Opening an account with BitIQ and Is there a deposit guarantee?

There is a deposit guarantee.

All client accounts are held as segregated accounts. These are accounts that are kept separate from the accounts of the brokerage house. Should a broker become insolvent, the customer with a segregated account can still dispose of his money with the broker in question.

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Customer funds and investments are also protected in three different ways:

  • Customer deposits are held in segregated accounts, which are managed strictly separately from BitIQ’s equity. Claims against BitIQ cannot therefore be extended to client funds.
  • In the unlikely event of BitIQ’s insolvency, client funds as well as financial instruments are protected by the US Securities
  • Investor Protection Corporation (SIPC). The protection includes a maximum of USD 500,000 per client, this includes a maximum of USD 250,000 on cash deposits. In addition, there is a policy with Lloyd’s providing protection of USD 30 million per client (of which USD 900,000 on cash deposits), with an aggregate maximum of USD 150 million per claim.
  • In the event that there are positions in non-US index options, non-US index futures and metals and cash positions in the UK account, clients can choose the UK Financial Services Compensation Scheme (FSCS). This covers up to GBP 50,000 per client. However, if a compensation procedure with the US SIPC is ongoing or completed, a compensation procedure with FSCS may be declined.

Where do I register for a demo account?

Registering for a demo account is simple and straightforward via the BitIQ website.

How is the account opened?

The account is opened quickly and easily online.

The following information must be provided:

  • Full name with proof of identity;
  • Residential address with proof of address;
  • Date and country of birth;
  • Citizenship
  • Tax residency and tax identification number
  • Name and address of employer
  • Information on assets and income
  • Information on source of assets and funds
  • Investment objectives and experience
  • Bank or third party brokerage account numbers for deposit purposes; and
  • Details of other account users, if applicable

What are the terms and spreads at BitIQ?

BitIQ offers tight spreads, good conditions and strong liquidity. This is possible in forex trading, for example, due to the combination of quote streams from 17 of the world’s leading forex dealers, which together hold a market share of over 60% of the global interbank market. This makes it possible to provide price quotes with an accuracy of 1/10 pip.

There are two different commission models for exchange-traded products such as shares, ETFs, warrants, futures and options:

Graduated

Here, the fees decrease with increasing trading volume.

Fixed price

A favourable fixed-price commission is charged per product or a fixed percentage of the trade value.
American shares are tradable from 0.005 USD per share. The minimum fee is 1.00 USD.

For German shares, the fees are 0.1% of the transaction volume and the minimum fee per order is 4.00 EUR. Share trading in other countries is also inexpensive and is usually 0.10 %.

For options, the commissions depend on the contract volume, depending on the routing.

For example, the fees for US options via smart routing are as follows for a number of contracts ≤ 10,000:

  • For a premium < 0.05 USD, the commission is 0.25 USD per contract
  • 0.50 USD per contract is due if the premium is between 0.05 USD and 0.10 USD
  • If the premium is ≥ 0.10 USD, commissions of 0.70 USD per contract are payable