BitIQ Review 2024 - Is it Legit or a Scam?

By Onose Enaholo - Updated 10 June 2024
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In the crypto community, BitIQ stands out as an advanced trading bot harnessing algorithms to assess cryptocurrency prices and forecast lucrative trades.

With the surge in user growth that has prompted a shift towards automated trading, these bots have captured the attention of both novices and seasoned traders. However, a cloud of scepticism envelops the concept of trading bots, particularly in the cryptocurrency domain, which is plagued by scams.

This is why we decided to do our review of the BitIQ bot. Our review and guide delve into its suitability as a trading bot, its strengths and weaknesses, operational mechanics, features and advantages, and considerations of safety and legitimacy.

Our Findings: BitIQ is the Real Deal!

After conducting thorough research and investigations, we can affirm that BitIQ is a legitimate platform for crypto trading.

We’ve cross-checked the platform’s assertions and found them entirely truthful. If you want to register for a no-cost account with BitIQ, just use the link below to begin. An account manager will be available to assist you every step of the way.

Table of Contents

BitIQ Summary

Minimum Deposit $250
Fees and Commission 2% commission on profits
Claimed Success Rate 90%
Supported Cryptocurrencies 14+
Deposit and Withdrawal Fees None
Trading Platform MT4
Demo Account Yes
Verification KYC
Regulations CySEC-regulated brokers
1
Min Deposit
$ 250
Promotion
User Score
4.5
Machine learning protocols enable smart auto-trades
SSL encryption protects your data at all times
Get Support From A Free Advisor
Visit Site
Description:
Payment Methods:
Full Regulations:

What is BitIQ?

BitIQ is a cryptocurrency trading bot designed to autonomously manage crypto trades for its users.

It achieves this feat by employing AI-driven algorithms to swiftly assess real-time crypto prices, pinpointing strong correlations among price factors. Using statistical formulas and techniques, the bot identifies recurring patterns.

Upon recognising a familiar pattern, it forecasts potential price shifts. BitIQ asserts an impressive 90% success rate in these predictions, resulting in profitable trades.

Who Created BitIQ?

The minds responsible for BitIQ’s creation remain relatively undisclosed, with information limited to their roles as mathematicians, developers, and experts in crypto trading.

Such anonymity aligns with the standard practice in the crypto domain, where founders often opt to maintain a low profile.

How Does BitIQ Work?

BitIQ harnesses the prowess of an artificially intelligent algorithm to dissect crypto market data, encompassing aspects like price and volume.

The algorithm predicts potential price movements grounded in real-time shifts by establishing connections between these data points and their derivatives.

The bot scours various market indicators, such as sentiment, news, and macroeconomic data, weaving together a comprehensive market analysis.

BitIQ sets itself apart from competitors by its swift responsiveness to breaking news. Instances of significant news releases or crypto projects facing financial troubles can trigger abrupt market fluctuations.

Market trajectories can veer unexpectedly at these critical junctures of extreme volatility, leading to losses.

However, BitIQ is quick on the uptake, often reacting within fractions of a second to safeguard user funds and seize profit opportunities. In its trading endeavors, the bot engages in crypto transactions using contracts for difference (CFD) derivatives.

These contracts hinge on the disparity between the contract’s opening and closing prices, rewarding the party that accurately anticipates market direction. CFDs allow users to partake in long and short positions, broadening their trading horizons.

Pros & Cons of BitIQ

Pros

  • BitIQ offers automated trading through sophisticated AI algorithms
  • The platform performs real-time analysis of crypto market data
  • BitIQ's algorithms identify recurring patterns in the market

Cons

  • There's an inherent risk in the crypto market
  • Traders might become overly dependent on BitIQ

Noteworthy BitIQ Features

Versatile Deposit and Withdrawal Options

Users can conveniently deposit and withdraw significant currencies like EUR, JPY, AUD, and CAD through bank transfers, credit/debit cards, and electronic wallets such as Neteller and Skrill.

Practice with Demo Accounts

BitIQ provides demo accounts for users to refine trading strategies, familiarize themselves with the platform, and experiment with new bot functions before transitioning to live accounts.

This demo utilises actual market data, which is vital for effective back-testing. It is readily accessible immediately upon account creation.

Wide Range of Crypto CFDs Supported

BitIQ accommodates 14 cryptocurrencies, leading to an array of CFD options when combined with significant currencies. Traders can capitalize on numerous available markets, leading to enhanced profit prospects.

User-Friendly Interface

BitIQ asserts that its user interface is designed for simplicity, catering even to individuals with minimal trading experience. The automated mode is tailored for beginners, handling a significant portion of analysis and trade execution.

