Bitbns Review | Is the Bitcoin Exchange Trustworthy?
About Bitbns
Bitbns is one of India’s most renowned cryptocurrency exchanges that’s known for their user-oriented platform and quick operations. Part of the Buyhatke Internet Pvt. Ltd., the exchange allows its traders/users to buy and sell some of the most popular cryptocurrencies with very low trading fees.
Getting started with Bitbns
Just like in the case of most other digital asset exchanges, to started trading on Bitbns requires you to sign up and create a Bitcoin wallet with the platform. The next step involves having to undergo complete KYC verification with Aadhar (KYC, PAN card, and ID proof verification), and eventually connect your bank account in order to deposit cash in your Bitbns wallet.
The platform’s UI is intuitive and specifically designed to allow even the most novice of traders to take advantage of everything the service has to offer.
Features
One of the main benefits of the platform is the supported cryptocurrencies. Bitbns offers trading support for 61 cryptos including Bitcoin, NEO, Ethereum, Ripple, Stellar, Tron, Litecoin, Monero, Dash, Dogecoin, Zilliqa, and Bitcoin Cash.
In terms of trading fees, Bitbns boasts a trading expense of 0,25%. This fee diminishes with the increase of the trading volume and, in some cases, it can even go as low as 0,18%. Things are also good in the transfer fees department. Depositing Bitcoin is free, and withdrawing it only requires users to pay a 0,001% fee. It’s also worth mentioning that the minimum deposit requirement is of 100 INR.
The platform supports almost all the major INR deposit and withdrawal features, such as UPI, NEFT, and IMPS. Bitbns has also partnerships with major banks such as HDCF, Kotak, and ICICI, making it possible for users to deposit INR. The platform also supports margin trading. In short, users can lend their assets to gain interest or even take loans and multiply their profits.
Bitbns also has some advanced features such as stop-limit orders (useful for preventing losses) and automated buy and selling procedures. Users can specify a price at which they want to either buy or sell Bitcoin, and the trade happens automatically when there is an available buyer or seller.
The platform can also be accessed via its two official mobile applications for iOS and Android. Finally, Bitbns also boasts a reliable customer support service which allows users to instantly contact members of the team through channels such as Telegram and Reddit.
Disadvantages
One of the main drawbacks of this exchange, at least for privacy-oriented users, is the fact that Bitbns does not allow for anonymous trading and requires clients to verify themselves. Advanced traders will also dislike the fact that the exchange does not offer support for leverage trading, as well as the fact that credit cards are not accepted.
Conclusion
Bitbns is a very compelling crypto exchange platform providing its users with multiple popular cryptocurrencies, two mobile apps, low fees, and other useful features. So far, there have not been reports of hacks or attacks on the exchange, even though the exchange is not using the best security features.
Considering its all of the above and the fact that the exchange requires every user to undergo a thorough KYC process, it seems that Bitbns is indeed a trustworthy exchange.
