The Indian cryptocurrency exchange BitBns, headquartered in Bangalore, Karnataka, was launched on December 14, 2017. The project operates as a part of Buyhatke Internet Pvt, an Indian product and price discovery platform, established in 2015 with a key goal to make cryptocurrencies accessible to everyone. The developers of the project firmly believe that cryptocurrencies and the underlying blockchain technology will become the future of money as they focus on providing the fastest, simplest, and most secure way to trade cryptocurrencies at the best available prices.
The exchange enables its users to trade 150+ digital currencies. In addition, it has a mobile application that supports 40+ languages and is available for both Android and iOS devices.
Security is of the utmost importance to BitBns so it implements best practices to ensure protection for users’ accounts. The network is officially verified, has extra downside protection, and is constantly tested for security issues and operational inefficiencies.
One user can create only one account on BitBns. In order to trade, users must submit some personal documents for KYC verification including a personal account number (PAN), Aadhaar card, and bank account details. For 2FA, the BitBns website relies on the application Authy instead of Google Authenticator. Authy enables an encrypted cloud backup of users' private keys, which means they can easily restore their accounts in case their phones get lost or reset.
In February 2022, BitBns had an incident when 21 users experienced some troubles with their accounts. In particular, they could see several withdrawal requests in their UI from a different account. However, the team identified the reasons why this happened, quickly resolved the issue, and restored all wallet balances.
The BitBns token
The BitBns token or BNS is a native utility token of the platform based on the Ethereum blockchain with a total supply capped at 2.5 billion BNS. The team systematically buys BNS tokens on a daily basis for monthly distribution to avoid sudden market fluctuations and maintain the price at a stable rate. BNS can be used for commissions, rewards, trading, online purchases, bill payments, shopping, banking, and even international remittances.
The platform provides users with a wide range of interesting features such as limit order trading, stop-limit orders, API trading, a Peer-to-Peer system for fiat deposits/withdrawals, price alerts, BitBns wallet, an arbitrage extension, margin trading with 4x leverage. Also, BitBns plugin for different browsers opens up arbitrage opportunities and enables faster trading between BitBns, Binance, Huobi, Gate.io, and Kucoin exchanges.
The exchange offers trading with limit orders which enable users to purchase or sell certain cryptocurrencies at a specified price. In addition, customers can benefit from a stop-limit function that serves to minimize losses when the price of a selected cryptocurrency is falling. Besides, the platform provides a trailing stop-limit order, which is executed only when certain conditions are met (e.g. the market reaches or crosses a certain price point). This tool protects traders from buying at a very high price when they are not around to monitor the market. BitBns margin trading section is also transparent as it shows all open orders from borrowers and lenders.
BitBns Pay is both a hardware wallet and a debit card that allows making offline transactions, gives a fixed 3% discount on every purchase, and has no minimum transaction amount. In addition, the exchange has an educational platform, BitBns Academy, that provides articles and videos about trading, risk management, margin trading, and materials on technical analysis.
BitBns earning opportunities
Apart from trading, the exchange offers a number of opportunities to increase profits. Thus, if users hold BTC, ETH, USDT, and DOGE in their BitBns wallets, they can earn 3% APY. At the same time, there is no need to block funds, because as long as the currency is in a wallet, it earns interest. Rewards are allocated once a month.
Another way to earn on BitBns is to participate in its affiliate program, which allows traders to invite their friends to the platform and earn 50% of their trading fees. On the other hand, invitees get up to ₹100 INR worth of BTC upon completing registration and KYC.
Besides, BitBns has a simple savings product called Fixed Income Plan (FIP) where users can invest a certain amount of USD or BTC for a fixed period of time and earn up to 25% interest. Also, the bug bounty program incentivizes developers for spotting any security issues. Rewards are based on the severity of the issue and make up at least ₹1000 INR.
BitBns charges both makers and takers a 0.25% commission for every spot trading order. However, the fee can be reduced if they qualify for one of the VIP levels based on their trading volume in the last 30 days or hold BNS Token. The higher is the VIP level, the lower is the trading fee (minimum 0.03%). It is worth noting that fee discounts are only valid when paying with BNS.
Only lenders have to pay the commission for margin trading which amounts to 15%. However, when paying with BNS, one can enjoy a 10%, 20%, or 33.33% discount on fees depending on the amount of BNS possessed.
Depositing is free on BitBns while only Indian Rupees are used for fiat deposits. The minimum deposit is ₹100 INR while the minimum trade amount for API trading is 50 INR. Deposits can be made via UPI (Unified Payments Interface), NEFT, IMPS, RTGS, wire transfer, or peer-to-peer USDT deposit. Withdrawal fees and the minimum withdrawal amount are determined by the token. INR withdrawals are free, except for instant withdrawals which are subject to a fee of up to ₹9.
BitBns team and partners
The BitBns founding members Prashant Singh (the CTO) and Gaurav Dahake ( the CEO)
are enthusiastic adopters of cryptocurrencies who have created multiple products in commerce.
BitBns has partnered with Paxful, a global cryptocurrency trading platform, to implement a fiat deposit feature for buying cryptocurrencies. Playcent made BNS the official currency in its decentralized gaming and app network. Also, Unicas association with BitBns offers Indian traders advanced banking services.