1
Min Deposit
$ 250
Promotion
User Score
4.5
Machine learning protocols enable smart auto-trades
SSL encryption protects your data at all times
Get Support From A Free Advisor
Visit Site
Description:
Payment Methods:
Full Regulations:

Key Considerations Before Utilising BitIQ

Cost and fees

BitIQ imposes a 2% commission exclusively on profitable accounts. No profits mean no fees. This approach allows traders to prioritize profit generation before worrying about fees. The platform does not levy trading, account, or deposit fees.

Regulation

While BitIQ lacks direct regulation as it isn’t a primary financial institution, it partners with CySEC-regulated brokers to safeguard users’ funds.

Deposit and Withdrawal Flexibility

The minimum deposit requirement for BitIQ is $250. No maximum deposit or withdrawal limits are in place. Upon deposit, users can adjust position sizes based on capital and leverage.

Verification Process

BitIQ adheres to the standard KYC procedure, necessitating a government-issued ID relevant to the user’s region of residence and a utility bill. Partner brokers also request the same documentation.

Customer Support

BitIQ’s customer service aspect has faced criticism, representing a notable drawback. Despite this, the platform asserts round-the-clock customer service availability through phone and email, albeit limited to active accounts.

Comparing BitIQ Trading with Other Automated Cryptocurrency Platforms

In terms of success rate, BitIQ ranks alongside the top bot trading platforms in the industry, like Immediate Edge and Bitcoin Up.

However, it needs to catch up in customer service and availability areas, particularly in major regions like the US and the UK. Nevertheless, its appealing pricing model, rapid execution speed, and adeptness in news trading position it ahead of many others.

Is BitIQ a Legitimate Auto-Trader?

We delved into online reviews from BitIQ users and found a consensus that the bot is effective if used correctly. We also sought testimonials about BitIQ’s customer service and discovered several underwhelming reviews.

We assess that the platform is legitimate but should focus on improving its customer service.

Is BitIQ Safe?

BitIQ’s trading platform employs standard security protocols and technologies like SSL encryption to protect user data.

Additionally, the platform enforces Know Your Customer (KYC) requirements to prevent unauthorized access. For safeguarding user funds, BitIQ’s robot collaborates with brokers, many of whom are regulated, ensuring the safety of funds.

5 Reasons to Opt for BitIQ Trading

Broad Crypto Support

BitIQ covers 14 cryptocurrencies, including BTC, ETH, Dogecoin, XRP, BCH, and Shiba Inu. These crypto pairings, alongside fiat currencies, create a diverse range of CFDs, leading to increased profit potential.

Claimed Success Rate

With a touted success rate of 90%, BitIQ stands out among its competitors. However, it’s worth noting that claimed success rates often need more substantiation. Achieving a 90% success rate is challenging, even for major institutional traders.

Nevertheless, as long as BitIQ remains more profitable than not, traders stand to benefit.

Swift Withdrawals

Numerous online reviews highlight the speed of BitIQ’s withdrawal process. These accounts concur that withdrawal times usually stay under 24 hours. Submitting a withdrawal form and waiting for funds to arrive in your account is all it takes.

News Trading

BitIQ’s rapid response time makes it well-suited for trading significant news events. Events like inflation and interest rate reports can trigger sudden market spikes, presenting opportunities for prepared traders to profit.

The market’s swift reactions, often within seconds, make bots the ideal tool to capitalize on these chances.

Favourable Pricing Structure

BitIQ follows a “we earn when you earn” approach to pricing. By charging commissions solely on profitable accounts, the platform grants users the space to grow and become profitable without fretting about accumulating fees.

Best Approach to Trading with BitIQ

For New Traders

Stick to automated mode, where the bot handles most of the analysis and trade execution. Keep your trading strategy simple, focusing on three parameters: entry level, exit level, and stop loss.

Test strategies in the demo account before deploying them, even when using automated mode. Transition to a live account if the strategy proves successful in the demo.

Experienced Traders

Set up complex strategies using indicators and customize the bot for more advanced tasks. BitIQ trades continuously in automatic mode, allowing traders to engage in regional trading sessions without staying awake at odd hours or disrupting work routines.

1
Min Deposit
$ 250
Promotion
User Score
4.5
Machine learning protocols enable smart auto-trades
SSL encryption protects your data at all times
Get Support From A Free Advisor
Visit Site
Description:
Payment Methods:
Full Regulations:

Trading Strategies and Algorithms

Automated Trading

BitIQ operates automatically, enabling traders to deploy strategies at any time and capitalize on regional trading sessions without constant monitoring.

