Bitbns Review 2021: Is it safe & legit?

Estimated reading time: 11 minutes

What is Bitbns?

Bitbns is an Indian crypto exchange that supports the trading of more than 90 cryptocurrencies. It was launched on December 14, 2017, by Buyhatke Internet Pvt. Ltd., the parent organization of Bitbns. In this Bitbns review, we will study all the features and services available on this exchange.

Summary

  • On Bitbns, makers as well as takers both pay the same fees (0.25%). 
  • Currently, 98+ cryptocurrencies are listed on Bitbns.
  • Bitbns’ testnet simulates a trading environment that offers the same features and functionality as the main platform.
  • Bitbns allows you to borrow up to three times your current net worth (on Bitbns). Therefore, you can increase your profit by trading with 4X leverage.
  • Bitbns offers 28 digital assets for margin trading.
  • Margin lending lets you earn by lending Bitcoin and other cryptocurrency funds at a fixed interest rate for a fixed period of time.
  • On Bitbns, a stop-limit order is available with a stop-limit trail interval for extra downside protection.
  • You can minimize the risk with a 3-in-1 bracket order. Bracket order is a combination of entry order, exit order, and trailing stop-loss order. 
  • Only lenders have to pay the margin trading fees. There are no charges for borrowers. 
  • Bitbns allows you to invest a specific amount of BTC or USDT in one of the FIP plans for a fixed rate of return and a fixed period of time. As this period ends, you receive the principal amount along with interest earned in your Bitbns wallet.
  • Bitdroplet allows investors to invest in Bitcoin and other cryptocurrencies through a Systematic Purchase Plan (SPP), just like a Systematic Investment Plan (SIP).
  • Optimize your trading experience with Bitbns trading mobile app.
  • Get the Arbitrager app powered by Bitbns and enjoy the most seamless arbitrage experience. 
  • You can also reach out to Bitbns on Telegram, Twitter, Instagram, and Facebook or submit a ticket.   
  • Bitbns has the most advanced technology architecture and a grade-A security feature. 

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How to get started on Bitbns?

Following are the steps to get started with Bitbns.

Total Time: 5 minutes

Make an account on Bitbns

Visit the official website of Bitbns and click on Sign Up. Enter your email address and password to create an account. After this step, you will receive a verification link to your email address. Your Bitbns account gets created when you click this verification link. Later, you can log into Bitbns for the first time.Bitbns Signup

KYC on Bitbns

The KYC verification of your account gets completed after you submit your AADHAR card details and PAN details. For trading cryptocurrencies on Bitbns, you have to register and submit all the required KYC documents for verification.

Deposit in Bitbns

This exchange provides a wire transfer as an available deposit method. However, you can not deposit through a credit card. Notably, Bitbns does accept the deposit of fiat currencies.

Start Trading

Once you have deposited the money on Bitbns, now you can buy crypto and start your trading journey.

Deposit INR on Bitbns

  1. After you complete the verification, you can add funds to your INR wallet from the trading dashboard.
  2.  The next step is to click on the ‘Wallet’ button. You will be taken to the account page. Click on ‘Add Money to wallet’ on the account page.
  3.  On the next page, Bitbns will give instructions. 
  4. Bitbns’s specific bank’s beneficiary details will be mentioned. You can go ahead and transfer INR via P2P or UPI/ NEFT/ IMPS/ RTGS to this bank. 
  5. This whole process will take the amount of time that your bank has specified. 

Trading on Bitbns

Bitbns Margin trading

In simple terms, a margin is a form of a loan. You can utilize borrowed capital against the assets you own at present to boost your buying power. Hence, you can amplify your profits without owning the assets through margin trading. 

4X margin leverage

Bitbns allows you to borrow up to three times your current net worth (on Bitbns). Therefore, you can increase your profit by trading with 4X leverage. For example, if you possess 1 BTC of net worth, you can borrow 3 BTC extra. In this way, you can trade with a total of 4 BTC. This is 4X leverage. Consequently, you can borrow 300% of your current net worth. Bitbns offers 28 digital assets for margin trading.

Margin Lending

You can lend your funds with margin lending. Check out this feature in the margin trading section. It is unquestionably one of the most foolproof methods for earning profit. This profit is earned by lending Bitcoin and other cryptocurrency funds at a fixed interest rate for a fixed period of time. 

Bitbns review: Swap

Bitbns introduced Swap just recently (17 September 2021). According to this, you can now swap from the 300 available cryptocurrencies. Further, the swap rates are the best rates from the different exchanges. However, a fixed price of 0.25% will be levied on the transactions. In addition, the minimum amount that users can swap highly depends on the primary crypto.

To swap, all you need to do is select the crypto you want to replace and choose whom you want to replace. Then, enter the amount, and click on Swap, to complete your transaction.

Types of orders on Bitbns

Stop-limit order

Stop-limit orders are available on Bitbns. A stop-limit order is a conditional order. This order gets executed only when a specific condition is met. When your stop price or trigger price is reached, your limit order is immediately placed on the order book. So, you can exit or enter the market only when you are certain about the price momentum. 

Trailing Stop-limit order

On Bitbns, a stop-limit order is available with a stop-limit trail interval for extra downside protection. To understand this in detail, check out the following video.

Bitbns review: Trailing Stop limit order

Bracket Order

You can minimize the risk with a 3-in-1 bracket order. Bracket order is a combination of entry order, exit order, and trailing stop-loss order.

Can we withdraw money from Bitbns?

