Cryptocurrency exchange India
With RBI banning Indian banks from dealing in cryptocurrencies, Indians are left with online options only. The legitimacy of trading bitcoin is a different matter altogether. They are very few online platforms that support trading digital coins with the utmost ease.
They mandate the need for identity verification as part of the formalities. Bitbns is one such Indian crypto exchange for Indian crypto users. International users can also become a part of the system. Nevertheless, Indian rupee will be the base currency set in the platform. The extended set of facilities is reserved for Indian users only.
Easy way to buy/sell digital coins
Users can buy/sell bitcoin and other cryptocurrencies easy at Bitbns. You can place an order after logging in to the website. Depending on the price you have set, the order gets placed. The higher the price is set, the faster the transaction is executed.
The mechanism to deposit or withdraw INR is quite innovative as well. For depositing INR into the system, you need to place deposit request in the system. The system matches your request with withdrawal request from another user. The same works in reverse for withdrawing INR. This fair mechanism connects two users to make the peer to peer transaction possible.
P2P exchange
Bitbns employs the P2P working model to carry out trades. In effect, you don’t trade directly with the website. Bitbns is just a platform where two users trade cryptocurrencies against fiat currency. The platform ensures complete transparency and securely carries out trades.
It offers the first level of protection for your funds. At some point, any such platform inevitably turns into an open jungle. We will discuss the P2P rating of users and best practices to follow in later sections. In a P2P system, the platform levies a smaller fee and the peer’s trade on an agreed margin.
BidforX
BidforX is a separate service operated by the same company. You need to create an account here with the same email address used for Bitbns account. You can deposit to Bitbns via BidforX as well as withdraw from Bitbns to BidforX. You can deposit or withdraw up to 1 lakh rupees in a single transaction.
You will be required to submit the OTP every time to authenticate a transaction. It is the fastest way to transact in the Bitbns platform. You will get a voucher code or secret code when a match is found.
UPI/IMPS
Transacting via UPI/IMPS also follows a P2P based mechanism. You can tip the depositor for a quick withdrawal. Tipping the peer is optional, though we recommend it. You cannot withdraw or deposit more than 10000 INR in a single transaction. You need to set your UPI ID for UPI transactions. For IMPS a transaction, just adding your bank account is enough. Using the UPI or IMPS option has more legality to it.
However, these are the slower options, when compared to BidforX. You need to bear with the bank and confirmation delays. Another drawback is your anonymity and privacy, inherent to crypto transactions is compromised significantly.
P2P rating
Your P2P rating tells about your professionalism in the platform. Each user is rated on a scale of 5. It depends on the amount of transaction you are doing. The higher number of disputes affects your ratings and makes you less likeable in the platform.
You must try to confirm as soon as possible to earn top ratings. You should subscribe to top ethos pertaining to bitcoin exchange. Always make sure to check P2P rating of others before doing trade with them. Higher P2P ratings help to get your trade requests matched quickly.
Best practices
- Stick to BidforX option for faster transactions. Using UPI is time consuming due to bank and confirmation delays.
- Confirm transaction recipes as early as possible. It ensures getting tons of positive reviews from your peers.
- Similarly, send a reference number for the transaction as soon as it’s done. As an effect, the confirmation from your peer happens early too.
- Be courteous and friendly in your remarks before and after the transaction. Avoid using words like drugs or bitcoin in comments, for UPI transactions.
- Make sure to check the P2P rating of the person you like to trade with. It’s your first line of defence against potential scammers.
Fees
A flat fee of 0.25% is charged on every transaction as a trade fee. It stays the same regardless of any kind of volume you are trading. The deposit fee for fiat currency, cryptocurrency and INR via P2P is nil. There is a withdrawal fee for withdrawal of any digital coin.
Again, the withdrawal fee for INR via P2P is nil. Besides fees, you need to pay a price for someone to pick your request quickly. The fee structure at Bitbns is one of the lowest in the crypto-INR space.
Ease of use
Using the Bitbns website is simple and easy. From signup to verifications to trading to withdrawals, everything is so much hassle-free.
Signup process
Firstly, you must sign up on the website first to buy, sell, borrow or lend at Bitbns. Sign up for the most advanced cryptocurrency trading experience. Secondly, complete the KYC process that involves verifying PAN card to prove identity and linking your bank account for deposits/withdrawals.
Submitting and verifying your PAN is mandatory for Indian users. In addition, you must submit Aadhar/Voter ID/Passport/Driver’s License as proof of address. Finally, you can start trading and earn as much as you can.
Trading currencies
Trading cryptocurrencies for fiat currencies and vice versa is easy as a breeze. You can fund via BidforX, a subsidiary of Bitbns and UPI/IMPS. Buying and selling cryptocurrencies works as withdrawals and deposits respectively.
You can set an incentive for people to quickly accept your request. The peer to the peer-based trading system will take very little getting used to. The platform itself is very easy to figure out. In addition, you can browse through FAQs to find the answers.
