BitBns exchange review (2020) | Things to know before using BitBns | Is BitBns safe to use or scam? Fee & features – MindYourCrypto

BitBns is a well-known cryptocurrency exchange in India that offers a wide list of cryptocurrencies to trade. BitBns is an abbreviation of Bitcoin Buy and sell. It’s the fastest and simplest way to trade digital assets using fiat currency, INR.

Have more questions regarding BitBns exchange, want to start with BitBns like a pro? Just follow this comprehensive guide for a step by step learning experience.

Content details

1. BitBns pro’s and con’s

2. BitBns introduction

3. Is BitBns legal and safe to use or it’s a scam?

4. BitBns security measures?

5. Features and services offered by BitBns?

6. Trading fees and other charges

7. How to register an account with BitBns?

8. How to make deposits, withdrawals, and start trading?

9. BitBns vs WazirX vs Zebpay

10. Final thoughts🤔💭

1. Before moving ahead it’s better to checkout BitBns’s pros and cons.

Pros are :

a). BitBns allows users to buy-sell Bitcoin and altcoins using fiat money in India, i.e. INR.

b). It offers 70+ cryptocurrency pairs  to trade in INR markets and 10+ pairs in USDT markets.

c). It enables users to utilize 2FA using Google Authenticator, which provides enhanced account security.

d). BitBns offers an easy to use and intuitive interface.

e). It is available on both web and mobile platforms. (Android and iOS versions). The mobile app is quite responsive and suitable for making trades on the go.

f). Allows users to borrow crypto coins for margin trades and lend available coins to earn interest.

Cons are :

a). It has comparatively lower volume and liquidity among most of the crypto pairs.

b). It offers to trade cryptocurrency only in INR (INR-Crypto) and USDT (USDT-Crypto) markets, BTC (BTC/Alts) markets are not available.

c). Customer support is below average. You can easily found users kept blaming customer support on various social media platforms.

d). Average customer ratings on TrustPilot.

e). Its tip system is not that fair, as it increases withdrawal costs. You can easily found people complaining about BitBns withdrawals on Twitter,Fb etc.

f). Extensive verification process and users aren’t allowed to make deposits and withdrawals or trade, without completing KYC verification.

However, BitBns follows strict verification measures in order to comply with local AML laws and other regulations.

2. BitBns Introduction

BitBns is an Indian cryptocurrency exchange, that offers Bitcoin, Ethereum, Litecoin, EOS, and 70+ other crypto assets to trade with native fiat currency INR. Launched by a team of IITians in December 2017, BitBns has been continuously serving the Indian crypto community since its launch and has extended its services to some other countries including UAE, Thailand, etc. Even after RBI’s banking ban, it has kept its INR deposit-withdrawal services active via its peer-to-peer mechanism. However several other exchanges including Zebpay halted their services because of a lack of banking facilities to crypto businesses. In the meantime, BitBns has evolved a lot by regularly introducing new features and services on its platform (will discuss in the next steps).

3). Is BitBns legal and safe to use or it’s a scam?

BitBns is quite a safe and reliable cryptocurrency trading platform to buy-sell or trade digital assets. It has been continuously delivering cryptocurrency services since its launch in December 2017. As of now, I haven’t found any major issues or any fraudulent practices on their (BitBns) side.

Coming to the legal aspect of BitBns, it’s owned by BuyHatke (An online company works as an online shopping assistant), besides there isn’t much information regarding its establishment as an entity.  However, you can use BitBns for trading crypto assets, as trading of Bitcoins and cryptocurrencies is not illegal by any law in India nor a crypto exchange is illegal until it has got involved in unfair means.

As of now, the government of India has a somewhat neutral stance on the status of cryptocurrencies in India. Additionally, a draft bill(2020) is still under consideration, which may bring some positive regulations surrounding Bitcoin and crypto-related businesses in India, sooner or later.

You will get 50 BNS tokens as bonus, if you join BitBns via below given link :

4. BitBns security measures?

Almost every digital exchange boasts of highest level of security measures.

“Yet, I personally believe that no exchange wallet is 100% secure and thus holding your crypto assets in exchange’s wallet isn’t a wise decision”.

Also, the security of the user’s account is a shared responsibility of both the exchanges as well as users. All the cryptocurrency exchanges must employ advanced security measures to halt and alert the system in event of a hack. Similarly, as a user you need to ramp-up account security by utilizing 2FA, IP address and withdrawal address whitelisting, etc.

Below are some of the security measures adopted by BitBns :

a). It allows users to set up 2FA using Google authenticator(or Authy authenticator).

b). Any new IP addresses needs to be verified via email.

c). If you want to assign a peer manually, you needs to verify the same via 2FA.

d). When you disable 2FA for password resets, BitBns pause your withdrawals for next 24 hours.

e). Resetting your passwords will automatically log you out from all active sessions.

The above discussed security measures are mostly user centric and related to individual account security and there isn’t much info on what additional security measures BitBns employs to keep exchange safe. Yet they have roughly stated that the user funds and Bitcoins are stored in secure cold wallet infrastructure. If they do share the security measures with more transparency, it will bring more trust among users.

