A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Bitbns consists of four parts: general information, fees, deposit methods and security.
As far as we can tell, the exchange is only open to Indian investors. At least you need a +91-phone number in order to create an account… There are a number of other Indian cryptocurrency exchanges also open to non-Indian residents/citizens. Such list includes: Koinex, TCC Exchange and ZebPay. But there are also a few that – like Bitbns – only allows Indian residents/citizens. Such list includes: Coinsecure, EthexIndia, BITSSA, BTCXIndia, Unocoin and WazirX.
The above also means that US-investors can’t trade here. US-investors shouldn’t feel too sad though, there are many other venues that offer the type of trading this exchange does. Use our Exchange Finder to find out which alternatives you have.
This trading platform also supports trading in a large number of cryptocurrencies. Out of all the Indian exchanges in our Cryptocurrency Exchange List, this is actually the one that supports trading in the biggest number of cryptocurrencies.
Bitbns Trading fees
At this exchange, takers and makers pay the same fees (0.25%). This is exactly in line with the global industry average.
It should also be noted here that many exchanges have trading fees that are reduced as volumes are increased, meaning that you are incentivized to trade in higher volumes. The fees listed in this review and in the comparison table are excluding any such volume discounts.
Bitbns Withdrawal fees
Many exchanges have low or average trading fees but charge higher withdrawal fees. Bitbns, however, does not. This exchange charges 0.0005 BTC when you withdraw BTC. The global industry average BTC-withdrawal fee is 0.0008 BTC, so Bitbns have an almost 40% lower BTC-withdrawal fee than the industry average.
Bitbns offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason. If so, just use the Exchange Finder or skim through our Cryptocurrency Exchange List to find an appropriate exchange accepting credit card deposits.
However, as this trading platform accepts deposit of fiat currencies at all, it distinguishes itself from many exchanges that only allows deposits in cryptocurrencies.
This exchange has an average security score. We run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/), and Bitbns received a score of C+. This is decent, but there is also room for improvement.
The exchange reviewed above has a large number of supported cryptocurrencies. If a large number of supported cryptocurrencies is an important factor for you in your choice of cryptocurrency exchange, you could also check out the following exchanges: