Bitbns Review 2026: Pros and Cons

Bitbns, a cryptocurrency exchange platform, seems to have mixed reviews from users across the board. Some traders appreciate its user-friendly interface and variety of available cryptocurrencies, highlighting the ease of transactions and decent customer support.

However, there's a notable number of concerns regarding withdrawal issues and delayed transaction processing that can't be overlooked. A few users have expressed dissatisfaction with the response time to queries, suggesting that while the platform has potential, it could benefit from more streamlined operations and improved communication channels.

Overall, Bitbns appears as a service with positives such as convenience and selection but is also shadowed by operational challenges that need addressing for better user satisfaction.

Bitbns allows you to start trading crypto for as low as 100 INR.

Trusted by over 4 million users, Bitbns is an Indian crypto broker known for its flat fee structure, a slew of crypto and Web3-focussed features, and a website-specific trading focus. But is it the right crypto broker turned exchange for you, especially in 2023? I shall review Bitbns throughout this piece, evaluating the platform across various parameters.

By the end of this discussion, you should be able to decide if Bitbns is worth onboarding.

Let us jump right in!

Bitbns: Pros and Cons

Nothing works better than to list the Pros and Cons of a broker or exchange right at the onset. If you are pressed for time, this section quickly enlists the crucial things to know:

Pros

• The platform has 140+ crypto pairs listed.
• Transparent fee model
• Supports derivatives trading in the form of Crypto futures
• Offers margin trading support
• Offers crypto fixed deposits for passive earning
• Robust security standards
• Allows you to purchase BTC via SIP
• Supports arbitrage trading via a dedicated Chrome extension

Cons

• Doesn’t have an easily accessible mobile app, especially for iOS
• Mostly supports INR-based crypto pairs for trading
• There are quite a few negative reviews online
• Multiple verification checks for a single-user journey can be frustrating.

Even though INR pairs are primarily supported for trading, Bitbns’ interface allows you to view trades in USDT. You can even deposit the USDT-equivalent INR to trade the Crypto/USDT pairs.

Bitbns: Background, History, and More

Bitbns, the crypto broker/exchange, came into existence in 2017. Led by Gaurav Dahake, Srikanth Sethumadhavan, and Prashant Singh — Bitbns rose to the Indian crypto broking stage in 2018. While the launch happened in a speculative space, Bitbns slowly evolved and made its mark in the Indian crypto scene with its exclusive offerings like fixed income plans.

While Prashant Singh serves as the Chief Technical Officer and Srikanth Sethumadhavan handles the UI and the front end of the website, Gaurav Dahake is the acting CEO of the company.

Bitbns and Its Diverse Offerings

If you wish to compare Indian crypto brokers, note that Bitbns takes an obvious lead regarding the number of offerings. Let us quickly take a closer look at what’s in store for traders and investors:

Advanced Trading Support

It goes without saying that Bitbns supports spot trading — something like BTC to INR or vice versa. For a handful of cryptos, you can even trade USDT pairs — all while using advanced trading charts.

But that’s not what separates this crypto broker or exchange from others.

What makes Bitbns interesting is the support for “Margin Trading.” Traders with experience can take leverage, starting at 1x, to maximize their chances at profits. Bitbns offers margin trading services on select crypto pairs, and there is a disclaimer-like info piece right at the start to let the trader know what they are getting into.

You can even use the “Quick Swap” feature to change any crypto into USDT or INR at will. And finally, the list of features even includes P2P trades for buying and selling USDT — a currently deactivated feature.

Futures and Options

Bitbns even allows you to trade crypto futures — an elusive trait exhibited by Indian crypto brokers. The user interface offering the list of Perpetual Futures — contracts without an expiry date — is self-explanatory and even suitable for beginners.

For Options trading, Bitbns only has a testnet active for now. Additional features are expected to be unlocked once the Options mainnet goes live.

Fixed Deposits (Crypto)

Not many Indian crypto brokers allow you to earn a fixed passive income from the purchased cryptos. Bitbns changes all of that by bringing in crypto fixed deposits. You must locate the pool relevant to your holdings and allocate your funds. You can even see the allocation status to check whether the pool still has space for more.

Access to Initial Offerings

Like global crypto exchanges like Binance, even BNS lets you become the early bird that catches the worm — or Initial Exchange, Initial Coin, or Initial DEX offerings, in this case.

Token-Specific Discounts

Did you know that Bitbns has its own token listed on its platform — the BNS token? And while the token can be used to make payments for trading transactions, helping you get a discount, Bitbns also supports BNS token staking, letting you earn more BNS as a reward. The more BNS you have, the higher your chances of saving the transaction or trading fees.

Tax Filing Support

Navigating crypto taxation in India is a challenge in itself. However, if you trade, earn, or transact using Bitbns, you will get complete assistance with tax filing — all thanks to Bitbns’s tie-ups with India’s reputed tax reporting platforms like KoinX, Binocs, and more.

Bitdroplets

If you plan to invest periodically in crypto, especially BTC, Bitbns has a systematic investment program called Bitdroplets.

Apart from the mentioned offerings, Bitbns also allows you to toggle and transfer funds between wallets, set up price alerts, indulge in API trading, send gift vouchers, and do much more with your crypto curiosity. Bitbns has its own Web3 launchpad — the Ascent — a body that aims to vet the best projects and help them raise funds sans the intermediaries.

