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Bitbns Crypto-Exchange Review

Bitbns Crypto-Exchange Review

Bitbns is one of the least known cryptocurrency exchange platforms in India. Founded in 2015 but started its operations in December 2017. Bitbns allows the traders to deposit and withdraw INR (Indian Rupees) directly through the P2P (peer-to-peer) trading process in addition to bank account transfer via NEFT/IMPS and UPI. Bitbns crypto exchange is a user-friendly platform suitable for every trader from novice to expert.

In addition to crypto trading, Bitbns offers margin trading, allowing traders to lend and borrow digital coins for up to 90 days at low ROI. Other services provided by Bitbns are SIP (Systematic Investment Plan) for Bitcoins and FIP (Fixed Income Plans), which offers weekly, monthly, quarterly, and yearly up to 13% interest in return on cryptocurrencies. Best ways to invest for the future and have a diverse portfolio.

Bitbns offers margin leverage that no other cryptocurrencies are offering — leverage up to 4X on 28 cryptocurrencies and margin lending on major 29 cryptocurrencies with a minimum of 0.00078250 BTC, 0.0098 ETH, 46.88 XRP, 37 USDT for up to 90 days period.

The Bitbns user holding USD 25 worth BNS (Bitbns Token) can trade with a flat 0.25% trading fee, and in margin trading, the lender pays 15% commission, and the borrower fees are NIL.

On August 30th, 2019, Bitbns extended their trading for UAE residents allowing the user USDT P2P (peer-to-peer) method for deposit and withdrawal funds in AED (Arab Emirate Dirham).

On September 30th, 2021, Bitbns was the first crypto exchange in India that tied up with OKEx, the second-largest crypto exchange globally after Binance (in terms of volume), offering traders a Matic Polygon ecosystem that allows free transfers via blockchain. The users now can buy USDT (Tether), LINK (Chainlink), AAVE (Aave), USDC (USD Coin), and MATIC, with INR (Indian Rupee) via NEFT/IMPS or UPI. 

Bitbns also keeps offering excellent Fixed Deposit plans to their users. Bitbns Fixed Deposit plan keeps changing, and they provide up to 40% ROI. Currently, ongoing plans are: 

  • ETH (Ethereum) Mega FD plan with minimum 0.01 ETH with annual ROI of 20% and minimum period of 30 days.
  • BTC (Bitcoin) Mega FD plan with minimum 0.0005 BTC with annual ROI of 12% and minimum period of 30 days

Bitbns offers up to INR 1000 reward for those who helped them spot security issues on the Bitbns website or mobile applications. The feature ensures the highest safety of the crypto exchange platform. 

Why choose Bitbns Exchange as your Crypto Exchange partner?

  • Ascent by Bitbns is the globally first decentralized platform of token launchpad that carefully studies the projects and selects the most promising projects. The users can participate with 100% transparency and payment via escrow and milestone-based funding for safety. It is made for investors, project designers, and yield farmers. 
  • Bitbns has a seamless and transparent interface without having a chaotic candlestick trading screen and offering an order book and trade history that is easy to understand. 
  • Allows users to trade in the top strongest cryptocurrencies in INR, BNS, and USDT. 
  • Bitbns offers margin leverage up to 4X on 28 cryptocurrencies and LTC (Litecoin) tokens.
  • Bitbns offers margin lending on major 29 cryptocurrencies for up to 90 days.
  • Bitbns allows users to utilize third-party wallets for securing their digital assets.
  • Bitbns users allow setting up price alerts for various orders like bracket orders, limit orders, and stop-limit orders.
  • Bitdroplet by Bitbns allows the users to have Bitcoins SIP (Systematic Investment Plan).
  • Bitbns offers FIP (Fixed Income Plans), provides up to a 13% interest rate to its users on certain digital assets plans and is paid weekly, monthly, quarterly, and yearly.
  • UAE residents are allowed to trade in Bitbns using their fiat currency AED (Arab Emirate Dirham) and use USDT P2P (peer-to-peer) method for deposit and withdrawal funds.

