www.banklesstimes.com
HomeRobotsA comprehensive review of BitIQ - Is it Legit?

An Honest BitIQ Review in 2022

Last updated 7th Sep 2022
Disclosure
Visit site & Sign up

BitIQ trading robot is one of many automated trading platforms for inexperienced traders who have never used a crypto broker, exchange, or other crypto trading robots before. BitIQ reportedly uses artificial intelligence, machine learning, and algorithms to speculate on the crypto market, making trades on your behalf. Users can buy and sell Bitcoin CFDs, Ripple CFDs, Ethereum CFDs, Litecoin CFDs, and other popular assets. In this BitIQ review, we’ll be covering the platform's advantages and disadvantages, deciding whether this Bitcoin trading robot is a scam or legit.

Introduction

BitIQ is a crypto trading software that offers users profits through automated trades. BitIQ works like other crypto 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 profit on fluctuations in the cryptocurrency market.

Users do not need much experience to use BitIQ. This crypto trading robot ensures anybody can use its service. However, do not trust BitIQ trading 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.

What is BitIQ?

BitIQ is an automated arbitrage trading software and is one of many trading bots promising easy profits via automated trades. BitIQ works like other crypto 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 profit on fluctuations in the cryptocurrency market.

Users do not need much experience to use BitIQ. This crypto trading robot ensures anybody can use its service. However, do not trust BitIQ trading 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.

BitIQ Overview

🤖 Robot Type:Bitcoin Robot
🔑 Official BitIQ website?
💸 Minimum Deposit:$250
✅ Is It a Scam or Legit?Legit
🚀 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
📊 Leverage:3000:1
📱 Native Mobile App:No
🖥️ Free Demo Account:Yes
🎧 Customer Support:Email
✅ Verification required:Yes
🔁  Automated Trading:Yes
BitIQ - Visit Now

Pros and Cons of Using BitIQ trading robot

Pros

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

Cons

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
BitIQ is missing features for advanced traders such as price trend analysis, technical analysis and others.

Who is The BitIQ Owner?

Finding specific information on the owners of BitIQ was not easy since there are several other 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. The platform generates signals from big data, including breaking news and historical price charts. BitIQ provides all the tools and resources needed to help users make more successful trades.

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 a trading account and get started on the platform.

  1. 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 less than a few minutes to complete.

  1. Deposit Funds

BitIQ has a minimum deposit requirement of $250. Follow the onscreen instructions to deposit funds using your preferred payment method.

  1. Trade

Once all the previous steps are complete, the robot is now 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 BitIQ trading robot?

BitIQ trading platform account-holders can trade cryptocurrency contracts for the most popular cryptocurrencies. However, users do not own and cannot spend the underlying asset. Some of these assets include:

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.

Get Started with BitIQ

What Leverage Trading Options are There?

BitIQ does not have any leverage trading information on its website. Typically, cryptocurrency 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. These leveraged will not be as generous as unregulated brokers, but you’ll avoid falling into huge debt. Finally, remember, even if a crypto trading bot promises easy profits, there’s no guarantee you will make any money.

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 trading forex and stock market trading is not available with BitIQ.

Fees, Limits, and Payment Options on BitIQ

How Much Does BitIQ trading robot Cost?

The BitIQ trading bot is free to use however, the minimum deposit to start live trading is $250. The platform charges a 2% commission fee on profitable trades.

The 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:

  • Credit card

  • Debit card

  • 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 request.

BitIQ Trade Sizes And Limits

BitIQ has a minimum trade of $250 and no maximum trade limit.

Register with BitIQ

BitIQ Trading Platform

How Does BitIQ Work?

BitIQ works by reportedly using trading signals and algorithms to speculate on the cryptocurrency market. The platform claims to have built-in AI and machine learning that places trades according to your set parameters and stop-loss limits. However, users can also trust BitIQ to make trades according to its indicators. BitIQ trading 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 regulated 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. BitIQ trading system only works on web browsers.

You can use BitIQ on the following devices:

  • Computer

  • Laptop

  • Smartphones (iOS and Android)

  • Tablets

What Exchanges and Brokers Does BitIQ Partner With?

