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BitIQ Review 2022 - Honest Review by Trader

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Author: Onose Enaholo Updated: September 9, 2022

BitIQ is a top-tier crypto trading bot with sophisticated algorithms that scan crypto prices, analyse them, and make profitable trade predictions. These trading bots have garnered the attention of new and advanced traders as the market becomes more automated due to institutional investors.

However, a cloud of controversy looms around trading bots, especially in the crypto space where scams abound. This is why we wrote this guide.

It dives into BitIQ’s suitability as a trading bot, its pros and cons, how it works, its features and benefits, safety and legitimacy considerations, and how to get started if you choose to move forward with it.

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

What Is BitIQ?

BitIQ is a cryptocurrency trading bot that trades cryptos automatically on behalf of its users. It does this by using AI-powered algorithms to analyse crypto prices in real-time for strong correlations between price variables.

The bot applies statistical formulas and methods to establish patterns that occur often. When it spots a recognisable pattern, it predicts price movement. If that pattern plays out, the result is a profitable trade and BitIQ claims that this occurs 90% of the time.

Who Created BitIQ?

Not much is known about the creators of BitIQ except that they are mathematicians, developers, and crypto trading professionals. This anonymity is not foreign to the crypto industry as founders prefer to remain in the shadows as much as they can.

How Does BitIQ Work?

BitIQ leverages an artificially intelligent algorithm that analyses crypto market data like price and volume, establishes relationships between them and their derivatives, and predicts price movement based on real-time changes in the data.

The bot also scans other market variables like sentiment, news, and macro-economic data to provide a holistic analysis of the market. One way BitIQ differentiates itself from its competition is in its ability to react quickly to news updates.

Major news events like inflation releases or crypto project bankruptcy can send the market into a sudden frenzy. During these times, the extremely volatile market can swing widely in the opposite direction, causing losses.

BitIQ reacts quickly, usually in a fraction of a second, to these updates to safeguard user funds and even make profits.

The bot trades crypto through derivatives called contracts for differences (CFDs) that pay the difference between the open and close price of the contract to the party that correctly anticipates the direction of the market. CFDs allow users to trade both long and short positions.

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Pros & Cons of BitIQ

Pros

Quick withdrawals, usually within 24 hours
Customer support via phone and email available for live account holders
Provides one of the largest numbers of cryptos and crypto CFDs
Fees are only charged on profitable accounts
Trading Forex Available
Sell Commodity Options

Cons

Customer support only available for active accounts
Not available in regions like the US and UK

Key Features of BitIQ

Flexible Deposit and Withdrawal Methods

Users can deposit and withdraw major currencies like EUR, JPY, AUD, and CAD to and from their accounts via a bank transfer, credit/debit card, and electronic wallets like Neteller and Skrill.

Demo Accounts

BitIQ offers demo accounts for users to practice new trading strategies, get used to the platform, or try out new bot functions before moving to a live account. This demo account uses real market data which is important for back-testing and users get access to a demo account immediately after they create an account.

Support for Several Crypto CFDs

BitIQ supports 14 cryptocurrencies, translating to several CFDs when paired with major currencies. For traders, this results in more available markets to trade and more profit opportunities.

Simple UI

BitIQ claims that its user interface is simple enough for users with little to no trading experience to understand. The automated mode is specifically made for novices as it automates the majority of the analysis and trade execution.

Payments Methods on BitIQ

Deposits on BitIQ’s can be made in major fiat currencies like EUR, JPY, AUD, and CAD through credit and debit cards, bank deposits, and electronic wallets like Neteller and Skrill.

Factors to Consider Before Using BitIQ

Cost and fees

BitIQ charges a 2% commission, but only on profitable accounts. If you don’t make profits, you don’t have to pay. This is important as traders can focus their efforts and capital on becoming profitable before worrying about fees. The platform does not charge trading, account, or deposit fees.

Regulation

BitIQ itself is not regulated as it is not a primary financial institution. However, it partners with brokers who are regulated by the Cyprus Securities Exchange Commission (CySEC) to store users' funds.

Deposit and Withdrawal Limits and Methods

The minimum deposit amount for BitIQ is $250. There are no maximum deposit limits and no withdrawal limits. After depositing, users can flexibly open position sizes based on capital and leverage.

Verification System

BitIQ runs the standard KYC procedure that requires a government-issued ID for your region of residence and utility bill. Its partner broker will also require the same documents.

Customer Service

Customer service is BitIQ's one flaw as reports have been largely negative. However, they claim that customer service is available 24/7 via phone and email, but only for active accounts.

How Does BitIQ trading Compare to Other Automated Cryptocurrency Traders?

When it comes to success rate, BitIQ is up there with the best bot trading platforms in the industry such as Immediate Edge and Bitcoin Up. However, it falters in areas like customer service and availability in major regions like the US and UK.

Nevertheless, its favourable pricing structure, fast execution speed, and news trading abilities place it ahead of several others.

Is BitIQ a Legitimate Autotrader?

We searched for online reviews from people who use BitIQ and found that the consensus was that the bot was adequate, provided you use it properly.

