bitbns

What is Bitbns？

Bitbns, founded in 2017 and based in India, is a cryptocurrency exchange offering a range of cryptocurrencies including Bitcoin, Ethereum, Ripple, and Litecoin. However, Bitbns is non-regulated, which introduces a greater level of risk. The platform charges trading fees of 0.25% for spot trades (if paid without BNS), 0.1% for derivatives (asking price), and a 15% fee for margin lending. For deposits and withdrawals, Bitbns supports INR bank transfers and cryptocurrency transfers.

Pros and Cons

Security

Bitbns has implemented several security measures to enhance the safety of its platform and user funds.

• Two-factor authentication (2FA)

It is extremely safe to trade cryptocurrencies on Bitbns. Bitbns is built with the latest technology architecture and grade-A security feature, which make sure that all users' data, cryptocurrencies, INR volumes, and wallets are secure. Rest assured, they are not accessible to unauthorized entities.

• Personalized Access Control

Bitbns, like many other cryptocurrency exchanges, requires users to complete a KYC (Know Your Customer) verification process. KYC is a standard procedure across financial platforms worldwide and aims to prevent illicit activities such as money laundering, fraud, and terrorist financing.

How to Buy Cryptos？

• Visit the Bitbns website and click on the “Sign Up” button.
• Fill in your email address and create a strong password for your account.
• Verify your email address by clicking on the confirmation link sent to your inbox.
• Provide your personal information, including your full name, date of birth, and phone number.
• Complete the KYC (Know Your Customer) process by uploading a clear photo of your government-issued ID and a selfie.
• Once your KYC documents are verified, you can start trading on Bitbns by depositing funds into your account and buy cryptos.

Fees

• Spot Trading Fees

Traders are categorized in VIP levels based on their trading volume in the last 30 days and holdings of BNS Token. The higher the VIP level, the lower the trading fee.

• Derivatives Fees

Fees are applicable for both Makers and Takers

• Maker: 0% (Introductory Offer)
• Taker: 0.1%
• Margin Trading Fees

Fees apply only to lenders. Borrowers are not charged any fee

• Borrower: 0%
• Lender: 15%
• However, with Pay with BNS, one can avail discount on the fee. Here are the slabs:

Deposit & Withdrawal

• Bitbns allows users to deposit and withdraw funds through INR bank transfers and cryptocurrency transfers.
• INR Deposit Fees: No
• INR Withdrawal Fees
• Withdrawals are free, except Instant Withdrawals which are charged up to ₹9 only.

Compare to Other Cryptocurrency Exchanges

Is Bitbns a Good Exchange for You？

Bitbns is a cryptocurrency exchange that would be most suited for users in India seeking to trade a variety of cryptocurrencies. The ability to deposit and withdraw using INR bank transfers makes it particularly accessible for Indian users. Moreover, it is an appealing option for those who prefer various channels of customer engagement including social media, and are comfortable with the inherent risks associated with using an unregulated exchange. It is also attractive for margin traders given the lending fee system in place.