BitIQ Review 2023
What is BitIQ?
BitIQ is an automated arbitrage trading software and is one of many trading bots providing automated trades. BitIQ works like other trading bots – users set parameters and stop-loss limits according to their crypto trading strategies. BitIQ offers numerous crypto contracts and operates in any country where crypto CFD trading is legal. As users trade CFD contracts, they do not own the underlying cryptocurrency tokens. However, account holders may still speculate on fluctuations in the cryptocurrency market.
Users do not need much experience to use BitIQ. This crypto trading robot ensures anybody can use its trading services. However, do not trust the BitIQ robot to make easy profits. The website suggests the crypto market is set for another boom. No crypto trading bot can predict market movements accurately, and you can easily lose money. Trading bots are one of the riskiest ways to place trades, especially when trading with leverage. Only deposit funds into your account you can afford to lose.
|🤖 Robot Type:||Bitcoin Robot|
|💸 Minimum Deposit:||$250|
|🚀 Claimed Win Rate:||90%|
|💰 Trading Fees:||2% commission on profitable accounts only|
|💰 Account Fees:||None|
|💰 Deposit/Withdrawal Fees:||Up to 10 free withdrawals per calendar month|
|💰 Software cost:||Free|
|⌛ Withdrawal Timeframe:||24 hours|
|#️⃣ Number of Cryptocurrencies Supported:||14|
|💱 Supported Cryptocurrencies:||BTC, ETH, LTC, XRP, BCH, IOTA + more|
|💲 Supported Fiat Currencies:||USD, EUR, GBP|
|📱 Native Mobile BitIQ App:||No|
|🖥️ Free Demo Account:||Yes|
|🎧 Customer Support:|
|✅ Verification required:||Yes|
|🔁 Automated Trading:||Yes|
Pros and Cons of Using BitIQ trading robot
- BitIQ trading app has a relatively easy registration process
- No trading experience is required to buy and sell contracts
- Numerous brokers and cryptocurrency contracts are available
- BitIQ operates in multiple countries and jurisdictions
- Unavailable in certain locations, such as the United States and Hong Kong
- BitIQ customer support is unreliable
- Trading robots are the riskiest way to place trades
Who is The BitIQ Owner?
Finding specific information on the owners of BitIQ was not easy since there are several websites with conflicting information. However, based on what we gathered from the official website, BitIQ is owned by a global trading software provider with several years of experience in the trading services industry. As the people behind BitIQ aren't named, we don't know for certain what experience they have.
Getting Started With BitIQ
It only takes a few minutes to get set up with BitIQ. Here is a brief overview of how to create an account and get started on the platform.
Register for a Trading Account
Fill out the form at the top of the website and click ‘sign up now’ to submit your details. This process will take only a few minutes to complete.
BitIQ has a minimum deposit requirement of $250. Follow the onscreen instructions to deposit funds using your preferred payment method.
Once all the previous steps are complete, the robot is ready to start executing trades automatically. All you need to do is select the coin you want it to trade and click confirm.
BitIQ Markets, Assets, And Options
What Assets and Products Can You Trade Using the BitIQ Trading robot?
The BitIQ trading platform enables trading cryptocurrency contracts for the most popular cryptocurrencies. However, users do not own and cannot spend the underlying asset. Some of these assets include:
Bitcoin Cash (BCH)
The trading bot is suitable for users of all experience levels due to the beginner-friendly features that make the trading experience easy and simple to use.
What Leverage Trading Options are There?
BitIQ does not have any leverage trading information on its website. Typically, trading platforms offer leveraged trading instruments, providing massive margins to maximize potential profits.
Leveraged trading (or margin trading) involves borrowing money from a regulated broker to place huge trades for assets and then paying the loan back later. Both regulated and unregulated automated trading platforms offer margin trading. However, unregulated bots usually offer much higher margin trading options, which should be avoided, especially if you are new to trading.
We suggest avoiding leveraged trading if you do not know what you are doing. In addition, only perform leveraged trades through regulated brokers. Their leverage will not be as generous as unregulated brokers, but you’ll avoid falling into huge debt.
