What is Bitbns and how can I use it for cryptocurrency trading?
Bitbns is an Indian cryptocurrency exchange that was founded in December 2017, primarily allowing users to buy and sell cryptocurrencies using the Indian Rupee (INR).
The platform supports over 90 cryptocurrencies, including popular options like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), making it a versatile choice for traders in India.
Bitbns offers a unique margin trading feature that allows users to trade with leverage of up to 4X, which means they can potentially amplify their profits as well as their risks.
A notable feature of Bitbns is its P2P (peer-to-peer) trading model, which enables users to trade cryptocurrencies directly with one another without requiring a third-party intermediary.
Bitbns has a relatively low withdrawal fee for Bitcoin, charging 0.00005 BTC, which is about 40% lower than the global industry average of 0.00008 BTC.
The exchange previously faced significant challenges, including a two-year period during which withdrawals were frozen, leading to widespread user frustration and legal complaints.
Bitbns utilizes a mobile app to facilitate easy trading on the go, appealing to a demographic that prefers mobile technology for financial transactions.
The exchange has introduced fixed income plans, allowing users to earn passive income by lending their cryptocurrencies, which can be an attractive option for long-term investors.
Bitbns has embraced advanced trading features like Bracket Orders, which help traders limit losses and lock in profits automatically, showcasing its focus on user-friendly trading solutions.
The exchange's trading volume and market listings place it among the largest spot cryptocurrency trading platforms in India, contributing to its reputation in the market.
Bitbns employs security measures such as two-factor authentication (2FA) to help protect user accounts from unauthorized access, which is crucial in the often-targeted cryptocurrency space.
The platform has faced scrutiny and regulatory challenges, reflecting the broader uncertainty and evolving legal landscape surrounding cryptocurrency exchanges in India.
Bitbns has a referral program that incentivizes users to bring new customers to the platform, which is a common strategy among exchanges to grow their user base.
The exchange has been known to offer promotional deals, such as flash sales on trading fees, which can attract new users looking for cost-effective trading options.
Users can deposit funds into their Bitbns accounts via wire transfer, but credit card deposits are not supported, which may limit accessibility for some potential traders.
Bitbns has a dedicated customer support team to assist users with issues related to trading, withdrawals, and account verification, which is essential for maintaining user trust.
The trading interface of Bitbns is designed to be intuitive, catering to both novice and experienced traders, which is important in a market that can be complex for newcomers.
As of April 2025, the Indian government has been exploring regulatory frameworks for cryptocurrency, which could significantly impact the operations of exchanges like Bitbns.
Bitbns allows users to track their portfolio performance in real-time, which can help investors make informed decisions based on market conditions.
The exchange has engaged in efforts to improve transparency and communication with users, particularly after the withdrawal issues, aiming to rebuild trust and credibility in the market.