BitQT Review 2022 - Honest Review by Trader

BitQT
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BitQT is a crypto trading bot that automatically buys and sells bitcoin on behalf of its users. Once set up, its AI-powered software executes trading strategies without human intervention.

Traders globally view trading bots as a way to transform trading into a passive income stream.

Our BitQT review dives into the trading bot, how to use it, its pros and cons, factors to consider before using it, whether or not it is legit, and how to get started.

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

Yes. KYC

Regulations

Cyprus Securities Exchange Commission (CySEC)

Table of Contents

What Is BitQT?

BitQT is a trading bot that runs on smart algorithms that scan crypto market data for distinct patterns, conditions, and correlations between different aspects of price. It then uses these insights to predict the market’s behaviour.

Users who enable automatic trading can get the bot to automatically execute trades that have a high enough chance of profitability.

Who Created BitQT?

As with many crypto-centric projects, the founders of BitQT are unknown. However, popular anecdotes point to a team of traders who wished to automate their trading process and increase their efficiency to compete with institutions.

The story claims that the traders worked with software developers to write an algorithm that trades like a professional and build a bot that executes trades at lightning speeds.

How Does BitQT Work?

BitQT uses AI algorithms to study large price data sets and spot recurring patterns and trends. It also analyses the relationships between certain technical variables, like volume, momentum, and price action and then uses its insights to execute trades that have a high success probability

The trading bot executes crypto trades using contracts for differences (CFDs), financial derivatives that track the price action of underlying crypto. With CFDs, traders do not need to own the underlying coins to benefit from their price action.

And because they do not buy the coin, they can use leverage facilities to magnify the result of their trade. Traders can also trade no matter what direction cryptos move in, creating more profit opportunities.

The trading bot connects to a third-party broker to execute trades and relays trade instructions via their trading terminal. For example, at an appropriate price point, the bot will send instructions to the broker to buy BTC and send another to sell when the price has appreciated to a predetermined level.

This partnership between the bot and brokers ensures that user funds are kept on a separate platform with extra security features, as all of BitQT's partners are CySEC-regulated.

Users who wish to withdraw can do so within 24 hours by filling out a withdrawal form.

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Pros & Cons

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 might be a barrier for some individuals
  • Several competitors do not charge a commission

BitQT Key Features

High Trade Success Rate

The BitQT algorithm has gone through extensive upgrades over the years. It is now a sophisticated algorithm that is sensitive to price trends and consistently reacts profitably. Third-party reviews place its success rate at around 90%.

Easy and Quick Withdrawals

The crypto trading platform enables you to withdraw your funds anytime you want. You get your payment within 24 hours of filling out a withdrawal form.

Customer Support

BitQT has a customer service team on standby to help with any issues or help users set up their accounts. They are reachable via email and live chat.

Transparent Fee Structure

The BitQT trading software is free to use. There are no hidden account charges. You only get charged 2% on profitable trades.

Number of Cryptos Available

BitQT supports over 14 cryptocurrencies and trades several CFD pairs that are derived from the underlying cryptos.

Demo Mode

The demo mode is effective for users who wish to test the bot before committing funds. Seasoned users can also use it to analyse and refine trading strategies before deploying them with real cash.

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 assigned a score out of five for each category.

Verification System: 4/5

All new accounts must be verified. You’ll need ID documents like a driver’s licence and a utility bill or bank statement to verify your account after registration.

Costs and Fees: 5/5

With traditional Bitcoin trading services and platforms, you have to worry about costs like commissions, withdrawal fees, and fund storage charges. That's not the case with BitQT as it offers a completely free trading experience with no hidden costs aside from the 2% commission.

Deposit and Withdrawal Limits and Methods: 4/5

To begin using BitQT, you’ll need to deposit a minimum of $250. You can deposit using credit cards and bank transfers. There are no withdrawal limits.

Payouts: 4/5

Payouts occur relatively quickly, usually within 24 hours of a request. All you need to do is fill out a withdrawal form and wait for your funds to hit your brokerage account.

User Testimonials: 4/5

Independent third-party reviews are a reliable way to gauge service delivery. BitQT has hundreds of positive user testimonials across different platforms that endorse it as a reliable trading bot. This shows that individuals have used the trading bot to consistently earn profits.

Customer Service: 5/5

Customer support on BitQT is available via email and live chat. Agents are on standby to help set up your account and fix any issues you may face.

Affiliated Brokers: 4/5

When registering for a BitQT account, you can choose from a list of affiliated brokers. These brokers are established and regulated with a long-standing reputation in the cryptocurrency market.

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 Legit?

Since BitQT is an automated trading bot with multiple claims about profitability, we needed to ensure it is legit.

