BitIQ: Is it a trustworthy platform? Read this review to find out 【Updated For 2023】
- Minimum deposit: $250
- Demo Account
- Access to over 9 main cryptocurrency exchanges
- User-friendly interface
- Free to operate
- No user-to-machine oral communication is required
- Makes use of the matching mechanism pattern
- Enables traders edit it to suit their trading preference
- Several cryptocurrency exchange is supported
- Simulator for backtesting strategies
- High standard of safety.
- Difficulty in operation for inexperienced users.
- 1 Summary
- 2 What is BitIQ
- 3 How Can I Use BitIQ To Trade?
- 4 Features Of BitIQ
- 5 Helpful Tips For Traders
- 6 Conclusion
- 7 Frequently Asked Questions
BitIQ is considered to be an online open-source natural language processing server and chatbot host that can be modified or adjusted by traders in order to align with their preferred trading techniques. BitIQ is absolutely free to use. To have an in-depth knowledge of this trading tool, you should continue reading.
What is BitIQ
BitIQ is considered to be an open-source system that can be adjusted based on the requirements of the user. All that is required is to adjust and update the modified codes, and enable the platform to work according to your instructions. It can also function as a chatbot, since it is a natural language processing service.
This trading bot has proven to be absolutely useful in the creation of a user-driven interface by making use of natural language. Through our review of BitIQ, one notable fact about using it is that it supports multiple currencies. BitIQ has the ability to trade at a very high frequency, as a result of the fact that its algorithm is based mainly on extensive market analysis.
The algorithm of the trading bot can run on various platforms, which include Node.js and MongoDB. Also, it is applicable on various cryptocurrency exchanges, which include Bitstamp, Bittrex, Binance, and lots more. This makes it easier for users to handle a series of cryptocurrencies, thereby decreasing the amount of time needed to perform market analysis on several digital coins.
How Can I Use BitIQ To Trade?
In order to start trading using BitIQ, you are required to go through certain procedures. However, those that already have technical knowledge tend to work better with the platform since it is an open-source system that enables users to modify the bots according to their preferences.
Signing up for a free account with BitIQ , you are required to set up your personal details and select a trading strategy for your bot, as they will perform trades in accordance with your strategy. This platform has a demo account where traders can test their strategies and see if they work appropriately before making use of them in a real trading account or investing anything.
Funding The Account
After going through the platform, we were able to realize that users are expected to deposit a particular amount of funds before being given access to trade with them. This high-frequency robot does not charge any fee, making it an advantage for traders to sign up easily. BitIQ is made available to every trader without a speed limit and no fee attached.
According to the BitIQ review, a demo account is made available for users. Upon creating an account, traders can continue to select the trading strategy that the bot will use in placing trades, as the bot will help trade cryptocurrencies for users based on this strategy. The history testing phase of the bot is the process that enables traders to trade assets without investing. This process enables users to test their trading strategies before using them in the main trading account on cryptocurrency exchanges that support the trading software.
We advise that traders have access to BitIQ testing before eventually investing their money.
Since this trading platform’s algorithms work appropriately with platforms such as MongoDB and Node.js, this means that traders are able to run all their algorithms on those platforms.
Features Of BitIQ
Due to the numerous features that BitIQ offers its users, it has been able to gain a wide range of popularity. Some of the unique features associated with this trading bot are as follows.
- Settings Available
There are a series of settings made available for traders to make use of. This platform offers plugins to its users in order for them to create their own unique strategies and write their preferred code. Several settings are there in order to perform the buy and sell orders. With the way in which BitIQ works, traders are able to perform backtesting for their strategies depending on historical data, to figure out how particular strategies have worked in the past.
Another mode in which their users can confirm their strategies without making use of their funds is the paper trading mode. The trade frequencies can be set to range from two to fifty trades per day. This means that the platform enables customization, as this is explained in the command creator and documentation sheet that are being used by traders.
- Natural Language Engine
BitIQ is known to have one of the easiest and most effective programming languages. It is seen as a natural language due to the fact that the syntax is built in a manner that incorporates the correct grammar, semantics, and content. For those who want to develop a conversation bot, you can consider looking into this platform. This trading comes in quite handy, as it is a powerful and flexible neuro-linguistic programming engine.
- Ease of use
Although this particular platform is absolutely free to use, it doesn’t seem to be quite as easy to use as advertised. As we all know, not every trader will have an understanding of knowledge about command-line interface. Also, in order to make use of it, users are required to install MongoDB and Node.js. For traders who do not have in-depth knowledge about the operation of this format, it will be quite difficult to understand how to go about their day-to-day activities.
Since this is going to be a computer installation, the security of the platform is dependent on the level of security of your company system. Following BitIQ review, traders can make decisions on restricting the access of the bot however they want. For users who are not skilled at ensuring the maximum security of their computer system, this trading bot could create a high risk of gaining access to it. Also, it is quite risky for users who do not understand command-line interface operations. Traders who do not have an in-depth knowledge of command-line interfaces or how to adequately secure access to the program, are likely to make use of web-based interfaces when trading.
- Customer Service
BitIQ operates on an open-source system, and since it is not particularly from any company, it does not offer any provisional customer service. There are over five hundred members on this platform that can help when in need of assistance. However, there is no particular time frame within which requests are answered.
Helpful Tips For Traders
- Ensure you invest what you can afford to lose
- Make proper research before trading
- Have an in-depth understanding of how it works before trading live
- Adhere to professional recommendations
In our BitIQ review, we did not find anything out of the ordinary on this platform. However, with everything relating to trading and investments, there is always a risk involved. So, it is advisable that you also carry out your own research and figure out more about the several cryptocurrency bots before finally working on the platform.
However, since this trading bot is free, traders who are not afraid of trying it out and learning the command-line interface tend to get attracted to it.
Frequently Asked Questions
Is BitIQ worth your resources?
Absolutely yes!, BitIQ is a great option for experienced investors to consider. It is referred to as a high-frequency trading robot, which supports a variety of cryptocurrencies, meaning that it is certain that some losses would still be incurred. When used non-commercially, BitIQ is free.
Who is the BitIQ suitable for?
According to BitIQ review, it is particularly designed for crypto traders who are also knowledgeable about coding. It is not suitable for basic traders; rather, only advanced traders are able to make use of this trading bot. Therefore, in order to make use of this bot, traders are required to create a bot script that is similar to a trading plan or strategies that are written in a programming language, as this enables the bot to know what actions to take depending on the market conditions.
Where can BitIQ be used?
Since BitIQ is a multi-platform trading software, it can work in line with various cryptocurrency exchanges such as Bittrex, Bitstamp, CEX.IO, Binance, Gemini, GDAX, HitBTC, Poloniex, Kraken, and QuadrigaCX. On any of these platforms, the robot can be integrated to carry out our entirely automated trading approach based on technical analysis. New codes and strategies can be written with the bot, and you can try a different way of boosting your technical analysis trading game.
What is the cost of using it?
Since BitIQ is considered to be an open-source project, in which a community of developers is in charge of it, making it free for everyone to use. That is, rather than paying an additional fee to the crypto bot, traders are only expected to pay the trading fee on the exchange.This distinguishing feature distinguishes BitIQ as a special tool for traders who want to invest their funds in trading bots.