Bitbns

Bitbns is an Indian crypto exchange launched in 2017 where you can trade many digital assets, use investment plans, and launch your own tokens. No verification is needed to trade cryptocurrency, identity verification is required only when depositing and withdrawing in INR.

To find out how convenient the exchange is for traders and whether Bitbns fraud scheme, we have compiled this review.

Why Bitbns?

Bitbns is an Indian crypto exchange that offers trading of many digital assets (more than other services in India). Not only margin and spot trading, fast exchanges, but also several other tools and features are available.

The crypto exchange offers a systematic investment plan called Bitdroplet SPP. You can invest from $1 per day in equal amounts and earn income. Bitdroplet uses dollar cost averaging, which is an investment strategy that reduces the impact of an asset’s volatility.

In this case, the investor purchases the asset in multiple intervals at different prices rather than large amounts at once, reducing the average purchase price over a long period of time. The longer the user invests, the lower the average price of the asset. How the service works:

• Set the amount you want to invest each day, week, or month.
• Deposit INR into your wallet using UPI. The money will be invested automatically.
• When your wallet is almost empty, deposit a new amount to continue investing.
• Sell cryptocurrency and redeem it from your wallet with a bank account transfer.

Bitbns has developed Ascent, the first decentralized token launch platform that vets the best projects that users can participate in. The advantages of launching on the platform are:

• Large decentralized community
• Free Listing
• Airdrop opportunity: projects incentivize participation by distributing tokens to users
• Vesting schedules for different token use cases
• Community voting
• The possibility of adding a token to the listing by community decision

The company also has a fixed-income deposit plan (FIP). Users can invest a certain amount of USDT or BTC in one of the FIP plans for a fixed period and at a specified rate. All plans are available on the dashboard. After the end of the deposit period, the accumulated funds will be locked for interest calculation. Upon maturity, the user will receive the principal amount with the interest they earn into their Bitbns wallet.

It is possible to generate a gift certificate for cryptocurrency. After specifying the amount, it is possible to make a purchase and send the user a certificate to the mail. He will be able to enter the gift number in the form on the site and receive the gift. If you have a certificate, you can also enter its number in a special field on bitbns.com.

How to Exchange Cryptocurrency on the Bitbns Platform?

To start trading cryptocurrency, you need to register an account. To do this, enter your e-mail and password in the form provided. A confirmation code will be sent to your e-mail. To execute the first transaction, go to the “Trading – Start Trading” section. A chart will open on the page, where you can select the desired pair to see the price and its changes. The chart has all the indicators to analyze so that the trader can make a decision. The order book and history of trades are available.

There is also a simple form of buying and selling USDT. In the first case, the amount to be credited is entered into it. Send it using UPI, wait for the seller to confirm the payment and USDT will be credited to the wallet. To sell, you need to add UPI ID to your account and bank account. These are needed to withdraw the money. Specify the amount and confirm the payment.

On Bitbns, users can exchange the selected cryptocurrency to INR or USDT with a single click. To do so, they need to select a token from the 300+ cryptocurrencies available for instant exchange. The minimum volume depends on the cryptocurrency.

The exchange also provides the possibility of margin trading. Users can borrow or lend, receiving interest. If the value of cryptocurrency falls, it can affect the ability to repay the loan. Therefore, one should keep an eye on the value of one’s portfolio. There are 3 zones used to assess safety based on loans and portfolio value: safe, deposit and liquidation price. It is important to stay in the safe zone when the portfolio price exceeds the required minimum value. Leverage from 1x to 4x is available. Beginners are advised not to exceed 1x leverage by borrowing no more than an amount equal to the portfolio price.

Verification on the bitbns.com Platform

KYC procedure is not required for trading, depositing and withdrawing cryptocurrencies. Verification is required only for deposits and withdrawals in fiat currency. The following documents are required for the procedure:

• Personal Account Number (PAN), driving license, passport or voter ID (any), bank account details – for Indian users
• National ID and driving license – for international users

The administration of the exchange verifies user profiles automatically and manually. Automatic verification of a user’s profile is instantaneous. If automatic verification is denied, the user will be asked to send an e-mail to [email protected] for manual verification. This may take from 2 to 4 days. The verification team may request additional information by mail until the account is verified.

Deposit and Withdrawal

To deposit Indian rupees, click “Deposit INR” on the wallet page, and select “Pay via UPI or bank”. In the case of UPI, specify one of the linked bank accounts and send the required amount to the specified Bitbns UPI address. The amount should not be less than Rs 100. For bank transfers, select one of the bank accounts. If required, add the specified bank details of Bitbns as the recipient. Send the funds to the specified account by IMPS, NEFT, or RTGS transfer.

To withdraw INR, the bank account must be verified. In addition, two-factor authentication must be enabled. After that, go to the wallet page and click “Withdraw INR”. You can choose instant withdrawal (with a fee of £4-9) or regular free withdrawal, which takes up to 3 business days. Enter the amount, click “Withdraw”, enter the code 2FA, and confirm.

To deposit cryptocurrency into your bitbns.com account, go to the wallet page, and click on “Get” next to the asset you want to deposit. You can scan the QR code or paste the address into the original wallet/exchange you are withdrawing from. For some cryptocurrencies like XRP, XLM, etc., enter a tag or memo. For USDT, you need to select the network, such as ERC20, TRC20, etc. that corresponds to the wallet/exchange from which you are withdrawing funds.

