Introduction
BitBns is an Indian cryptocurrency exchange which was entered into the Indian crypto market by the end of 2017. The exact launch date of Bitbns cryptocurrency exchange was on 14 December 2017.
Though many are familiar with the name BitBNS, most of them don’t know how the name BitBns is evolved. The name Bitbns is formed by shorting the sentence “Bitcoin Buy N Sell”. If you take out the bold letters, the term BitBns will be formed!
There are a number of coins available for trading on Bitbns which is paired against INR and USDT.
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Why Bitbns – Features of BitBns Exchange
Most of the Indian cryptocurrency exchanges have similar features. When we look into the BitBns exchange, they do have similar features as like most of the other Indian crypto exchanges.
BitBns itself have listed some of their main features in the bitbns.com webpage. The “why bitbns” section lists the important features of the exchange.
Safe and Secure
BitBns claims high-grade security for all the activities done on the exchange. This includes the trading transactions, fund transactions as well as for the wallet funds.
Almost all the crypto currency exchanges in the world make the same claim on user funds. However, we have seen in the past that the world’s top bitcoin exchanges have lost their funds by hacking.
We have seen the hacking attempts and have seen many successful attempts with a couple of popular exchanges in the world. Some exchanges such as Binance survived even after the hacking, however, many exchanges have gone bankrupt after the hacking.
While we check more than two years of the track record of BitBns, we haven’t seen any successful hacking attempt occurred at bitbns. As a person who uses the BitBns exchange since it’s launch, I didn’t face any security issue or missing funds from my account till now. So, there is a reason for this claim 🙂
No Account Charges
This is not a feature that needs to be announced as a major feature. Only a few cryptocurrency exchanges in the world are charging for account keeping.
However, you could see that there are some exchanges who are charging a fee for inactive accounts. If your account becomes inactive for a couple of months or a year, a fee will be charged by the exchange.
While we consider the Indian crypto exchanges, there is only one exchange which will charge the user for using the wallet. The ZebPay exchange, which was reentered into the Indian market recently is charging a nominal fee for maintaining the wallet.
Automated Buy and Sell
This is the common feature available on most of the exchanges. A Few exchanges have, only instant buy and sell option. However, most of the exchanges are having the common feature of the limit order. Where you can put your desired price and relax. When the market price reaches your limit price, the order will get executed!
P2P Deposit and Withdrawal
This is one of the features which is not available with every exchange. The P2P system was integrated by a few Indian crypto exchanges when the Reserve Bank of India has banned the regulated bank from providing banking service to the crypto-related business.
The banking ban affected the Indian crypto exchanges as the door to convert fiat to crypto has been closed by this decision. To overcome this hectic situation, the exchanges developed the P2P system and integrated with the existing exchanges.
This P2P system matches the person who needs to withdraw INR from the exchange with the person who wants to deposit INR to the exchange wallet. The exchange will act as an escrow service. This sidesteps the need of having a bank account for crypto exchange for processing the INR deposits and withdrawals.
Trustworthy and Verified Networks
This is one another feature listed on the BitBns exchange website. The exchange collects your personal documents such as PAN card, Aadhaar card for verification on account as part of KYC.
This makes sure that the service is used by the authentic people for the safe trading purpose. I remember that BitBns is the first Indian exchange which was implemented the automatic verification of user KYC details.
24×7 Customer Support
As like most other Indian crypto exchanges, BitBns is also offering support via telegram, email support as well as by raising a ticket on the website.
Recently, they have integrated the support options with the website which will help the user to contact the right admins from dashboard instead of getting scammed by the Telegram users who pretend to be the BitBns admin.
Margin Trading
BitBns is one of a few Indian exchanges who have integrated the margin trading option. You will have the option to lend the assets you hold in BitBns to maximize your profit, as well as one who wishes to borrow, can take it from BitBns to trade on.
Stop Limit Orders
The stop-limit order on BitBns helps the user to schedule their trades to execute without the worry of losing the value of the currency beyond a limit. Just set up a stop limit order which will get executed when the condition matches.
User Friendly Trading Dashboard
There is nothing much complicated on the BitBns exchange to start with. Even a newbie can sign up and start trading without the necessity for further documentation.
