- Bitbns app is very user-friendly.
- Withdrawal processes are fast and charge a low trading fee.
- Provides training materials for new traders.
- Bitbns regularly updates its currencies portfolio.
- Offers several tokens and cryptocurrencies.
- Only Indian Rupees are used for fiat deposits.
- Customer support is below average.
- Extensive verification process and users aren’t allowed to make deposits and withdrawals or trade, without completing KYC verification.
While the govts and mainstream financial entities are moving reluctantly towards adopting cryptocurrency, millions of crypto enthusiasts have already started using these virtual currencies, worldwide. Even though the Indian govt is still uncertain about giving its nod to legalize use of cryptocurrencies, you can go ahead and start trading with crypto assets. However, it is necessary that you pick the right platform for trading crypto coins. In the last few years, several cryptocurrency exchanges have flourished in India and Bitbns is a top contender among these.
What is Bitbns?
Bitbns is a top Indian origin cryptocurrency exchange. Its parent entity is Buyhatke Internet Private Limited. It now lists over 100 cryptocurrencies. The users can sell, exchange and buy those supported tokens using the app’s intuitive user interface. Bitbns commenced its journey in late 2017 when the Bitcoin frenzy was at an all-time high and now its user base has touched 1.2 million.
Who can use it?
Bitbns is meant for use only by the Indian investors and so you will need an Indian phone number to start using its service. Bitbns does offer a mobile app for users who do not prefer using websites. It is available for iOS and Android users. Of course, you can use the website too. Both the website and app UI are clean and uncluttered.
What about the fees?
When you use any crypto exchange, it is necessary to pay various fees, depending on the services used by you. At Bitbns, both takers and makers are charged at 0.25% which is on par with the industry average. The trading charges, therefore, are not steep. Unlike some other crypto exchanges, Bitbns does not have a steep withdrawal fee. In fact, its BTC-withdrawal fee is almost 40% lower than the other players. The borrowers need not pay any fee while using its services but lenders do.
How to get started?
Getting started with Bitbns is simple and you will need to spend only a few minutes for that.
- At first, you have to browse the official Bitbns website and sign up.
- Then enter the email address and a password for initiating account creation.
- Then a verification link will be sent to your provided email id. Click on this link to activate your Bitbns account.
- The KYC verification comes up next and you need to provide your PAN and AADHAR card details. To avail full facilities, it is necessary to perform the KYC verification process.
What are the supported deposit methods?
Bitbns supports wire transfer for making deposits but there is no option of using credit cards. The nice thing is it supports fiat currency deposits.
After doing the KYC verification, you can deposit fund in your Bitbns account. For this, go to the trading dashboard and select the ‘Wallet’ button. Next, click on the ‘Add Money to wallet’ option. Then, you have to add the beneficiary details. You can add money using NEFT/ IMPS/ RTGS or UPI. There is no upper capping on deposits and withdrawals when you use this platform. However, the minimum deposit to start trading is INR 100.
The supported trading activities
Bitbns allows Margin trading which is equivalent to a loan. You can make use of borrowed capital against your assets to augment purchasing power. So, boosting profits without asset owning is possible.
Bitbns lets you borrow as much as thrice the amount of your net worth. So, you get 4X leverage. You can also lend your funds through margin lending.
On Bitbns, users can issue Stop-limit orders. There are options for Trailing Stop-limit order as well as Bracket order.
What about money withdrawal from Bitbns?
Withdrawing money from your Bitbns account is possible. In fact, it enables faster withdrawal compared to similar platforms.
- You need to click on the dashboard’s wallet button.
- This takes you to the account page. Now, click on the ‘Withdrawal’ button.
- Next, enter the amount of money you wish to withdraw.
- The money will be sent to your bank account used during the registration.
What about the security?
When you use any cryptocurrency exchange platform to trade, the thought of security comes up in your mind, naturally. Bitbns is a secure exchange and you can count on it. It deploys 2FA authentication. Its advanced technology architecture ensures the safety of your money and data.
The unique features of Bitbns
The SWAP feature
In September 2021, Bitbns introduced Swap. Using this new feature, users can swap from as many as 300 available cryptocurrencies. Remember that 0.25% will be levied on such transactions. Swapping cryptocurrency is a hassle free process.
Bitbns Fixed Income Plan (FIP)
Bitbns website lets users avail its Fixed Income Plan. You can specify a BTC or USDT BTC or USDT for a fixed rate and set a time period. It has an allocation limit, though. The accumulated funds then get locked for the maturity period. After end of the tenure, you get the principal amount, with the accrued interest in your wallet. The highest interest rate is 13 %. This is akin to the fixed deposit services offered in regular banks except that you are using crypto assets.
Bitbns has set up a convenient, secure platform called Bitdroplet. Using this, investors can invest in Bitcoin and other cryptocurrencies through a SPP or Systematic Purchase Plan. This can be compared to a traditional Systematic Investment Plan. The difference is SPP can be used only for making cryptocurrency investments. The nice thing is that you can use Bitdroplet without having a Bitbns account.
For the beginners in Crypto sector, there is a service called the Bitbns testnet. Think of it as a safe simulated trading environment which offers you the same features and benefits of the main platform. New users are offered testnet coins. This is not real cryptocurrency though and you get a first-hand experience of crypto trading.
Is there any referral option?
Bitbns referral program is ideal for those who want to reduce the trading fees. It is beneficial for you and the referred person. You receive 50% off on the trading charges while the referred user receives ₹100 if he/she does the KYC properly.
What about the customer support?
Bitbns offers decent customer support. There is an option for raising tickets online and email support is also there. It also offers social media based support and responses are quick on those channels too.
Summing it up
Bitbns has become one of the most sought after crypto exchange platforms in India and it is meant exclusively for Indian users. The app and website both are user friendly and the features are useful. It has low trading fees and the support for crypto coins is also good. Bitbns races ahead of similar crypto exchange platforms owing to innovative features like Fixed Income Plan, Bitdroplet and the Systematic Purchase Plan. The security options are also decent and the same can be said about support provisions. The ease of use is superb and the platform will be suited for both amateur users and veteran crypto users.