- How good is BitBNS exchange?
- Is it Safe to use BitBNS?
- What are the features of BitBNS?
- How to use BitBNS?
There are many questions you may have around BitBNS, and in this guide, I will help you get an answer to all your queries related to BitBNS.
Meanwhile, Cryptocurrency is not banned in India. (Updated: July 2020)
These days P2P is the most preferred way of doing crypto business in India. A lot of exchanges including BitBNS, and some of the top BitBNS alternatives such as Wazirx, Localbitcoins are using the P2P model for buying/selling crypto in India.
Update: Now all Indian exchanges are supporting the direct deposit and withdrawal of funds.
Crypto to crypto P2P transactions are easy to facilitate, but the problem arises when one needs to deposit or withdraw the money (in INR).
One of the popular crypto exchanges in India, Bitbns, has come up with an innovative INR on-and-off-ramp mechanism which we are going to discuss in this post.
BitBNS Review – Video
Bitbns’s 2 Unique Approaches To Facilitate INR Transactions For Crypto Trading
1. P2P INR Movement Through BidforX Vouchers
Depositing money (INR) in Bitbns
Let’s say one wants to deposit while another user wants to withdraw. If we somehow make a fair mechanism to connect the two guys, the P2P INR transaction is possible. Bitbns has done precisely that:
- Log into Bitbns and click on ‘Add Money to Wallet’ and enter the amount you want to deposit.
- Bitbns’ peer-to-peer match engine will find a person who has placed a withdrawal request. Once done, note down the withdrawer’s email ID.
- Log in to your BidforX account.
- Go to the Vouchers section.
- Enter the amount you want to deposit, enter the email ID of the withdrawer, and click on ‘Generate Now’.
- Copy the voucher code, go back to the deposit section on your Bitbns account, click on ‘Submit Voucher Code’ and paste the voucher code.
- Upon submitting, you will get a pending status on your Bitbns account.
- Your deposit process completes when the withdrawer confirms that he/she has received the voucher.
Withdrawing money (INR) from Bitbns
- Log into Bitbns and click on ‘Withdraw Money’ and enter the amount you want to withdraw.
- Enter the OTP in ‘Authenticator OTP’ section and click ‘Next’.
- Our peer-to-peer match engine will find a person who has placed a deposit request.
- Once the depositor deposits the amount, you will receive a voucher code. Also, you will receive a ‘Secret Key’ on your email.
- Login to your BidforX account and go to the ‘Vouchers’ section.
- Click on ‘Redeem Voucher’.
- Enter the Voucher Code you received on your Bitbns account and the Secret Key you received on your email.
- Click on ‘Redeem’.
- Verify the amount you received in BidforX, Raise dispute if the amount doesn’t match or incorrect voucher code.
- Go to ‘Profile’ on BidforX and click on ‘Withdraw’ to receive an amount in the bank.
2. P2P INR Movement Through UPI
Another peer-to-peer way of moving INR is through UPI/NEFT payments. Here is how you can do so on Bitbns:
Let see how you can deposit money (INR) in Bitbns.
- Initiate deposit request by going to the wallet and Select on “Deposit”.
- Then choose the banking payment method ‘UPI/NEFT’.
- Enter the amount you wish to deposit and click on ‘NEXT’ to complete the initiation process.
- Once a deposit request is initiated, the user will get a list of peers to whom the transfers have to be made.
- You will get the bank account details of the withdrawer, and you need to transfer them money through your chosen UPI/NEFT method within a timeframe.
- You also need to put the reference number of your transaction in Bitbns account after you complete your transaction.
- Your deposit process will be complete when the withdrawer or receiver confirms receipt of funds on the Bitbns platform, following which the balance will be credited in the Bitbns wallet.
Now let’s see how you can withdraw money (INR) from Bitbns.
- Go to the wallet and click on “Withdraw”.
- Choose the method as Bank Transfer using UPI/IMPS.
- Enter the amount according to the new deposit structure as specified below.
- Enter the UPI ID or bank details if not already updated.
- Click on “NEXT” to initiate a request.
- Bitbns system will find the depositor who will fulfill withdrawal request.
Now there will be a few scenarios.
It will show “Allocating peer” if not allocated, or show “pending withdrawal” status until the allocated peer transfers the amount to your bank account.
Once the depositor has deposited the amount, you will see reference number with transaction comments.
Now as a withdrawer, you need to check your bank account with the given reference number for the credited amount. If found in place, the withdrawer should mark as ‘Yes’. In case of ‘No’, a dispute will arise which they have to resolve themselves or can escalate it to Bitbns.
However, there are some Dos and Don’ts in peer-to-peer trading that you must follow to enjoy a frictionless experience.
- Use UPI for faster transactions.
- Submit reference number of transaction done as soon as possible.
- Confirm transaction receipt as soon as possible.
- Be humble and use polite words in remarks.
- Don’t use words like Bitcoin or drugs in comments.
- Make sure you check the rating of the person you are dealing with.
How To Get Started On Bitbns
Getting started on Bitbns is easy and straightforward. You just need to log in with your email ID and complete a KYC process by submitting your AADHAR card details and PAN details.
Post verification, you will be eligible to trade and deal with Bitbns. But if you wish to deal only in crypto, you can do so very well without going through the KYC process.
BitBNS trading fees depends upon two factors:
- The amount you have traded
- BNS token holding
The below chart shows the current BitBNS fees for trading:
BitDroplet: BitCoin SIP for Indians
This is the latest innovation by BitBNS, which is a good substitute for SIP system of the mutual funds but only for crypto. Using Bitdroplet, you can buy a small amount of Bitcoin every week or month, and take advantage of rupee cost averaging. You can invest as low as INR 73 (about $1) every time to start a SIP for Bitcoin.
Here are some benefits of using Bitdroplet feature of BitBNS:
Conclusion: BitBNS review
BitBNS is the forefront of the crypto revolution in India. They have been around for years, and their founding team is super innovative. They are anchoring Bitcoin as an investment instrument, and their bold innovation like P2P, Bitdroplet speaks volume of it.
In terms of trust, and quality, they are quite reliable. So far, I have not found any kind of scammy techniques used by BitBNS, and you could trust them.
Here are FAQ’s related to BitBNS:
BitBNS is started by IITians, and they are quite safe and trustworthy to use. They are one of the top exchanges in India.
BitBNS uses the P2p methodology to withdraw funds (INR) to your bank account. You can use P2P, Bank transfer and other methods for withdrawing funds from BitBNS. Watch this video to learn bhow to withdraw money from BitBNS:
Some of the official links to stay updated about Bitbns exchange and related news:
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Harsh Agrawal is the Crypto exchanges and bots experts for CoinSutra. He founded CoinSutra in 2016, and one of the industry’s most regarded professional blogger in fintech space.
An award-winning blogger with a track record of 10+ years. He has a background in both finance and technology and holds professional qualifications in Information technology.
An international speaker and author who loves blockchain and crypto world.
After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.
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- BitBNS Review – Video
- BitDroplet: BitCoin SIP for Indians
- Conclusion: BitBNS review