BitIQ does not have any information regarding brokers until you create an account. The platform does partner 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 BitIQ Trading 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.

CountryIs BitIQ available?
Can I Use BitIQ in the UKNo
Can I Use BitIQ in CanadaYes
Can I Use BitIQ in AustraliaYes
Can I Use BitIQ in USANo
Can I Use BitIQ in South AfricaYes
Can I Use BitIQ in New ZealandYes
Can I Use BitIQ in PhilippinesYes
Can I Use BitIQ in UAEYes
Can I Use BitIQ in SingaporeYes
Can I Use BitIQ in FranceYes
Can I Use BitIQ in SpainYes
Can I Use BitIQ in ItalyYes
Can I Use BitIQ in GermanyYes
Can I Use BitIQ in NigeriaYes
Can I Use BitIQ in MexicoYes

Is 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.

  • English

  • Danish

  • Portuguese

  • Spanish

Sign up now with BitIQ

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 platform reportedly uses artificial intelligence to execute trades without your input. In addition, account-holders 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 charts to keep users up-to-date with the price of popular cryptocurrencies.

While BitIQ offers a smooth crypto trading process, and is easy to use, account-holders should not expect to profit. Crypto trading bots are simplified to entice users, but they never usually work. While adding your own parameters will limit how much you lose on Bitcoin trading bots, you should not trust them to make money in the crypto market. The best traders are well-versed in trading techniques and have a deep understanding of how the market works.

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 of 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 Trading Robot

BitIQ’s top features help you shape your cryptocurrency trading strategies and include a demo account, 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 platform only acts in their best interest.

Demo Account

All cryptocurrency trading bots offer a demo service so users can practice safely without losing their deposit. Users can access BitIQ’s demo trading account after adding funds into their account. Demo accounts are essential to learn how the bot works before enabling live trading.

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 a traditional free personal account manager you get with a crypto broker.

News Trading

The trading algorithm on BitIQ monitors the markets for optimal trading opportunities. Since the bot can react faster than humans, there is a greater potential for profit. The algorithm is constantly on the lookout for market-moving news to provide users with speedy profits.

Trading with BitIQ: Security And Regulation

Is BitIQ Legit?

BitIQ is legal in most of the countries where cryptocurrency 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 regulation, so make sure you check with the appropriate authorities as well before you sign up.

BitIQ - Visit now

Am I and My Money Protected with 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 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 profitable 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 profitability. However, ensure you confirm the availability of your preferred asset before signing up for a trading account.

Arbitrage Trading

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.

News Trading

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 make quick profit.

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 them 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. Crypto robots typically don’t utilize any of these strategies, nor do they use AI to help you make trades. Based on our previous reviews, we believe these claims are highly exaggerated and should be taken with a pinch of salt.

Extra Information About 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 trading 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.

Customer Support

BitIQ Customer SupportDetails
BitIQ support email
BitIQ support contact numberNot available
BitIQ live chat optionNo
BitIQ other support options…None

Demo Account

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 profit you can generate from it.

How to Get Started with BitIQ

The account setup process is very simple. Follow these steps to get started with BitIQ trading.

Step 1 - Register for BitIQ account

To begin trading , go to BitIQ website and fill out the registration form with your name, email, and phone number. Confirm your email address by following a link sent to your inbox.

Step 2 - Verify your identity

Complete a KYC questionnaire with an advisor from your paired brokers. You’ll then need to pay the minimum deposit before you can open your BitIQ account and begin trading.

Step 3 - Practice on a demo account first

Once verified, navigate to the BitIQ website again, login and practice with virtual funds in the demo mode until you understand the ins and outs of BitIQ. Then, when you feel comfortable, head to the normal version of the crypto trading robot to start live trading.

Step 4 - Set trading parameters

Change your parameters, set up your stop-loss limits to make sure the bot trades according to your trading strategy and standard crypto trading procedures.

Step 5 - Enable live trading

Once you're ready to begin trading live, enable live trading session and watch your earnings. Make sure to adjust your cryptocurrency trading strategies to make sure you stay in profit.