To withdraw the cryptocurrency, click on “Send”, and enter the amount and address. Enter the 2FA code and click on “Submit”. You will receive an email to confirm the transaction. Click on the link provided.

Crypto Exchange Commission

The trading fee depends on the trader’s VIP level. It is determined by the trading volume for the last 30 days and the amount of BNS tokens on the account. The higher the VIP level, the lower the trading commission. Commission discounts are applicable only if the “Pay with BNS” option is enabled. You can do this in the “Profile” section. There are 9 levels available with commissions from 0.03 to 0.25%.

Only lenders are charged a margin trading fee of 15%. Borrowers are not charged a fee. When paying with BNS you can get a discount on the commission:

• for amounts up to 200 USD – 10%
• up to $500 – 20%
• more than $1,000 – 33.33%

The withdrawal fee depends on the cryptocurrency. All commissions and minimum withdrawal amounts are listed in the table on the “Fees” page. Thus, for Bitcoin, the commission is 0.0005 BTC (minimum 0.00101), for Ethereum – 0.00012561 or 0.00101453 ETH (depending on the network), for Litecoin – 0.01 LTC (minimum amount – 0.02).

Depositing and withdrawing funds in INR is free, except for instant withdrawals. In that case, a certain amount is charged, which depends on how much money is withdrawn:

• < 1000 INR – 4;
• 1 000 – 24 999 – 6;
• 25 000 – 2 000 000 – 9.

Instant Withdrawal Fee may be reduced by enabling the “Pay with BNS” feature:

• for the amount from 50 USD – 10%
• from 100 USD – 30%

For SIP investments, a 0.25% commission is applied during each purchase and redemption. There is no redemption fee. The commission for instant exchange of cryptocurrencies to INR or USDT is also 0.25%.

Bitbns.com Bonuses

Bitbns offers rewards for correctly predicting the price, discovering vulnerabilities in the platform’s operation, and participating in the referral program.

Reward for Correct Prediction

The exchange offers to participate in price prediction and receive rewards for correct predictions. The site has a section with a list of offers, to participate you need to choose one of them, specify the amount, and wait until the end of the contest.

Commission Discount

When trading on margin using BNS, lenders can get a commission discount:

• up to $200 – 10%
• up to $500 – 20%
• over $1,000 – 33.33%

Bug Bounty

The company offers rewards for finding a security vulnerability in one of its products or platforms. In this case, you should send an e-mail to: [email protected]. In it, describe the location and potential impact of the vulnerability, and add scenarios and screenshots. The amount of the reward depends on the vulnerability, but not less than 1,000 INR.

Referral Program

By inviting friends to Bitbns, you can earn up to 50% of their trading commission to the wallet opened on the exchange. Referrals receive BTC worth INR 100 after they complete registration and successfully pass the KYC procedure. If the user fails to pass the verification, the one who referred them will only receive 10% of the amount.

Complaints About Bitbns

There are enough reviews on the Internet to evaluate the work of the crypto exchange. Among them, there are quite a few positive comments. Users attribute to the pros of the service a large number of assets, a high level of protection, including through KYC and 2FA. Commission fees are lower than average, especially with high trading volumes. The trading terminal is standard, and simple, it has the main types of charts and indicators. Clients also like the investment and referral programs. But it is possible to meet complaints. They relate to long waiting times for transactions and technical support responses.

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Bitbns Crypto Exchange Regulation

Traders who regularly trade on crypto exchanges should be careful when choosing platforms. There are more and more of them appearing, but not all platforms are safe and reliable. To be sure that you will not be cheated, it is necessary to study the documents on the company’s website, clarify whether there is a license, and read reviews online.

Regulator

Cryptocurrency exchange bitbns.com belongs to the Indian company Buyhatke Internet Pvt. Ltd. Ltd. There is no information about the service’s license on the site. Only the texts of some documents are published.

• To study the terms of Bitbns
• To read Privacy policy on BitBns.

Bitbns.com User Agreement

The document describes the services of the exchange and the rights and obligations of users. The service requires that you do not try to disrupt the work of the company’s servers and do not interfere with them to harm the site, do not create excessive load with the help of automatic tools. Also, you may not violate the privacy of any third party or post another person’s personal information without their consent.

Administration warns that it may terminate or suspend an account immediately, without notice or liability, for any reason, including, but not limited to, violation of the terms of the agreement by the user.

Customer Support

Before seeking help from the exchange’s technical support, you can study the FAQ and use the “Support” button in the lower right corner. It opens a window where you can enter your question in the search bar or read the latest answers of the exchange. You can also write to the email: [email protected] and use the feedback form.

Is Bitbns a Scam?

Bitbns – is a crypto exchange launched in India in 2017. It offers trading of many digital assets, investment plans, and launching your own tokens. To sell and buy cryptocurrency, you don’t need to go through verification. But to deposit and withdraw INR, you will need identity verification. The terminal is simple and convenient, all information about services and training materials are available on the website. Commissions are lower than those of competitors. Exchange users also write about it in reviews. There are rare complaints about the slow processing of transactions and long waits for responses from support. But despite this, you can not call Bitbns a scammer’s divorce.

Conclusion

Bitbns is a cryptocurrency exchange, where both trading and investments with the possibility of receiving additional income are available. Users of the company consider it reliable and safe. If you have used the service, write in the comments whether you agree with them. If you had a negative experience, it would be useful for our readers to know about it too.