These are the main features listed on the BitBns website as the reason to join and trade on the platform. In the following section, we will discuss more details regarding BitBns exchange.
Who Can Trade on BitBns Exchange
As mentioned in the introduction section of this article, BitBns is the exchange which was launched for the Indian users way back in 2017. Those who are Indian citizen with valid documents can sign up with bitbns to trade on cryptocurrency. The Indian users should have a PAN card and Aadhaar card or other identity documents to complete the KYC and transact fiat currency.
After becoming a big player in the Indian crypto Industry, BitBns has extended its services to the UAE. UAE is the nation which adopted the blockchain technology very quickly and there is no restriction to trade on crypto in the country!
UAE nationals can also sign up with BitBns and can trade on the exchange even without completing the KYC. However, to enable withdrawal of fiat currency, the user needs to finish the KYC.
BitBns is also available for users from Thailand. As like UAE nationals, Thailand citizens can also deposit and withdraw fiat on bitbns exchange after completing the KYC.
Currently, there are three countries including India from where the users will be able to trade on Fiat market. But, the crypto to crypto trading service is available for the people from almost all countries except the US.
BitBns Trading Interface
There is nothing to discuss about Bitbns trading interface. Each and every crypto exchange have their own custom made trading interface. We cannot compare one with another.
The best option is to test the interface by the user itself. You can just visit Bitbns.com and can see the live view of the exchange even without login to the system.
For a quick reference, I have attached a screenshot of Bitbns interface below
As like any exchange, the trading interface has a graphical representation, order book and buy-sell options in the right panel of the webpage.
Mobile Application
BitBns have a mobile app which enables seamless trading on your smartphone. The app interface is also similar to the one that of the web interface. There is no much difference
Deposit and withdrawal on BitBns
As stated above, Bitbns accepts both fiats as well as crypto deposits and withdrawals.
Like any other exchange, depositing crypto to Bitbns exchange is free of cost. However, the withdrawal fee for different cryptocurrencies is varied.
Bitbns is an exchange which offers different methods to deposit fiat currencies including credit card deposit. However, most of these deposits and withdrawal options are available for Indian user only.
The UAE nationals can deposit AED and Thailand citizens can deposit THB only using the USDT P2P method!
How to Deposit INR to BitBns
It’s very easy to deposit INR to bitbns wallet and start trading. User needs to navigate into the wallet section of the website or app after login to the account.
While you are in the wallet page, click on the “Deposit Via INR” button from the right-side panel of the website!
You will be landed on a page where you will have multiple options for depositing INR to the wallet.
Direct Bank Deposit
We recommend the users to choose this deposit method to deposit INR into the wallet. Here the user can use the normal transfer methods available with the net banking account such as IMPS, NEFT and RTGS.
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This is the most reliable method available as the money will be directly sent to the BitBns bank account. Also, this is one of the fastest deposit method available along with the other option of MobiKwik.
The request placed using the direct bank deposit option credits the balance to your wallet within a couple of minutes after successful transfer.
Deposit Via MobiKwik
This is the deposit method recently integrated by Bitbns to ease the INR deposit flow to the wallet. The MobiKwik wallet will be acting as a payment gateway for processing the INR deposit requests.
Though this deposit is one of the fastest deposit option available at bitbns, a fee of 1.5% + GST will be charged on this deposit method.
Though there is a fee for the deposit, users can use their credit card, debit card and net banking in this method. We have written a detailed article which shows how to deposit INR using Credit card or debit card to BitBns
P2P USDT Transfer
This was the widely used deposit method after the banking ban was imposed on crypto transactions in India. The P2P system matches the user who wishes to deposit INR with the one who needs to deposit INR to the system.
The transaction will be processed by means of USDT. You need to sell USDT and withdraw INR to exit the system and you need to place USDT buy order and enter into the system. The INR transfer will be done in between the two users who sells USDT and the one who buys USDT.
UPI/IMPS Transfer
When there was a banking ban and the users were unable to deposit INR directly to BitBns account, the P2P system was used by the users.
Here the user can enter the deposit amount and tip as optional to deposit INR. The request will be matched with a user who is requesting a withdrawal.
However, there was a time lag to get the INR deposit confirmed by the peer. To overcome this issue, bitbns has enabled the instant deposit option in this section.