Hack update

There are some instances where users lost their funds using BitBns. One of the noted case was of an hack, where user account got hacked and the user lost almost INR63000 ($900 roughly). In another attempt an ex-Bitbns admin found accused of scamming a user and stolen nearly 4962 XRP.

Thus you are advised to keep your account info secure and never share any confidential details(passwords, 2FA) with any person, not even if it’s a BitBns representative.

5. Features and services offered by BitBns?

Now it’s time to discover features and services, that BitBns offers. These are :

a). It offer users to make direct INR deposits and withdrawals via bank accounts or its peer to peer trading mechanism.

b). INR and USDT markets to trade Bitcoin and 70+ altcoins.

c). It also offers margin trading. You can lend or borrow from available crypto-assets according to your needs. You can also earn interest by lending your crypto assets on BitBns.

d). BitBns is available on both web as well as mobile platforms(App).

e). Bitdroplet is another great offering from BitBns. It is a convenient platform developed by BitBns which allows an investor to invest in cryptocurrencies through a Systematic Purchase Plan (SIP). Presently, it allows you to invest only in Bitcoin.

source : bitbns.com

f). Another investment scheme that BitBns offers is FIP (Fixed Income Plans). Its FIP offers up to 13% interest on weekly, monthly, quarterly, and yearly plans. You can choose accordingly.

Source : bitdroplet.com

6. Trading fees and other charges

BitBns trading fee structure consists of a standard fee of 0.25% and a discounted fee that ranges between 0.25% to 0.030%. The discounted fee structure is only applicable if you are holding a certain amount of BitBns Token or if your monthly trading volumes satisfy the pre-defined fee structure criteria. Below is the discounted fee structure chart for a better understanding.

Source : bitbns.com

BitBns doesn’t charge any deposit fee for cryptocurrency deposits, yet there is a fee (dynamic) for cryptocurrency withdrawals.

Fiat deposits and withdrawals are free. However, you may have to pay up to 1% or more as a tip to peer depositors for the fast processing of withdrawals.

7. How to register an account with BitBns?

In order to start with BitBns you need to register an account and complete your KYC. Follow the steps, given below to create yours:

BitBns Sign Up

a). Visit bitbns.com and click on sign up button.

Source : bitbns.com

b). Enter your email-ID, set a strong password, and enter your 10 digit contact number and click, “Register”.

c). Enter the OTP received on your mobile and click next.

d). Your account is now registered with BitBns and you will be taken to the dashboard where you can start trading.

KYC VERIFICATION

But before starting trading you need to complete your KYC, as BitBns doesn’t allow you to make deposits and withdrawals without completing your KYC verification.

Source : bitbns.com

• You have to submit your National ID documents containing your address proof and your date of birth.

• You can submit documents such as Aadhaar Card, Passport, PAN Card, Voter ID etc. All Indian Citizens must enter their PAN card details.

You will get a success message/email, as soon as your KYC details got verified by BitBns.

NOTE :

You can make INR deposits and withdrawals only via a bank account that you have mentioned during the registration process. So make sure that you have properly submitted your bank account details.

8. How to make INR deposits and withdrawals on BitBns and start trading?

With a KYC verified account, you can easily make deposits and withdrawals in fiat, Bitcoin, or any other cryptocurrency. Let’s first discuss INR deposits and withdrawals.

BitBns offers INR deposits and withdrawals via two different approaches. These are :

a). INR transactions (P2P) using “Direct Bank Transfers” (UPI, NEFT).

(Image

INR Deposits on Bitbns (UPI/NEFT)

Let’s assume that you want to deposit a certain amount to your BitBns account and some other user wants to withdraw and has made a withdrawal request. Here comes the BitBns’s P2P exchange mechanism to complete the process.

• Log-in to your BitBns account and go to “INR Wallet” and click on “Add money to wallet”.

• Now choose “P2P Bank transfer” as the Deposit Method(UPI, NEFT).

• Enter the amount of deposit and wait for the system to find a peer who is looking for a withdrawal.

• As the match is found, you will get the account details of the withdrawer to send the deposit amount using the transfer method (UPI/NEFT) you have selected while initiating a deposit request.

• After transferring the money,  you need to “Submit” the transaction ID in your BitBns account.

• Your deposit will be confirmed by the withdrawer in few minutes, if not, you can raise a dispute.

• After confirmation of receipt from the withdrawer, your deposit balance will be updated in your BitBns account.

Now you can use this balance to trade Bitcoin and other crypto assets.

INR Withdrawals on Bitbns (UPI/NEFT)

BitBns withdrawals process is very similar to deposits. Thus each time you create a withdrawal request, there has to be a corresponding deposit request from a peer.

• Log-in to your BitBns account and go to “INR Wallet” Section and click “Withdraw Money”.

• Now choose “P2P Bank transfer” as the Deposit Method(UPI, NEFT).

• Enter the amount you want to withdraw and click next.

