Bitbns was launched on December 14, 2017 by Buyhatke Internet Pvt. Ltd. Bitbns is the only Indian cryptocurrency exchange that supports trading in more than 90 cryptocurrencies.
Bitbns was founded in Bangalore by Gaurav Dahak, Prashant Singh and Srikanth Setumadhavan. The trio of young engineers are graduates of the prestigious Indian Institute of Technology. The exchange launched its BNS utility on its own IEO, and then on KuCoin's IEO platform, Spotlight. Bitbns claims that there are more than 500 thousand users in India, and the traffic is hundreds of thousands of visitors.
The exchange is the first cryptocurrency exchange to introduce Bracket Orders in cryptocurrency trading. The exchange offers a variety of trading tools and features, such as margin trading, stop limit, and rolling stop limit.
The exchange also prides itself on being the first exchange in India to list more than 50 cryptocurrencies within a year of launch, and has a P2P FIAT input and output mechanism.
The platform for buying, selling and trading cryptocurrency is available online and via mobile apps for Android and iOS. The service is available in English, and there is the possibility of round-the-clock customer support via a ticket, as well as via email, Telegram and Reddit.
The exchange offers a clean and intuitive interface. A trading overview is available for each proposed trading pair.
Bitbns supports limit orders, stop limit orders, and bracket orders (where you specify the target exit and stop loss for the same order).
Margin trading with limited leverage is also available. Bitbns currently offers up to 4x leverage on a certain number of cryptocurrencies for margin financing.
The platform also offers a well-documented API that supports market data collection, order execution, and account management. The API is available in Node.js, Python, Go, and PHP.
Among the special features of the platform, you can note:
- Arbitration Plugin
For Chrome, Firefox, and Microsoft Edge, a plugin is available that defines the arbitrage capabilities between Bitbns and Binance, Huobi, Gate.io and KuCoin. The plugin acts as a browser extension that will alert you and you can make transactions in Bitbns without switching tabs.
Bitdroplet is a Bitbns-based service where people can buy cryptocurrencies in a similar way to a structured investment product (SIP) in a bank.
Users can specify the purpose of savings, the amount and frequency of the deposit, as well as what is called a systematic purchase plan (SPP), which allows you to average dollar costs when creating crypt reserves. The commission is 0.25% for the fee, which can be set daily, weekly or monthly, skipped without penalty, suspended at any time, and fully charged with the same 0.25% commission.
- Fixed income plans
Bitbns recently launched fixed income plans (FIP) to promote its BNS token, with a payment of 19% per annum for the placement of BNS and 12% per annum for the placement of USDT.
The Bitbns trading fee is average for the industry. Bitbns does not charge different fees to market makers and makers. Regardless of whether you use limit orders or market orders, the fee starts at 0.25%.
For 30-day trading volumes exceeding $ 6,000, the fee can be reduced to 0.1785% when paying with a BNS token, for which there must be a balance of at least $ 25 in BNS during the month.
In fact, there are 10 levels of volume-based discounts that can reduce the fee to 0.03% for "trading whales" with monthly volumes of more than $ 80 million and a BNS balance of more than $ 200,000.
The crypto exchange charges a dynamic withdrawal fee, which varies depending on the specified token, for example, the Bitcoin fee is currently 0.0005 BTC per withdrawal, which is below the industry average.
The crypto exchange reports security as one of the main advantages of the platform. They are ready to give advice to their users on how to avoid phishing and fraud from unscrupulous people 24/7. They also enabled 2FA via SMS and Google Authenticator, which is mandatory for withdrawals.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.