Bit Index AI Review – Scam or Legit?

Bit Index AI is an online crypto trading platform that claims to make crypto trades on top coins like Bitcoin and Ethereum.

In this guide, we take a look at how to set up an account with Bit Index AI, its most important features, and assess its legitimacy.

Bit Index AI Summary

To kick things off, we have compiled a list of some of the key features that the platform offers below:

Platform Type Automated Crypto Trading
Supported cryptos BTC, ETH, XRP, LTC
Withdrawal time 24 hours
Minimum Deposit $250

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

What is Bit Index AI?

Bit Index AI is an online platform that claims to use artificial intelligence to automate cryptocurrency trading. According to the website, the process works by using Bit Index’s state-of-the-art algorithms to determine small price fluctuations and automatically trade them with the intention of making profits.

It can therefore work out the best entry and exit prices for positions. The platform’s website states the whole process is completely automated and hence users don’t need to worry about having any prior crypto investing knowledge.

Users can start trading cryptos like Bitcoin, Ethereum, and Litecoin instantly after they have passed a KYC verification. This step usually takes around 10 minutes to complete. Users can deposit using a variety of payment methods including bank transfers, debit and credit cards, and BitGo.

Bit Index AI Pros & Cons

Pros:

  • Demo account available
  • Multiple payment methods
  • Automated process
  • Good range of cryptos

Cons:

  • $250 minimum deposit

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

How Does Bit Index AI Work?

Bit Index AI claims to use an artificial intelligence algorithm to determine price moves in the crypto market and make small trades to capitalize on these moves for growth.

To do this, the website says it incorporates data from a number of sources and conducts trend, Stoch, Williams, and MACD indicators to determine optimal entry and exit points. It only ever reacts to live market trends, so these strategies are constantly implemented which heightens its efficiency.

In addition to the technical indicators, Bit Index AI uses a number of social media and news feed data points to help predict future price movements. The platform apparently dedicates at least 20 minutes per day to analyzing these future price moves.

Bit Index AI Key Features

In the below section, we take a look at some of the key features that the Bit Index AI platform gives users access to:

Demo trading account

A demo account can be a great way for beginners to start trading markets with no risk. Users will gain an account with $100,000 virtual capital, and they can use this to test out Bit Index AI’s features. The demo account replicates the conditions and price moves of actual markets, so users will get the experience of actual trading. Demo accounts are great for practicing tools like leverage without bearing any risk.

Leverage

Another tool that is offered by Bit Index AI is leverage. Leverage allows users to lever up their trades, borrowing capital from the broker. This can be potentially be a tool to make larger trades than your capital allows. However, this can work both ways and can lead to steep losses unless correctly managed. We recommend that you do your research and ensure you’re aware of the risks before using leverage.

Autonomous trading

The website claims that the Bit Index AI process is completely automated. So, Bit Index AI claims to be able to make trades on your behalf without you having to open and close positions yourself.

Fast execution

Bit Index AI claims to have extremely fast market access and can open and close trades within milliseconds.

Customer support

There is also a high level of customer support on Bit Index AI. The customer support department is open 24/7 for users to get in touch with if they do encounter any problems whilst trading on the platform. There is also an email and live chat function to help users with any queries.

Furthermore, Bit Index AI offers access to dedicated account managers should anything go wrong with users’ accounts. These managers are on hand to help with any problems, which is great for enhancing the user experience.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

Bit Index AI Fees

Aside from the $250 minimum deposit, Bit Index AI charges no other fees. This does seem slightly odd, as most brokers charge commission and/or withdrawal fees. However, it is possible that Bit Index AI makes its money from charging fixed spreads, although our review was not able to determine the legitimacy of this claim. Below is a table containing all of the fee information for Bit Index AI.

Trading Fees $0
Account Fees $0
Deposit/Withdrawal Fees $0
Software Cost $0

Is Bit Index AI a Scam?

Due to the high leverage, and low fees, users may question the legitimacy of the platform. A broker offering 100:1 leverage does seem rather fishy. For example, if users were trading with $10,000 then theoretically, they would be able to leverage up this position to $1,000,000.

It is somewhat unlikely that Bit Index AI has this kind of capital to lend out to users. In addition to this, the platform’s homepage says that it has been featured on Forbes, CNN, and FT.com. However, a quick google search will reveal that none of these news outlets have ever covered Bit Index AI. This also reduces the legitimacy of the broker.

However, users do have to pass a KYC verification to set up an account, and the platform claims to be partnered with numerous regulated brokers. This seems to check the boxes of legitimacy.

Overall we were unable to verify Bit Index AI’s claims so make sure you do your own research before signing up.

Bit Index AI Minimum Deposit

As mentioned, before depositing, users must pass a KYC verification which means they need to provide accurate forms of government ID. Once this stage has been completed, users can deposit using a range of payment methods including bank transfer, debit/credit card, and BitGo.

All of these deposits are free of charge. In addition to this, the platform supports numerous fiat currencies including EUR, AUD, USD, GBP, CHF, JPY, and CAD. The minimum deposit is $250, and withdrawals can take up to 24 hours to process.

Bit Index AI Customer Support

There is a 24/7 dedicated team to help with queries regarding users’ accounts. In addition to this, there is a team of account managers ready to help with any problems users have. Finally, the website has a live chat function and support email if users need additional support.

How to Use Bit Index AI

Now we have covered all of the necessary information regarding Bit Index AI, it’s time to take readers through a guide on how they can set up an account.

Step 1: Register your account

The first step is to register your account with Bit Index AI. To do this, visit the homepage and navigate to the registration section. You will need to enter a username, password, email, and phone number to complete this stage.

Step 2: Verify your account

Once users have set up their accounts, they need to pass a KYC verification before they can begin trading. To do this, they will have to provide two forms of government ID which Bit Index AI will validate through an internet portal. This stage shouldn’t take long.

Step 3: Deposit funds

Once users have verified their accounts, they can begin the deposit process. As mentioned, the minimum deposit is $250 and can be added via numerous payment methods. These include bank transfer, debit and credit card, Neteller, and BitGo.

Step 4: Start trading

Now users have deposited their funds, they can begin trading with Bit Index AI. Simply click on the ‘Trade’ button to begin this process. The crypto trading will then begin.

Conclusion

Over the last few years, the crypto market has swelled to surpass a $2 trillion market cap. If users want to invest in the markets, but don’t want the hassle of researching the crypto markets in-depth, then an automated broker like Bit Index AI claims to offer this capability.

Its artificial intelligence software claims to place trades automatically to generate profit from small price fluctuations. However, the high leverage and inaccurate information on the homepage do raise questions about legitimacy. Users should therefore trade with this broker at their own risk. If users do want to get started then they can click the link below to set up an account and start trading today.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

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