Advantage & Disadvantage of Bitbns Crypto Exchange

Advantages of Bitbns Exchange
  •  Security of Bitbns is top-notch. The platform offers secured KYC, Google Authentication 2FA (two-factor authentication), OTP, Fingerprint biometrics to its users. 
  •  Bitbns has a 24/7 live support service, ensuring the users get the queries sorted on the spot.
  •  Currently, Bitbns offers more than 300 cryptocurrencies to its users.
  •  Bitbns offers bracket orders with stop limit features that provide the least risk of loss to their users.
  •  Bitbns automated buys and sell features authorize the users to trade without constantly checking the market price. 
  •  Bitbns offers 4X margin trading and lending at lower fees.
  •  In addition to crypto market trading, Bitbns provides the Bitcoin SIP method, and digital assets fixed deposit strategy for long-term investors to enjoy good investment returns.
  •  Bitbns offers free deposit and withdrawal in INR (Indian Rupees) facilities to all users.
  •  Bitbns offers many attractive rewards programs such as predict and wins crypto contests — where the users need to predict the listed digital assets for the given time. If they win, Bitbns awards them with digital assets. The reward program keeps changing. 
  •  Bitbns introduced “Ascent,” a feature that allows the users to get funded for their projects. 
  •  Bitbns offers the secured and fastest KYC procedure, allowing the users to trade instantly after completing their KYC verification.
  •  Bitbns partnered with OKEx, the second-largest crypto exchange worldwide after Binance, offering the users a Matic Polygon feature allowing them to have free and secured transfer via blockchain technology.
  •  Bitbns users can withdraw up to INR 25 lakhs per day. In addition to this, the user is allowed to transfer up to INR 3 crore per day.
  •  Bitbns offers Bitbns Pay, a debit card that converts digital currencies into fiat currency and completes the transaction. Anyone can use Bitbns at PoS for online purchases. Enjoy flat 3% off on each transaction. The card comes with a highly secured embedded RFID blocker chip. 
Limitations of Bitbns
  •  Bitbns offers two fiat currencies — INR (Indian Rupees) and AED (Arab Emirate Dirham).
  •  With the high numbers of users, connecting to customer care executives may take longer sometimes. 
  •  Currently, Bitbns works only on websites, iOS, and Android. 

 

Bitbns Crypto exchanges Key Summary

Particulars Key Facts
Headquarters Bengaluru, India
Active Since December 14, 2017
Founder Prashant Singh and Gaurav Dahake
Native Token Bitbns (BNS)
Listed Cryptocurrencies 357+
Trading Pairs 177+
Supported Fiat Currencies INR (Indian Rupees) and AED (Arab Emirate Dirham)
Minimum Deposit INR 100
Deposit Method NEFT, IMPS, RTGS, Mobikwik Mobile Wallet - UPI, Net Banking, Credit Card, and Debit Card Wire Transfer- Yes, Credit Card- No
Derivatives Trading Not Available
Minimum Order Size 1
Trade Volume USD 25.52 million
P2P Trade Volume NA
Trading Fees- SPOT & Margin 0.5% + 18% IGST
Trading Fees - P2P NA
Trading Fees - SPOT and MARGIN BNS (Bitbns Token) 0.2500% to 0.0300% | INR 0.25% to 0.25%
Margin Trading Fees BNS (Bitbns Token) Maker Fee: FREE Taker Fee (BNS Holding worth) >200 USD - 10% >500 USD - 20% >1000 USD - 33.33% INR - Maker Fee 0% | Taker Fee 15%
Account Opening/Membership Fees Free
Withdrawal Fees 0.0005 BTC minimum withdrawal limit - 0.0010 BTC
PC/Mobile Application iOS, Android, Windows
Customer Assistance Support Ticket, Live Support, and Email
Referral Program Earn 50% of the trading fee of the referral and in return, the referral earns INR 100 worth of Bitcoins (BTC) once the KYC is verified.
Rating — App Store 3.3 stars with over 600 plus reviews
Rating — Google play 3.5 stars with over 13,000 plus reviews
Mobile App Installation 40,00,000+
Supported Language English
Products on Website Market, Margin, API, Bitdroplet, Node Status, Stop Limit, Launchpad, Hardware Wallet, Pool Sales, Ascent, Bitbns Academy, Fixed Deposits
Social Media Presence Facebook, Twitter, Instagram, Telegram, Youtube, Reddit, Medium, and Coin Gecko

How to Open a Crypto Trading Account on Bitbns?

  • Go to Bitbns website — https://bitbns.com/
  • Click on the “sign up” icon on the right up corner of the page.
  • Enter your email id, the password you wish to set up, and your country. Alternatively, you can directly sign up via google or Facebook account. 
  • (Optional) Click on “referral code” and enter the code you have.
  • Click on “Sign Up”
  • Enter a six-digit code sent to your email address. Click on “verify.”
  • The note will display about safe trading — read and click on “I agree.”
  • Click on “Start KYC.”
  • Click on “Verify KYC” under “For Indian Users.”
  • ID Proof 1 — Link your phone number, enter your name as per the PAN card, your DOB, PAN card number, and upload your PAN card copy.
  • ID Proof 2 — enter your Aadhar card details and upload the Aadhar card copy.
  • Video KYC — the user requires to click the live photo holding the National id.
  • Enter your bank account details. Ensure that you are the account holder. Due to security issues, Bitbns doesn’t accept third-party account details.
  • Once the team verifies the KYC, you will be able to start trading. 

