Bitbns Crypto Exchange Review 2023 : Pros & Cons

What Is Crypto Exchange ?

A cryptocurrency exchange is an online marketplace where users may buy, sell, and trade various cryptocurrencies, including Bitcoin, Ethereum, and others. It functions as a market place where buyers and sellers can trade cryptocurrencies for fiat money or other cryptocurrencies (such as USD, EUR, etc.)

Centralized or decentralised, cryptocurrency exchanges typically charge a fee for each transaction. Decentralized exchanges (DEX) operate on a blockchain network, allowing users to trade directly with one another without an intermediary, in contrast to centralised exchanges that are run by a third party.

What Is Bitbns Crypto Exchange ?

Founding members are young and enthusiastic adopters of crypto currencies, all of whom graduated from IIT. Before they started BNS, they have created multiple products that have helped consumers in commerce decision making. In late 2017, decided to start a crypto-currency exchange. To give people a smooth entry into the world of crypto, gave importance to ease of use, security, and customer support right from the beginning. BNS went live on December 14, 2017. In just a few months, focus proved right.

Bitbns Crypto Exchange Quick Facts

How To Register At Bitbns Exchange?

To register on Bitbns , click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

Bitbns Exchange Supported Countries

Bitbns Exchange is a cryptocurrency exchange that supports users from various countries around the world. However, the availability of services may vary depending on the location of the user.

Exceptions are the India, United Kingdom, Canada and countries in the Australia. Singapore and European Union countries are also countries whose nationals cannot trade on Bitbns .

How To Verify Your Bitbns Cryptocurrency Account ?

There is no mandatory verification at Bitbns , but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of Free. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the Bitbns , Revolut platforms.

How To Buy Crypto Or Deposit Crypto At Bitbns Crypto Exchange?

There are two main options for topping up your balance on Bitbns . Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From Bitbns Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your Bitbns Account ?

There are several steps you can take to help secure your Bitbns account and protect your funds:

1.Activate two-factor authentication (2FA): Two-factor authentication adds an extra degree of security to your account and is supported by Bitbns. By downloading a mobile app like Google Authenticator or Authy and connecting it to your Bitbns account, you can enable 2FA.

2.Choose a strong and distinctive password: For your Bitbns account, use a strong and distinctive password that combines letters, numbers, and symbols. A password should never be used for multiple accounts.

3. Keep your account information confidential: Do not divulge any of your account details, including your username, password, or 2FA codes, to unauthorised parties. Moreover, be on the lookout for phishing scams that can try to fool you into disclosing your account information.

4. Regularly monitor your account activity: Keep a watch on your account activity and verify your transaction history frequently to be sure there haven’t been any fraudulent transactions.

5. Update your hardware and software: Ensure that the most recent security patches and upgrades are installed on your hardware and applications. Also, avoid accessing your Bitbns account using shared or public devices.

6. Use a hardware Wallet : To store your cryptocurrencies for an extra degree of protection. A hardware wallet protects your private keys by keeping them offline.

Fees taken when buying virtual currency

Spot Trading Fees

Traders are categorized in VIP levels based on their trading volume in the last 30 days and holdings of BNS Token. Higher the VIP level, lower the trading fee.

NOTE: Fee discounts are applicable only if the Pay with BNS option is enabled. You can do it in the Profile section. profile section

Note:

• Minimum fee: ₹0.01 or 0.01 USDT
• A trader holding less than 25 USDT worth of BNS tokens, or not having Pay with BNS enabled, would incur the usual 0.25% trade fees.
• All daily trades will be counted for the previous 30 days and the discounts would be given through fee refunds everyday at 12 PM IST.

Eg: So from March 6th to April 4th, the last 30 days trades would be taken to compute the fee refund for 4th. Trades across all markets (INR, USDT or others) will be considered.

Derivatives Fees

Futures

Fees are applicable for both Makers and Takers

• Maker: 0.1% 0% (Introductory Offer)
• Taker: 0.1%

Margin Trading Fees

Fees are applicable only for 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:

Trade On Go Bitbns Is 100% Mobile Friendly

Absolutely, that is accurate. The Bitbns mobile trading app, Trade on Go, is made specifically for mobile devices. The app is available for both Android and iOS devices, and it offers all the features and functionalities of the Bitbns trading platform in a user-friendly mobile interface.

With Trade on Go, you can use complex trading tools like market orders, limit orders, and stop-limit orders while you’re on the move. You can also buy, sell, and trade cryptocurrencies. To keep abreast of market changes, you may also browse real-time market data, keep an eye on your portfolio, and set price alerts.

