BitiQ Review: Is BitiQ App Worth It?
Bitcoin has become ludicrously popular these days. The hype around it is thanks in no small part to the cult of personality that has been created around it. Thanks to celebrity endorsement, trading Bitcoin is seen as this sort of “elite” thing.
The result is that a lot of people want to hop on board, but trading Bitcoin isn’t as simple as flicking a button, normally.
Despite that, a lot of people still want to start trading. This means that there is a certain market for programs that allow new traders to start trading Bitcoin with no education. This is where trading bots come in.
Trading bots are a relatively new tool that have risen to prominence recently. Essentially, it’s an engine that you deposit money into. It then makes the trades for you, which makes your trading journey that much easier.
It takes all of the skill out of trading, which is exactly what some Bitcoin traders want. Does it work, though?
A little overview first, though, is going to go a long way.
Put simply, BitiQ operates by trading Bitcoin through CFDs. If you don’t know what CFDs are, let’s go over it a little bit.
With typical trading, you’re buying and selling. Even if you lose money on an investment, you still have an asset. With CFDs, that isn’t the case.
CFD trading is the closest thing to gambling that you’re going to come across while your trading. You’re essentially making a price prediction, and if that prediction is right, then you make a massive return.
If that prediction is wrong, though, you lose all of your investment. There is no asset left over at the end of the day.
Typically, trading CFDs as a beginner is a deathtrap. However, BitiQ actually gives new traders a fighting chance to make some returns on this method of investing.
Needless to say, this is a best-case scenario, but whether or not you stand to make a return of any sort remains to be seen.
A lot of Bitcoin trading software out there has a high deposit limit for its members. This can generally be a sign of a lack of confidence, but BitiQ has nothing of the sort.
The minimum deposit for BitiQ is $250 dollars. Not only is this remarkably low for cryptocurrency trading, but it’s lower than the market average for trading in general.
This is something that we love to see. Not only does it show that BitiQ is confident in the power of its software, but it gives beginner traders, who the software is aimed at, a realistic starting point to test the waters.
$250 is a low amount for anyone looking to start investing in Bitcoin, so a deposit limit like that is definitely a massive positive for the software.
Bitcoin trading software have a tendency of making money through hidden fees and charges. The result of this tends to mean that a $250 deposit isn’t $250 to trade with. You might get charged a deposit fee, a signup fee, or a subscription fee.
BitiQ doesn’t have any fees of this nature. The software is free to use provided you fund your account.
This is generally a green flag for trading software, again going back to the idea of being accessible for new traders.
Similar to the issue with hidden fees, a lot of software makes you jump through hoops to withdraw, either in method or timing.
You might only be able to withdraw via one method, or it may take longer for the withdrawal to clear.
A company doing this can mean a few things, one of which is trying to avoid fees associated with the more mainstream money transfer methods.
BitiQ not doing this shows that the company isn’t afraid to invest in the quality of its service. If a company is willing to invest in making its user’s lives easier, then that is also something that you should keep in mind.
The company doesn’t boast about any sort of massive win rates, which is always a good indicator. If a company is promising you a certain level of success, then chances are there’s something fishy going on.
Most traditional trading platforms carry a win rate of less than 50%, so bear that in mind before you decide to invest.
You need to remember that trading is a risky business, that’s especially true when you’re trading through CFDs. There’s a large shadow of doubt being cast over any sort of percentage-based testimonials, but the general consensus seems to indicate that BitiQ does output positive results.
A win rate above 50% for a single user is all you need to turn a profit, which in this instance is very much achievable. Just be prepared to take your hits on the chin.
The BitiQ Engine
It’s not just a matter of seeing how Bitcoin has been doing, though. The BitiQ system goes above and beyond in that regard.
It reads how Bitcoin was doing on the same day in past years. It then compares that with how it’s doing now and uses that information to make its trades.
This is an incredibly sophisticated system that is far superior to a lot of those being offered by BitiQ competitors.
