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.
Bitbns is an Indian cryptocurrency exchange. Apparently, Bitbns stands for Bitcoin buy ‘n‘ sell.
Bitbns launched on 14 December 2017, in the midst of the Bitcoin frenzy. You can trade more than 70 different cryptocurrencies here. 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 themselves emphasizes 9 things about the exchange to attract customers. This is a picture from the Bitbns-website:
Most exchanges also offer “automated buy and sell”, “safe and secure” trading, “no account charges”, “extra downside protection with stop-limit orders”. So these are not particularly mind-blowing advantages with this particular exchange. From that perspective, we feel that user-friendly trading and 24×7 Customer Support are more competitive features to highlight.
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. ZebPay for instance. But there are also a few that – like Bitbns – only allows Indian residents/citizens. Such list includes: 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.
Bitbns Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the trading views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Bitbns, in “not-signed-in”-mode (we couldn’t create an account as we are not from India):
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 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 cryptos. If a large number of supported cryptos is an important factor for you in your choice of exchange, you could also check out the following exchanges: