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

Pros of Bitbns:

• Wide Range of Cryptocurrencies: Bitbns supports a large variety of cryptocurrencies, offering multiple trading options to its users.

• Convenient Deposit and Withdrawal Options: Bitbns provides convenient deposit and withdrawal options, including INR bank transfers and cryptocurrency transfers, adding to the user accessibility.

• Multiple Customer Service Channels: Bitbns offers multiple customer service channels like FAQs, email, and various social media platforms, providing ample customer support.

Cons of Bitbns:

• No Regulatory Authority: Bitbns has not been regulated by any financial body, which could pose a potential risk to traders since there are no regulatory standards for the company to abide by.

• No Yield Opportunities: There is no mention of yield opportunities, which suggests Bitbns does not offer ways to earn interest or dividends from holding cryptocurrencies.

Regulatory Authority

The regulatory situation of Bitbns, a cryptocurrency exchange platform, is non-regulated.

The disadvantage of using a non-regulated exchange is that there is no external oversight or protection for users. This lack of regulation means that there are no clear rules or guidelines in place to ensure the security of user funds or the fairness of transactions. Additionally, in the event of any issues or disputes, there is not an established process for resolution or recourse.

For traders, it is important to consider the potential risks associated with using a non-regulated exchange.

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.

Trading Market

Bitbns catered primarily to the Indian crypto market, offering a mix of widely recognized cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH), among others. In addition to these mainstream coins, Bitbns provided access to various altcoins and DeFi tokens. However, the specific roster of tokens could vary based on factors like regulatory shifts, trading volumes, and the token's overall standing in the market. For the most current listing, a direct check on the Bitbns platform is recommended. It includes USDT Trading Pairs and INR Trading Pairs.

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.

Customer Support

Bitbns offers a comprehensive customer support system with numerous options for contact. Users can access a wealth of information through the FAQ section on their website for solutions to common issues or queries. Specific issues can be addressed via email at hi@bitbns.com. In addition to these traditional methods, Bitbns has a significant online presence with active accounts on several social media platforms.

Users can follow and contact Bitbns on Facebook at https://www.facebook.com/bitbns/, Twitter at https://twitter.com/bitbns/, and Instagram at https://www.instagram.com/bitbns/. For real-time updates and announcements, users can also join their Telegram channel at https://t.me/Bitbns.

Lastly, Bitbns also has a YouTube channel at https://www.youtube.com/c/Bitbns where they post video guides and other informational content.

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.

Conclusion

Bitbns is a non-regulated cryptocurrency exchange platform that offers a variety of popular cryptocurrencies for trading and various advantageous trading conditions. Plus, the exchange provides multiple customer support channels for users. However, multiple fees are charged by Bitbns. Before engaging in trading with Bitbns, users should conduct their own research and be aware of the potential risks.

FAQs

• Q: What cryptocurrencies can I trade on Bitbns？

• A: Bitbns offers a range of popular cryptocurrencies for trading, including Bitcoin, Ethereum, Ripple, Litecoin, and more.

• Q: What are the trading fees on Bitbns？

• A: Generally, Bitbns charges a spot fee of 0.25% (if it is paid with bns off), a derivatives fee of 0.1% (for taker), and a margin fee of 15% (for lender). Sometimes other extra fees can be included.

• Q: How can I deposit and withdraw funds on Bitbns？

• A: Bitbns allows users to deposit and withdraw funds through INR bank transfers and cryptocurrency transfers.

• Q: Who would find Bitbns suitable for trading？

• A: Bitbns can be suitable for those who are fond of multiple cryptocurrencies, accessible payment methods and various customer channels. It is suitable for risk-tolerant traders, too.

User Review

• User 1:

Hey fam, been on Bitbns for a hot minute now! Gotta say, their interface is on point – super intuitive and user-friendly, especially for newbies. I'm vibing with the range of cryptocurrencies available; got all the main ones and some cool alts. But real talk, their customer support needs some caffeine or something. Took them days to get back to me when I had an issue. Oh, and while their trading fees aren‘t the worst, I’ve seen better deals elsewhere.

• User 2:

Been trading on Bitbns and here are my two cents. Security feels tight, haven't had any hiccups, and from what I've heard, they're pretty on top of regulation which gives me some peace of mind. Now, while their deposit and withdrawal speed is generally fast, had a couple of slow days which were a bit annoying. And, no shade, but they could spruce up the liquidity on some lesser-known tokens. It's a mixed bag but leaning more on the positive side for me!

Risk Warning

There are inherent security risks associated with investing in cryptocurrency exchanges. It is important to understand these risks before making such investments. Cryptocurrency exchanges are vulnerable to hacking, fraud, and technical glitches, which can lead to the loss of funds.

It is recommended to choose a reputable and regulated exchange, keep abreast of security measures, and be vigilant in detecting and reporting any suspicious activity. Please ensure that you understand the risks involved and note that the information contained in this article is for general information only.