, Bitfinex, etc. you can still use the signals but you’ll need to do the trading manually.

Limited Slots

There’s only a limited number of people who can register for the software.

Their website claims that this ensures the quality of their trading signals and gives their members the best results in terms of profits.

This may sound like a marketing trick but in the world of signals trading this is actually true. If too many people follow the same instructions, not everyone will be able to get in or out of a trade in time. So it’s nice to see them actually looking out for their members.

So if you couldn’t secure a slot, then you might have to wait until another becomes available.

Slightly limited customisation

When we followed the signals we were able to customise certain parts of it based on our own preferences (the entry prices, targets, etc.) but we couldn’t choose more complicated trading types like setting a trailing stop loss rather than a standard stop loss.

We could do this ‘manually’ but this disabled the ‘auto trade’ feature.

No auto trade for Leverage trading

Some ProfitFarmers signals show a suggested amount of leverage to use for Margin or Futures accounts. However, this wasn’t possible if you wanted to use auto trade.

This feature may be planned for the future, or perhaps they are trying to protect uses from taking too many risks.

Either way, we would have loved to use auto trade with leverage to make more money!

Final Verdict

We had a good experience with the software. Many of the recommended signals hit the targets and although there were some losses, it was smaller compared to the overall profits.

Without a doubt, it’s most appealing feature is its auto-trade. It’s a much-needed feature that will save you time and free you from the stress of having to spend hours of your day monitoring trades.

Best of all, the simple act of following a signal, leaving it alone and letting your money grow is extremely satisfying compared to the normal way to trade.

As we mentioned though, if you are hoping to auto trade with leverage (using a margin or futures account) you will be disappointed as at the time of writing this review.

Anyone with a basic knowledge of the Binance dashboard will be able to do this ‘manually’ though.

So, ProfitFarmers is not a scam. It is a legitimate trading tool that can help you make money regardless of your cryptocurrency trading experience! Kudos to the makers for actually bringing a real tool to the crypto space!

Give this a try and see if it works for you.