We also searched for testimonials about BitIQ’s customer service and found several lacklustre reviews. We believe that the platform is legitimate but needs to work on its customer service.

Is BitIQ Safe?

The BitIQ trading platform uses industry-standard security procedures and technologies like SSL encryption to safeguard user information. The platform also implements KYC requirements to ensure nefarious actors are not allowed access.

For user funds, The BitIQ robot partners with brokers, many of which are regulated, to keep funds safe.

5 Reasons to Use BitIQ for Trading

Wide Crypto Support

BitIQ supports 14 cryptocurrencies including BTC, ETH, DOGECOIN, XRP, BCH, and SHIBA INU. These cryptos, paired with one another and fiat currencies, create a wide array of CFDs that results in more profit opportunities.

Claimed Success Rate

At a 90% claimed success rate, BitIQ stands tall among its competitors. However, we must mention that a claimed success rate is oftentimes not proven. In reality, a 90% success rate is hard to achieve, even for large institutional traders. Nevertheless, provided BitIQ is more profitable than not, traders are in good hands.

Fast Withdrawals

Several online reviews refer to the speed of BitIQ’s withdrawal process. These testimonials all say, in different ways, that the withdrawal time is usually under 24 hours. All you need to do is fill out a withdrawal form and wait for your funds to hit your account.

News Trading

BitIQ’s fast response time makes it ideal for trading major news events. Reports like inflation and interest rates could cause sudden spikes in the market, providing an opportunity for traders who are prepared to make money. However, the market reacts quickly, usually in a matter of seconds, and only bots are fast enough to take advantage of the opportunities.

Favourable Pricing Structure

BitIQ adopts a "we make money when you make money" approach to their pricing. By only charging a commission on profitable accounts, the platform gives users room to grow and become profitable without worrying about racking up fees during the process.

Best Way to Trade With BitIQ

If you’re new to trading bots, stick to the automated mode where the bot does the bulk of the analysis and trade execution. Your trading strategy should also be simple and involve only three parameters: the entry level, the exit level, and the stop loss.

Test all strategies in the demo account before deploying them, even when using the automated mode. If the strategy is successful in the demo account, you can then move to a live account.

Seasoned traders, on the other hand, can set up more complex strategies using indicators and customise the bot to carry out more sophisticated tasks.

Trading Strategies and Algorithms

Automated Trading

BitIQ trades around the clock in automatic mode. Traders can deploy strategies anytime and take advantage of several regional trading sessions without having to stay awake at odd hours or take time away from work to check on charts.

News and Trend

BitIQ trades news events and the ensuing volatility. The bot can identify price trends before they pick up steam and execute trades to take advantage of the market’s reaction to certain key economic metrics.

Arbitrage Trading

BitIQ can be programmed to scan the prices of supported cryptos across various exchanges and take advantage of price discrepancies.

Has BitIQ Ever Appeared On TV?

Dragon’s Den

The UK reality show features business owners pitching to a panel of rich entrepreneurs to get funding and support. And while several businesses have been featured, many of them tech-inclined, records show that BitIQ has never been featured on the show.

Shark Tank

Shark Tank is a US version of Dragon’s Den and features big names like Mark Cuban, Robert Herjavec and Kevin O’Leary. The show has featured several technology projects, but not BitIQ.

Has BitIQ Ever Been Endorsed by a Celebrity?

Elon Musk

Elon Musk is the CEO of Tesla and an active public figure in the crypto space. He has advocated for crypto and has thrown his support behind projects like Dogecoin. Despite his widespread crypto approval, he has never made mention of trading bots or BitIQ.

Jeff Bezos

Jeff Bezos is the founder of the retail giant, Amazon, and the on-again-off-again richest man in the world who has expressed support and enthusiasm for crypto. News reports say that at one point he considered accepting Bitcoin as payment on Amazon. However, he has not endorsed or even spoken about BitIQ.

Martin Lewis

Martin Lewis is a financial journalist known for his site MoneySavingExpert.com, and while there are rumours of him supporting several crypto bots, our findings show that they are all false. He has not endorsed BitIQ or any other trading bot.

Tips for Using BitIQ Safely and Managing Risk

Trade with a Plan

Develop and write down rules that guide your trading. If you do not have one, you can use popular practices like never risking more than 3% of your capital on a single trade. Always use stop loss when trading, no matter how sure you are. Stick to your plan judiciously as it may be the difference between success and failure.

Always Save Profits

Avoid rolling your profits into your capital. Instead, keep them somewhere else, preferably off the platform. You can grow your capital by adding fresh capital from another source like your salary. Expectedly, your capital should be money you can live without.

Trade Cautiously

Do not rely so much on the trading bot that you no longer check the market periodically. Market conditions change in ways that the bot may not anticipate. Furthermore, errors in your trading strategy may cause inaccuracies during execution. Always back-test your strategies and remain vigilant when trades are open.

Start Small

The minimum deposit amount for BitIQ is $250, start with that and increase your capital as you grow and gain more confidence. Remember to implement tight risk management strategies even on seemingly small amounts.

