BitQT Review 2024 - Is it Legit or a Scam?
The cryptocurrency market is filled with institutions that rely on bots and complex algorithms to generate profits. As a result, retail traders are left to fend for themselves as they lose an edge against the institutions. They need a way to trade more efficiently.
This is where trading bots come in. Trading bots help newbies, intermediate, and even advanced traders to increase their trade efficiency without expending much effort or time.
However, the crypto industry is plagued with stories of scams, frauds, hacks and leaks, and traders don’t always know which products to trust.
Our BitQT review dives into the intricacies of the trading bot. It unpacks everything you need to know about the trading bot, including its pros and cons, how it works, how to use it, and whether it is worth your time.
Our Investigation Result: BitQT Seems Legitimate!
We’ve gone through a comprehensive review of Bitcoin Bank, in order to find out whether it is as legitimate as it claims to be. As a result, we can say that BitQT does appear to be legit!
If you’ve made your decision and would like to sign up, then you can register using the link below. A BitQT manager will be in touch to help you set up your free account.
BitQT 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 |
|
Leverage |
1000:1 |
What is BitQT?
BitQT is a trading bot that executes trades automatically for users. Its main purpose is to help users become as profitable as they can, as quickly as they can, without expending as much effort as they would need to if they did it manually.
Leveraging sophisticated algorithms, the bot can analyse live market data, spot patterns that newbie traders don’t and use its insights to predict profitable trades.
Users can then decide whether they wish to use these insights to make a profit. The bot has an automatic trading mode that executes trades on behalf of users, making it a bot that requires little oversight to create long-term profits.
Who Created BitQT?
The founders of BitQT are currently unknown. The bot’s website contains very little information about their identities, and this is on purpose.
In the crypto industry, it is common to see projects whose founders choose to remain anonymous for several reasons, including privacy, security, and other personal reasons.
However, this does not automatically rule out the legitimacy of the project. We have carried out investigations to ensure that although the creators are unknown, the project is not a scam. Read on to see our findings.
How Does BitQT Work?
BitQT uses sophisticated AI algorithms to study live and historical market data. It also analyses other datasets that affect price, like news events, macroeconomic metrics, social media sentiment, and volume data.
The bot uses simple and sophisticated indicators that measure various aspects of price data. For example, the bot uses volatility indicators, volume indicators, and trend indicators like the Relative Strength Index (RSI), Bollinger Bands, Stochastic Oscillator, Average True Range, and a list of others.
The bot uses these indicators in tandem with the data it collects to determine the market trend and the likelihood of price respecting the trend or breaking it. It also uses indicators to measure pullbacks which helps mark out entry points for new trades.
When the bot locks onto a good opportunity, it sends a trade signal via notification to its user who can then decide whether to take the trade.
When trading, BitQT uses financial derivatives called Contracts for Differences (CFDs) which mimic the price of underlying assets like stocks, currency pairs, and cryptocurrencies. These CFDs allow users to trade the underlying assets without owning them, and this comes with its own set of benefits.
One such is the ability to trade in both directions regardless of the market condition. Traders can either long CFDs (bet that the market will rise) or short CFDs (bet that the market will fall).
CFDs also allow traders to access more efficient leverage facilities. These leverage facilities allow users to increase the size of their positions without having to increase the capital used. We dive more into CFDs later in this guide.
To execute trades, BitQT partners with third-party brokers who store client funds, execute trade signals and implement risk management policies. These brokers are usually regulated and have a history of good service delivery.
When users wish to withdraw their funds, they can do so by filling out a withdrawal form in their account dashboard and waiting for the funds to be processed. Withdrawals on BitQT usually take 24 hours to complete.
Pros & Cons of BitQT
Pros
- High trade success rate at 90%
- User-friendly interface with quick registration and verification
- Demo account for practising and refining strategies
- Customer service is readily accessible and happy to help
- Easy and quick withdrawals (usually within 24 hours)
Cons
- Minimum working capital of $250
- Several competitors do not charge a commission
BitQT Key Features
90% Trade Success Rate
BitQT claims to produce profitable trade signals 90% of the time. It claims that its algorithm has gone through several extensive upgrades over the years and is now sophisticated enough to detect even the tiniest price changes.
