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Aug 25, 2022

by Sanjay Shukla

Bitbns vs Coinsbit I Which Crypto Exchange Should You Choose?

What is a Cryptocurrency?
What is a Cryptocurrency Exchange?
Introduction: Bitbns vs Coinsbit
Trading Features
1. Features of Bitbns
2. Features of Coinsbit
Security Features
Trading: Bitbns vs Coinsbit
Transaction and Withdrawal Charges
1. Funds Deposit
Final Verdict

Due to the availability of hundreds of cryptocurrency tokens and exchanges, investors become skeptical about which is the best crypto exchange for investing and trading to meet their investment goals. Here we will take a look at Bitbns vs Coinsbit to address your confusion and help you select a better crypto exchange for achieving your investment objectives. We need to understand what is a cryptocurrency and crypto exchange before we start an in-depth comparison of Bitbns vs Coinsbit.

What is a Cryptocurrency?

It is a virtual/digital currency used as a medium of exchange that works on decentralized networks based on blockchain technology. It can be bought, sold, or traded in the exchange for fiat money or other digital assets on a cryptocurrency exchange such as BItbns or Coinsbit. It is not regulated by any central authority such as the government or bank. It is not a legal tender and its value is dependent on demand. Some of the popular cryptocurrencies include Bitcoin, Ethereum, Binance Coin, Tether, Litecoin, and Ripple.

What is a Cryptocurrency Exchange?

A cryptocurrency exchange is an online platform where cryptocurrencies are, bought, sold, and traded in exchange for other fiat or digital currencies. A crypto exchange provides an online wallet where investors can store their digital funds and can purchase cryptocurrency tokens. Binance, Coinbase, Huobi, FTX, KuCoin, CoinSwitch Kuber, and CoinDCX are some of the popular crypto exchanges. Continue reading about Bitbns vs Coinsbit to understand which is a better exchange for you.

Introduction: Bitbns vs Coinsbit

Bitbns crypto exchange was launched by three IIT alumni Gaurav Dahake, Prashant Singh, and Srikanth Sethumadhavan in 2017. Being one of the top crypto exchanges in India, Bitbns has a trading volume of around $19.1 million and over 40 lakh active users. On Bitbns investors can buy, sell, and store cryptocurrencies and trade for digital and fiat currencies. Investors can buy and sell cryptocurrencies like Bitcoin, Ripple, Ethereum, etc in INR. A user needs to register on Bitbns and verify their account by uploading the required documents to start trading cryptocurrencies.

Introduction: Bitbns vs Coinsbit

Estonia-based peer-to-peer crypto trading platform, Coinsbit was established in 2017. With a wide presence in the European continent, it is among one of the largest crypto exchanges in the world. It was launched for Indian users in 2021. It offers buying and selling of crypto coins in other hundreds of crypto markets. Its 24-hour trading volume is $1.6 billion. Coinsbit received the title of best crypto exchange at Asian Blockchain Life 2019.

Trading Features

Investors analyze the features of crypto exchange to choose a perfect platform for their trading purpose. The classification of Bitbns vs Coinsbit can be done based on the following important features:

Features of Bitbns

Crypto SPP Bitdroplet: Bitbns has launched Crypro SPP - Bitdroplet, which works as a SIP in Mutual Funds, allowing crypto users to invest a fixed amount at regular intervals in cryptocurrency.

Bracket Order: Bitbns’s trading feature Bracket order is a combination of 3 orders- Entry Order, Exit Order, and Trailing Stop Loss Order, that allows the users to set three orders at once. It adjusts the execution points based on the movements in the market to reduce losses and increase profits.

Features of Bitbns

Margin Trading: Bitbns allows its users to borrow funds to increase their investment and earn more profit. Users can also lend their funds to others and earn a fixed interest with margin trading.

margin trading

Margin Lending: It enables the investors to lend their cryptocurrency funds to other users. This helps the users to earn more profit in the form of fixed interest for a fixed period.

Stop-Limit Orders: With this option, Bitbns enables the investors to set an entry or exit limit on the price they want to buy and sell their orders to maximize profits and minimize losses.

