HomeRobotsBit Index AI
Start trading with Bit Index AI

Bit Index AI Review 2022 - Is It Legit or a Scam?

We are aware of numerous websites which use false celebrity endorsements to send customers to unregulated brokers or call centers. Our website will only send customers to partners who have provided us with the required regulatory assurances. This is a marketing offer and our regulated partners will indicate what services they have available upon registration.

Author: Onose Enaholo Updated: August 17, 2022

This is a Bit Index AI Review, it's a crypto trading bot that trades cryptocurrency on behalf of its users. It has an 85% success rate and claims to provide accurate signals 8 times out of 10. 

As the crypto market becomes more competitive, traders turn to automated solutions to increase their odds of success. Bit Index AI is one such solution. It stands out in its use of both fundamental and technical analyses when predicting price patterns.

This review will look into what the trading bot is, how it works, its pros and cons, what to expect when using it in the real world, factors to consider before using it, and how to begin.

Bit Index AI Summary

Minimum Deposit

$250

Fees and Commission

0.01% per trade

Claimed Success Rate

85%

Supported Cryptocurrencies

4+

Deposit and Withdrawal Fees

None

Trading Platform

MT4

Demo Account

Yes

Verification

KYC

Regulations

CySEC

What Is Bit Index AI?

Bit Index AI is a crypto trading bot that automates trading by analysing market data, discovering the relationships between various aspects of price and other market forces, and producing signals that lead to profitable trades.

The bot carries out its analyses without human supervision and, when programmed to, executes trades based on pre-set conditions without fail.

Who Created Bit Index AI?

Like several other trading bots, Bit Index AI’s developers remain unknown. However, we believe they are a team of traders, mathematicians, and software developers.

How Does Bit Index AI Work?

Bit Index AI runs on an AI algorithm that scans market data, analyses it, and spots strong correlations between variables or data types like price, volume, money flow, etc. It records these correlations as patterns and tests them against past data.

When a pattern recurs in the same way across past data, it is recorded as a possible trading opportunity, and when live market data repeats the same pattern, the bot predicts where the price will move based on past data and current indicators.

Bit Index AI also carries out real-time analysis using fundamental and technical factors. The fundamental factors include news releases, sentiment analysis gotten from social media, or inflation.

The technical factors could be trade volume data, support and resistance levels, and technical indicators like the relative strength index (RSI). The bot could use either or a combination of the two to pinpoint potential profit opportunities.

When it spots an opportunity, it creates a trading signal or automatically executes the trade if programmed to.

Register Now With Bit Index AI

Pros & Cons of Bit Index AI

Pros

Simple UI is easy to use, even for newbies with little experience
Demo mode allows users to test strategies before using live cash
Withdrawals processed within 24 hours
Affiliated with regulated brokers

Cons

May not be available to US citizens
Broker partners may charge deposit and withdrawal fees

Key Features of Bit Index AI

Claimed Success Rate

Bit Index AI’s claimed success rate of 85% is its most popular feature. Newbies may find this feature useful as they rely primarily on the algorithm to make a profit.

Leverage Facility

Bit Index AI offers a 1:100 leverage ratio, meaning traders can get up to $99 for every $1 they put in if they wish. This allows them to increase their position size without a significant increase in capital.

Dedicated Customer Support

Every user gets a dedicated account manager available 24 hours a day, 5 days a week to help them with account issues or answer enquiries. Other customer care agents are available via email and live chat.

Flexible Deposit and Withdrawal Methods

Bit Index AI accepts major currencies like USD, GBP, EUR, JPY, and CAD through payment channels like bank transfers and credit cards like VISA, Mastercard, Discover, and American Express.

Demo Accounts

Newbies can get familiar with using the trading bot without risking real money with the demo account. Advanced traders can test and refine their trading strategies. Users do not need to deposit funds before using the demo account as it is made available upon registration.

