BitIQ Review – Scam or Legit?

BitIQ is a Bitcoin trading robot that says it can help users trade profitably on 14 of the most popular cryptocurrencies. The platform claims a win rate of up to 90% and only charges a commission if your account makes money.

So, is BitIQ right for you? In our BitIQ review, we’ll cover everything you need to know about this crypto robot and attempt to answer the question: is BitIQ a scam or legit?

BitIQ Summary

Let’s start our BitIQ review with an overview of the key things you need to know about this trading robot:

Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.

What is BitIQ?

BitIQ is a trading robot that trades cryptocurrencies automatically on your behalf. With this robot, you can set up an account and then sit back as the platform finds trades and executes them for you.

The platform’s trading is apparently based around its sophisticated AI algorithm. The algorithm is able to trade at a success rate up to 90% under the right market conditions. On average, BitIQ claims a daily return on investment of 25%.

BitIQ is designed to be usable by both crypto beginners and advanced traders alike, according to the creators. Beginners can take a hands-off approach, while more experienced users can dive into the platform’s settings to customize how it trades under different market conditions.

You can start using BitIQ for free. The platform doesn’t charge account fees, and the only cost is a 2% commission on profits. If your account doesn’t make a profit, the website says you don’t pay anything. You must make a $250 deposit to get started with BitIQ.

We couldn’t verify all the claims made on the platforms website, so bear in mind there’s a risk you may lose your money if you choose to use to trade crypto.

Who is the BitIQ Owner?

It is not exactly clear who is the BitIQ owner since there exists conflicting information on different websites and limited information on BitIQ itself.

The firm is said to be owned by a trading software provider with several years of experience in the trading services industry.

Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.

BitIQ Pros & Cons

Pros:

• Can supposedly trade 14 different cryptocurrencies
• Claims an average daily ROI of 25%
• Says you only pay if you make a profit
• Apparently user friendly
• No trading experience needed

Cons:

• Claims were not verifiable
• Requires a $250 minimum deposit
• Unavailable in certain locations
• Poor customer reviews on TrustPilot

Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.

How Does BitIQ Work?

BitIQ’s trading system is built around an AI algorithm. The algorithm scans the crypto markets looking for price patterns that it has seen in the past. Once it finds a price pattern it recognizes, the algorithm continues monitoring it until there is a defined trigger to buy cryptocurrency.

Once a trigger is met, the algorithm uses money in your trading account to enter a trade. The algorithm then follows the trade progression until an exit signal is identified. At that point, BitIQ’s algorithm will automatically close out your position and return any funds, including profits, to your trading account.

Importantly, BitIQ is just a trading system, not a brokerage. Your trading account is held by a  crypto broker that works with BitIQ, so bear this in mind.

On What Devices Can I Use BitIQ?

There is no dedicated BitIQ app but account holders can access the platform via a web browser. That includes on mobile devices, PCs and tablets.

Which Exchanges and Brokers is BitIQ Partnered With?

BitIQ does not provide information about which brokers it is partnered with until an account is created. The trading platform is allowed in any location where CFD trading is allowed.

We were unable to verify which brokers are regulated so it is best to contact that broker directly – it is also advisable not to trade with unregulated brokers.

Can I use BitIQ My Country?

BitIQ is only legal in countries where cryptocurrency and CFD trading is allowed. See the table below for some select countries:

How Much Profit can be Made from BitIQ?

BitIQ is a trading bot that automatically executes trades based on data it receives from the markets. It remains best practice to monitor the activity to best manage your holdings.

While BitIQ claims a 90% win rate and a 25% daily return on investment, we could not verify these claims. Furthermore, losses are inevitable and beginners should not invest more than they can afford to lose.

The BitIQ robot also deducts 2% of profits and investors will also need to report profits to the relevant tax authorities.

BitIQ Key Features

Let’s take a look at some of the key features of this trading platform as part of our BitIQ review:

14 Supported Cryptocurrencies

One of the features that differentiates BitIQ from other crypto trading robots is that it doesn’t just trade Bitcoin. In fact, this robot is capable of making trades across 14 different cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Bitcoin Gold, ZCash, Dash, Ethereum Classic, Cardano, IOTA, EOS, NEO, Binance Coin, and Ripple.

Each of these cryptocurrencies can be traded against USD, GBP, EUR, and other fiat currencies, as well as against each other. So, BitIQ has dozens of different markets to trade. That ensures that there’s always a trading opportunity for the algorithm to pursue.

Claimed 90% Win Rate

BitIQ claims that its algorithm can achieve a success rate of up to 90% under the right market conditions. That means that out of every 10 trades the algorithm opens, 9 are supposedly closed for a profit. It claims that stop losses and conservative algorithm parameters ensure that losses are relatively small on trades that don’t pan out.

BitIQ claims that, on average, traders see a 25% return on investment every day that they use the platform. However, we could not verify these claims, so if you proceed with BitIQ, you will be doing so at your own risk.

Demo Trading

BitIQ offers a demo trading mode so that you can try out the platform without risking real money. This is great when you’re just starting out, but it’s also important for getting the most out of BitIQ.

That’s because you can use the demo trading mode to play with the algorithm’s settings and find out what combination of settings works best.

Fast Withdrawals

BitIQ and its partner brokers are able to handle withdrawals quickly. The platform says that most withdrawals are delivered to your bank account within 24 hours of your request.

Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.

BitIQ Fees

BitIQ only charges a fee if your account is profitable. Profitable traders pay a 2% commission on their trades. Traders who haven’t yet turned a profit in their account don’t pay anything. BitIQ doesn’t have any account or deposit or withdrawal fees.

Importantly, BitIQ’s partner brokers may charge additional trading fees, inactivity fees, or withdrawal fees. These fees vary from broker to broker and the money does not go to BitIQ.

Here’s a review of all the fees at BitIQ:

Is BitIQ a Scam?

One of the questions we set out to answer with our BitIQ review was, is BitIQ a scam? Ultimately, we could not verify whether BitIQ’s claims are totally legit.

In terms of costs, it claims there are no fees unless your account turns a profit. Even then, a 2% commission is in line with what other major crypto trading robots charge.

Second, BitIQ claims to only works with trusted brokers, but again we could not verify this. BitIQ says it makes it very easy to get your money back if you’re not satisfied with the platform. Withdrawals supposedly take less than 24 hours and there are no withdrawal fees.

The BitIQ TrustPilot page – which collects customer peer reviews from the UK, is extremely negative with all 28 reviews currently on the start offering only 1-star reviews.

Customers have described BitIQ as an “out and out” and “total” scam and have also complained about being bombarded with phone calls after signing up or after trying to close membership.

Social media sites such as Reddit and Twitter do have posts related to BitIQ, but they have very little interaction and appear more like adverts than legitimate posts.

If you do want to try BitIQ, we recommend doing your research and definitely using the demo account before using real money.

If you’re interested in other crypto robots, you might want to check out our Bitcoin Loophole review as well.

Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.

BitIQ Minimum Deposit

BitIQ requires a minimum deposit of $250 in order to get started. This deposit is required to open an account with any of BitIQ’s partner brokers, and it also serves as the seed money for auto-trading in your account.

If you’re not happy with BitIQ, you can withdraw your initial deposit at any time.

Bitcoin Evolution Celebrity Endorsements

There are numerous rumors and speculation on the web that BitIQ has been endorsed and supported by major celebrities and brands, especially Amazon.

However, our research has been unable to verify any links to major brands.

Does Amazon Endorse BitIQ?

There is no evidence to say that Amazon is in any way linked to BitIQ, although some customers have complained they used Amazon branding on advertisements.

Does Elon Musk Endorse BitIQ?

The world’s richest man, Elon Musk, was not found to have any links to BitIQ.

Does Bill Gates Endorse Bitcoin Evolution?

No. There is no evidence that billionaire and philanthropist Bill Gates endorses BitIQ and he has previously spoken out against cryptocurrency in general.

Does Martin Lewis Endorse Bitcoin Evolution?

Martin Lewis, a British TV presenter on finances, was not found to have any links or endorsement of BitIQ.

BitIQ Customer Support

BitIQ offers customer support by phone and email. You must have an active BitIQ account in order to access the support team’s contact details.

How to Use BitIQ

Ready to trade cryptocurrency with BitIQ? We’ll show you how you can get started in just a few minutes.

Step 1: Sign Up for BitIQ

Head to the BitIQ website and click ‘Sign Up’ to open a new trading account. Enter your name, email address, and phone number in the registration form.

BitIQ will automatically assign you to a partner crypto broker based on your location. Your broker will require additional details as well as a copy of your ID in order to verify your account.

Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.

Step 2: Deposit Funds

BitIQ and its partner brokers require a minimum deposit of $250. Deposit methods vary by broker, but most accept debit cards, credit cards, bank transfers, Neteller, and Skrill.

Step 3: Demo Trading

You’ll now have access to the BitIQ trading platform. Before you jump into live trading, however, it’s important to take a few minutes to learn how this trading system works. You can use the demo trading mode to play around with the algorithm settings, explore your account dashboard, and get a feel for BitIQ.

Step 4: Start Trading with BitIQ

Once you’re comfortable with BitIQ and have the algorithm settings optimized, you can begin. Toggle the switch in your account from demo trading to live trading. Remember, cryptos are volatile and there’s a risk you could lose your money if you choose to use BitIQ.

How to Withdraw Money from BitIQ?

BitIQ funds are not held by the bot nd instead by the broker that you are partnered with. To withdraw, follow these steps:

• Visit the broker platform and sign into your trading account
• Select withdraw funds and choose the currency you wish to receive
• Enter the withdrawal amount and confirm the transaction
• The process should only take a maximum of 24 hours to complete

BitIQ withdrawals are not completed in crypto tokens but instead in fiat currency, be sure to select the correct currency you wish to receive.

How to Delete BitIQ Account?

There are two methods to delete BitIQ – the first is to simply click the ‘close account’ button on the bot menu, while the second is to go to the brokerage firm and close the account there.

As mentioned above, some reviews on TrustPilot have mentioned they were bombarded with calls after attempting to close their accounts.

The Verdict

Our BitIQ review was unable to verify that this crypto trading robot is legit. BitIQ claims to be capable of trading 14 different cryptocurrencies on your behalf and says it can win up to 90% of trades under the right market conditions.

Users apparently see a daily average return of 25%, but we could not confirm this, so ensure you do your research before signing up. TrustPilot customer reviews of BitIQ were also overwhelmingly negative.

If you want to try out BitIQ, you can get started by clicking the link below.

Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.

Frequently Asked Questions on BitIQ