This review explains the shady details about the BitIQ app and why you’d better use something else for your cryptocurrency trading.
What is BitIQ
BitIQ is presented as an automated app for bitcoin trading. The app will generate signals and execute trades on your eaccount.
It’s presentation says that the app has an up to 90% accuracy and could make you a millionaire if you compound your daily profits.
The company behind BitIQ allegedly is registered and will let you trade with regulated brokers only. The app is free, you will just pay a 2% fee on your profits.
So, do you have anything to lose, is BitIQ legit?
Stay away from BitIQ
While investigating BitIQ, we found several shady things that make us recommend to stay away from this app.
Incomplete numbers, shady promises
BitIQ is supposed to be an automated app that will make you money in crypto trading. In a passive way, you just have to deposit money and let the app do its thing.
But there are no specific results presented, let alone audited so that you can have confidence in the app. They only say it has an accuracy of up to 90% and that it could make you a millionaire. This is not what a serious program would say.
First of all, and we have explained this many times, a 90% accuracy means nothing, it could still lose you money if you aim for a profit of 1 USD with a stop loss of 100 USD.
Second, the app “could make you a millionaire”? This is a promise that is only made by shady programs and scams.
Not regulated and probably illegal
BitIQ is an automated trading app that is supposed to make you money. As such it will be considered as a regulated investment service in many countries.
The official BitIQ’s website that it is run by a registered company, but no information is given about that company. So we have to assume it is not registered, let alone regulated.
Also, BitIQ says on its website that they will make you trade with regulated brokers, which does not seem to be true.
We registered for BitIQ and they sent us to 1Market, which is an unregulated broker from the Seychelles.
So all in all BitIQ is moving in unregulated waters where you money will not be protected in any way. Nobody is overseeing the app to make sure that it will deliver what is advertised.
How BitIQ really works
BitIQ is one of those trading apps that want to persuade you that it could make you a millionaire while its real goal is to earn affiliate commission to people who run it.
It’s just common sense. If BitIQ really was an app that could make you a millionaire, would they be giving it away for free? Certainly not.
Instead, the app is very probably not earning anything, more likely it is losing money in real trading. They are giving it away to you for free because it will make you sign up and deposit money with a broker they are affiliated with, which will earn them a commission.
This is how they earn money, it is one of the oldest dirty tricks in affiliate marketing. They promise you free money just so you deposit with their partner and earn them a commission. It is all they care about.
BitIQ review – Conclusion
BitIQ is an unregulated trading app that will push you to deposit with an unregulated broker. It certainly can’t earn you the money it promises. We recommend staying away.
If you want to trade financial markets, do it with a regulated broker and start on a demo account to try everything with virtual money.
You can invest real money only if you fully understand the risks and you have a solid strategy.