If you want to know more about leveraged trading, take a look at our comprehensive guides:
Cryptocurrency spread betting
What is Bitcoin CFD trading
Getting started with Bitcoin trading
What are the Spreads?
Based on our BitIQ review, we found that it has no spread information on its website. Paired regulated brokers will offer their own spreads, which will change as Bitcoin’s value fluctuates. Ask your broker when completing your KYC questionnaire if you want to know more.
Also, BitIQ does not offer any other markets outside of crypto, so forex and stock market trading is not available with BitIQ.
Fees, Limits, and Payment Options on BitIQ
How Much Does the BitIQ robot Cost?
The BitIQ trading bot is free to use. However, the minimum deposit to start trading is $250. The trading platform charges a 2% commission fee on profitable trades.
The trading platform offers a demo account for those who want to test the waters first and see how the robot performs. Of course, to receive profits, you will need to deposit money into the account.
|💸 Minimum Deposit:||$250|
|💰 Trading Fees:||2% on profits earned|
|💰 Account Fees:||Zero|
|💰 Deposit/Withdrawal Fees:||Up to 10 free withdrawals per calendar month|
|💰 Software cost:||Zero|
|💰 Subscription cost:||Zero|
What Are the Payment Methods Accepted by BitIQ?
BitIQ accepts various payment methods. These options include:
Bank account transfers
BitIQ may offer other deposit and withdrawal methods, but that information is not readily available. In addition, users cannot use e-wallets such as Paypal or Venmo.
Bank account withdrawals will be delivered to the same account used to deposit funds. Account holders may face other costs from their credit card provider. Online bank transfers and deposits can take several days to reach your broker account.
Does BitIQ Also Charge Fees And Commissions?
BitIQ does not have any fees aside from the initial $250 deposit.
The Bitcoin trading robot takes a commission from any profits made through the service. This commission will be taken automatically. Users are not required to pay anything extra on withdrawal requests.
BitIQ Trade Sizes And Limits
BitIQ has a minimum deposit of $250 and no maximum trade limit.
BitIQ Trading Platform
How Does BitIQ Work?
BitIQ works by reportedly using trading signals and algorithms to speculate on the cryptocurrency market. The trading platform claims to have in-built AI and machine learning that places trades according to your set parameters and stop-loss limits. However, users can also let BitIQ make trades according to its indicators. The BitIQ system takes your deposit and pays it into a broker wallet (no money is held on BitIQ) – the bot then trades through that broker. These brokers may or may not be regulated. Users can try out the demo trading feature before risking their deposit to make sure they understand BitIQ’s features.
What Devices Can I Use BitIQ On?
Account holders can access BitIQ on any device with a web browser. The bot works on most popular browsers. However, there is no dedicated mobile or desktop app.
You can use BitIQ on the following devices:
Smartphones (iOS and Android)
What Exchanges and Brokers Does BitIQ Partner With?
BitIQ does not have any information regarding brokers until you create an account. The trading platform partners with brokers in any location where CFD trading is allowed. However, we cannot verify if these brokers are regulated. When assigned a broker, ask them directly about their regulation policy. Do not conduct trades through unregulated brokers.
Can I Use the BitIQ App in My Country?
Keep in mind that BitIQ is only available in countries where cryptocurrencies are legal. Check below to see whether your country is included on the list.
|Country||Is BitIQ available?|
|United Arab Emirates||Yes|
Is the BitIQ App Available in My Language?
BitIQ is available in multiple languages. Simply select your preferred language from a menu at the top of the homepage.
How Easy is it to Use BitIQ App?
BitIQ’s premise is simple and accessible for users with no experience in the cryptocurrency market. Most tools are automated, and the trading platform reportedly uses artificial intelligence to execute trades without your input. In addition, users can set trading limits and parameters to match their ambition and strategy.