Bitbns and the Fee Structure

Bitbns has a relatively transparent fee structure. Firstly, there are ten trading tiers, depending on your 30-day trading volume. The max rates are set at flat 0.25 percent. However, if you hold BNS tokens and choose to pay the trading fee with the same, the charges levied keep reducing based on your trading volume.

Bitbns also levies a margin trading charge of 15 percent, lender-only. However, paying with BNS also allows you to get a sizable discount on the margin trading orders, to the tune of even 33.33 percent.

Here is the spot trading chart for your reference:

User Experience and Ease of Usage: Does Bitbns Excel?

Bitbns has a relatively simple user login and registration curve in place. Once you sign in with your email and mobile number and feed in the KYC details to get verified, you can start trading immediately.

Scrolling to the bottom of the Bitbns’ homepage lets you in on the 24-hour trading volume associated with this crypto-broker cum exchange.

There are multiple facets of user experience when on Bitbsn. Let us go over each:

The Ease of Getting In and Getting Verified

To start trading at Bitbns, you need to sign up first. Once you quickly create an account and enter the platform, it is time for the dreaded KYC verification. Starting with it is easy.

You simply need to head over to the “profile” section and hit “Complete KYC.” If you are an Indian user, you must start by linking your phone number, feed in the name on your issued ID, and upload the image of the ID. Do note auto verification isn’t available via DigiLocker, which uses your Aadhar credentials for KYC.

Usually, it takes under a minute to get verified if the documents are in order. If not, you can always drop an email at [email protected] to proceed with manual verification. It is worth mentioning that Bitbns also allows KYC verification for its international user base.

Once you have verified your identity and credentials, you should see the option to deposit INR and crypto activated inside the Spot wallet.

Deposits, Withdrawals, and Order Size

A good crypto broker is the one that ensures seamless deposit and withdrawal standards. Once KYC-verified, you can deposit as low as 100 INR or as high as 2,50,000 in a single transaction. Notably, every kind of deposit is free.

Withdrawals, however, are a tad incentive-driven. First, there are quite a few deposit and withdrawal methods offered by Bitbns. These include:

• UPI deposits;
• Bank deposits;
• P2P USDT deposits.

Except for UPI, every other method is supported, even for INR withdrawals. Yet, if you want withdrawals to be instant, anything between 4 INR to 9 INR is charged. If you have the BNS tokens in your account, it is possible to get a 10 percent to 30 percent discount on these withdrawal charges.

As for the order size, every pair has the minimum buying threshold mentioned as part of its UI.

The platform is one of the few Indian crypto brokers to support network-specific crypto deposits and withdrawals. Click here for the entire fee structure associated with this kind of fund movement.

Assets and Trading Instruments

As for trading currencies, Bitbns supports both INR and USDT. Also, here is the list of 140+ cryptocurrencies that are supported.

Here is a chart showing the most active market pairs and also the currency-based volumes over the past 24 hours.

App overview

The Bitbns apps — for Android and iOS — aren’t as interactive as the web interface. The reviews aren’t convincing, either. The web interface, on the other hand, has every feature, trading pair, and support options listed as aesthetically as possible.

Security Standards at Bitbns

There are many layers and components of security. From the app-specific perspective, provided you have the Android or iOS app installed, Bitbns offers two-factor authentication. Plus, the KYC process is seamless and per the guidelines laid down by the Indian government.

Another aspect of user security is multi-level user verification. For something as simple as password reset, Bitbns only allows access if the request has been responded to from the same browser. Features like IP allowlisting and OTP-based access are supported.

Bitbns goes a step further with security, having a dedicated “Bug Bounty” program. Any security issue, if highlighted, attracts a minimum reward of 1000 INR. If you can locate one, hit the Bitbns team up at [email protected].

When it comes to safeguarding user funds, the SSL-certified Bitbns servers take center stage. And guess what? The crypto broker cum exchange even has set measures to protect user funds, courtesy of liquidation-specific intimations sent during margin trading.

Bitbns and Its Customer Support Quality

Bitbns offers one of the quickest issue resolutions for an Indian broker. The highlight of its customer support system is the support widget that returns articles based on your query.

Furthermore, at the bottom of the page, Bitbns has all its social handles listed, making it easier for you to track the updates and reach out to them if and when necessary.

You can always raise a more complex issue by raising a ticket. Additionally, Bitbns has a disclaimer-like declaration even on its support page, warning you against fake customer support activities.

Learning Plans and Resources Offered by Bitbns

Bitbns has a dedicated page called Bitbns Academy to educate users about crypto. From regulations to taxation to risk management to trading principles, the Bitbns Academy has every resource for a crypto beginner, intermediate, and even an expert.

If you are not into reading stuff, you can keep learning about crypto at Bitbns’ official YouTube channel — which has over 84K subscribers.

A “Bit” of Flak and a Lot of Crypto at Bitbns

Today; if you head online and search for Bitbns review, you will see quite a few negative comments. However, I would still recommend trying out this crypto broker cum exchange once before making an opinion.

If you just go by the offerings, Bitbns easily blows other Indian crypto exchanges out of the water. Yet, some aspects, like P2P, margin trading, fixed earning plans, and more, are highly controversial topics, and rating them would require you, the user, to test them hands-on.