Customisable Settings

The Bit Index AI dashboard is fully customisable for users who prefer to manage their trades. Advanced traders can set what signals and strategies to use in specific market conditions. Newbies can use the fully automated trading mode and rely on the bot’s algorithm.

Factors to Consider Before Using Bit Index AI

Before signing up for a Bit Index AI account, ensure that its real-world performance matches its on-paper presentation. Look out for these factors when choosing a crypto trading bot.

Withdrawals: 4/5

A complicated withdrawal process is the first sign of a problematic service. The withdrawal process should be straightforward and timely. Withdrawing from Bit Index AI takes about 24 hours upon request.

Verification: 4/5

New accounts need to be verified, if not by the bot, then by its affiliated crypto brokers. Bit Index AI ticks this box as they require an ID card and a proof of address document upon registration.

Costs and Fees: 5/5

Trading Fees

0.01% commission per trade

Deposit Fees

None

Withdrawal Fees

None

Account Fees

None

Bit Index AI does not charge deposit, withdrawal, or account maintenance fees. However, a 0.01% commission is levied on all trades made with the bot which could be significantly lower than the withdrawal fees charged by several competitors given the bot’s claimed accuracy.


Deposit and Withdrawal Limits and Methods

Bit Index AI has a minimum deposit requirement of $250 via bank transfer or credit card. There are no withdrawal limits.

User Testimonials: 4/5

A reliable way to assess the credibility of a service is to seek out independent reviews. Several high authority review sites corroborate Bit Index AI’s legitimacy. While the service is not without its drawbacks, there have not been widespread cases/news of security breaches or scams.

Customer Service: 5/5

Customer support on Bit Index AI is adequate. A dedicated account manager and support agents are available 24/5 via email and live chat.

Affiliated Brokers: 4/5

The brokers that a bot service partner with is a tell-tale sign of their legitimacy as regulated brokers do not generally partner with shady services. Bit Index AI’s partner brokers are regulated by the Cyprus Securities Exchange Commission (CySEC).

How Does Bit Index AI Compare to Other Automated Cryptocurrency Traders?

The first factor considered when comparing trading bots is their success rate. While Bit Index AI has an impressive rate of 85%, it pales in comparison to other bots like Immediate Edge, which has a 99% success rate, Bitcoin Prime (90%), and Bitcoin Code (99.4%).

However, what it lacks in claimed success rate, it makes up for in customisation, customer service, and leverage facilities.

Is Bit Index AI a Legitimate Autotrader?

Real users and a functional customer service team are ways to gauge a service’s legitimacy. 

Real Users

We found genuine online reviews from several people who interacted with the Bit Index AI bot or platform. While a few had certain reservations, the general trend was positive. 

Accessible Customer Service

We reached out to Bit Index AI’s customer service agents and the dedicated account manager and got in touch with a customer agent.

Is Bit Index AI Safe?

So far, Bit Index AI seems to be safe on paper. Client funds are stored with third-party brokers who are reportedly regulated, while the bot trades with the funds and returns them to the broker when done.

Also, the bot uses SSL certificates on its website to secure user data and requires all new users to pass KYC when creating accounts.

5 Reasons to Use Bit Index AI for Trading

Trade Accurately

Bit Index AI is an AI bot and is, in many ways, above the mistakes that befall humans. Once a trading strategy has been tested and works in certain conditions, it should work when similar conditions surface in the market.

With a trading bot, you can always trade certain conditions in specific ways and make a profit every time, provided the trade isn’t affected by new external factors.

Trade 24/7

Bit Index AI’s automation allows you to trade when you sleep, eat, work, or visit family. The bot will execute your strategy night and day on CFD pairs of over 4 cryptos, allowing you to catch more profit opportunities.

Simple User Interface

Bit Index AI is designed such that newbies can figure their way around it, at least for basic functions like setting entry, exit, and stop loss levels, and using the automatic mode.

