- Can we trust Bitbns?
- Is Bitbns safe?
- What are the features of BitBNS?
Trading in cryptocurrencies for Indian residents is becoming a hassle every day. Many exchanges frequently experience downtime due to low bandwidth or a large number of users on the platform.
Not only this, some exchanges face several other issues such as payment gateways not working or challenges with the authorities.
Thus, there is a need for alternative platforms to make the most in the crypto markets. Bitbns is one such legit crypto trading exchange that an Indian user can explore.
The exchange was established in December 2017 by Buyhatke Internet Pvt. Ltd. With more than 1.2 Million users and USD 24 Million 24-hour trading volume; the exchange is one of the top exchanges for Indian users.
This article is a complete beginner’s guide for Bitbns Exchange and would answer most of your queries related to the platform.
BitBNS Review (Video)
Now, let us know the founders of the exchange.
Founders of Bitbns
Gaurav Dahake – Twitter
CEO and Co-Founder
Gaurav completed his engineering from IIT Kharagpur, India in 2013. In 2013, he co-founded BuyHatke, a shopping research platform. In December 2017, he co-founded Bitbns exchange with Prashant Singh.
Prashant Singh – Twitter
CTO and Co-Founder
Prashant has a similar academic and work experience as Gaurav. He also completed his engineering from IIR Kharagpur, India. In 2013, he co-founded BuyHatke, and in 2017, he co-founded Bitbns Exchange.
Now, let us deep-dive into the features offered by Bitbns Exchange.
Features offered by Bitbns Exchange
The features of Bitbns Exchange are as follows:
1. Fiat Deposit and Withdrawal in INR
Once you complete your KYC, you can deposit INR (Indian National Rupee) to your exchange wallet and start trading crypto as soon as the amount is available. Currently, the platform supports UPI, NEFT, IMPS, and RTGS payments.
The minimum deposit amount is INR 100 per transaction, and the maximum deposit amount is INR 25 Lakhs (INR 2.5 Million) per transaction. The daily deposit limit is INR 3 crores (INR 30 Million). Further, the maximum withdrawal limit is INR 25 Lakhs (INR 2.5 Million) per day.
There is no fee to deposit INR to Bitbns wallet except where funds are deposit through Mobikwik wallet (deposit fee 1.77%). Withdrawal fee is NIL in most of the cases except where an instant withdrawal of funds is made. Further, you can get a rebate on this withdrawal fee by holding the in-house token of the platform BNS (Bitbns token). For more information on deposit and withdrawal fees, click here.
2. Deposit and Withdrawal of Cryptocurrency
In addition to the fiat deposit feature, you can directly add cryptocurrencies to your Bitbns wallet. For this, you would need your Bitbns wallet address to be mentioned on the platform from which you would transfer cryptocurrencies.
Similar to a deposit, you can withdraw your cryptocurrencies to another crypto wallet. You can also use Bitbns Peer to Peer deposit and withdrawal method.
There is no fee for the deposit of cryptocurrencies to Bitbns wallet. However, there is a variable fee for the withdrawal of funds. For more information on withdrawal fees, click here.
3. Trading – Spot and Margin Trading (With Bracket Trade Feature)
Bitbns offers a seamless mechanism of spot and margin trading. Margin is available on spot trades up to 4X. The platform has listed 136 tokens which are provided as 164 different trading pairs. You can place your usual market, limit, or stop-limit orders.
Bracket Order – For Automated Trade
In addition to this, Bitbns has a unique feature of “Bracket order”. With the Bracket Order feature, you can automate your whole trade by setting up a stop-loss limit and profit target.
Therefore, if the price of your asset goes up and hits your target selling price, then your crypto asset will be sold, and profit will be realized. However, if the asset price goes down, then the stop loss will be triggered, and the loss will be realized.
4. Earn Passive Income – Lending and Fixed Income Feature
You can earn passive income on your crypto assets by using the following features:
a. Lending Assets
You can lend your crypto assets on Bitbns and earn interest on it. Traders will further borrow these crypto-assets for Margin Trading.
The interest rate to be received by a lender depends on the crypto asset being lent. Bitbns charges 15% of interest received by the lender as its fee. This fee can be reduced by holding an in-house token of the platform, i.e., BNS.
b. Fixed Income Plans
Fixed Income Plans (FIP) offered by Bitbns allows you to earn an assured rate of return on your crypto assets.
The funds deposited in a FIP will be locked in for a certain period. At the end of the maturity period, you would receive principal along with interest in your wallet.
5. BitDroplet – Systematic Purchase Plan
This is an innovative feature offered by BitBNS. BitDroplet is a substitute for a SIP (Systematic Investment Plan) 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 100 every time to start a SIP for Bitcoin.
For using Bitdroplet, you would need to log in to BitDroplet.com with your Bitbns credentials.