• BitBns P2P mechanism will find a peer, who has requested a deposit.

• When a peer is matched, you’ll receive the money in the bank account and have to confirm on Bitbns. Always check your bank account before confirming the transaction.

Yet withdrawals on BitBns are non cancellable in order to avoid scams.

For withdrawals above 50000 INR, you can choose to leave a Tip of up to 1% in order to incentivize depositors and to speed up the withdrawal process.

“I personally don’t like the Tip system, as it makes withdrawals costlier. If you don’t leave a Tip your withdrawal request will take more time to process.”

b). INR transactions (P2P) using “BidforX Vouchers

(Image)

Depositing money (INR) on BitBns using BidforX Vouchers

Let’s assume that you wants to deposit while another user wants to withdraw. BitBns has an P2P mechanism that will connect the buyer and seller to complete the process. It works as follows :

• Log-in to your Bitbns account and go to “INR wallet”.

• Click on “Add Money to Wallet” and enter the amount you want to deposit.

Bitbns peer-to-peer mechanism will find a user who wants to withdraw nad has placed a withdrawal request. As you got one, note down the withdrawer’s email ID.

• Next step is to Log-in to your BidforX account or Create One.

• Go to the Vouchers section.

• Then enter the INR amount you want to deposit and enter the email ID of the withdrawer and click on “Generate Now”.

• Next, copy the voucher code, go back to the deposit section on your Bitbns account and click on “Submit Voucher Code” and paste the voucher code.

After submitting the voucher code, nothing has left to do from your side. The deposit process now awaits the confirmation from the withdrawer’s side and it will complete only when the withdrawer confirms the same. Otherwise, your transaction status will be shown as pending.

Withdrawing money (INR) on Bitbns using BidforX Vouchers

  (Image)

• Log-in to your Bitbns account and go to “INR wallet”.

• Click on “Withdraw Money” and enter the amount you want to withdraw.

Complete the command and enter the 2FA OTP in given “Authenticator OTP” space and click Withdraw Amount”. Similar to deposits, BitBns peer-to-peer mechanism will find a user who has placed a deposit request for INR. As the depositor deposits the amount, you will receive a voucher code and a “Secret Key” via email.

• Now login to your BidforX account and go to the ‘Vouchers’ section.

• Then click on “Redeem Voucher” and enter the Voucher Code you have received on your Bitbns account and the Secret Key received on your email.

• Now click on ‘Redeem’ and verify the amount you received in BidforX account.

• If the amount doesn’t match or the voucher code is incorrect, you can raise issue for the same.

• Finally go to your BidforX account and click on “Withdraw” to receive the given amount in your bank account.

Trading on BitBns

Now It’s time to learn how to make your first trade. Just follow the given steps;

a). Log in to your BitBns account and visit markets.

source : bitbns.com

b). Here you can select between USDT/INR markets.

source ; bitbns.com

c). Let’s assume that you want to buy Binance coin (BNB) in INR markets.

d). Click on BNB coin and it will take you to the BNB/INR market page.

source :bitbns.com

e). Here you can see the charts on left and Buy-Sell setup on right side.

f). You can select from Bracket, Stop-limit or Limit order types accordingly. Though, a limit order is advised.

g). Now you can directly enter the amount of BNB coin or the % of your total INR balance (25%, 50%….) for which you want to buy BNB coin.

h). Click on the Buy tab and your order is placed. You can check your pending orders in Open orders and completed orders in Orders History respectively. That’s all.

9. BitBns vs WazirX vs Zebpay

BitBns, WazirX, and Zebpay are major cryptocurrency exchanges in India.

Zebpay is one of the oldest crypto exchanges in India. It has an easy to use and intuitive trading interface. In 2018 it halted its operations in India due to RBI’s banking ban. Yet in March 2020 it has relaunched its services in India with Bitcoin, Ethereum, and some other reputed cryptocurrencies.

For more about Zebpay click here.

WazirX is another reputed Indian digital currency exchange. Recently it has been acquired by the largest crypto exchange in the world, i.e. Binance. Similar to BitBns, WazirX has been continuously serving the crypto community even after the banking ban. It offers the largest number of cryptocurrencies to trade, almost 80+.

For more about WazirX click here.

Personally, I prefer WazirX over, Zebpay, and BitBns as it offers more coins, better customer support, added funtionality (by Binance), and ease of use.

11. Final thoughts

If you are looking for a cryptocurrency trading platform in India and want to buy Bitcoin and altcoins with INR, then BitBns is an exchange that is clearly worth considering. It offers a lot of top altcoins to trade with INR. Since the launch of BitBns, the team BitBns has continuously added several new products and services including Bitdroplet, FIP (Fixed Income Plan) margin trading, etc.

If you are a beginner, you should definitely give BitBns a try. But as an advanced trader, you may not find BitBns that much promising because of low volume and liquidity. Although, these are my personal views and my individual findings while using the BitBns platform. Thus you are advised to always DYOR before making your final move.

You will get 50 BNS tokens as bonus, if you join BitBns via below given link :

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