The combination of historical data combined with more modern trading methods are what make the BitiQ engine such a powerful piece of hardware, and likely what lead to its touted win rates.
While we’re certainly impressed by the quality of the hardware, remember that your money isn’t guaranteed. Never trade what you can’t afford to lose.
BitiQ Profit Structure
BitiQ hasn’t released any documentation on that aspect of its business, which is natural, but we can take an educated guess.
We believe that BitiQ makes its profits through trade agreements it has with brokers. Remember, when you trade with BitiQ, you don’t buy and sell through that site. It’s just an engine.
BitiQ then needs to take your requests and run them through a broker to actually execute the trade. This is likely where the company makes its money.
What does that mean for you, though? For starters, it should give you confidence when it comes to fees and win rates.
It’s not a case of the company making money off of your bad trades. In fact, it’s incredibly likely that the success rates of your trades don’t factor into its profit margins, at all. If anything, the more people successfully make money, the better it is for BitiQ.
If the company can develop a reputation as being successful, then more people are going to use it. The BitiQ userbase is likely related to the profit margins that the company has, so if anything, it’s actively trying to make sure that your trades are successful.
BitiQ, like most things, doesn’t buy into this half-baked philosophy. The usual FAQ is still there, but BitiQ also employs email support systems which is always a massive boon.
This is important for a few reasons.
First, when you’re trading Bitcoin, time is of the essence. If something has gone wrong, you need to be able to resolve the issue as soon as humanly possible. Having an email system goes a long way to making that possible.
More importantly than that, is the fact that it means the company is constantly investing capital into its services.
What a lot of trading software companies do is create the software and move on. There is no continuous development, no support, nothing.
The fact that BitiQ actively funds support staff means that the company is sticking around for the long haul. The company is likely to continue supporting the software, meaning things are only going to get better as time goes on.
Setting Up Your Account
This doesn’t sit well with a lot of people. One of the leading principles of Bitcoin is the concept of anonymity. Needless to say, verifying your identity with a passport goes against those principles.
There is no identity verification with BitiQ, meaning the signup process is not only anonymous but also significantly quicker.
Singing up to the software is similar to signing up to any other regular service. You fill in a 30-second form, verify an email, and that’s all there is to it.
You can end up trading Bitcoin mere minutes after registering for an account, which is impressive in this industry.
The Trading Process
Like most other things, BitiQ knocks the trading process out of the park. It’s not a one-button similar to some other trading platforms out there. Instead, you get a decent level of control.
You set your own parameters for the trade, meaning that the process becomes a blend of automation and technical skill.
Once you set the parameters, you turn on the Autotrader and let it go to work. You can sign out, take a few days away, all the while the system is going to be working on trading within your parameters.
This also contributes to the high win percentage that BitiQ has, but that’s not what’s important here.
What’s important is that it gives a clear path of progression for its users. BitiQ is a great tool for beginner Bitcoin traders, meaning those new to the game are going to be a large part of the overall userbase.
By having an element of human interaction, it means that there is a skill for these new traders to work on. As they get better at trading, they’re going to see better results from the software.
This leaves room for the trader to grow, and even potentially outgrow the BitiQ system altogether. This again is a massive display of confidence and one of the main reasons that we’ve decided that BitiQ is a trustworthy tool to work with.
The Final Verdict
Overall, BitiQ is a phenomenal piece of kit. Not only is the company behind the platform clearly engaged with it, but the level of technology on display is incredibly impressive.
Navigating the Bitcoin bot trading landscape can be like walking through a minefield. There are untrustworthy companies everywhere. BitiQ is like a lighthouse overlooking those treacherous waters.
If you’re looking for a place to start trading Bitcoin, BitiQ certainly ranks alongside some of the best options out there.
The customer support that you get is a major player in that decision, especially for new traders who might be prone to mistakes or need help getting set up.
BitiQ gets a very genuine pass from us.