Real Satisfied Users

We found genuine reviews from hundreds of people who have successfully used BitQT to trade in the last couple of years. According to the reviewers, it may take a couple of weeks to get familiar with the platform but patience and consistency can lead to sustainable profits.

Accessible Customer Service

We reached out to the customer service of BitQT on three different occasions and we were able to connect with a customer representative every time. We found their answers satisfactory and were treated in a hospitable manner.

According to our findings based on researching online reviews and testimonials, it appears to be a reliable trading bot and is easy to use for new traders.

Is BitQT Safe?

BitQT is as safe as a trading bot could be. Client funds remain safe as they reside in a third-party broker. You can also set stop losses with your broker to implement proper risk management.

So far, there have been no reports of data breaches or loss of funds due to security gaps.

5 Reasons to Use BitQT for Trading

Here are some reasons to use BitQT for trading:

Trade Without Emotion

BitQT will execute a set strategy as laid out. The bot isn’t affected by negative sentiments, it does not have to drum up the willpower to be disciplined in a bull market nor hold on to certain pairs because it is secretly rooting for the project. Bot trading is based on maths, hard data, and strategy.

Trade 24/7

BitQT runs 24/7. It does not tire or become disoriented, so you can run your strategy even while asleep. And because crypto markets are always open, you have more opportunities to make a profit.

Trade Faster

BitQT can set and execute orders within a fraction of a second. It can spot trends and patterns that may elude the human eye and process more price data in a few seconds than a human could if given a week.

Manage Risk

You can implement strict risk management policies to mitigate loss while maximising profit. And because you can test a strategy’s success rate with a demo account, you can calculate your profit before trading.

Full Customisation

BitQT is programmable. Advanced users can change the bot’s setting to perform specific tasks that may not have been pre-programmed in the automated mode. They can also develop and deploy complex and intricate trading strategies.

Best Way to Trade With BitQT

If you're new to BitQT, the best way to start trading is with a demo account. Demo accounts allow you to familiarise yourself with the UI in a risk-free environment and test your investment and trading strategies without putting real money on the line.

Once you are familiar with the UI, move on to using the automated mode. The auto mode requires you to provide your trading preferences and define certain limits. Don’t forget to specify your stop loss and take profit limits that will allow you to manage your risk, especially if you intend to use leverage.

After setting your limits, ensure your strategy works as intended by using the demo account. If everything works well, you may initiate live trades in the automated mode.

Has BitQT Ever Appeared On TV?

BitQT has been the subject of several internet rumours. Some of these rumours proposed that the algorithm was pitched on investment shows in the UK and US to secure funding. We fact-checked the rumours to find out whether there is any truth to them.

Dragons Den

With guests like Debora Meaden, James Caan, and Peter Jones, Dragons Den is a popular venture investment show in the UK. And while the show has hosted many innovators and technology startup founders, BitQT never featured.

Shark Tank

Similar claims were made online that the algorithm was pitched on Shark Tank, a US version of Dragons’ Den. We didn't find any episode that features the algorithm.

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Has BitQT Ever Been Endorsed by a Celebrity?

Rumours floated on the internet that the trading bot is endorsed by major celebrities known to back technology startups, especially cryptocurrency projects. Once again, we got to work to find out whether these claims hold any truth.

Elon Musk

The richest man in the world and founder of forward-thinking startups like Tesla and SpaceX was said to be backing BitQT. Once again, our assessment reveals that while he is a big fan of decentralised projects, Elon Musk did not officially endorse BitQT.

Richard Branson

The Virgin Group founder, and global entrepreneur, has always been a major supporter of cryptocurrencies like Bitcoin. However, no evidence shows that he is backing BitQT.

Mark Cuban

The dot com billionaire and highly regarded investor on Shark Tank, Mark Cuban, was also rumoured to have invested in BitQT. However, our thorough assessment of the show as well as Mark Cuban’s social media profiles shows no evidence that backed or endorsed the trading bot.

Jeff Bezos

Jeff Bezos is the founder of Amazon and the current richest man in the world. He has shown some support for cryptocurrency as Amazon gears up to accept Bitcoin as a payment method on the e-commerce store. However, he has never spoken of or 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

Many new investors make the mistake of putting all of their money into a single trade, which is very risky. The first rule of trading is to never use more than you can afford to lose. This way, if a trade doesn't work out in your favour, it will not compromise your financial situation. 

Keep a Record for Tax Purposes

One of the smart things to do for all traders and investors is to keep a record of their trades including the amount of capital investment as well as profits earned for tax purposes. This will enable you to know how much money you have made using BitQT, allowing you to calculate the tax you owe to the government. Remember that different countries have different crypto tax laws.