This allows you to catch trends early and set profitable positions that ride the trend up or down depending on the market condition. While we cannot guarantee that this success rate is accurate, we have seen that the bot is accurate enough to produce consistent profits.
Multiple Currency Support
BitQT supports more than 14 cryptocurrencies, making it one of the crypto trading robots with the highest cryptocurrency support.
Unlike other robots which only support Bitcoin or about four or five cryptocurrencies, and as such offer a limited CFD market, BitQT offers over 60 tradeable CFD pairs.
This multicurrency support doesn’t end with crypto. The bot also supports three major Fiat currencies, namely USD, GBP, and EUR.
Transparent Pricing Structure
BitQT is a cheap trading software. It does not charge deposit fees, withdrawal fees, software licensing fees, or account management fees. The only fee it charges is a small commission on profits made.
If traders do not make profits, they are not charged any fees. This creates an opportunity for traders to use the bot without having to pay fees if the bot proves unprofitable.
Demo Account
Since BitQT’s primary user base are newbie traders, it offers a demo account that allows them to practice trading before moving to a live account.
This demo account uses live and historical market data, simulating the market environment so traders can get a feel of the real thing without having to risk capital.
This gives traders room to learn about the trading platform, learn how to execute trades, and how to create and execute trading strategies without having to worry about losing their money.
It also gives advanced traders an avenue to test complex, sophisticated indicators and strategies to become even more efficient.
Customisable Features
Although BitQT is geared toward new users, it also aims to be a suitable trading companion for advanced traders. Therefore, the platform is designed with a suite of tools that can be used by traders at all skill levels.
New traders can use the automated mode with simple indicators to navigate the market and make profitable trades, while advanced traders can use more complex indicators to develop more sophisticated strategies to increase their profitability.
Making the most of the bot is simply a matter of selecting the right tools on the dashboard.
Friendly UI
The BitQT platform was designed to be as easy to use as possible. The bot contains a lot of powerful tools that could be complex and confusing for users who are not inducted into the world of trading.
To make that platform easy to use for everyone, BitQT employs a plain and simple dashboard design. Sectors are clearly demarcated, and icons are descriptive enough to give users a clue about what they do.
Users can also hover their mouse over icons to read a short description of what the tool or the indicator does.
Factors to Consider Before Using BitQT
Before signing up for a BitQT account, ensure that its policies and processes don’t hinder you in the future. We analysed metrics that give a realistic representation of how BitQT’s processes perform in action. We also ranked each factor over five.
Verification System: 4/5
BitQT’s verification system is quick and easy. The platform never asks for more information than it needs and always keeps user data safe.
All new accounts must be verified by passing KYC. You’ll need documents like a driver’s licence and utility bill to complete verification.
When we created our accounts, we found the verification process to be quick and easy. Overall, the entire process should take no more than 20 minutes if all documents are available.
Costs and Fees: 4/5
BitQT charges minimal trading fees. The platform does not charge deposit fees, withdrawal fees, software licensing fees, account creation or maintenance fees.
The only fee charged is a small commission on profits. This Commission is 2% of all profits made. If you do not make profits, you do not get charged.
Deposit and Withdrawal Limits and Methods: 4/5
To begin using BitQT, you must deposit a minimum of $250. However, aside from this, there are no other limits on deposits. You can make deposits in USD, GBP, and EUR through bank transfers, credit card payments, and electronic wallets.
Withdrawals follow a similar pattern. You can withdraw at any time by filling out a form in your account dashboard. There are no limits to withdrawals, and they get processed within 24 hours.
When we tried withdrawing, we found the process to be quick and easy. We got our funds back in our account within 18 hours. We cannot guarantee that all withdrawals will take 18 hours, however, 24 hours is the maximum limit.
Customer Service: 5/5
BitQT customer service is available 24/5 to help users set up their accounts and attend to enquiries. They are reachable via e-mail for non-account holders and via e-mail and live chat for account holders.
We tried reaching out to BitQT on several occasions and were able to get in touch with the customer service staff via live chat. We also tried the e-mail but found the live chat to be faster as agents are on standby for account holders.
Profitability: 4/5
BitQT is profitable in the short to mid-term. The bot’s sophisticated algorithm has been carefully tuned to spot market changes and identify trends before they gather momentum.