News and Trend Trading

BitIQ engages in trading news events and the ensuing market volatility. The bot identifies price trends before they gain momentum and executes trades to leverage the market’s response to key economic metrics.

Arbitrage Trading

BitIQ can be programmed to scan cryptocurrency prices across different exchanges, seizing opportunities arising from price disparities.

Has BitIQ Been Showcased on Television?

Dragons’ Den

The popular UK reality show where entrepreneurs pitch their businesses to wealthy investors for funding and support. Though the show has highlighted various tech-oriented ventures, there needs to be a record of BitIQ ever appearing on the program.

Shark Tank

In the US, Shark Tank follows a similar format as Dragon’s Den and boasts prominent personalities like Mark Cuban, Robert Herjavec, and Kevin O’Leary. While the show has featured numerous tech projects, BitIQ has yet to be among them.

Has BitIQ Received Celebrity Endorsements?

Elon Musk

Elon Musk, renowned for his leadership at Tesla and involvement in the crypto realm, has endorsed cryptocurrencies like Dogecoin. Despite his enthusiasm for crypto, he has yet to discuss trading bots or mention BitIQ.

Jeff Bezos

The founder of Amazon, Jeff Bezos, has shown interest in cryptocurrencies and briefly considered accepting Bitcoin on Amazon. However, he hasn’t endorsed or discussed BitIQ.

Martin Lewis

Financial journalist Martin Lewis, known for MoneySavingExpert.com, has been associated with various crypto bots through rumours. Still, our investigation reveals these claims to be untrue. There’s no evidence of his endorsement of BitIQ or any other trading bot.

Guidelines for Securely Using BitIQ and Managing Risks

Craft a Trading Plan

Develop a set of rules to guide your trading activities. Following established practices, such as not risking more than 3% of your capital in one trade and always using a stop loss, can help. Adhere to your plan meticulously, which can significantly affect your trading outcomes.

Preserve Profits

Instead of reinvesting your profits, consider keeping them separate from your trading capital. This approach allows you to accumulate your profits elsewhere.

Consider adding new funds from alternate sources, such as your earnings, to bolster your trading capital. Remember that the capital you allocate for trading should be expendable.

Trade Prudently

While relying on a trading bot, don’t neglect to monitor the market regularly. Market conditions can shift unexpectedly, and the bot might not account for all changes.

Additionally, your trading strategy needs to be corrected in order to avoid inaccuracies in execution. Always test your strategies through back-testing and stay attentive when trades are active.

Begin Conservatively

BitIQ’s minimum deposit requirement is $250; starting with this amount and gradually increasing your capital as you gain confidence is a prudent approach. Even with seemingly small amounts, implement robust risk management tactics to safeguard your investments.

1
Min Deposit
$ 250
Promotion
User Score
4.5
Machine learning protocols enable smart auto-trades
SSL encryption protects your data at all times
Get Support From A Free Advisor
Visit Site
Description:
Payment Methods:
Full Regulations:

How to Get Started with BitIQ - Step-by-Step Guide

To begin trading using BitIQ:

1. Sign Up for an Account

Begin by registering for a free account on the BitIQ platform. Fill out the signup form with your email, phone number, and full name. You’ll receive a confirmation email; upon confirmation, upload KYC documents like an official ID and a utility bill. Specify whether you’re using the software for business or commercial purposes.

2. Complete Registration

After creating an account, BitIQ will direct you to a partner broker. Register with the broker using the same documents. Some brokers require proof of funds, which can be satisfied with a bank statement.

3. Practice with a Demo Account

Start by utilizing the demo account. Experiment with trading strategies, engage the bot, and become acquainted with the interface before transitioning to a live account. No deposit is necessary for access to the demo account.

4. Deposit Funds

When you’re ready to begin trading, deposit funds through bank transfer, credit/debit card, Neteller, or Skrill. The minimum deposit amount is $250.

5. Configure Automatic Trading

Setting up automatic trading involves crafting and deploying a trading strategy within the cryptocurrency markets. A trading strategy comprises directives that guide the bot in identifying opportunities and constraints. This may involve entry and exit levels, stop losses, and indicators for more intricate strategies.

Entry and exit points denote price points to initiate and close profitable trades. The stop loss represents the price at which you cut losses and exit the trade if it goes unfavourably. This stop loss aligns with your risk management policy.

For instance, if you’re willing to risk 2% of a $2000 account, your maximum loss per trade should be $40. To enforce this, set your stop loss at a price that maintains the loss within the defined limit. The bot will automatically close the position if the loss reaches $40.

