Bitbns

Founded In December 2017, Bitbns Claims To Have Become One Of The Largest Spot Cryptocurrency Trading Platforms In India. Reportedly The Brainchild Of Three Founding Partners, Bitbns Has Attracted Over 500,000 Users Within A Year Of Its Establishment. Bitbns Claims To Be The First Cryptocurrency Exchange To Introduce Bracketed Orders In Cryptocurrency Trading. The Exchange Boasts A Range Of Trading Tools And Features Such As Margin Trading, Stop Limit And Trailing Stop Limit. Bitbns Is Also Proud To Be The First Exchange In India To List Over 50 Cryptocurrencies Within A Year Of Its Launch. Bitbns Also Has A P2P FIAT Deposit And Withdrawal Mechanism.

What Is Bitbns?

Bitbns, Founded In 2017 And Headquartered In India, Is A Cryptocurrency Exchange That Offers Multiple Cryptocurrencies Including Bitcoin, Ethereum, Litecoin, And Ripple. However, Bitbns Is Non-regulated, Which Adds To The Higher Risk. The Platform Charges A 0.25% Transaction Fee For Spot Trades (if Not Paid Using BNS), A 0.1% Transaction Fee For Derivatives (inquiries), And A 15% Fee For Margin Lending. For Deposits And Withdrawals, Bitbns Supports INR Bank Transfers And Cryptocurrency Transfers.

Advantages And Disadvantages

Advantages Of Bitbns:

• Diverse Cryptocurrency Options: Bitbns Supports Multiple Cryptocurrencies, Providing Users With Multiple Trading Options.
• Convenient Deposit And Withdrawal Options: Bitbns Offers Convenient Deposit And Withdrawal Options, Including INR Bank Transfers And Cryptocurrency Transfers, Increasing User Convenience.
• Multiple Client Server Channels: Bitbns Offers Multiple Client Server Channels, Such As FAQs, Emails, And Various Social Media Platforms, Providing Full Customer Support.

Disadvantages Of Bitbns:

• No Regulatory Authority: Bitbns Is Not Regulated By Any Financial Institution Group, Which May Pose A Latent Risk To Traders As The Company Does Not Adhere To Any Regulatory Standards.
• No Yield Opportunity: No Mention Of The Yield Opportunity, Which Means That Bitbns Does Not Offer A Way To Earn Interest Or Dividends By Holding Cryptocurrencies.

Regulatory Authority

The Regulatory Situation Of The Bitcoin Trading Platform Bitbns Is Unregulated.

The Disadvantage Of Using An Unregulated Exchange Is That There Is No External Oversight Or Protection Of Users. The Lack Of Regulation Means That There Are No Clear Rules Or Guidelines To Ensure The Security Of User Funds Or The Fairness Of Transactions. Furthermore, In Case Of Any Issues Or Disputes, No Procedures For Resolution Or Recourse Are Established.

It Is Important For Traders To Consider The Latent Risks That Come With The Use Of Non-regulated Exchanges.

Security

Bitbns Has Implemented Several Measures To Improve The Security Of Its Platform And User Funds.

• Two-Factor Authentication (2FA)

Trading Cryptocurrencies On Bitbns Is Very Safe. Bitbns Employs The Latest Technology Architecture And Best-in-class Security Features To Ensure That All Users' Data, Cryptocurrencies, Rupee Volume And Wallets Are Safe. Rest Assured That They Will Not Be Accessed By 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 On Global Financial Platforms Designed To Prevent Illegal Activities Such As Money Laundering, Fraud And Terrorist Financing.

Exchange Market

Bitbns Is Primarily Geared Towards The Indian Cryptocurrency Market And Offers A Range Of Well-known Cryptocurrencies Such As Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), And Bitcoin Cash (BCH) Among Others. Apart From These Mainstream Currencies, Bitbns Also Offers Access To Various Tokens (Tokens) And Decentralized Finance (DeFi). However, Specific Token Listings Are Subject To Change Depending On Factors Such As Regulatory Changes, Trading Volume, And The Overall Position Of The Token In The Market. It Is Recommended To Conduct Up-to-date Listing Queries Directly On The Bitbns Platform. These Include USDT Trading Pairs And INR Trading Pairs.

How Do I Buy Cryptocurrency?

• Visit The Bitbns Website And Click On The "Register" 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 Process Of KYC (Know Your Customer) By Uploading Your Government-issued Identification And A Selfie Photo.

Once Your KYC Documents Are Verified, You Can Start Trading On Bitbns By Depositing Funds Into Your Account And Purchasing Cryptocurrencies.

Fees

• Spot Trading Fees

Traders Are Divided Into Different VIP Tier Tokens Based On Trading Volume And BNS Holdings Over The Past 30 Days. The Higher The VIP Tier, The Lower The Transaction Fees.

• Derivatives Fee

Fee Applies To Market Makers And Market Takers

• Manufacturers: 0% (New User Offer)
• Recipients: 0.1%
• Margin Transaction Fee

Fee Applies To Lenders Only. Borrowers Do Not Charge Any Fees.

Borrowers: 0%

• Lenders: 15%
• However, Fee Discounts Are Available By Paying With BNS.

Deposits And Withdrawals

• Bitbns Allows Users To Withdraw And Withdraw Funds Through INR Bank Transfers And Cryptocurrency Transfers.
• INR Deposit Fee: None
• Indian Rupee Withdrawal Fee
• Withdrawals Are Free, Except For Instant Withdrawals, Which Are Only Charged Up To Rs. 9.