BitBNS Review: Should you use BitBNS to buy Crypto In India?
Bitbns is an Indian crypto exchange which was founded in 2017 by its parent company, Buyhatke Internet Pvt. Ltd. It supports over 130 digital assets including crypto and stablecoins. Bitbns can be expanded as “Bitcoin buy and sell”. It has a user base of over 1.2 Million and $24 Million USD as the 24-hour trading volume.
The supported crypto includes USDT, Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Binance Coin (BNB), Neo (NEO), Filecoin, Chromia, Curve DAO, FTT (FTX Token) and more. The platform has more than 1.3 million active users. Bitbns uses the Peer-to-peer (P2P) trading model like its competitors such as WazirX and Localbitcoins.
What we are going to learn?
BitBNS Company Details
Web based or mobile app based: BitBNS can be accessed via the website as well as the mobile app supported by Android and iOS smart phones.
Started in: 2017
Founders: Gaurav Dahake (CEO, Bitbns), Prashant Singh (CTO, Bitbns) and Srikanth Sethumadhavan (UI and Front End, Bitbns)
About: Founders of BitBNS
Gaurav Dahake: Gaurav Dahake is the Chief Executive Officer (CEO) and co-founder of BitBNS. He has received his Bachelors degree from the Indian Institute of Technology (IIT) in Kharagpur, India in the year 2013. He has previously founded Hult Prize, Cleanoventions, InformVisitors and BuyHatke.
Prashant Singh: Prashant Singh is the Chief Technology Officer of the platform, he has attained his bachelors degree from Indian Institute of Technology (IIT) in Kharagpur, India as well. In the year 2013, he co-founded BuyHatke. His prior work experience involves organization such as Cisco Systems and Flipkart.com.
Srikanth Sethumadhavan: Srikanth Sethumadhavan is one of the co -founders of the platform and is the Lead Designer as well as Front End Developer. He has completed his Bachelors and Masters in Technology at IIT, Kharagpur, India. He is also the co-founder of BuyHatke with the same responsibilities.
BitBNS User Guide: How to get started on Bitbns?
- Register and create a new account by visiting the official BitBNS website. Tap on the sign up option, visible on the home page. Users are required to provide a valid email ID and a secure password. The email is to be verified by clicking on the verification link in the email sent by BitBNS. This is the basic registration process.
- To trade crypto on BitBNS, it is necessary for the users to complete their KYC process. Aadhar card and PAN card details should be provided as documentation for completing the KYC procedure.
- Get started by depositing funds in to your BitBNS account to begin crypto trading. The platform supports wire transfers for deposits. Credit cards are not accepted. Users are not allowed to deposit fiat currency in to their BitBNS accounts (other than INR). INR can be deposited through UPI, NEFT, RTGS or IMPS to BitBNS’s specified bank’s beneficiary details. HDFC, Kotak, and ICICI are the major banks that support BitBNS.
- Users can purchase crypto and start trading crypto.
How to deposit fiat on BitBNS?
- BitBNS supports and accepts only INR. After completing the verification, users can add funds to their INR wallets from the trading dashboard.
- Click the “Wallet” icon which will lead to the account page. Tap on ‘Add Money to wallet’.
- Instructions will be provided by the platform. Read them carefully.
- The platform will specify the beneficiary bank’s details. INR can be transferred through P2P or UPI/ NEFT/ IMPS/ RTGS to the bank.
- The bank will specify a certain period of time within which the transaction will be processed.
Key features & offerings: BitBNS
BitBNS Lets you Margin Trade
BitBNS allows its users to execute margin trading. Users can borrow a maximum of three times of their net worth on BitBNS at a current period of time. Users can trade crypto with up to 4x leverage on their crypto holdings. The platform provides 28 digital crypto assets for margin trading.
With margin lending of BitBNS, users can lend their funds and earn profits via a fixed rate of interest over a set period of time. The platform charges a fee of 15% of interest received by the lender. Users have the opportunity to reduce this fee if they hold BNS tokens as part of their investment portfolio.
This is a multi-protocol utility token which will be issued by BitBNS in the upcoming future. The token can be supposedly used in processes such as Banking, Loan Disbursal, Cryptocurrency Investments and more. BNS tokens have a maximum supply of 2.5 Billion with 56.84 Million as circulating supply.
Users can use BNS tokens as a form of payment by using BNSpay, various discounts can be availed and it can also serve as an investment. These tokens can be purchased on crypto exchanges such as BitBNS, UniSwap, KuCoin and many more.
The types of orders available on BitBNS are:
- Stop Limit orders : This is a conditional order where the trade is executed only if it reaches a certain expected condition. When the set trigger price has been reached, the limit order is executed immediately on the order book.
- Trailing Stop Limit orders: This order is a more sophisticated version of a stop limit order, it is a stop limit order that comes along with a trail protection for additional protection.
- Bracket Order : Users can minimize their risk while trading with a 3 in 1 bracket order. A bracket order is a trading order which comprises of entry order, exit order, and trailing stop-loss order, combined altogether.