Dedicated Account Manager

Bit Index AI is one of the few bots, if not the only one, that provides dedicated account managers for every account created. This manager is your first point of contact available to serve you 24/5.

Bit Index AI Payment Methods

Deposits and withdrawals on Bit Index AI can be made in major currencies like EUR, GBP, USD, CAD, and JPY through bank transfers and all the major credit card providers like Discover, American Express, Mastercard, and VISA.

Best Way to Trade With Bit Index AI

Keep it simple when starting out. Set entry and exit levels, and manage your risk with stop losses. If you’re a newbie, you may need to rely on the bot’s algorithm to make a profit. If you choose to develop a more elaborate trading strategy, perhaps one involving indicators, test it extensively against market data using the demo account.

If you’re an advanced trader, you can use complex strategies or refine your old ones using the demo account. You can also turn off the automated mode to only receive signals and program the bot to exert tighter controls over your trades.

Has Bit Index AI Ever Appeared On TV?

Several rumours traverse the internet about Bit Index AI being on popular TV shows, so we checked to see if they were true.

Dragons Den

Dragons Den is a popular venture investment show in the UK. And while it features virtually all types of businesses, Bit Index AI has never featured on the show.

Shark Tank

Shark Tank is a US version of Dragon’s Den where business owners looking for funds pitch their businesses to a panel of investors. Similar to Dragon’s Den, we did not find evidence that Bit Index AI was ever on the show.

Register Now With Bit Index AI

Has Bit Index AI Ever Been Endorsed by a Celebrity?

Bit Index AI has never been endorsed by a celebrity.

Elon Musk

Elon has been in the middle of crypto controversies and has shown support for specific coins and the industry at large, so naturally rumours that he endorsed Bit Index AI surfaced. However, we found them to be false.

Mark Cuban

Mark Cuban is an investor on Shark Tank and has been involved with several crypto ventures. However, our research shows that Bit Index AI is not one of them.

Snoop Dogg

Snoop Dogg is an American rapper known to support NFTs and the decentralised metaverse. However, our research does not show any connection between him and Bit Index AI.

Tips for Using Bit Index AI Safely and Managing Risk

Trade Cautiously

Trading bots are known for their accuracy in carrying out trade instructions. If those instructions are inaccurate, the loss could be significant. Never rely so much on a bot’s algorithm that you throw caution to the wind. Always backtest your strategies to ensure a high enough accuracy.

Start Small

The minimum deposit for Bit Index AI is $250, so start with that. Luckily, the deposit sum is not the smallest contract size you can trade, divide the $250 into smaller sums once deposited. Start with a small amount and work your way up as you refine your skills and strategies, and gain confidence.

Follow the Experts

Always pay attention to what institutional analysts recommend. You don’t have to follow it but ensure you are aware of it. While they are not always correct, these analysts usually have access to information and tools that are unavailable to retail traders. Take into account their predictions when developing trading strategies.

Always Use Stop Losses

No one is right all the time, not even bots. Always use stop losses according to your risk management strategy. A rule of thumb is that each trade must not risk more than 2% of your total account value, so if your total account value is $2000, the potential loss on each trade must not exceed $40. This should inform your lot size, leverage, and stop loss.

Keep Records for Taxes

More countries are developing and implementing crypto tax laws as they become familiar with digital assets. As such, always ensure you record your trades for tax purposes. A spreadsheet application should be sufficient. Many brokers keep records that are downloadable from your account dashboard.

How to Use Bit Index AI - Step-by-Step Guide

Step 1: Open an account

You’ll need basic information like your name, an email address, and a phone number. Enter the information in the signup form and click Register Now.You may be asked to input your birthday as the law only allows legal adults to access certain services. Bit Index AI works with affiliate brokers and may direct you to open an account with one of them.