Supported Crypto Currencies in Bitbns

Bitbns offers 357+ cryptocurrencies along with the top 11 most powerful digital assets out of 12 — BTC (Bitcoin), BNB (Binance Coin), ETH (Ethereum), USDT (Tether), SOL (Solana), ADA (Cardano), USDC (USD Coin), XRP (Ripple), DOT (Polka Dot), LUNA (Luna), DOGE (Dogecoin). 

 Bitbns partnered with OKEx offers the users a Matic Polygon ecosystem that allows free transfers via blockchain — AAVE (Aave), MATIC, LINK (Chainlink).

How to deposit money and withdraw money in Bitbns exchange?

DEPOSIT VIA BANK:

  • Login to your account using OTP/Google Authentication 2FA.
  • On the top right corner, go to the wallet — click on deposit INR.
  • There are three payment deposit methods— UPI, NEFT/IMPS, and RTGS. Click on your preference.
  • You will be provided with the account number, IFSC Code, account type, account holder name, branch name, and branch details. Add the beneficiary to your account. (Users are allowed to transfer through UPI via BHIM, Paytm, Tez, and PhonePe).
  • If you choose to transfer via IMPS/NEFT or RTGS, you need to mention the payment reference ID at the bottom of the deposit page.

The minimum deposit amount is INR 100. Deposit takes 30 minutes to 1 hour to reflect in your Bitbns wallet.

DEPOSIT VIA USDT P2P TRANSFER:

  • Login to your account using OTP/Google Authentication 2FA.
  • On the top right corner, go to the wallet — click on deposit INR.
  • Choose P2P transfer
  • Enter the USDT amount and price you wish to buy, click next, and wait for the peer allocation. 
  • Click send the amount to view the peer’s bank details.
  • Complete the transfer via IMPS or UPI and enter the payment reference ID. 
  • Click on submit and complete.
  • Wait till the peer confirms. In case it takes more time, chat with the peer to confirm. 
  • Once verified, the amount will reflect in your Bitbns wallet.
  • Do not forget to rate your experience.

WITHDRAWAL

  • On the top right corner, go to the wallet — click on withdrawal.
  • There will be two options of withdrawing the amount — bank transfer or Sell USDT to P2P (peer-to-peer).
  • For bank transfer — verify your bank details and enter the amount you wish to withdraw.
  • For P2P USDT transfer — enter sell volume (minimum 15), enter the price you wish you buy, and enter Authenticator OTP. Click next and wait till the system finds a peer for you. Once you have received the INR (Indian Rupees) in your bank account, click on show transfer details and click on “yes, I received.” and then “yes, confirmed” to complete the transaction. Do not forget to rate your experience. 

Charges/Fees of Bitbns

Item Minimum Order Size Fees
SPOT Trading Fees
Taker Fees Up to 5 BNS (Bitbns Token) 0.2500% to 0.0300% | INR 0.25% to 0.25%
Maker Fees Up to 5 Free
P2P Trading Fees NA NA
STF Trading Fees NA NA
Withdrawal Fees
Bitcoin - 0.0005 BTC (minimum withdrawal amount 0.0010 BTC)
Ethereum (ETH) - 0.01251451 ETH (Minimum withdrawal 0.0060 ETH)
Litecoin (LTC) - 0.01 LTC (minimum withdrawal 0.0200 LTC)
Ripple (XRP) - 0.1 XRP (minimum withdrawal 15.0000 XRP)
Bitbns Token (BNS) - 100 BNS (minimum withdrawal 0.1000 BNB
Tether (USDT) - 10.0000 USDT (minimum withdrawal 12.0000 USDT)
Deposit
Minimum Deposit - INR 100

Special Offer by Bitbns

  1. Referral Program:

    Refer Bitbns to your friends/families and get a chance to earn 50% of their trading fee, and in return, they get INR 100 Bitcoins (BTC) deposited in their wallet after the KYC is verified.

  2. Bug Bounty:

    Bitbns invites individual researchers or security groups to research all platforms and alert the team if there is any security issue. The user is required to email the security flaws in detail with script and screenshot to [email protected] On every valid security bug, the Bitbns teams reward the user with a maximum INR 1000, and the amount will be credited to Bitbns wallet.

    List of qualifying security vulnerabilities:

    • Cross-Site Request Forgery (CSRF)
    • SQL Injection, Payments Manipulation
    • Directory Traversal Issues
    • Access Control Issues
    • Cross-site Scripting (XSS)
    • Server-Side Remote Code Execution (RCE)
    • Local File Disclosure (LFD)
    • Remote File Inclusion (RFI)
    • XML External Entity Attacks (XXE)
    • Exposed Administrative Panels that don’t require login credentials
    • Server-side code execution bugs
    • Exposed Administrative Panels that don’t require login credentials, and flaws in third-party integrations.

