Review of BitIQ

BitIQ is a Bitcoin trading system that uses artificial intelligence to suggest and place trades on behalf of its users. This review looks at whether BitIQ is legit and rates how the platform performs.
By: Pooja Kadia
Pooja Kadia
Pooja is a financial writer for Invezz. She has held the positions of Content Head at more than 7 companies. She… read more.
Updated: Aug 9, 2022
4/5 Star rating
13 min read
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BitIQ is an automated trading platform that applies mathematical algorithms to enable automated trading in crypto assets like Bitcoin. It emphasises its simplicity compared to other trading platforms; there are few features and the BitIQ app is designed to offer a straightforward trading experience for beginners and traders alike.

In this BitIQ review, we examine what BitIQ offers as a crypto trading platform and whether you can use it to trade Bitcoin successfully. We look at the various claims that have been made online about its success rate and cut through the noise to help you decide whether to sign up.

We are aware of numerous websites which use false celebrity endorsements to send customers to unregulated brokers or call centres. Our website will only send customers to partners who have provided us with the required regulatory assurances. This is a marketing offer and our regulated partners will indicate what services they have available upon registration.

Pros & Cons

Pros:

Trade Bitcoin with simple signals
No processing fees
Intuitive and accessible user interface
Easy to sign up and get started

Cons:

What is BitIQ and what can I do with it?

BitIQ is a piece of automated trading software that places Bitcoin trades for you. It uses mathematical and statistical algorithms to predict the price movements of Bitcoin and other cryptocurrencies and then automatically places trades on your behalf. The BitIQ algorithm decides which trades to make based on detailed technical and fundamental analysis.

The BitIQ app automatically executes the order to open or close a trade without any human intervention. It also claims to only charge a commission if you make a profit on a trade, which makes it stand out from the crowd of other automated trading platforms.

In addition to automated trading, the BitIQ app also offers manual trading to skilled traders. That means you can use the trading platform to find trade ideas and then place the trades yourself through your favourite broker. This can reduce the risk of using an unregulated broker, but means you might miss out if you aren’t able to be constantly active and react to trade ideas in real time.

How does BitIQ work?

BitIQ partners with regulated brokers that support trading cryptocurrency assets. BitIQ calculates trading opportunities using its advanced algorithm tools. It sends these signals to its associated brokers through an API. The broker platform then automatically places the order without the need for human intervention.

BitIQ key questions, answered!

Which brokers can I use with BitIQ?

BitIQ trading platform partners with brokers that offer CFDs in cryptocurrency trading. Research suggests that some of these platforms include UFX and 24 Option, but this information is not available anywhere on the website itself.

What cryptocurrencies are supported on BitIQ?

BitIQ is predominantly a Bitcoin trading app, but you can trade lots of other cryptocurrencies through the platform as well. Here are just a few of the options available:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)

Can I trade stocks on BitIQ?

You can use the BitIQ trading platform to trade stocks. It’s designed to place cryptocurrency trades, but it places those trades through brokers that offer lots of other assets as well. That means you can trade popular stocks like Tesla or Amazon, and currencies like USD or GBP as well.

Can I use BitIQ on mobile and desktop?

Yes. The BitIQ app is available on Apple and Android devices. You can also use BitIQ through a web browser on your phone, or as normal on your laptop or desktop computer.

Can I trade assets with leverage?

Yes. While the BitIQ website does not provide any specific details about how much leverage you can use, we have found that you can use up to 1:1000 leverage through the platform.

However, we do not recommend that beginners use leverage as this form of trading can be extremely risky. Crypto markets move fast and if you aren’t there to monitor them in real time, the volatility can cost you a lot of money. Even a small movement can result in high loss with leverage if the trade does not work in your favour. 

Can I open long and short positions with BitIQ?

Yes. You can open long and short positions with BitIQ. This means you can make money in a falling market just as you can in one where crypto prices are rising.

A long position means you buy an asset in the hope that it will rise in price. A short position is the opposite, that you are expecting the price to go down. 

What are the payment methods and withdrawal/deposit limits?

BitIQ’s minimum deposit is $250. The payment methods include Mastercard, Visa, and wire transfer. The platform enables SSL to keep transactions secure. 