However, BitIQ also offers a demo mode to figure out the system and tools without losing any money. As such, users do not need to make any trades until they are comfortable with BitIQ’s features. BitIQ also has historical price charts to keep users up-to-date with the price of popular cryptocurrencies.
How much profit can you make using BitIQ?
The BitIQ trading bot automatically executes trades for you based on the data it receives from the markets. However, it is always good practice to monitor the activities to best manage your money. Remember that losses in trading are inevitable so have a plan in mind before you get started.
There are some reports online that traders have made thousands of dollars with BitIQ. However, these claims cannot be independently verified.
If you are a beginner, we advise you to start trading with small amounts to get a feel for the markets. Cryptocurrencies are highly volatile and prices can swing in either direction very quickly. Also, keep in mind that the robot deducts 2% of your profits and you will need to report profits to your local tax authority.
Key Features of BitIQ Robot
BitIQ’s top features help you shape your trading strategies and include a demo account, a selection of cryptocurrency assets, and algorithms for automated trading.
Numerous Popular CFD Contracts
BitIQ has many CFD contracts, including Bitcoin, Ethereum, and Litecoin contracts. Stick to one asset or diversify your trades to limit the financial risk.
Artificial Intelligence And Algorithms
BitIQ claims to use algorithms and trading signals to read the market and place trades. Users can adjust custom parameters to ensure the trading platform only acts in their best interest.
Most trading bots offer a demo service so users can practice safely. Users can access BitIQ’s demo account after adding funds to their account. Demo accounts are essential to learn how the bot works before enabling live trading.
The trading algorithm on BitIQ monitors the markets for trading opportunities. Since the bot can react faster than humans, there is a greater level of efficiency. The algorithm is constantly on the lookout for market-moving news.
However, BitIQ does miss some trading features for advanced traders such as price trend analysis. You will get an account manager, but they won't be as useful as the traditional free personal account manager you get with a crypto broker.
Trading with BitIQ: Security And Regulation
Is BitIQ Legit?
BitIQ is apparently legal in most of the countries where crypto CFD trading is permitted. According to the website, there are users from a wide range of countries signing up for an account. Remember, every country has its own regulations, so make sure you check with the appropriate authorities as well before you sign up.
Am I and My Money Protected with the BitIQ trading platform?
BitIQ does not hold your money. Instead, deposits are sent directly to the broker who provides a wallet. Contact the broker directly to find out more about your money’s safety. Make sure to use a complex password to reduce the chances of getting hacked.
Is BitIQ Regulated?
BitIQ is not regulated in the United States (CFD trading is illegal in that jurisdiction). We could not find any other information regarding the trading robot’s regulation status in any other location.
Do I Have to Verify My Account with BitIQ App?
Yes, users must verify their email address and complete the broker’s KYC procedure before they can deposit their funds and enable live cryptocurrency trading.
How does BitIQ work? BitIQ Trading strategies and Algorithms
The BitIQ trading bot capitalizes on market volatility and uses advanced strategies to make trades.
Let’s analyze below how each trading strategy works to benefit your trades.
Automated Trading Tools
BitIQ uses advanced technology to automate trades on behalf of cryptocurrency traders. This minimizes your input and maximizes your efficiency. However, ensure you confirm the availability of your preferred asset before signing up for a trading account.
Arbitrage trading involves buying and selling an asset in different markets to generate a profit. BitIQ does this automatically by managing multiple trades at the same time.
BitIQ constantly monitors the markets to identify news that could move markets. Since the bot can react faster than humans, this creates an opportunity to get ahead of the market.
Price Trend Analysis
BitIQ claims to utilize multiple trading strategies, including price analysis and other fundamental principles. Combined with the AI software, BitIQ believes it gives users an edge over the competition and manual trading.
Although BitIQ claims a lot on its website, it is very hard to verify the validity of this information. Based on our previous reviews, we believe these claims are highly exaggerated and should be taken with a pinch of salt.