The depositor doesn’t need to wait till the peer confirms the transaction if the instant deposit option is selected. However, the instant deposit amount has a limit depends on your wallet holding.
BidforX Vouchers
This is the least recommended deposit method. This method uses a third-party service to match the peer and the transaction processed between the peers.
How to Withdraw INR from BitBns
In the previous section, we have discussed the options available to deposit Fiat to BitBns. As like the deposit term, only crypto withdrawals are available for the users from the countries other than India, Thailand and the United Arab Emirates.
UAE and Thailand citizens can withdraw the Fiat using the P2P withdrawal option as like the P2P deposit option. However Indian users have multiple ways to withdraw the INR from bitbns wallet. Let us go through them.
To withdraw fiat from Bitbns, users need to navigate to Wallet section from the mobile app or web and click on the withdraw INR link.
There were five options to deposit INR to the wallet. However, the option to withdraw INR is limited four as the Mobikwik withdrawal is not available.
Update:
BitBns enabled instant withdrawal of INR to bank account with a small fee. You can check the INR deposit and withdrawal status of Indian cryptocurrency exchanges
Direct Bank Withdrawal
As like direct deposit, direct bank withdrawals are processed from the bank account held by BitBns. This is the most reliable method available at the moment to withdraw INR from bitbns wallet.
Unlike direct INR deposit, where the deposit limit is very higher, the withdrawal limit is very low for direct withdrawal. At the time of writing this article, the limit per user per day is one lakh rupees. This can be requested in two transactions of fifty thousand each.
The time taken to process this withdrawal is 24 hours on bank working days. This requests can be placed only between 10 AM and 4 PM IST.
P2P USDT Withdrawal
With P2P USDT deposit, you were buying the USDT and transferring the INR to counterpart to deposit the money to BitBns. For the P2P USDT withdrawal you will be working as a counterpart for P2P USDT deposit peer. You need to place the sell request of the USDT and the counterpart will transfer the INR to the bank account.
UPI/IMPS Withdrawal
This is the P2P system where you can place the INR withdrawal request directly. The user who wants to deposit INR to Bitbns wallet will be matched with the one who requests withdrawal and he/she will transfer the INR to the withdrawer’s bank account. The withdrawer needs to confirm the same on bitbns to complete the transaction.
The tipping system is used to prioritize the withdrawal requests. The one who offers a higher tip will be placed on top of the queue and will be matched very quickly
P2P Withdrawal using BidforX Voucher
This is the least recommended method by us to withdraw from bitbns wallet. We request you to utilize any of the above three methods to withdraw INR from bitbns wallet preferably the direct bank transfer method.
Trading Fees on BitBns
The trading fee for users on Bitbns is not a fixed one. The traders on Bitbns is categorized into VIP categories. This is based on the last 30 days trading volume along with the BNS holding on the account.
The more you trade on the bitbns, the less you will have a trading fee. Those who don’t have a trading volume of 6000 USDT or more in the past 30 days or not holding BNS value more than 25$ will have the highest trading fee on the exchange. Which will be 0.25% of the executed trade value.
However, the active trader who is having a trading volume of 8,00,00,000 USDT or more and a BNS holding of $2,00,000 or more worth will be charged 0.03% as a trading fee.
At the time of writing, no one will be eligible for this level as no one will be holding BNS worth of $2,00,000 in the account.
Crypto Withdrawal Fee
The withdrawal fee for ERC 20 tokens are dynamic. However, for other crypto assets, the withdrawal fee is mentioned in the BitBns Fees Page
Conclusion
We could see that many people search online whether bitbns is legit or scam before signing up with them. This is not only happening before signing up with bitbns exchange. Most of the people check whether an exchange is legit or scam before signing up with any exchange.As there is a number of scam crypto currency exchanges which is running to loot people’s money.
BitBns is one of the legit exchange running on India and other parts of the world as like mentioned earlier. I am trading on bitbns since it’s launch in India which is more than two years now. I didn’t face any issues until now with them. If you experience any technical issues, it’s not difficult to get resolved as their technical team is quite good.
Are you trading on BitBns exchange? What is your experience in trading with BitBns? Leave your feedback as comments
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