BitQT review – Is it a scam or not? Real test of the robot
(3.6 / 5)
In 2009, Satoshi Nakamoto came up with the idea of creating a virtual currency called Bitcoin. No one knows who he is. He disappeared in April 2011 after relinquishing control of Bitcoin to another developer. There are theories that the invention was not the work of one person, but the name is a pseudonym for two or more people.
The word bit is a computer term referring to one electric impulse, so it was a fitting name for a virtual currency. Bitcoins are mined by solving complex problems, but they can also be bought on trading platforms that support cryptocurrency trading.
Only 21,000,000 bitcoins were conceptualized. There are still 2,000,000 that can be mined. The bitcoins entering the marketplace do not come from those remaining coins. People who own bitcoins trade them on the market.
Since the inception of bitcoins, more cryptocurrencies are available. There are more platforms available that trade in cryptocurrencies. When scammers realized how lucrative cryptocurrencies are, they quickly took advantage and opened up websites to trade in cryptos.
Traders should check the internet for reviews before embarking on the hunt for cryptocurrencies. Just make sure that you read the good and the bad reviews before making up your mind to use a trading platform. There are many false trading sites.
What is BitQT? – The robot presented
When cryptocurrency entered the trading market, BitQT was one of the first bots to enter the trading field. A bot works using very complex programming. A financial trading bot’s job is to move around trading sites to get the best deal for you. After setting up the bot, it can work effortlessly for you.
You can make and adjust the rules that you set for it daily and then leave them to find suitable trades for you. Ideally, you can watch the bot’s journey and pick up tips on how to trade in the market. You are more likely to have a successful day’s trading if you let the bot work automatically within the rules you set for it. The robot can work much faster than you can. Your chances of having a successful trading day are increased. The site recommends that you close trading at the end of the day as some brokers charge fees if the account is active overnight
The bot is the tool that the brokers will use while monitoring your account. However, you need to ensure that your day’s trading does not cost you all your funds. Remember the golden rule of trading: Never trade more than you can easily afford.
Regulation and safety
Bitqt runs a secure site. Security can be confirmed in two ways. There is a lock in the address bar, and the domain name starts with HTTPS, where the s means secure. The site uses the program SiteLock.
The safety of a website is only as good as the users. Never disclose any financial information if you feel that the site is sketchy. Remember to build strong passwords which are kept in a safe place away from the machine. Another way to keep your account safe is to refresh your password regularly.
How does it work? – The trading platform
Although BitQT states that the platform is easy to use even for beginners. Beginners should receive some tuition before starting on any trading app. Knowledge is a great weapon to help you minimize your losses and bolster your wins.
The platform gives you the option to manage your trade yourself, or you can hand it over to the robots. If that is your decision, you need to spend about half an hour setting up in the morning. You can then go about your business and secure that your trading is taking place within your parameters.
Once you have set up for the day, you can monitor your account. Most of us have other things that need our focus during the day. If you are monitoring your account and you have to leave it for a while, things can go wrong. It is likely that when you are away from the keyboard, things happen that will either worsen your position or hopefully feed profits into your account.
The next option is to allow the auto trader robot to have free rein. Just remember it is gambling with your hard-earned cash, but if you are happy for the app to have that autonomy, then well and good.
The best alternative is a mixture of the two. Supervise your account when you can, let auto traders take over when you have to be elsewhere.
Open your free account
When you log in with your computer, the home screen has a video on the left side of the screen and a registration form on the right. There is sometimes a banner across the top urging you to join. There may be signs that it has identified your country of residence.
The registration form needs your name and contact details, like your email address and your phone number. When you fill the form in and submit it, there will probably be a delay. An agent will call you, or you will receive an email. The purpose of this is to verify that you are a person and not a robot.
Once it has been verified that you are a person, you can continue setting up your account. You will need to supply your banking details. They may require other sundry information. The bank account details you enter must be in your name. When all necessary information has been given and checked, you will have access to the trading platform. This platform may contain details of the broker assigned to you.
You are now ready to trade.
There have been a few complaints about agents contacting you as soon as your initial form is submitted. The contact is not unusual, but some members are worried that some agents apply hard-sell methods to get the trader to increase his deposit.
Test it with a demo account
You should test your skills using a demo account even if you are already a skilled trader in other commodities.