Fixed Income Plan
This feature can be accessed via the website only. Users can earn a fixed rate of interest by investing certain crypto in one of the FIP plans which BitBNS provides. There is a lock in period for these plans. The user will receive the principal amount with the interest to their BitBNS account at the end of the plan.
Bitdroplet and Bitcoin SIP
BitBNS offers a platform known as Bitdroplet for users to invest in certain crypto via a Systematic Purchase Plan (SPP). SPPs are similar to traditional SIPs which are meant for stock markets. However, SPPs are crafted for crypto. Investors do not have to register on BitBNS to access this service, they can sign up directly on Bitdroplet.
The minimum amount to start a SIP on Bitcoin is Rs.100 (INR). Users can use this feature every week or month, to buy Bitcoin in a small amount and benefit from Rupee Cost Averaging (RCA), similar to Dollar Cost Averaging (DCA) but in INR. The Bitdroplet Investment Calculator is another integrated feature.
With Bitdroplet SIPs, users are not required to monitor the market regularly, timing the market is easy and there are lesser chances of the investment to result negatively.
Other features of BitBNS Crypto Exchange
- BitBNS offers a mobile app for Android as well as iOS smart phones.
- The platform offers a testnet for beginners who wish to stimulate a real life trading crypto trading experience without their actual funds at risk.
- It offers a referral program where if the referee registers on BitBNS on a referrer’s recommendation, the referrer can receive up to 50% of the referee’s trading fees.
- BitBNS offers a launchpad as well which is called Ascent.
- BitBNS Pay is a card issued by BitBNS which behaves like a traditional debit card for users to spend their crypto holdings to make payments for their online as well as offline purchases. Crypto assets can be transferred from one address to another efficiently. BitBNS Pay is also the digital app of the platform available on Android and iOS smart phones which behaves as a payment wallet for daily transactions and trades.
- The platform offers a hardware crypto wallet as well for users to store their funds in cold storage, that is offline.
BitBNS Fees: How much fees do they charge?
The trading fees is dependent on two factors:
- The trading volume in the past 30 days
- Holding of BNS tokens
The fees are classified by VIP levels, these levels range from Explorer to Level 9. Makers and takers are required to pay the same amount of fees (0.25%).
For margin trading, the borrowers do not have to pay any fees. However, the lender has to pay 15% on the interest.
Deposits in the form of crypto as well as fiat (INR) are free of charges. Fees for withdrawals depends on the crypto the user wishes to withdraw.
The minimum amount for deposits is INR 100 per transaction, and the maximum amount for is INR 25 Lakhs (Rs. 2.5 Million) per transaction. The maximum amount for daily deposits are INR 3 crores (Rs. 30 Million). If users deposit fiat via the Mobikwik wallet, a fee of 1.77% is levied on the transaction.
BitBNS Security: Is BitBNS a secure crypto exchange in India?
BitBNS claims that they utilize the highest and advanced technology infrastructure with Grade A security for their platform. Thus, the user’s data, INR trading volumes, cryptocurrencies, crypto wallets are secure.
Users can also enable 2 Factor Authentication (2FA) through Google Authenticator to secure their accounts.
Customer Support: How good is BitBNS’s customer support?
Users can raise a ticket for customer support through the website and app. A Frequently Asked Questions (FAQ) page is available on the website to resolve general queries. Besides this, users can reach BitBNS and access their resources their official telegram channel.
Pros: What I liked About BitBNS?
- BitBNS is available through the website as well as the mobile app.
- It offers several types of trading orders.
- The platform is aimed at crypto traders and investors of all levels.
- BitBNS supports more than 90 digital assets.
- It offers API trading and arbitrage trading.
- No fees are charged for deposits.
Cons: What I did not like about BitBNS?
- Geographical restrictions.
- Fiat currencies are not supported other than INR.
- The platform might be hard to navigate for beginners as it offers a wide array of services.
- Credit cards or debit cards are not accepted as methods of payments.
- Customer support of BitBNS is something they need to improve.
Is BitBNS a scam?
There are been numerous times BitBNS has been called a scam, but what we have seen is they are not. BitBNS exchange has been into existence since 2017. I am sure there has been hiccups since then. Due to poor customer services, and sometimes issues going unchecked, some BitBNS customers were not happy. Many even discussed the same in our Facebook community. However, they were solve and looked into once the issues were posted on our community.
BitBNS Alternatives: Which exchange can you use if not BitBNS?
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BitBNS Review: Should you use BitBNS to buy your Bitcoins?
BitBNS offers various services related to the crypto space including special features such as Bitdroplet. When compared to other crypto exchanges based in India, BitBNS is way ahead in terms of revolution. They are one of the first exchange to implement new technology. With Defi, they were the first to launch BNS token. When other exchanges were struggling to take deposit and withdraw INR after the RBI called for a ban, BitBNS was way ahead of other exchanges. A lot of users were using BitBNS with less issues, comparatively. BitBNS is an exchange you definitely can use to buy Bitcoins and other cryptocurrencies in India with INR.