While the bot claims to be 90% profitable, we cannot guarantee this. However, when using it, we found it to be profitable enough to generate gains on a consistent basis.
User Testimonials: 5/5
Independent user reviews are a reliable way to gauge public sentiment around a product or service. Reviews on BitQT were generally positive as users who took the time to learn how to use the platform recorded gains and satisfactory performance.
We are also satisfied with the bot’s performance. We believe that if users take the time to learn the platform and how to set trades, they too will be able to trade profitably.
Affiliations and Partnerships: 4/5
BitQT partners with some of the best crypto brokers in the world to deliver its services to users. These brokers are usually regulated by a recognized international body and have a track record of good service delivery.
When completing verification, we were able to choose a broker from BitQT’s list of partner brokers within our region. However, you may want to do your research into these brokers so you are aware of their deposit, withdrawal, and other policies that will affect your trading experience.
How Does BitQT Compare?
Here are some alternative trading robots you can review:
- Bitcoin Code: This auto bot supports various cryptos and has one of the highest success rates at 99.4%.
- Bitcoin Prime: This platform is one of the more popular options and allows you to explore opportunities in the Bitcoin trading market.
- BitIQ: This crypto trading bot trades all sorts of cryptocurrencies if you are looking to explore more options than just Bitcoin.
- Ethereum Code: This bot is designed to work solely with ERC-20 coins on the Ethereum blockchain.
It helps to research the platforms first as different platforms have various strengths and weaknesses.
Is BitQT a Legitimate Autotrader?
When measuring legitimacy, we look at customer reviews, customer service, and partnerships.
BitQT customer reviews have been positive so far. While not every single review is positive as some users find difficulty in using the platform, this is to be expected for every service. We also disregarded reviews on the BitQT website to avoid bias.
For customer service, BitQT runs an effective team. The time and capital requirements for running a customer service team, even just on weekdays, are significant. We reckon that illegitimate platforms would be unwilling to take on this burden.
BitQT partners with several legitimate brokers around the world. These brokers have gained the trust of customers over the years because of good service delivery and regulations. As such, we do not believe that they would partner with an illegitimate website.
We believe, and our research has shown, that these brokers do their due diligence before forming long-term partnerships with other services.
Is BitQT Safe?
BitQT is safe enough for everyday use. Technologically speaking, the bot is protected by top-notch SSL encryption. User data is protected behind several network and platform firewalls. So far, we have not found any reports of hacks or breaches on the platform.
Furthermore, the bot does not store user funds on its servers. Instead, it relies on third-party brokers in regulated environments to store user funds. This means that user funds are stored with brokers that are under legal jurisdiction.
5 Reasons to Use BitQT for Trading
Here are some reasons to use BitQT for trading:
Automated Trading
As a robot, BitQT can run 24/7, making it an ideal companion for trading the crypto market, which is always open. Traders can set strategies that can work anytime, without human intervention. This allows traders to run full-time jobs, travel, and take on other tasks while day trading.
The bot’s automated features also extend to risk management policies and trade execution. Traders can implement the same risk management policy across multiple trades simultaneously using the automated mode.
The bot also takes care of trade execution, and maintenance, and ensures that it closes trade when profit levels are hit.
Trade Faster
BitQT can set and execute orders within a fraction of a second. It can spot trends as they start and pick up market movements before it gathers momentum. This trade execution speed protects traders from losses due to flash crashes and volatile market conditions.
High Success Rate
BitQT has a high trade accuracy. As we said earlier, we do not believe it is as high as 90% as even institutional trading algorithms do not achieve such success. However, the bot has proven that it is accurate enough to predict profitable trades more times than not.
Traders who use the bot have benefited from its algorithm as most of their trades have been profitable, leading to long-term profitability.
Feature-Rich
BitQT offers tools and features that appeal to traders at all skill levels. If you are a beginner, you can use the demo mode and the automated trading mode to get started.
For intermediates, simple indicators and trading strategies exist to help them become more profitable. Finally, advanced users can reprogram the bots to go beyond the capabilities of the auto-trading mode, use complex indicators, and execute sophisticated strategies.