Yes, you can withdraw INR from Bitbns. Follow the below steps to withdraw your amount:

  1. Bitbns provides faster and easier withdrawal than other exchanges. 
  2. You have to click on the ‘Wallet’ button available on the dashboard. After this, you will be taken to the account page. 
  3. There you will see a ‘Withdrawal’ button below ‘Add Money to Wallet.’ Click on the ‘Withdrawal’ button. Then, you have to enter the amount you intend to withdraw. 
  4. You will receive your money in the bank account that you have mentioned during the registration. 

Bitbns Fees

Bitbns trading fees

On Bitbns, makers as well as takers both pay the same fees (0.25%). 

Bitbns Fee
Bitbns Fee

Margin trading fees

Only lenders have to pay the fees. There are no charges for borrowers.

Margin trading fees
Bitbns Review: Margin trading fees

Bitbns Withdrawal Fees and Deposit Fees

No fees are charged for depositing cryptocurrencies. You can check out the withdrawal fees in the table given below:

Deposit and withdrawal fees
Bitbns Review: Deposit and withdrawal fees

Cryptocurrency Supported by Bitbns

Currently, 98+ cryptocurrencies are listed on Bitbns. Here, one can trade some of the top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Binance Coin (BNB), Neo (NEO), and more. 

Bitbns Review: Security

Bitbns has the most advanced technology architecture and a grade-A security feature. This feature ensures that your data, INR volumes, cryptocurrencies, and wallets are secure. 

Additionally, Bitbns also supports 2FA authentication (Google Authenticator). 

Bitbns Fixed Income Plan (FIP)

The Fixed Income Plan is available on the Bitbns website only. Here, you can invest a specific amount of BTC or USDT in one of the FIP plans for a fixed rate of return and a fixed period of time. Every plan does have an allocation limit. The accumulated funds are then locked in for the maturity period for interest calculation. As this period ends, you receive the principal amount along with interest earned in your Bitbns wallet. 

Bitbns Fixed Income Plan (FIP)
Bitbns Fixed Income Plan (FIP)

Bitdroplet and SPP (Bitcoin SIP)

Bitbns has developed a secure and convenient platform known as Bitdroplet. This platform allows investors to invest in Bitcoin and other cryptocurrencies through a Systematic Purchase Plan (SPP). SPP. A Systematic Purchase Plan (SPP) is just like the traditional Systematic Investment Plan (SIP) in stock investments. However, SSP is crafted exclusively for making investments in cryptocurrencies. It can be considered as a SIP but for cryptocurrencies.

Moreover, you don’t even require a Bitbns account to register on Bitdroplet. You can directly create an account on Bitdroplet.

Bitcoin SIP benifits
Bitbns Review: Bitcoin SIP benifits
Mutual Fund vs Bitcoin SIP
Mutual Fund vs Bitcoin SIP

Bitbns mobile app

Optimize your trading experience with Bitbns trading mobile app. You can find a slew of features and trading tools here. Download the app by clicking on the links given below:

Use 64358 referral code to get a discount on the trading fee and ₹100 worth BTC after completing the KYC.

Bitbns Arbitrager App

Get the Arbitrager app powered by Bitbns and enjoy the most seamless arbitrage experience. Start using Bitbns extension or mobile app to check out arbitrage opportunities between Bitbns and Binance, Huobi, Gate.io, and Kucoin. You can also trade faster on Bitbns without switching tabs from Binance, Huobi, Gate.io, and Kucoin.

Bitbns testnet

Bitbns offers a testnet platform for beginners. With the testnet, new users and cryptocurrency enthusiasts can learn to trade cryptocurrency without putting their own capital at risk. Bitbns’ testnet simulates a trading environment that offers the same features and functionality as the main platform. New users can use testnet coins, which are different from the actual cryptocurrency. These testnet coins don’t hold any value. Hence, cryptocurrency enthusiasts can experiment freely. 

Bitbns Testnet
Bitbns Testnet

Bitbns referral program

When you refer Bitbns to a friend of yours, you earn 50% of his/her trading fees. The trading fee from each person you refer is sent right to your Bitbns wallet. 

Your friend also receives ₹100 worth BTC when he/she completes the signup and KYC successfully.

Use 64358 referral code to get a discount on the trading fee and ₹100 worth BTC after completing the KYC.

Bitbns referral code
Bitbns referral code

Bitbns Customer support

 Ask your questions by submitting a ticket here. You can also reach out to Bitbns on Telegram, Twitter, Instagram, and Facebook.

Bitbns Review: Conclusion

Bitbns is one of the Indian crypto exchange platforms, which provides users with a lot of opportunities in terms of trading a vast number of cryptocurrencies and innovative features. Features like Systematic Purchase Plan and Fixed Income Plan might give Bitbns a competitive edge over other trading platforms. Bitbns exchange is built for both beginners and pro users, Try Bitbns now.

Frequently Asked Questions

Can INR be deposited to Bitbns from a bank that is not mentioned during the registration?

No, Bitbns doesn’t allow a deposit from a bank that is not mentioned. You must deposit money through the bank that you have specified during the registration process. If you deposit money from any other bank, the amount will get refunded to you in seven days.

What is the limit for cryptocurrency deposits and withdrawals on Bitbns?

Bitbns does not have any limit on cryptocurrency deposits and withdrawals.

How long would it take to withdraw cryptocurrencies from Bitbns?

Withdrawal time does depend on the congestion, network, and blockchain block confirmation. It differs from one cryptocurrency to another. For instance, 4 block confirmation is required for Bitcoin.

Is Bitbns safe and legit?

Yes, Bitbns is a registered exchange with millions of users.

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