Begin Trading with BitIQ

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 cryptocurrencies with BitIQ is a very straightforward process. Below, we take you through the steps to get you started, using Bitcoin (BTC) as an example.

  1. Create a trading account by providing your personal details such as name, email address, and phone number.

  2. Deposit $250 by following the on-screen instructions using your preferred payment method.

  3. Select Bitcoin and customize the BitIQ parameters to meet your requirements.

  4. 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:

  1. Visit the brokerage platform’s website and sign in to your account.

  2. Click withdraw funds and choose the payment method you want to use.

  3. Enter the amount of money you wish to withdraw and click confirm.

  4. 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.

BitIQ Celebrity/Company Endorsements

There is a lot of speculation online that celebrities have endorsed BitIQ. However, we were not able to confirm these claims. We have listed our findings below.

Is Elon Musk Related to BitIQ?

Elon Musk is the CEO of Tesla and SpaceX who has famously revealed his support for cryptocurrencies. However, we were unable to find concrete evidence for his backing of BitIQ.

Is Jeff Bezos or Amazon Related to BitIQ?

No. Jeff Bezos is an American billionaire most famously known for being the CEO of Amazon. Based on our research, Bezos has not endorsed BitIQ and is not affiliated with the platform in any way.

Is Tesla Related to BitIQ?

No. Tesla owns some Bitcoin but is not affiliated with BitIQ in any way. Claims made online about this are completely false.

Has Idris Elba endorsed BitIQ?

There are some claims online that Idris Elba has endorsed BitIQ but we were not able to confirm these statements in our research. Any such claims seem to be false.

Is Connor McGregor Related to BitIQ?

Connor McGregor is a famous UFC fighter who is claimed by some to have endorsed BitIQ. We found no evidence in our research to back these claims.

BitIQ In the News

There are reports online about BitIQ being featured in mainstream media. These claims seem to be fabricated and so we advise caution.

The Mirror: Claims made about The Mirror endorsing the BitIQ trading robot are false.

CNN: CNN has not endorsed the BitIQ trading bot and there is no evidence to back such claims.

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?

There are several positive testimonials on Reddit regarding the service provided by BitIQ. Many users have praised the user-friendly features and the highly profitable algorithm.

What Are The Top BiqIQ Reviews on Trustpilot?

Like Reddit, Trustpilot is a social platform where users can leave reviews on the products and services they have used. Based on our research, many users seem to be happy with the platform's features and the reliability of the risk management tools. It is recommended that all users make use of the stop-loss and take-profit feature to maximize gains and minimize losses.

What to consider when starting with BitIQ

Here are some tips to help you when trading cryptocurrencies on the BitIQ platform:

  • Take the advice of your CySEC-Licensed broker

  • Start with a demo account and then make the minimum deposit

  • Withdraw your profits early

  • Check your account daily

  • Only invest what you can afford

  • Do your own research

Is there a BitIQ alternative?

Yes, there are many more crypto robots available. If you don't want to use BitIQ, check out some of our other reviews:

Crypto RobotMinimum DepositRead our review
Quantum AI$250Read our Quantum AI review
Bitcoin Evolution$250Read our Bitcoin Evolution review
Immediate Edge$250Read our Immediate Edge review

Final Thoughts on BitIQ App

Based on this BitIQ review, we cannot 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 who offers CFD trading, competitive margin options, and transparent policies.

FAQs

Do I need any crypto trading knowledge to get started with BitIQ?
Are there any risks with using BitIQ?
Does Elon Musk or any corporations (like Tesla) use BitIQ?
BitIQ celebrity and media endorsements, is it all true?
My BitIQ account is frozen, what can I do?
How much profit can I make with BitIQ?
Are there any hidden fees with BitIQ?
What to do if you're losing money with BitIQ?
How to stop receiving BitIQ spam emails?
Is BitIQ a scam and a pyramid scheme?
Can BitIQ be trusted?
What are crypto robots?
Danny Maiorca

Danny Maiorca

Danny is a freelance writer specialising in technology and finance. Prior to working for himself, he spent several years working within those sectors in London. Since then, Danny has relocated to Denmark.