Cheap Trading Solution
BitQT provides a way for users to trade cheaply. By waving trading fees, deposit fees withdrawal fees, software licensing fees, and account maintenance fees, the bot helps users keep most of the profits they make.
Best Way to Trade With BitQT
Trading with BitQT depends on your skill level. If you are a newbie or have minimal experience trading, you may want to start with the demo mode to familiarise yourself with the UI, learn how to create trading strategies and execute them in a market environment.
Once you have familiarised yourself with the demo mode and the basics of trading, move on to the automated trading mode. In this mode, you will execute trading strategies that you learned in the demo mode and implement risk management policies.
After gathering more experience, explore indicators and more complex trading modes. Ensure you always use the demo mode, even after you start trading with your live account, so that you can always test new strategies and trading styles to see which is most profitable.
Users with years of experience under their belt can use the manual mode which gives access to all the bot’s features, tools, and indicators. Expert traders can program the bot to run sophisticated and unique trading strategies.
Has BitQT Ever Appeared On TV?
BitQT has been the subject of several internet rumours, some of which link the bot to investment shows and solicitation attempts. We fact-checked the rumours to find out whether there is any truth to them. Here are our findings:
Dragons’ Den
Dragons’ Den is a British investment show that features entrepreneurs and businesspeople who secure financing for their ventures by pitching their businesses to a panel of investors. If the investors like what they hear, they invest.
Rumours arose that BitQT and representatives from the company pitched investors on the show for funding. However, our research shows that BitQT was never featured on Dragon’s Den.
Shark Tank
Shark Tank is a US version of the show Dragon’s Den. And like the British show, rumours linked BitQT to Shark Tank, claiming that representatives from the company came on the show to secure financing from the panellists.
As usual, we carried out our research and found out that BitQT has never been on the show.
Has BitQT Ever Been Endorsed by a Celebrity?
Several rumours also emerged online that linked BitQT to several celebrities and thought leaders, especially in the technology space. As with the TV shows, we swung into action to determine whether there was any truth to these rumours. Here are the findings:
Elon Musk
Elon Musk is the CEO of Tesla and Twitter and is a known crypto supporter. He has shown immense support for cryptos like Bitcoin and Dogecoin in the past, even allowing users to pay for merchandise on the Tesla merchandise store with Dogecoin.
He has also found himself in the eye of several crypto events and happenings. He’s quite influential in the crypto space, so much so that he has been able to cause a rally with simple tweets. Despite his close relations with cryptocurrency, Elon Musk has never endorsed BitQT.
Mark Cuban
Mark Cuban is a billionaire who made the bulk of his money selling his Internet broadcast company. Since then, he has been involved in several businesses and ventures, most notably being a panellist on ABC’s hit show, Shark Tank.
He also has close affiliations with crypto and crypto-centric projects and owns several NFT and crypto-based businesses. He has also acted as an advocate for NFT technology and cryptocurrency.
However, despite his closeness with the crypto space, Mark has never endorsed BitQT.
Jeff Bezos
Jeff Bezos is the founder and CEO of Amazon. Aside from a general enthusiasm for crypto technology, Jeff Bezos has not shown any particular interest in cryptocurrency. He has not endorsed BitQT.
Tips for Using BitQT Safely and Managing Risk
If you want to manage your risk effectively, the following tips can help you out a great deal.
Start Small
A common but risky mistake rookie investors make is to invest their entire portfolio in one trade. Never trade with more capital than you can afford to lose. This is the first trading guideline. With this approach, your financial condition won’t be at risk if a trade doesn’t turn out well.
Keep a Record for Tax Purposes
Keeping track of trades, including the amount of capital invested and profits earned for tax purposes, is one of the wise things for all traders and investors to do.
You can determine how much money you have made using BitQT and use that information to determine how much tax you owe. Keep in mind that different countries have various cryptocurrency tax regulations.
Save Some Profits
When you are winning, it can be tempting to invest all your earnings back into deals, but this is not a wise approach.
It is advised that you develop the practice of setting aside a specific portion of your trading profits. For example, you can set aside 50% of your profit to guarantee that you don’t lose everything if your next trade doesn’t go well.
Follow Expert Advice
You need to stay up to date with industry news and trends if you’re serious about getting into Bitcoin trading. Read the predictions of reputable and trustworthy experts and cryptocurrency gurus by subscribing to popular crypto blogs.
