What is BitBNS?
Bitbns is an Indian cryptocurrency exchange that commenced operations on December 14, 2017, amidst the fervor surrounding Bitcoin. The name Bitbns is derived from "Bitcoin buy ‘n‘ sell."
Cryptocurrency Support
Bitbns boasts support for over 70 different cryptocurrencies, making it one of the most extensive platforms in India in terms of the variety of digital assets available for trading.
Investor Eligibility
The exchange is exclusively open to Indian investors, requiring a +91-phone number for account creation. Unlike some other Indian exchanges that cater to non-Indian residents, Bitbns, along with platforms like Unocoin and WazirX, is restricted to Indian residents/citizens. This exclusion extends to US-investors as well.
Trading View
Bitbns provides a unique trading view, allowing users to customize their interface based on personal preferences. Like other exchanges, it displays the order book, price chart, and order history. Selecting an exchange should involve evaluating the trading view to ensure it aligns with individual preferences.
Trading Fees
Both takers and makers on Bitbns are subject to the same fees, set at 0.25%, aligning with the global industry average. It's worth noting that many exchanges offer volume-based fee reductions, providing incentives for higher trading volumes.
Withdrawal Fees
Bitbns distinguishes itself with its withdrawal fee structure. While many exchanges have higher withdrawal fees, Bitbns charges only 0.0005 BTC for BTC withdrawals, nearly 40% lower than the industry average of 0.0008 BTC.
Deposit Methods
Bitbns supports wire transfers as a deposit method, excluding credit card deposits. This limitation may be a drawback for users preferring credit card transactions. Nonetheless, the platform's acceptance of fiat currency deposits sets it apart from exchanges that only allow cryptocurrency deposits.
What are the trading fees on BitBNS?
Both takers and makers on Bitbns are subject to the same fees, set at 0.25%, aligning with the global industry average. It's worth noting that many exchanges offer volume-based fee reductions, providing incentives for higher trading volumes.
Does BitBNS offer leverage trading?
Bitbns does not currently offer margin trading or leverage options.
Is BitBNS safe?
While many major CEXes boast stronger firewalls than most governments, history has witnessed numerous instances where exchanges have fallen victim to hacks, resulting in the loss of customer funds. DEXes are generally safer option as you have control over your funds at all times as long as blockchain is up and running. Its all based off contract code so you can clearly look whats behind the scenes, and how their contracts work.
Does have customer support?
Almost all exchanges provide customer support, but the quality, speed and continuity of this service varies from time to time depending on the budget conditions of the companies. We recommend that you experience the support service provided by the stock exchange by asking a question to the support section on its website.