Here are some benefits of using the Bitdroplet feature of BitBNS:
6. What is the trading fee charged by Bitbns?
The base trading fee charged by Bitbns is 0.25% of the transaction value, which is a bit higher than the market average. Further, this fee can be reduced by holding the in-house token of the platform, i.e., BNS.
Further, for margin trading, in addition to the spot trading fee and interest on borrowing, no other fee is charged.
7. How is the User Interface of Bitbns?
Bitbns has a very interactive dashboard in its web version, which is easy for beginners to understand. Further, the exchange offers a mobile application that is available in both iOS and Android versions.
Although I did not face any issues using this application, there are many negative reviews of the platform on Google Playstore. The application has more than 100,000 downloads with an average rating of 3.5.
8. BNSpay – Digital Payment App
BNSpay is a digital payment application. You can buy and sell your crypto assets very quickly.
BNSpay allows you a smooth transfer of crypto assets from one address to another. Thus, you can use this app as your everyday payment wallet with a change that payment would be made in crypto. Isn’t this amazing?
In addition to this, Bitbns also offers a hardware cold wallet to keep your crypto assets safe and secure.
9. BNS Token – Native token of Bitbns Exchange
BNS is the native token of the Bitbns Exchange. The token has a maximum supply of 2.5 Billion with a circulating supply of 56.84 Million. At the time of writing this article, the token is being traded at $0.07 with a market cap of $4 Million.
The possible use cases of BNS tokens are as follows:
- You can use BNS as money with the help of BNSpay,
- BNS allows you to avail several discounts on the exchange.
- BNS token can be used as an investment
You can buy BNS tokens on the following exchanges:
10. Security – Is Bitbns safe?
Bitbns is a fairly secure cryptocurrency exchange. It has the option to enable 2 Factor Authentication and creates a whitelist of IP addresses from which a user can log in to his account.
The platform also has a Bug Bounty scheme where the platform would reward a user for finding possibilities of a security breach on the platform.
What are the benefits of Bitbns Exchange?
The various benefits of Bitbns Exchange are:
- Automated trading with the help of the Bracket Trading feature
- Systematic investments with the use of Bitdroplet
- Passive income options such and lending and fixed income plans
However, there are some limitations to the exchange as well.
What are the limitations of BitBNS Exchange?
There are few unsatisfactory customer reviews related to:
- Mobile application of the platform.
- Customer support of the platform.
Conclusion – Bitbns Exchange Review
The Crypto revolution in India has created the potential for many crypto exchanges; Bitbns exchange is one of the strongest contenders amongst them.
It has been around for four years, and the founding team is super innovative. They are anchoring Bitcoin as an investment instrument, and their bold innovation like P2P, Bitdroplet, Bracket Trading 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. However, I would wish that the team would consider the feedback and issues reported by its customers and would resolve them ASAP.
Please note that I am not a financial advisor, and this is not financial advice. DYOR before investing.
I hope this article would help you in deciding whether you should use Bitbns Exchange or not. Let me know other crypto exchanges that you would like me to review.
Let me know your feedback in the comments section and share this article with your friends and colleagues. Subscribe to our newsletter for more such articles.
Frequently Asked Questions (FAQs) about Bitbns
Can INR be deposited to Bitbns?
Yes, INR can be deposited to your Bitbns wallet through UPI, NEFT, IMPS, and RTGS payments.
What is the limit for INR deposits and withdrawals on Bitbns?
The minimum deposit amount is INR 100 per transaction, and the maximum deposit amount is INR 25 Lakhs (INR 2.5 Million) per transaction. The daily deposit limit is INR 3 crores (INR 30 Million). The further maximum withdrawal limit is INR 25 Lakhs (INR 2.5 Million) per day.
Is Bitbns legit and safe?
Bitbns is a safe exchange supporting 2 Factor Authentication (2FA) and whitelisting the user’s IP address.
How do I withdraw money from BitBNS?
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 how to withdraw money from BitBNS:
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Harsh Agrawal is the Crypto exchanges contributor for CoinSutra.
He has a background in both finance and technology and holds professional qualifications in Information technology.
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- Founders of Bitbns
- Features offered by Bitbns Exchange
- 1. Fiat Deposit and Withdrawal in INR
- 2. Deposit and Withdrawal of Cryptocurrency
- 3. Trading – Spot and Margin Trading (With Bracket Trade Feature)
- 4. Earn Passive Income – Lending and Fixed Income Feature
- 5. BitDroplet – Systematic Purchase Plan
- 6. What is the trading fee charged by Bitbns?
- 7. How is the User Interface of Bitbns?
- 8. BNSpay – Digital Payment App
- 9. BNS Token – Native token of Bitbns Exchange
- 10. Security – Is Bitbns safe?
- What are the benefits of Bitbns Exchange?
- What are the limitations of BitBNS Exchange?
- Conclusion – Bitbns Exchange Review
- Frequently Asked Questions (FAQs) about Bitbns