BitIQ review: account overview
When you first start trading at the broker, you have several accounts to choose from. You can choose which account is best for you. This may depend on experience, but also on the amount of money you wish to deposit. The BitIQ account options are:
Demo Account: allows you to trade for free at no risk.
When you create the demo account, you are given a balance of £40,000 of virtual cash. This allows you to try out different investment strategies without any risk. For beginners a good way to learn to trade. You will learn the tricks of the trade without losing any money. When you feel ready to trade for real money you can easily switch to your real money account.
However, we would like to make it clear that BitIQ is more suited to experienced traders. Whilst the platform is very user friendly, the complexities of CFD trading may make BitIQ less suitable for beginners.
At this broker, you can only invest in CFDs in cryptocurrency. You do not buy any crypto coins, but speculate on the price change of the cryptocoin. There are more than 10 different cryptocurrencies that you can invest in. These are the most well-known names in the crypto world. We will take a closer look at the two most popular coins below.
BitIQ Bitcoin is very popular among investors. Within the Netherlands, it is the most well-known crypto currency. With this broker, you can bet on the price changes of the Bitcoin. So you can go long or short on the rise or fall of the Bitcoin. Bitcoin is the most bought coin at BitIQ.
After Bitcoin, Ripple is the most popular. We have had good experiences with these crypto currencies. It is not difficult to speculate on the price of BitIQ Ripple or Bitcoin. Of course, it is important that you keep a close eye on the prices.
Want to read more about investing in cryptos? Be sure to visit our cryptocurrency investing page.
At BitIQ you do not pay commissions on your trades, but rather a spread on each trade. Spreads are the difference between the „buy price“ and the „short price“. This is how the broker makes money on the trades. The broker works with static and dynamic spreads (which makes it difficult to offer you a thorough overview). You can see the spread offered for each instrument on the broker’s site.
Other BitIQ costs include:
Overnight Funding Fee: This is charged when a position remains open after hours. The formula used to calculate the daily overnight funding fee is:
Trading Volume * Opening Price * Daily Overnight funding fee %.
The overnight funding fee time and the daily overnight funding fee percentage can be found in the details link. The details link is located next to the instrument name on the main trading platform screen.
Currency Conversion Fee: a fee is charged when converting between different currencies.
Guaranteed Stop Order: this ensures that your order stops at your preferred price. You pay an extra fee for this.
Inactivity fee: if you do not use your account for a longer period, a fee will be charged. This is €10 per month after 3 months of inactivity.
There are no fees for depositing and withdrawing money. There may be a fee charged by the bank. These are not BitIQ’s charges, they are not their responsibility.