Bit Index AI sign up

Step 2: Verify your Account

Next, you’ll need to pass KYC verification by submitting pictures of an ID card with your name clearly shown, and a utility bill with your name and address clearly displayed. The affiliated broker may also ask for a source of funds document, like a bank statement with your bank balance and transactions for at least a month clearly shown.

Step 3: Make a Deposit

After verification, you’ll need to deposit a minimum of $250 with the broker. Bit Index AI supports bank transfers and credit card payments in major currencies like USD, GBP, JPY, EUR, and CAD, depending on your location. The broker or payment provider may charge you deposit fees, especially with credit cards.

Step 4: Develop a Trading Strategy

The basics of developing a trading strategy involve setting an entry price, exit price, and a stop loss price. As you become proficient, you will be able to develop strategies that use indicators.

Step 5: Monitor Trade

Once your bot starts executing your strategy, you’ll need to keep an eye on it to ensure the strategy remains adequate for market conditions.

Bit Index AI Markets, Assets, and Options

What assets can you trade with Bit Index AI?

The Bit Index AI bot is made specifically for the crypto market. It supports four major cryptos Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC). However, it does not trade the cryptos directly.

Instead, it uses a derivative called Contracts for Differences (CFD) that pays the difference between the contracts opening price and its closing price to the party who price favours.

For example, if you open a long contract (a buy contract), it means that you predict a price increase. If your prediction is accurate, you get the difference between the price of the crypto at the start and end of the trade. If you opened the trade at $15 and it rises to $20, you get $5. However, if your prediction is wrong, you pay $5.

By using these CFDs, Bit Index AI can offer more than 60 markets for traders to profit from as the cryptos supported are paired with every major currency supported and with one another.

What leverage options are available with Bit Index AI?

Bit Index AI offers up to 1:100 leverage on CFD trades. While some competitors may offer higher leverage options, Bit Index AI stays within industry acceptable limits and keeps the beginner in mind as overly high leverage could result in compounded financial losses.

What are the spreads on Bit Index AI?

Bit Index AI does not specify their spreads on their website, however, we don’t believe that they add spreads as their major profit source is the 0.01% trade commission.


Bit Index AI Review - Final Thoughts

Bit Index AI is a trading bot known for its 85% success rate, its dedicated customer service via email and live chat, and low fees at 0.01% per trade. Bit Index does not charge deposit, withdrawal, or maintenance fees.

The bot supports deposits with major payment channels like bank transfers and credit card payments and in major currencies like USD, GBP, CAD, EUR, and JPY. The minimum deposit requirement is $250, however, it is not the minimum trade amount. You can trade with smaller amounts once you deposit.

New users can use the demo account to familiarise themselves with the trading bot and advanced users can sharpen their trading strategies with it.

When signing up, you will be assigned a broker to help manage your funds and provide the trading terminal that the bot connects with. Gather documents like a government-issued ID, a utility bill, and a bank statement for a speedy signup process.

Review Methodology

We review crypto robots by aggregating various tests, reviews, and testimonies across the web, allowing us to give you a balanced view that accounts for multiple perspectives. Check out our ‘why trust us’ and ‘how we test’ pages for more information on our testing process.

We are aware that the internet is full of false testimonies: there are several purported trading robots out there that are, in fact, scams. For this reason, we find it important to compare information from across the internet in our Bit Index AI review.

Frequently Asked Questions

  1. The minimum deposit amount is $250 through a bank transfer or a credit card.

  2. Bit Index AI trades cryptocurrency for its users using AI algorithms that analyse the market and predict profitable price movements.

  3. There is no Bit Index mobile or desktop app. The bot is cloud-based and integrates with MT4 traders.

  4. Yes, but that depends on your trading strategy and the bot’s accuracy.

  5. Yes. There is the risk that the bot’s predictions are wrong and you lose money. There is a risk that external factors affect the market trend and you lose money.

Haven't found what you're looking for?

View more at the Robot Hub page

Disclaimer: All testimonial photos are stock imagery and do not represent the people behind the feedback.