A beginner should always start with a demo account. It will help him understand how trading cryptocurrencies work. The demo account may be an actual portrayal of the market, or it could be a pseudo account set up for teaching and helping you learn to operate a genuine account. Either way, the time you spend here will be beneficial.
A demo account is there to help you over the initial bumps. Once you are happy that you are managing the demo account well, it will be time for you to enter the real market using your $250 deposit.
Another purpose for a demo account is to help you decide if this type of trading suits you, your lifestyle, and your wallet. Unfortunately, you are only allowed into the demo account area after you have paid your deposit. If you decide not to go into crypto trading, you will want your deposit back. You may run the gamut of agents who will try to convince you to carry on trading, leave your deposit, or maybe even attempt to get you to up your ante.
How to deposit money on BitQT
Once you have passed the initial verification, you will need to pay a deposit of $250 (or €250). Once this deposit is secured, you will be free to use the system, either as a demo account or you can right in and start your trading.
BitQT has secured many financial institutions to help you make your deposit, including MasterCard, Visa, and other major credit cards. You could also use e-wallets or crypto wallets for your financial dealings with this platform.
$250 is the minimum required to trade, but you can deposit more if you choose. Trading is not a guaranteed money-making platform so never deposit more than you can afford to lose.
As you profit, you may choose to reinvest some of your profits to bolster up a trading account.
Withdrawing your money is easy, and once you have gone through the process, your money will be available within twenty-four hours. To withdraw, you need to fill out a form and wait for twenty-four hours. You can withdraw as much as you need as often as you like as long as you have money in your account. There will be no withdrawal fees.
You are, however, encouraged to reinvest to help increase your trading funds.
Fees on BitQT
The creators claim that there are no fees for using their software. Once you get assigned a broker, he may demand fees for his services. When you make a profit, the broker will deduct a percentage before paying you out.
It is normal for the broker to peel off a small amount from each transaction. The creators of the site do not seem to benefit at all unless there is a kickback from the broker.
Support of BitQT
The company offers support 24/7. You can either phone, message, or email. Phone calls are typically sorted out immediately. Messages and emails will take longer.
The site has a Frequently Asked Questions section. Before contacting support, check to see if your query has been answered. The answer to your query may be on the terms and conditions page.
Your assigned broker should also be in a position to answer any queries you may have.
The website is easy to follow. Check that your query has not been dealt with before you lodge it.
If you cannot find the answer to your query on the web, then Profit Revolution offers support 24/7. Their agents and their brokers work closely together, so their agents answering your questions are well informed. You can get support as a live chat or call as well as via e-mail. Live chats and calls are responded to quickly. You will usually find that your email query is answered within twenty-four hours.
The site is available in three languages, English, German and Spanish. It can be seen and interacted with via a computer, tablet, or cell phone.
Conclusion – The BitQT is not perfect
New users who sign up must research the site before committing any money. There are many scam sights out there just waiting for you to deposit your $250 into their account, after which they will disappear.
There are a few things that worry me about this site:
- The appearance is identical to many other sites around.
- The video on the home page is similar to videos on those other sites. It features famous people who are talking about Bitcoins. No one mentions that they are using BitQT to trade. It just seems that way.
- On my first attempt to get in my virus checker blocked access as it warned that I was going into a fraudulent site whose sole purpose was to extract money from me. In searching for the site, I was redirected to the following (which all had a similar home page) BitQT, BitQS, BitXT, and BitQZ. I finally got in on my cell phone.
- When I logged in a few days later, the whole interface had changed, and I got in easily. On reading up on this site, I discovered that there are 8 BitQT sites, all claiming to be genuine.
- They have used actors to pose as successful investors.
- The site is available in quite a few languages. If you look at the people on the English site, they have English names. The same people appear on the German site with typical German names.
- Many people have complained about not being able to withdraw their money.
- BitQT appears to have been blacklisted in Austria and Italy.
I do not know if this is a scam site, but all my senses are telling me to be warned. There are many negative reviews.
On the other side of the (bit) coin, there are many positive reviews. Whether they are genuine or not, I leave it for you to decide. Please look carefully at any site before signing up.
Frequently asked questions (FAQs) about BitQT:
Is the program user-friendly?
Yes, it is easy to progress through the website.
How much does it cost?
It costs nothing other than your $250 deposit.
Is BitQT a scam?
I don’t have an answer to that. It is blacklisted in some countries, and there are many negative reviews.