Only Invest What You Can Afford To Lose

Many investors, especially those just starting, get carried away and put all or most of their savings into trades. Make sure that whatever amount you invest does not put you at financial risk if the trade does not go in your favour. Always make informed decisions based on facts and analysis to minimise your risk as much as possible.

Save Some Profits

While it is tempting to put all of your profits back into trades when you are on a roll, it's hardly a smart trading strategy. When trading, it is recommended that you make a habit of saving a certain percentage of your profits. For instance, you can set aside 50% of your profit to ensure you don't lose all of your money if the next trade isn't favourable.

Follow Expert Advice

If you want to become serious about Bitcoin trading, you need to keep up with news and developments in the space. Subscribe to major crypto blogs and read what credible and trustworthy analysts and cryptocurrency gurus predict. Consider this information when developing personalised investment strategies to increase your chances of success.

Learn About the Cryptocurrency Market

Take the time to learn more about the crypto market. Major events like token unlocks or new centralised exchange listings could significantly affect crypto prices. Learning more about crypto puts you in a better position to make profitable decisions. You can incorporate your knowledge into your crypto strategy to increase your profit potential.

How to Use BitQT - Step-by-Step Guide

To begin using BitQT:

1. Register for an Account on BitQT

The first phase of registering for an account requires an email address and a phone number. After creating the account, you’ll need to submit KYC documents like an ID and proof of address.

2. Complete the registration form

While registering, BitQT will refer you to a partner broker. You’ll need to sign up for an account with one of them if you do not already have one. Similarly, you’ll need an ID card and proof of address document. However, some brokers may require proof of your source of funds.

3. Decide on a trading strategy

This is where you can try new strategies, use already existing ones, or develop yours. Strategies usually start with an entry price, an exit price, and a stop loss.

4. Practice using the demo account

Ensure your strategy works by first testing it in the demo account. With a demo test, you use real market data to train the algorithm to execute your strategy effectively.

5. Make a deposit

Deposit funds into your account to begin trading. The minimum deposit is $250 sent to the third-party broker. Check the broker’s deposit methods and limits for more accurate details on what payment channels are available to you.

6. Set up automatic trading

Setting up automatic trading involves formulating values for the key parameters in your strategy. Every strategy has an entry point, an exit point (also called take profit), and a stop loss.

The entry and exit points are pretty straightforward: price points where you open and close the 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 policy 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 Review - Final Thoughts

BitQT helps users automatically trade Bitcoin and other cryptos. The software is powered by AI algorithms that analyse price data to find recurring patterns and relationships between market variables. It then executes winning trades when these patterns are repeated in the market.

Before jumping in, ensure you are comfortable with their processes and limits. For example, the minimum you can deposit is $250, and a 2% commission is levied on profitable trades.

To open an account, sign up on their registration page and verify your account. Decide on a strategy, deposit your funds, and turn on the automated mode. For more details on how to get started with BitQT, read our how-to-use BitQT section.

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.

Frequently Asked Questions

Will I need to learn about trading to invest with BitQT?

While being informed about the trading and cryptocurrency market isn't mandatory, it can help you make informed trading decisions. That being said, a new trader can also rely on the automated mode to invest in cryptocurrencies.

How much money can I earn in a single day using BitQT?

Profitability depends on the amount of capital deployed and the trader's experience level.

How much time do I need to invest?

BitQT doesn't demand attention. All you need to do is set your preferences and let the bot do its work. However, you'll need to check in periodically to ensure the bot works properly.

How can I withdraw my profits on BitQT?

Submit a withdrawal form and wait for your payment to arrive. Processing time is usually 24 hours.

Can my BitQT account get hacked?

That is highly unlikely. BitQT reportedly implements advanced security measures like SSL encryption to ensure that all communication between you and the platform is encrypted.

How long will it take to sign up and verify my account on BitQT?

The signup and verification process on BitQT is quite easy and quick to complete. You will need less than half an hour to get going.

Can I practice my trading risk-free on BitQT?

Yes. You can rely on the demo account to familiarise yourself with the trading bot and test investment strategies risk-free.

What does BitQT do?

BitQT is a trading bot that automatically buys and sells crypto on behalf of its users. It uses an algorithm to spot patterns in price trends and profits from them.

Is there a BitQT app?

Unfortunately, there is no native BitQT app. It is still an MT4 platform.

Can you make money with BitQT?

Yes. You can make money with BitQT as the platform provides the necessary software to deploy sound strategies.

What is the cost of BitQT?

The platform is free to use. The only cost is a 2% commission levied on profits. You are not charged if you do not make a profit.

Disclaimer: All testimonial photos are stock imagery and do not represent the people behind the feedback.