Bitcoin saw astronomical growth this past year ushering in a bull run for the whole crypto market. The increase in value of the assets has prompted a lot of individuals to invest in the growing crypto economy.
The first step for any novice investor who wants to invest in crypto is to look for an exchange through which they can do that. In this article we will go through Bitbns exchange, an exchange based in India that offers more than 90 tradeable cryptocurrencies on its platform.
The exchange was launched in December of 2017 by Buyhatke, an internet and software company based in India. Bitbns separates itself from other crypto exchanges in India owing to the variety of cryptocurrencies the platform offers, with more than 90 cryptocurrencies listed on the platform it has the most diverse catalogue amongst all India based crypto exchanges.
The exchange is only available for Indian investors, you need a phone number with Indian code to sign up for the exchange. Non-resident Indians, cannot invest through Bitbns.
The exchange also complies with regulations, after signing up, investors have to submit their AADHAR card information along with PAN information to complete the sign up. This is all because of the Indian government's anti-money laundering rules that implement Know Your Customer requirements on exchanges.
The global Industrial average for fees is 0.25% and that is exactly what Bitbns charges as well. In margin trading the fees are only levied on the lender, who pays a 15% commission on the interest they earn on their principle. The borrower has to pay no fees. The general trading fees, if traded with BNS Bitbns own token, are dependent on the volume that you trade with.
If you are using BNS for your trades, you can pay only 0.15% in fees if your trading volume is more than $80,000 in value over 30 days and have a BNS balance of more than equivalent to $1000.
There are no fees for depositing cryptocurrencies in your Bitbns account, however, withdrawal fees are applicable, and are dependent upon the cryptocurrency with 0.0005 bitcoin charge for bitcoin withdrawal and similarly 0.02099656 for Ethereum withdrawal. You can take a look at the list of their withdrawal fees on their website which has the fees listed for every token.
The exchange offers you to deposit fiat currency directly into the exchange, along with cryptocurrency. However, you can only use wire transfer to deposit fiat in the exchange, it does not have the option to deposit money through a credit card. Once you have transferred money to your INR wallet in the exchange you can then buy cryptocurrencies from the exchange and start trading.
Bitbns offer margin trading on their platform. Margin is a type of loan that you can take against the assets you own, to have more funds to Invest. This lets you earn more than you would’ve earned with your initial capital.
Bitbns provides you with 4X leverage, that means you can borrow upto three times the value of your assets on Bitbns. Which essentially means that if you had $1000 you can invest $4000. So, if you get a 20% return on your investment, your return comes out to be $200 versus $800. This essentially multiplies your profit as well. Bitbns only offers 28 digital assets for margin trading on their platform to their users.
Another trade that Bitbns offers you is margin lending, through margin lending you can lend your capital to other investors as a loan just like how the loan works in margin trading. You can earn handsomely by the returns you get on your capital. It is also a very good and fool-proof way of earning profit on your investment through Bitbns.
Bitbns has a very good and smooth withdrawal system, you can withdraw your funds quite easily through the platform. It is as easy as pushing a few buttons and entering the amount you want to withdraw and your bank account that you linked with the exchange gets credited with the amount in no-time. The exchange is one of the fastest processing exchanges.
Bitbns provides a mobile app for its customers on both the Android and iPhone platforms. The mobile application by Bitbns by many standards is a very good mobile application geared towards ease of use. The application is quick and snappy, and performs almost all operations that you can perform on the desktop platform.
You can even deposit your fiat money through the mobile application, and the amount shows your account in less than 5 minutes. The UI of the application is very sleek and simple, it is created for ease of use and does not cluster a lot of stuff in the UI so it is easy for the users to navigate through the app. The application mimics the platform very comfortably and shows the order book and other information as well in the smaller size factor.
You can also easily access your wallet through the mobile application. The wallet section of the app has three options, where you can see the cryptocurrency holdings you have, the other shows the INR balance while the third one shows the history of your wallet, the deposits and the withdrawals.
There are things that can be improved in the application, like the bugs, there were a few bugs in the app at the time of the use which made it harder to navigate the app. However, aside from a few bugs the process was smooth and fast.
Overall, the mobile application can be a very good example for other exchanges who have clunky and hard to maneuver mobile applications. It really nails the ease of use part of the mobile application, improvements can be made however, a really amazing experience.
Bitbns is one of the best reputed crypto exchanges in India, with a good user base and a decent experience in the market. The customer care process at Bitbns is very smooth, you almost get an instant reply by the customer care on the platform, email or even on twitter if you tweet at them. We tried engaging their customer support a couple of times and were surprised to see the prompt response.
The exchange is very much customer centric with a lot of measures in place to protect their customers. The exchange has integrated two factor authentication and reminds users a lot about not sharing information on different areas of the platform. The customer care system helps you in case there is a problem, and by word of mouth it seems that users are well taken care of by them.
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