What is cryptocurrency?
Cryptocurrency is nothing but a form of digital currency, which is designed to be anonymous and secure. It is associated with the internet, which uses cryptography - the process in which one converts data into an undecipherable code. It's mainly used to track transfers and purchases. The first cryptocurrency ever created was Bitcoin (2009).
Why should I invest in cryptocurrency?
You should invest in cryptocurrencies for a number of reasons. Some of the major ones are as follows.
Cryptocurrencies are not controlled by a single central authority. Machines that mine Bitcoin and undertake transactions make up a major part of the network and all machines work together. Meaning, a single authority can't meddle in the monetary policy or make their rules for people.
You can hold multiple cryptocurrency addresses and they are not linked to names, addresses, or other information that can identify you personally.
Cryptocurrencies give you anonymity. However, they store details of every transaction that you make through a huge general ledger called Blockchain. Say, you have a publicly-used Bitcoin address. Anyone can figure out how many Cryptocurrencies are stored in that address. But they just can't know that it's yours.
Furthermore, If you are not using cryptocurrencies now, you will certainly use them in the near future. Reason being, more and more businesses are getting involved in it and blockchain startups are coming up on a regular basis. And rest assured, blockchain technology is here to stay.
Which Cryptocurrencies can I trade on Bitbns?
Currently you can trade 73 digital assets. Top 11 of the top 12 currencies can be traded on Bitbns.
Will Bitbns add more coins in the future?
Yes, we will add more cryptocurrencies in the near future.
How can I secure my Cryptocurrencies?
Your cryptocurrencies are safe with us. You can also use third-party wallets.
Can I have multiple accounts on Bitbns?
No. You can create only one account on Bitbns.
How to reset my password?
Go to 'forget password' page and follow the steps to reset your password.
How to secure my account details?
Do not share your login credentials with anyone. Our password algorithm will ask you to set a very strong password with conditions such as one uppercase, one special character and one digit as mandatory.
Can I trade on Bitbns without KYC submission?
No. In order to trade cryptocurrencies on Bitbns, you must first register and submit all the necessary KYC documents for verification.
Which documents are required for KYC?
The necessary documents required for KYC verifications are Personal Account Number (PAN), Aadhaar Card, and Bank account details.
Is Pan Card mandatory for opening an account?
Yes. Pan Card is mandatory for opening an account on Bitbns.
Why Aadhaar is mandatory when PAN is submitted?
The government of India has made it mandatory to link Aadhaar number for any kind of transaction.
How safe are my documents with Bitbns?
All your personal documents are extremely safe with Bitbns. Rest assured, your personal information will not be shared with anyone at any cost.
How to Deposit INR on Bitbns?
In the add money section you will be given the beneficiary details of our specific bank to transfer via UPI / NEFT / IMPS / RTGS. This will take normal NEFT/IMPS time defined by your bank.
What is the minimum INR I can deposit?
Rs.100 is the minimum deposit required to trade on Bitbns
Can I deposit INR from a different bank, i.e., which is not mentioned during the registration?
No, you cannot deposit from a different bank. You have to deposit money through the bank you have mentioned during the registration process. Should you go ahead and deposit money from a different bank, the amount will be refunded to you in 7days.
How to deposit cryptocurrencies on Bitbns?
Click on the 'Deposit' button under the respective cryptocurrency to generate your crypto wallet address. Use this address to deposit your cryptocurrency.
What is the limit for withdrawals and deposit on Bitbns?
Can I store Cryptocurrencies on Bitbns?
Yes, you can store your cryptocurrencies on Bitbns.
How to Withdraw cryptocurrencies from Bitbns?
Click on the respective cryptocurrencies. Submit the details required to withdraw your cryptocurrencies such as address and amount you want to withdraw.
How long does it take to withdraw cryptocurrencies from Bitbns?
Deposit and withdraw time of cryptocurrencies depends on the network and congestion and blockchain block confirmation. It varies from one cryptocurrency to another. For Bitcoin, 4 block confirmation is required.
How to Transfer funds from Bitbns to Bank account?
Go to 'INR Wallet'. Enter the amount you want to withdraw. Click 'Withdraw'. Amount will be sent to your bank account in the time duration that you can see in the status column.
How long it does it take to withdraw funds from Bitbns and transfer to my bank account?
INR withdrawal takes maximum 4 bank working hours.
Can I change my bank account information on Bitbns?
Please contact [email protected] to change bank account details.
Can I have multiple bank accounts?
No, you cannot have multiple bank accounts at the same time with Bitbns. You can contact the support team in case you want to change your current bank account information with Bitbns.
What is the fee to Withdraw Bitcoin from Bitbns?
Please check the Bitbns fee section for bitcoin withdrawal fee.
How is the price decided for cryptocurrencies on Bitbns?
The trading price on Bitbns is defined by the user. Current bitcoin price will be the price at which the bitcoin was last traded on Bitbns.
What is the trading fee on Bitbns?
Trading fee is based on the trade volume of the user. Please check our fee section for more details.
How to Buy/Sell Bitcoin on Bitbns?
Checkout our guide on how it works to learn more about buying and selling bitcoin on Bitbns.
How long does it take to trade a Bitcoin on Bitbns?
The bitcoin trade is dependent on the market demand and supply along with the price
I placed an order at the market price, but it was not executed. What do I do?
The orders are executed based on the first come, first serve. If a user has placed an order before you, which is similar to yours, then his/her order will be executed first. And if the quantity and price of the order is matched, then your order will be executed.
Where can I see my trading history?
It will be visible under the relative cryptocurrencies page.
How safe is Bitbns?
It is extremely safe to trade cryptocurrencies on Bitbns. Bitbns is built with the latest technology architecture and grade-A security feature, which make sure that all your data, cryptocurrencies, INR volumes, and wallets are secure. Rest assured, they are not accessible to unauthorized entities.
Does Bitbns support 2FA Authentication?
Yes, Google Authenticator (or Authy Authenticator)
What to do when I see suspicious activity in my account?
If you suspect that your Bitbns account has been compromised, write to us at [email protected] about the suspicious activity immediately. We will handle the rest.
Do you have any referral programs?
We do have a referral program. you can check it out here
Will I need to pay tax for gains on cryptocurrencies trading?
We suggest you to consult a CA regarding this.