BitIQ's Markets, Assets, and Options

Supported Assets

BitIQ covers 14 major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Ripple (XRP), IOTA, Litecoin (LTC), Bitcoin Cash (BCH), EOS, USDT, Shiba Inu (SHIB), and Dash (DASH).

Leverage Trading Options

According to their website, BitIQ offers a maximum leverage of 3000:1. This implies traders can borrow up to 3,000 times their capital for trades.

However, this leverage ratio is above the recommended level, leading to excessive trading risks and potential losses. Caution is advised when using such high leverage.

Spreads and Commissions

While BitIQ does not directly specify its spreads on its website, it charges a commission of 2% on profits.

Can I Use BitIQ in My Country?

Can I use BitIQ in the US?

No

Can I use BitIQ in the UK?

No

Can I use BitIQ in Australia?

Yes

Can I use BitIQ in Sweden?

Yes

Can I use BitIQ in Germany?

Yes

Can I use BitIQ in Austria?

Yes

Can I use BitIQ in Switzerland?

Yes

Can I use BitIQ in Denmark?

Yes

Can I use BitIQ in Finland?

Yes

Can I use BitIQ in Norway?

Yes

Can I use BitIQ in Poland?

Yes

Can I use BitIQ in Romania?

Yes

Can I use BitIQ in New Zealand?

Yes

Can I use BitIQ in France?

Yes

BitIQ Review - Final Verdict

In conclusion, BitIQ is a trading bot that operates through a sophisticated AI algorithm. This algorithm scans market prices, establishes connections between them and their derivatives, and predicts price movements based on real-time shifts. The bot asserts a 90% success rate, although we cannot independently verify this claim.

To explore BitIQ’s capabilities without risk, you can experiment with a demo account. Create an account using your name, email, and phone number to get started. Then, provide KYC documents like an official ID and utility bill.

Depositing funds can be done through bank transfers, credit/debit cards, or electronic wallets like Neteller or Skrill. Major fiat currencies, including EUR, CAD, and AUD, are accepted.

The minimum deposit requirement is $250. Following a deposit, you can establish a trading strategy and choose between automated trading mode or custom settings.

Review Methodology

We assess crypto robots by compiling diverse tests, reviews, and feedback from across the internet. This approach offers a comprehensive view that considers multiple perspectives. Our ‘why trust us’ and ‘how we test’ sections provide more insight into our evaluation process.

We acknowledge the presence of misleading testimonials on the internet, including numerous alleged trading robot scams. Thus, we consider information from various sources to present an accurate BitIQ review.

1
Min Deposit
$ 250
Promotion
User Score
4.5
Machine learning protocols enable smart auto-trades
SSL encryption protects your data at all times
Get Support From A Free Advisor
Visit Site
Description:
Payment Methods:
Full Regulations:

Frequently Asked Questions

What Does BitIQ Do?
BitIQ engages in crypto CFD trading on users' behalf. It achieves this through AI algorithms that analyze the market and execute potentially profitable trades.
Is There a BitIQ App?
No, BitIQ operates as browser-based software, connecting to the MT4 trading terminal offered by brokers.
How Much Profit Can I Make with BitIQ?
Profit potential varies based on risk management, trading strategy, market conditions, and the bot's accuracy.
How Much Do Crypto Investors Earn from BitIQ?
Earnings vary due to factors mentioned earlier, along with market experience, duration of involvement, and invested capital.
Is BitIQ Legitimate?
Indicators suggest BitIQ's legitimacy, with instances of the bot generating profits for users.
How Legitimate Is BitIQ?
BitIQ is a genuine web-based trading bot that serves real users and features a customer service team.
Does BitIQ Work?
BitIQ operates according to its programmed parameters, primarily the trading strategy. The bot's effectiveness relies on the accuracy of the strategy in reflecting market conditions.
Is BitIQ a Good Investment?
Determining its status as a good investment takes time and effort. Trading bots involves risk, and thorough research is crucial before using them.
Is BitIQ a Scam, and Is It Reliable?
Our findings indicate that BitIQ is not a scam. However, its reliability hinges on user actions. Newcomers should exercise caution and avoid over-reliance on the bot.
Is BitIQ Legit?
BitIQ qualifies as a legitimate service that automates crypto trading for users. The veracity of additional claims, such as success rates, depends on prevailing market circumstances.
What Country Is BitIQ Based In?
BitIQ operates in numerous major countries beyond the US and the UK.
Does BitIQ Offer a Demo Account?
Certainly, the BitIQ trading platform provides a demo account. This lets users acquaint themselves with the software and enhance their trading skills before venturing into live trading sessions.
Disclaimer: All testimonial photos are stock imagery and do not represent the people behind the feedback.