    Other than the above, security vulnerabilities issues are not qualified for Bug Bounty reward.

  3. Pool Sales

    Bitbns offers pool sales where the user can buy the digital coin or alt token at discounted rates of up to 50% off by staking the BNS/BNSD tokens. Pool sales are generally taking place twice a month on https://bitbns.com/trade/#/pool-sales/

    For instance, the last pool sales ended on Nov 26th at 12:00 PM, where the 10 BTC sold at 50% off, and the rate of 1 BTC was 2,07,882.0000 BNS.

Bitbns Security Feature

Bitbns offers excellent security measures to ensure the user enjoys safe trading. Bitbns developed with an advanced technology offering grade A security to secure all the user's data, INR volumes, wallets, and digital assets. In addition to this, Bitbns offers Google 2FA Authentication for an added layer of security. 

Product & Services of Bitbns

  1. Bitdroplet

    Bitbns Bitdroplet offers Bitcoin SIP (Systematic Investment Plan) for investors looking for future investment and diversified portfolios. A user can invest INR 100 per day or choose any amount and duration — weekly or monthly. There is a SIP calculator to help the user calculate how much return they will get, and a comparison chart with mutual funds, traditional fixed deposits, and gold investments will give. For instance, Bitcoin will provide a 600+% return if one invests INR 100 every week for five years.

  2. Ascent 

    Ascent by Bitbns is the first global decentralized token launchpad for project funding. Similar to Shark Tank, any individual or organization list their project concepts on Ascent. The team picks the project through several security checks before they list them out on-site, ensuring the authentication of the project. Then, if the investor finds the project attractive, they will help the entrepreneurs with the funding via digital assets.

  3. Bitbns Academy

    Bitbns academy offers comprehensive blockchain technology and cryptocurrencies. In addition, there are modules that have complete basic details about crypto trading — taxation on cryptocurrencies, risk management, margin trading, technical and fundamental analysis.

  4. Fixed Deposits

    Bitbns offers FIP (Fixed Income Plan) on USDT (Tether) and BTC (Bitcoin) where the user can invest a certain amount (minimum 10 USDT for the first time user) for a fixed period with a higher rate of return up to 40%. When the maturity periods end, the amount invested plus the interest will be credited in Bitbns wallet unless the auto-renewed is off.

  5. BNS Token

    Bitbns introduced BNS token as a multi-protocol utility that allows users to use digital assets in their day-to-day transactions with the lowest fees. In addition, BNS tokens charge a cheap remittance option for domestic or international transactions. BNS Pay also offers an online and offline transaction at PoS, converting cryptocurrencies into fiat currency via Bitbns Debit Card.

  6. Trading Mechanism

    Limit trading — buying and selling of cryptocurrencies at a specified price.

    Buy and Sell orders — buying and selling cryptocurrencies at the market price.

    Stop-loss — to avoid loss, a user can put a stop-loss amount during the buy or sell order. Then, if the amount hits the target price, the order will get executed automatically.

  7. Margin Trading

    Bitbns offers margin leverage up to 4X on 25+ cryptocurrencies and margin lending for up to 90 days.

  8. API Trading

    Bitbns offers SIP in any token via API Trading using popular libraries — Node and Python. In addition to this, Bitbns extend the service to Google Sheets, allowing users to perform SIP in API seamlessly without having technical coding proficiency.

  9. Stop Limit

    The Stop Limit feature allows the order to be executed only if the condition is met.

    - Target Price: The maximum amount a user is willing to pay or get when buying or selling the digital asset.

    - Trigger Price: The amount, when crossed by the market price, releases the order in an open book; thus, it is visible by other users.

    Stop-Limit Buy Order — For instance, the current market price of USDT is INR 90. You wish to buy it when the price crosses INR 100, and the maximum amount you want to pay is INR 115. Thus the order will be executed between INR 100–115.

    Stop-Limit Sell Order — For instance, the current market price of USDT is INR 115. You wish to sell when the price crosses 110, and the minimum you are willing to sell is INR 108. Thus when the price falls between 110–108, the order will be executed.

Conclusion

Bitbns offers a powerful crypto exchange platform that caters to beginner to expert traders with flat 0.25% trading fees and 0.2500% to 0.0300% for the user trade using BNS token. Furthermore, Bitbns offers a unique debit card facility — Bitbns Pay to their users that convert the cryptocurrencies to fiat currency (INR) and can be used at PoS and online shopping. In addition to this, Bitbns also offers a cold wallet card that stores the cryptocurrencies offline. 

Currently, cryptocurrencies offer exceptional returns, and it is estimated that Bitcoin will yield a 600+% return in the next five years. However, it is advisable to have basic crypto trading knowledge and consult a financial advisor before trading in a high amount.

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