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How to Use BitIQ - Step-by-Step Guide

To begin trading using BitIQ:

1. Register for an account on BitIQ

To open a free account on the BitIQ platform, input your email address, phone number, and full name in the signup form. You should get a confirmation email in your inbox. After confirming, you’ll need to upload KYC documents like a government-issued ID card and a utility bill, as well as specify if you're using the software for business or commercial purposes.

2. Complete the registration form

After creating an account, BitIQ will refer you to a partner broker. Sign up with the broker using the same documents as above. Some brokers may ask for proof of funds, in which case a bank statement should be sufficient.

3. Practice using the demo account

Get your feet wet first by using a demo account. Try your hands at developing trading strategies, use the bot, and familiarise yourself with the interface before switching to a live account. You don’t have to deposit funds to get access to the demo account.

4. Make a deposit

When you’re comfortable enough to trade, deposit funds via bank transfer, credit/debit card, Neteller, or Skrill. The minimum you can deposit is $250.

5. Set up automatic trading

Setting up automatic trading involves developing and deploying a trading strategy within the crypto markets. A trading strategy is a set of directives that tells the bot what opportunities to look out for and what restraints to be bound by. 

The strategy usually contains parameters like an entry and exit level, a stop loss, and indicators for more complex ones.

The entry and exit points are price points where you open and close the trade in profit, respectively. If the trade doesn't go your way, the stop loss is the price where you cut your losses and get out of the trade. 

The stop loss is informed by your risk management policy. For example, if your risk policy is 2% of a $2000 account, then your maximum risk per trade should be $40. To enforce this, set your stop loss at a price where the loss does not exceed the maximum risk ($40). The bot will automatically close your position if your loss climbs to $40.

BitIQ Markets, Assets, and Options

What assets can you trade using BitIQ?

BitIQ supports 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).

Because the bot trades CFDs and not the actual cryptos, it can pair its supported cryptos with major fiat currencies, BTC, and ETH, allowing for over 60 CFD pairs that can be traded both ways i.e. long and short.

What leverage trading options are there with BitIQ?

According to their website, BitIQ offers its users a maximum of 3000:1 leverage facility. This means that traders can borrow up to 3000x their capital to make trades. This is above recommended leverage ratio and is usually a method employed by brokers and bots to get users to trade with too much leverage and lose their funds, requiring them to deposit even more funds. We advise caution when using leverage.

What are the spreads on BitIQ?

BitIQ does not state its spread directly on its website, however, it charges a 2% commission of 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 New Zealand?

Yes

Can I use BitIQ in Germany?

Yes

Can I use BitIQ in Sweden?

Yes

Can I use BitIQ in Switzerland?

Yes

BitIQ Review - Final Thoughts

BitIQ is a trading bot that runs on a sophisticated AI algorithm that scans market prices, establishes relationships between them and their derivatives, and predicts price movement based on real-time market changes.

The bot claims to be profitable 90% of this time. We cannot corroborate that, but you can try your hands at using the bot risk-free with a demo account. To begin, create an account using your name, email address, and phone number. Then submit KYC documents like a government-issued ID and a utility bill.

To deposit funds, use a bank transfer, credit/debit card, or an electronic wallet like Neteller or Skrill. Deposits in major fiat currencies like EUR, CAD, and AUD are accepted. The minimum deposit requirement is $250.

After depositing, you may set a trading strategy and select the automated trading mode or implement custom settings.

Review Methodology

We review crypto robots by aggregating various tests, reviews, and testimonies across the web, allowing us to give you a balanced view that accounts for multiple perspectives. Check out our ‘why trust us’ and ‘how we test’ pages for more information on our testing process.

We are aware that the internet is full of false testimonies: there are several purported trading robots out there that are, in fact, scams. For this reason, we find it important to compare information from across the internet in our BitIQ review.

Frequently Asked Questions

  1. BitIQ trades crypto CFDs on behalf of its users. It does this by using AI algorithms to analyse the market and execute profitable trades.

  2. No. The BitIQ software is browser-based and connects to the MT4 trading terminal offered by brokers.

  3. The amount of profit that you can make varies depending on your risk management strategy, your trading strategy, market conditions, and the bot’s accuracy.

  4. This amount varies with investors based on the same reasons mentioned above, as well as how long they have been in the market, their experience level, and their capital.

  5. All indicators point to BitIQ being legitimate. The bot has been known to make profits for its users.

  6. BitIQ is a legitimate trading bot on the web. They have real users and a customer service team.

  7. BitIQ works based on the parameters it is fed i.e, trading strategy. If the trading strategy is accurate and reflects market conditions, then the bot will work well.

  8. We cannot say whether or not it is. Trading bots are usually risky endeavours and everyone should do their research before embarking on using one. They are not risk-proof and there is a chance you could lose money.

  9. Our findings show that the BitIQ crypto trading robot is not a con, however, its reliability depends on its user. Newbies are advised to trade with caution and not rely totally on a trading bot.

  10. BitIQ is a genuine service that does what it says it does i.e. trade crypto automatically for its users. Other claims like the success rate depend on market conditions.

  11. BitIQ works in several major countries aside from the US and UK.

  12. Yes, the BitIQ trading platform offers a demo account. You can use it to learn the software and hone your trading skills before entering into a live trading session.

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