In addition, Trade on Go accepts a variety of payment methods, such as UPI, bank transfers, and debit/credit cards, making it simple to fill your account and begin trading cryptocurrencies straight from your mobile device. In general, Trade on Go is a practical and simple mobile trading tool that enables you to trade cryptocurrencies whenever and anywhere you want with just your smartphone.

How To Contact Bitbns Customer Support Team?

If you need help with your Bitbns account or have any questions, you can contact Bitbns customer support through the following methods:

E-Mail : The Bitbns support staff can be reached by email at [email protected]. Provide as much information about your problem as you can so they can help you efficiently.

Live Chat : On Bitbns’ website, you can also use the live chat tool to communicate with a customer service agent in real time.

Social Media : You can also try reaching out to Bitbns through their social media accounts, such as Twitter or Facebook. However, keep in mind that response times may vary.

Phone : While Bitbns does not have a callback facility, they do have a phone number for customer service. Simply enter your phone number and a brief note outlining your problem to make use of this tool, and a customer care agent will call you back.

Features Of Bitbns Crypto Exchange

Safe and Secure

There’s KYC, 2FA, Fingerprint/PIN access, and a lot more. Because lots of security is always a plus.

Automated Buy and Sell

BNS lets you automate your orders with advanced tools & features.

Simple Interface

This platform is designed in such a way that it provides an easy-to-use and simple interface. It also offers price charts and useful information like order books and order history.

Extra Downside Protection

Ensure least risk with Bracket Orders that come with Trailing Stop Limit.

Verified Network

Our formally verified network is well-vetted against security issues and operational inefficiencies.

Fiat Deposits

According to several Bitbns reviews, fiat deposits are supported in local currency, INR. It provides the best crypto wallet to its traders to store their cryptos, and the users are allowed to use third-party wallets.

24×7 Customer Support

We’re all ears, always. Hit up our customer support team anytime and get a resolution in no time.

Social Media

Bitbns has its social media presence in telegram, Reddit, Facebook, and a newsroom specializing in blockchain, cryptocurrency news, blockchain information, opinion regarding wallets, blockchain guides, and crypto exchange news.

Multiple Currencies

Bitbns supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, and many more.

Bitbns Good Or Bad Points

Bitbns is a cryptocurrency exchange that allows users to buy and sell various cryptocurrencies. Here are some potential good and bad points of using Bitbns :

Good Points :

1.User Friendly : Bitbns is an intuitive interface that is simple to use and explore.

2. Wide range of cryptocurrencies: Many cryptocurrencies, including well-known ones like Bitcoin, Ethereum, and Ripple as well as lesser-known altcoins, are supported by Bitbns.

3. Low Fees : Bitbns offers traders an economical option with its minimal trading fees.

4. Security Features : To protect users’ money, Bitbns has put in place a number of security measures, like two-factor authentication.

5 . Mobile App : Bitbns has a mobile app that allows users to trade on the go.

Bad Points :

1.Limited trading pairs: Because to Bitbns’ restricted number of trading pairs, customers may not be able to trade all of the cryptocurrencies they are interested in.

2. Limited Payment Options : Only Indian rupees are accepted as a form of payment on Bitbns at the moment, which may not be convenient for users outside of India.

3. Customer Support : Bitbns’ customer care has received complaints from some users over poor response times and useless responses.

4 . Regulation Issues : Users of Bitbns and other Indian cryptocurrency exchanges may be at risk due to the ambiguous regulatory environment for cryptocurrencies in India.

Is Bitbns Is Safe Platform To Trade ?

To protect users’ money, Bitbns has put in place a number of security measures, including two-factor authentication, email confirmations for withdrawals, and cold storage for the vast majority of cash. To further maintain the security of its platform, Bitbns does routine security audits and vulnerability analyses.

It is crucial to remember that no exchange can guarantee complete security because there is always a chance of hacking or other security lapses. Good security practises, such as using strong passwords, enabling two-factor authentication, and not revealing personal information, are always advised.

Overall, Bitbns seems to be a rather secure trading platform, but before using any platform, you should do your own research and evaluate your personal risk tolerance.

Bitbns Conclusion

To sum up, Bitbns is an Indian-based cryptocurrency exchange that provides a user-friendly platform, a variety of cryptocurrencies, and minimal costs. To protect consumers’ assets, the exchange has put in place a number of security measures, and it also offers a mobile app that enables trading while on the road. Bitbns may have significant limitations, such as fewer trading partners and payment choices, as well as difficulties with customer service. Users of Bitbns and other Indian cryptocurrency exchanges may be at danger due to India’s uncertain regulatory environment for cryptocurrencies.

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