Margin Leverage: Bitbns allows its users to borrow 3 times their net worth with a minimum net worth of Rs 2,000 they need to maintain.

Features of Coinsbit

Staking Pools: Coinsbit allows investors to earn passive income by merging their tokens to increase staking power and dedicate their resources toward the development of the blockchain.

Features of Coinsbit staking

Shopping: Coinsbit allows its users to use their cryptocurrency or digital funds to shop at some of the largest online brands in India and other countries.

Over-the-Counter (OTC) Desk: It facilitates bulk crypto-to-crypto or fiat-to-crypto trade between two parties, which is not available on normal crypto exchanges.

Security Features

What matters most for investors while making a selection of a good trading platform is the security of their funds. Bitbns provides multi-layer protection on its platform:

Google 2FA (two-factor authentication)

Fingerprint lock

PIN protection

Having an edge over security features, Coinsbit ensures the safety of users’ funds through the below security measures that include 2AF Security and PIN protection:

Escrow Principle: Coinsbit uses the “Escrow” method to execute all transactions on their exchange to protect funds from frauds and hacks. In this funds are held in a third-party account called Escrow until it is delivered to the desired address.

Cold Wallet Storage: Coinsbit stores 95% of its digital assets and funds in offline cold storage wallets to ensure protection from unauthorized access and cyber-attacks.

Web Application Firewall (WAF): WAF secures users’ trading accounts from potential hack attempts and online vulnerabilities.

Trading: Bitbns vs Coinsbit

The India-based crypto exchange Bitbns has an edge over Coinsbit in terms of crypto listing trading pairs and volume. Bitbns facilities trading, buying, and selling in over 70 cryptos, whereas Coinsbit supports over 50 cryptocurrencies. Bitbns offers derivatives to its users, while Coinbits does not allow the same. With a trading volume of 421,764.0. Bitbns has 81 available trading pairs. On the other hand, Coinsbit's trading volume is 216,874,762.0, and it has 70 available trading pairs.

Trading: Bitbns vs Coinsbit

Coinsbit’s trading app is available in multiple languages including English, Hindi, and Russian, and has customer care support in Hindi, Marathi, Bengali, Telugu, Tamil, etc. However, Bitbns lacks behind with its availability in English only.

Transaction and Withdrawal Charges

Coinsbit has a lower transaction and withdrawal fee as compared to Bitbns. Coinsbit charges a fee of 0.20% for taker and maker, while Bitbns charges 0.25% taker and maker fees. Coinsbit has also the upper hand in withdrawal charges, as it takes only 0.0001 BTC for Bitcoin withdrawal which is at par with the average industry withdrawal charges, whereas Bitbns’s Bitcoin withdrawal fee is 0.0005 BTC, which is somehow more than average charges by other exchanges. Coinsbit has a maximum withdrawal limit of $500 per 24 hours, which does not apply to Bitbns.

Transaction and Withdrawal Charges

Funds Deposit

Bitbns supports the wire method for funds deposits such as NEFT, RTGS, IMPS, and UPI apps like BHIM, Paytm, PhonePe, etc. Users can deposit or withdraw digital currencies in INR with linked bank accounts on Bitbns. However, it does not support credit deposits. Whereas, Coinsbit supports both wire and credit methods for funds deposits. Coinsbit supports transactions in INR, USD, EUR, KZT, UAH, RUB, and TRY. Designed with a special focus on Indian users, Bitbns has a robust mechanism for INR deposits and withdrawals.

Final Verdict

Analyzing all the metrics of Bitbns vs Coinsbit comparison as mentioned above must have helped you better understand which cryptocurrency exchange is best to meet your financial goals. Bitbns offers an array of trading features such as Bracket Order, Margin Trading, and Margin Leverage, whereas Coinsbit boasts security features like Escrow Principle and Web Application Firewall (WAF) along with low transaction and withdrawal charges. With that, you are advised to read more on how to trade on Coinsbit to enhance your knowledge about cryptocurrency before starting an investment.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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Bitbns vs Coinsbit I Which Crypto Exchange Should You Choose?

Sanjay Shukla

Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.