There are no limits placed on withdrawals in terms of amount or time duration. A user can place a request for a withdrawal from its trading dashboard. The withdrawals are credited to your bank account and the process usually takes 24-48 hours. 

Are there any costs and fees involved?

BitIQ claims to only charge a commission if you make a profit on your trading. This is extremely difficult to verify, and it’s more likely that you may be charged a fee by the individual broker that places each trade. The trading fees can be up to 2% or more of the total trade amount.

What is the registration and verification process?

It’s easy to set up an account with BitIQ. You must provide details like your full name, phone number, and email address. Following this, you will be given a verification link on your email address and may have to speak to a customer service representative on a phone call.

What is their customer service like?

BitIQ’s customer service is available 24 hours a day to its registered members. If you are not a registered member, you can contact them through their official email address. Registered users can access their customer service through email and phone number. 

Is BitIQ legit?

There are lots of customers who have had a positive experience with BitIQ online. It may be useful as a Bitcoin trading tool or to provide an automated crypto trading platform. However, there are reasons to be sceptical about its service.

There is a lot of general information about Bitcoin and crypto trading on the BitIQ app. However, there are few specifics about how the automated trading system works. It is difficult to verify its claim that it is 99% accurate or that it has won any trade awards.

While the BitIQ crypto trading robot can be useful to trade Bitcoin or to get some ideas on trading strategy, you should be careful about trusting all of its claims.

Our research revealed that a number of sources claim that BitIQ has been endorsed by famous celebrities. However, our investigations suggest that such claims do not hold any truth. The BitIQ trading platform has not been used or publicly endorsed by any celebrity. 

To help our users find accurate information, we have carried out fact checks on three claims we encountered many different times online.

Has Jeff Bezos endorsed BitIQ?

No, there is no evidence Jeff Bezos or Amazon have ever endorsed BitIQ or are associated with the trading platform in any way.

Fact check: False. Despite rumours online, Jeff Bezos has never recommended that people use BitIQ.

Did Elon Musk create BitIQ?

Some online sources assert that BitIQ was founded by Elon Musk or that Musk is partnered with BitIQ in some way. There is no evidence for these claims and we have not found any sign of Musk commenting on or mentioning BitIQ at all.

Fact check: False. Elon Musk is not part of BitIQ or any other automated trading platform.

BitIQ key features

There are plenty of automated trading platforms that offer a similar service to the BitIQ app. Here are a couple of key features that make BitIQ stand out from the crowd.

Range of cryptocurrencies available

BitIQ is primarily a Bitcoin trading robot but can also be used to trade lots of other cryptocurrencies. You can use the same trading system to trade Ethereum, Litecoin, XRP, and many other coins.

In addition to cryptocurrency you can set up BitIQ so that it automates trading in stocks, forex, and other assets as well.

Instant trading

BitIQ claims to place trades much faster than humans and faster than other automated trading platforms. It is difficult to verify these claims, but it is true that automated trading does allow for much faster trading than doing it manually.

Automated trading can give you an edge because you might be able to place Bitcoin trades before the rest of the market. This can be particularly useful during times of rising prices as you are likely to get a better entry point than the competition.

Conclusion

BitIQ uses advanced computer algorithms to predict how crypto markets might act in the future. It then uses this information to suggest and place trades on your behalf. However, we are sceptical about some of BitIQ’s bolder claims about how successful and accurate its service is.

We would prefer there to be more detail about the trading system itself that explains how it works and why it is better than the competition. You may be able to use BitIQ for some basic automated trading and to influence trades you place manually, but you should not expect to see instant rewards and a 100% success rate.

FAQs

Is BitIQ legitimate or not?
Is it easy to open a BitIQ account?
Can I withdraw cryptocurrency from BitIQ?
Is BitIQ an MLM or Affiliate scam?
Does BitIQ really work as described?
How do I delete my BitIQ account?
How much does it cost to use BitIQ?
Who owns BitIQ?

Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

Pooja Kadia
Financial Writer
Pooja has worked with more than 120 crypto and blockchain companies along with being the founder of her educational blog, Cryptochain Sphere. When she is not… read more.

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