FAQ - Bitbns

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).

You should invest in cryptocurrencies for a number of reasons. Some of the major ones are as follows.

Decentralization:

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.

Anonymity:

You can hold multiple cryptocurrency addresses and they are not linked to names, addresses, or other information that can identify you personally.

Transparency:

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.

Currently you can trade 73 digital assets. Top 11 of the top 12 currencies can be traded on Bitbns.

Yes, we will add more cryptocurrencies in the near future.

Your cryptocurrencies are safe with us. You can also use third-party wallets.

No. You can create only one account on Bitbns.

Go to 'forget password' page and follow the steps to reset your password.

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.

No. In order to trade cryptocurrencies on Bitbns, you must first register and submit all the necessary KYC documents for verification.

The necessary documents required for KYC verifications are Personal Account Number (PAN), Aadhaar Card, and Bank account details.

Yes. Pan Card is mandatory for opening an account on Bitbns.

The government of India has made it mandatory to link Aadhaar number for any kind of transaction.

All your personal documents are extremely safe with Bitbns. Rest assured, your personal information will not be shared with anyone at any cost.

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.

₹100 is the minimum deposit required to trade on Bitbns

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.

Click on the 'Deposit' button under the respective cryptocurrency to generate your crypto wallet address. Use this address to deposit your cryptocurrency.

1. We don't have any limit on withdrawal and depositing of cryptocurrencies on Bitbns.
2. INR​ ​deposit:​ ​Minimum deposit to trade on Bitbns is ₹100 and Maximum Deposit will be 2,500,000 per transaction. You can transfer upto 3 crores in a day.
3. INR​ ​withdrawal:​ A user can withdraw a maximum of 25 lakh per day.

Yes, you can store your cryptocurrencies on Bitbns.

Click on the respective cryptocurrencies. Submit the details required to withdraw your cryptocurrencies such as address and amount you want to withdraw.

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.

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.

INR withdrawal takes maximum 4 bank working hours.

Please contact [email protected] to change bank account details.

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.

Please check the Bitbns fee section for bitcoin withdrawal fee.

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.

Trading fee is based on the trade volume of the user. Please check our fee section for more details.

Checkout our guide on how it works to learn more about buying and selling bitcoin on Bitbns.

The bitcoin trade is dependent on the market demand and supply along with the price

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.

It will be visible under the relative cryptocurrencies page.

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.

Yes, Google Authenticator (or Authy Authenticator)

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.

We do have a referral program. you can check it out here

We suggest you to consult a CA regarding this.