Bit bns app
You can download the official Bitbns mobile app for your smartphone. Bit bns app is available for both Android and iOS platforms. The app allows for real-time trading, margin trading, stop-limits, market access and more. You can get the P2P deposit incentives by depositing money to your INR wallet.
Through their instant support, you can reach out to the team swiftly. Just raise a ticket from the app and watch it getting resolved in minutes. The app feels light on your device and runs smoothly. From verifications to deposits to withdrawals to price comparisons, you can do as much as you would from the website.
Bitdroplet – SIP in bitcoin
There are not many investment options in the crypto space. Especially, when it comes to SIP type of investments, there literally isn’t an option in India. Bitbns present you with the innovative crypto-based mutual funds – Bitdroplet.
Through Bitdroplet, you can purchase small amounts of bitcoin in daily, weekly or monthly instalments. You can null the risks of the batch to in fluctuations. It alleviates the impact of volatility associated with the bulk purchase of bitcoin and other cryptos in general. You can invest as small as $1 to start the SIP for bitcoin.
Unlike regular investment, Bitdroplet helps eliminate the risks of impulsive decision making. The key to keep investing regularly and take advantage of rupee cost averaging. As a rule of thumb, the average purchase price is usually lower than the current purchase price, in the long term.
This is a long term investment option, contrary to normal bitcoin purchase. Nevertheless, the program is opening ended and you can get out of it anytime.
Investing in Bitdroplet is as simple as 1-2-3. Firstly, add money to your Bitbns wallet. Secondly, specify the desired frequency of the instalments – daily, weekly or monthly. Leave the rest to the system to run the systematic purchase plan. If you want to stop/pause the SPP at any point in time, you can do it at a click of the button.
You can withdraw money right away anytime. Simply put, Bitdroplet is a new-gen investment vehicle from Bitbns that is aimed at achieving long time goals in a safe and convenient manner.
Affiliate and referral programs
Bitbns do feature an exclusive affiliate program. You need to be a member to get your affiliate link. You are incentivized for every user you bring to the network. In addition, Bitbns runs a lucrative referral service for its users.
The user and his/referral can earn real cash. When an Indian user refers to another Indian user, both earn 100 INR each. Similarly when an international user refers to another international user, both earn 2 USDT each.
When an Indian user refers to an international user or vice versa, the international user earns 2 USDT and the Indian users earn 100 INR. You can find your unique referral link on the profile page, under the ‘Refer & Earn’ section.
The new signup is considering valid after verification process and trades worth 1500 INR or 20 USD. The referral program has not been added to Bitbns mobile app as of now. The balance earned can be used to cancel out trade fees.
Customer support
The friendly staff at customer support works round the clock to bring you the best customer experience. The issues are resolved at the earliest. The tickets raised are acknowledged instantly and addressed within a few hours. Most issues are resolved in the span of 24 hours.
Besides raising tickets at the support website, you can email your queries as well. In addition, you can reach customer support via social channels such as Reedit, Telegram, etc… The support page contains solutions to most of your queries. Thoroughly go through the faqs in the detailed and extensive knowledge base.
Advantages of Bitbns
- Safe and secure: Bitbns ensures top-class security for all your transactions, thanks largely to its SSL encryption.
- Zero registration charges: Bitbns never levies a charge for holding your cryptos, account creation and account maintenance.
- P2P for deposits/withdrawals: For a seamless trading experience, Bitbns employs peer to peer-based deposits and withdrawals.
- 24×7 customer support: The friendly support team provides round the clock customer support through email, website and many social media channels.
- Trusted and verified: All the members in the network have to verify KYC, PAN and other important IDs prior to their signup.
- Ease of use: The simple to use UI is very much beginner-friendly. You can make your first trade right after the signup.
- Margin trading: Bitbns allows you to lend/borrow your digital assets via margin trading and hence enables you to make profits.
- Automated buy/sell: Place your order request and sit back. The system automatically matches your request and executes your trade.
- Stop limits: Bitbns allows you to place stop-limits on your orders to ensure downside protection. You can have the peace of mind throughout the trade.
- Trade multiple coins: You can trade a range of different digital coins on Bitbns network. It offers the utmost flexibility in crypto trading.
Final verdict
Bitbns is a great network for dealing in cryptos. They operate in over 75 cryptos and fiat currencies. With banks being banned to deal in cryptos, Indians have to rely on only these platforms. A few networks like local bitcoin can offer more liquidity than Bitbns. However, Bitbns offers the utmost security and ensures good server speed at all times. The website server is never down, thereby scoring on reliability.
Bitbns is one of the pioneers in crypto space in India. This amazing cryptocurrency exchange India has been serving for a few years now. In its stint, it has proved to be super innovative. As a bitcoin exchange, it is transforming bitcoin into an investment instrument.
Its P2P trading and Bitdroplet are first of its kind in the Indian subcontinent. In short, Bitbns is secure, trustworthy and reliable. It writes off all the sneaky scam tactics through efficient safety mechanism.
Bottom line: It’s a great Indian bitcoin exchange you cannot overlook. Register Now and Start Trading in India
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