To improve your chances of success, take this information into account while building personalized investing strategies.
Learn More About the Crypto Market
Spend some time getting to know the cryptocurrency market. Significant occurrences like token unlocks or fresh listings on centralized exchanges may have a big impact on cryptocurrency values.
You will be in a better position to make wise selections with greater knowledge about cryptocurrency. Your ability to benefit from cryptocurrency can be increased by incorporating your knowledge into your plan.
How to Use BitQT - Step-by-Step Guide
To begin using BitQT:
1. Register for an Account on BitQT
Navigate to the BitQT website and fill out the registration form with your e-mail address, name, and phone number. An account will be created for you and then a verification e-mail sent to your inbox. Click on the e-mail and follow the link to verify your account.
2. Complete the Registration Form
Complete verification by submitting KYC documents which include a government-issued ID and a proof of address document like a utility bill. After verification, you may then choose a broker from the list of partners operating in your region. Create an account with them if you do not already have one.
3. Decide on a Trading Strategy
Your trading strategy as a beginner need not be complicated. Specify your entry level, your exit level, and your stop loss. If you have more trading experience, you may set a more complex trading plan.
4. Practice Using the Demo Account
Test your trading strategy in a demo account to ensure that it works as you intend. The demo account uses live market data so a successful trading plan in the demo mode is like the live trading mode.
5. Make a Deposit
Deposit a minimum of $250 into your brokerage account. You may deposit either USD, GBP, or EUR through bank transfers, credit card payments, and electronic wallets.
6. Set up Automatic Trading
Once you have made deposits, you will be able to access a live account. Activate the automatic trading mode and implement your trading strategy.
The entry and exit points are straightforward: price points where you open and close a trade, respectively. However, the stop loss is a price point below the entry level for buy trades where the bot will close a position if the trade doesn’t work out.
Stop-loss is a risk management tool determined by the amount of money you are willing to risk for every trade. A rule of thumb is to never risk more than 3% of your total account value on a single trade. Going by this, you should place your stop loss at a price where the loss will be less than 3% of the total value of your trading account.
BitQT Assets, Market, and Options
What Assets Can You Trade Using BitQT?
BitQT supports five major cryptos, namely Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH) and trades CFDs which pay the difference between the contract’s opening price and closing price to the party with the accurate prediction.
CFDs allow BitQT to offer more than 60 pairs for traders to profit from as the cryptos supported are paired with major currencies.
What Leverage Trading Options Are There with BitQT?
BitQT offers up to 1000:1 leverage. This is above industry limits and is not suitable for beginners as misuse could lead to significant financial losses.
What Are the Spreads on BitQT?
BitQT doesn’t specify spreads on its website. Crypto spreads are usually dynamic, depending on market volatility and the popularity of the pair. More exotic pairs have wider spreads, while common ones (like BTCUSD) have smaller ones.
Can I Use BitQT in My Country?
| Can I use BitQT in the US? | No |
| Can I use BitQT in the UK? | No |
| Can I use BitQT in Australia? | Yes |
| Can I use BitQT in Sweden? | Yes |
| Can I use BitQT in Germany? | Yes |
| Can I use BitQT in Austria? | Yes |
| Can I use BitQT in Switzerland? | Yes |
| Can I use BitQT in Denmark? | Yes |
| Can I use BitQT in Finland? | Yes |
BitQT Review - Final Thoughts
BitQT helps users trade cryptocurrencies without the hassle of technical analysis and the time commitment required for day trading.
The bot’s automated trading mode executes orders on behalf of its users, manages open positions, and implements risk management policies across positions simultaneously without much user oversight.
The platform offers several features that cater to users at various points in their trading journey.
For example, the bot’s user interface is simple enough to allow newbies to get around and use features easily, while its manual mode allows advanced traders to make significant changes to the bot’s programming, allowing it to run custom strategies.
Deposits and withdrawals are easy with the platform. Traders can deposit in USD, GBP, and EUR through popular methods like wire transfers, credit card payments, and electronic wallets. Funding is also free on the platform’s end, although service providers may charge a fee.
To begin trading with BitQT, sign up on the website.
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 BitQT review.
