BitIQ review

BitIQ is a Bitcoin trading system that uses artificial intelligence to place trades automatically. This review examines 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: Oct 14, 2022
4/5 Star rating
18 min read
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This review of BitIQ asses the cryptocurrency robot and looks at what you can do with the trading platform. Our crypto experts have tested the software to see if it lives up to its claims of high success. Read on to learn if you should use BitIQ and find out if it’s legit. 

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?

BitIQ is an automated trading platform that places Bitcoin trades for you. It uses mathematical and statistical algorithms to predict the price movements of Bitcoin and other cryptocurrencies. The trading software then automatically places trades on your account. 

The BitIQ app automatically executes the order to open or close a trade without human intervention. It also claims only to charge a commission if you make a profit on a trade, which makes it stand out from the crowd from 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 crypto trading platform to find trade ideas and place the trades yourself through your favourite broker.

BitIQ summary

FeatureBitIQ
Supported cryptocurrenciesBTC, ETH, XRP, BCH, LTC
FeesNo fees
Success rate95%
Minimum deposit$250
Mobile app?No
Withdrawal speed24-48 hours
Demo account?Yes
Leverage availableYes. 1:1000
Customer supportYes
Verification requiredYes
See more BitIQ features

About the BitIQ platform

How does BitIQ work?

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

What assets and products can be traded on BitIQ?

The BitIQ trading software is predominantly a Bitcoin trading app, but you can also trade many other cryptocurrencies through the trading platform. Here are just a few of the options available.

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

How much does BitIQ cost to use?

On the BitIQ trading robot website it states the softare can be used without charge. However, to use the Bitcoin bot you will need to create an account with one of its partner brokers and make a minimum deposit of $250.

BitIQ’s partner brokers charge commissions each time the robot makes a trade in your account. Our research indicates you will be 2% for each trade made in your trading account platform.

What are the payment methods accepted by BitIQ?

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

  • Credit card
  • Debit card
  • Bank transfer
  • Bitcoin

Is there a BitIQ app for both mobile and laptop computers?

Yes, a BitIQ app can be downloaded on both Apple and Android devices. If you do not wish to use the BitIQ app, you can use the software through a web browser on your smartphone or tablet. The BitIQ trading robot can also be used on your laptop or desktop computer. 

BitIQ key features

The BitIQ crypto trading robot has many features that can help you understand the potential of the software. Here are some of BitIQ’s key features that benefit users the most. 

For all levels of experience

BitIQ is designed to suit the requirements of all types of cryptocurrency trader. Its easy-to-use dashboard means even the most novice traders can quickly start using the automated software. Experienced cryptocurrency traders can get to grips with the platform in no time. 

Demo trading

You can use BitIQ in simulation mode. This allows you to test out the robot and play around with its settings without worrying about losing funds. Demo trading is the best way to get to grips with the automated software before using it on a real money account to test out a trading strategy. 

Other assets available including trading forex

BitIQ is mainly used for Bitcoin and other cryptocurrencies; however, there are multiple reports from users of the software that it works very well on other assets. You can use the crypto bot for trading forex or trade stocks like Apple, Microsoft, or Tesla. 

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.

Can I trade assets with leverage?

Yes, while the BitIQ website does not provide specific details about how much leverage you can use, we have found that you can obtain 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 tiny movement can result in a 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 the BitIQ crypto trading robot. This means you can make money in a falling market, just as 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. 

How do I get paid? What about payouts?

There are no limits placed on withdrawals in terms of amount or time duration. Users of the crypto trading software 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. 

What is BitIQ’s 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 numbers. 

Safety and security

Is BitIQ safe to use?

BitIQ appears to be safe to use. The crypto trading software uses SSL encryption and anti-virus and anti-phishing measures in place to keep users safe. It also uses regulated brokers who have licences from well regarding authorities such as CySEC. 

Is BitIQ regulated?

BitIQ is not regulated itself. It’s a trading software that connects to brokerage accounts via an API. The cryptocurrency trading platforms it connects to are regulated by authorities such as CySEC and other European regulators.

Is my money protected on BitIQ?

When you use BitIQ you do not deposit any money with the trading software. Rather, you deposit funds with its partner brokers. Many of its recommended brokers are regulated by CySEC, and some also offer compensation schemes. In some cases, it is possible to claim back your money if the broker you use goes out of business. 

Who owns BitIQ?

On the BitIQ bitcoin trading robot website there is no information about who owns the software. The only information online regards speculative claims about Elon Musk being the founder of BitIQ. However, when our team of researchers tried to validate these claims, there was no evidence to support them.