Extra Information About the BitIQ App
Educational Resources & Investment Advice
BitIQ has plenty of information about why you should trade (though we doubt the authenticity of BitIQ’s claims) but no other educational resources such as trading strategies. However, if you want to understand more about cryptocurrency, there are many educational websites and blogs offering news, trading strategies and advice to develop your own trading strategies and knowledge. Additionally, users can try BitIQ’s demo account to improve their understanding of this trading bot’s features and practices.
Tools And Charting
BitIQ claims to use algorithms and other automated tools to place trades based on your trading strategy and crypto trading process. However, users can browse charts to stay on top of the crypto market and better understand the assets traded on BitIQ.
Users who want to get familiar with the bot before depositing money can take advantage of a demo account. It is the best way to understand how the bot works, and what sort of trading you can do with it.
How to delete a BitIQ account?
There are two ways to delete your account and both will be covered in this section. The first one involves going to the bot menu and simply clicking ‘close account’. The other way is to go to the brokerage platform and close your account from there. Be sure to contact customer service if you need any assistance with this matter.
How to Buy and Trade Cryptocurrencies With BitIQ?
Buying and trading crypto with the BitIQ platform is a very straightforward process. Below, we take you through the steps to get you started, using Bitcoin (BTC) as an example.
Create a trading account by providing your personal details such as name, email address, and phone number.
Deposit $250 by following the on-screen instructions using your preferred payment method.
Select Bitcoin and customize the BitIQ parameters to meet your requirements.
Confirm the trade and consider using risk management tools to secure your profits.
How to Withdraw Money From BitIQ?
The money you deposit is not held by BitIQ, but rather by the broker that you signed up with. To withdraw from the platform, follow these steps:
Visit the brokerage platform’s website and sign in to your account.
Click withdraw funds and choose the payment method you want to use.
Enter the amount of money you wish to withdraw and click confirm.
Once that is done, the money should appear in your bank account shortly after.
Note that withdrawals on most BitIQ-integrated brokers are made using fiat currencies such as USD. There is no payout in cryptocurrencies or digital wallets with BitIQ.
Other BitIQ Reviews & User Testimonials
Here is what we found out regarding user reviews and testimonials on Reddit and Trustpilot.
What Are The Top BitIQ Reviews on Forums and Reddit?
BitIQ hasn't yet racked up any reviews on Reddit, but this may change when the software becomes better known.
What Are The Top BiqIQ Reviews on Trustpilot?
BitIQ reviews on Trustpilot have been mixed, with users claiming that the registration process is very quick, but the customer service is severely lacking.
What to consider when starting with BitIQ
Here are some tips to help you when trading cryptocurrencies on the BitIQ platform:
Only trade on a regulated broker and seek independent advice
Start with a demo account to get familiar with the platform
Withdraw your profits early
Check your account daily
Only invest what you can afford
Do your own research
Final Thoughts on the BitIQ App
Based on this BitIQ review, it is difficult to recommend BitIQ if you are looking for a reliable trading software. BitIQ is not forthcoming with its security and regulatory procedures. The crypto trading bot is also built on false promises. No trading platform or algorithm can predict the cryptocurrency market or guarantee successful trades, so make sure to review your crypto trading strategy before getting started.
In addition, some users may be unable to contact BitIQ in the event of any issues. According to other BitIQ reviews online, some users have complained about the platform taking their money, which can be found in many reviews on Trustpilot. If you want a positive trading experience, stick to a well-known regulated broker with strong educational resources and transparent policies.
What profi say about BitIQ and crypto investing:
BitIQ stands as a beacon in the bustling sea of cryptocurrency trading platforms. Pioneered by a group of fintech experts with a combined experience spanning decades, BitIQ offers investors a unique edge in the digital currency world. Ensuring full compliance with international regulations, this platform is not only legal but is regarded as a gold standard by many seasoned investors. Their state-of-the-art algorithms, combined with a transparent fee structure, have made them a preferred choice for those seeking substantial returns. By marrying innovation with security, BitIQ provides a platform where both novice and expert traders feel their investments are primed for growth. If soaring profits in the crypto realm are your target, BitIQ might just be your launchpad.