Our research did discover that BitIQ was created by a team of software developers and cryptocurrency traders who for privacy reasons, wish to remain anonymous. This is very common for bot developers, especially in the cryptocurrency space, where privacy is an important factor.

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.

How to start trading with BitIQ

Step 1. Create an account with BitIQ

Visit the homepage on the BitIQ website and fill in the form to create an account. You only need to provide basic information such as your name, email address, and telephone number, so the sign-up is very quick.

Step 2. Make a minimum deposit of $250

BitIQ will recommend which cryptocurrency broker you use. Just follow the instructions and create an account with the trading platform before making a minimum deposit of $250. You will be able to use fiat currencies when making a deposit from your bank account.

Step 3. Set up your BitIQ trading system

Once your account is created, it is time to set up the BitIQ trading system. You can change lots of its settings, so make sure you take the time to play around with its features.

Step 4. Adjust risk management settings

The most important part of the setup process is to adjust the risk parameters for the BitIQ trading system. The cryptocurrency market is very volatile, and prices can change in an instant. Its recommended you keep your risk low. 

Step 5. Start investing with BitIQ

Use the demo feature or head directly to real trading to start trading on your crypto platform. Put in your risk criteria and let the Bitcoin trading system start making trades on your account.

 

Our research revealed that several sources claim that BitIQ has been endorsed by celebrities. However, our investigations suggest that such claims do not hold any truth. 

The BitIQ trading platform has not been used for live trading or publicly endorsed by any celebrity to trade crypto. 

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

Is it true that Jeff Bezos endorsed BitIQ?

No, there is no evidence that Jeff Bezos or Amazon have ever endorsed BitIQ or is associated with the trading platform, nor has he used it to trade crypto.

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

The hit US TV show Shark Tank has never recommended BitIQ. The cryptocurrency trading robot has never been featured on an episode of Shark Tank. 

Fact Check: False. Some online users have claimed that Shark Tank has featured BitIQ, however, our research suggests that this is false. 

Did Elon Musk create 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.

Is there a BitIQ alternative?

BitIQ is just one of many cryptocurrency trading robots. If BitIQ isn’t for you, then you can check out some of the suggestions below. 

  • Oil Profit does not focus on the cryptocurrency market; rather its trades commodities like oil, gold, and silver. 
  • Immediate Edge finds opportunities for trades in the whole cryptocurrency market. It’s one of the most popular robots around. 
  • Bitcoin Motion is one of the best crypto trading systems for speculating on the changing Bitcoin price. 
  • Ethereum Code is one of the few crypto trading robots that trade coins operating on the Ethereum blockchain, particularly ETH. 
  • Bit Index AI uses artificial intelligence to identify profitable trading opportunities and send them to partner broker platforms automatically.

Our top robot trading tips for beginners

  1. Familiarise yourself with trading. Even if you plan on only using a cryptocurrency trading robot, it is helpful to familiarise yourself with how trading works. Trading can be complicated, but there is lots of helpful information online to get you started. 
  2. Understand cryptocurrency space. The cryptocurrency market is diverse and volatile. Understanding the space is a good way to get a head start. It’s especially important to look at the Bitcoin market in particular before opening a trading account.
  3. Practice with a demo account. When you start using a crypto trading bot, practice with it on a demo account. This way, you won’t risk any of your money until you know it works for you. 
  4. Start small and build gradually.  Don’t go all in right away. Make sure you take small steps and build your equity as you go along. As time passes, you can always up your risk when comfortable. 
  5. Only invest what you can afford to lose. It goes without saying never to risk more than you can comfortably afford to lose. That is certainly the case for crypto robots which are often very volatile. 

Our final verdict on BitIQ

The BitIQ platform 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 the BitIQ platforms 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.

If you are interested in using the crypto trading bot, our recommendation is that you create an account to use in simulation mode before risking any money. A lot can go wrong with crypto robots and it’s always safest to practice in a demo before you begin trading.

Methodology: how we scored this BitIQ review

All of the reviews on our website follow the same process. When our experts reviewed BitIQ they first created an account, before making an initial deposit. Next, the robot was set up and certain settings were adjusted before allowing it to automatically place trades. 

To complete our BitIQ review we always conducted in-depth online research into its reviews from other users. We also made other tests whereby we contacted customer support to rate how satisfactory it was. 

Following our research and analysis of the trading platform, we used the information gathered to provide our final verdict. Every review on our website is unbiased, no software or trading platform can influence our decision, however on certain occasions, we may receive an affiliate commission if you click on a link on this page.

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?

Sources & references
Risk disclaimer

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.