BitBns is one of the major cryptocurrency exchanges in India. BitBns allow users to buy cryptocurrencies like Bitcoin, Ethereum, Litecoin, DogeCoin, Cardano, etc, using the Indian Rupee (INR). Investing in crypto can be intimidating for people who never invested online. So in this buying guide, we are going to show you how to buy cryptocurrency in BitBns.
With added features like Fixed Income Plan or FIP where you can deposit your crypto holdings to earn high interest – to – SIP or Systematic Investment Plan for cryptocurrencies, BitBns becomes the first choice for Indian investors when they think of investing in cryptocurrencies.
In this “How to Buy Cryptocurrency” guide, we will be buying Rs. 100/- worth of Bitcoin to show you how you can use the BitBns platform to buy cryptocurrency.
So let us see how you can buy cryptocurrencies using BitBns.
How To Buy Cryptocurrency in India Using BitBns?
Before you can use the platform of BitBns to buy crypto, you will need to have a BitBns Account. If you do not have a BitBns account, you can open one by clicking here.
And just like before buying anything you need to have money, here too, you will need some cash.
You can easily transfer money from your bank account to your BitBns Wallet using UPI. BitBns also support NEFT, IMPS, RTGS and other kinds of bank transfer as well.
Once you have transferred the desired amount you want to invest in crypto to your BitBns wallet, please follow the procedure shown below.
Average Duration of the Process: 2 minutes
Step 1 – Login To Your BitBns Account
Visit the BitBns website and click on the “Log In” button present in the top right corner of the website.
Step 2 – Enter Your Login Credentials and Click on Sign In
Enter the Email ID and Password you have assigned to your BitBns Account.
Once you have entered the proper credentials, click on the “SIGN IN” button.
Optional Step – Enter 2-Factor Authentication Code and Click on Verify
If you have enabled 2FA on your account, then please enter the authentication code generated on the Authenticator App on your smartphone.
If you have entered the code generated on your Authenticator App correctly, then the system will automatically log you into your account.
If it is not logging in automatically, then please click on the “VERIFY” button.
Step 3 – Read the Dos and Don’ts List
Once you log in to your account, you will be greeted with a “Dos and Don’ts” list.
Read the list carefully and then click on the “I AGREE WITH ABOVE POINTS.” button and proceed.
Step 4 – Visit the “Market” Page of BitBns
Once you click on the “I AGREE…” button, you will land on the homepage of BitBns.
On the homepage, you will be presented will a lot of crypto pairs that are allowed to trade on the BitBns platform and their price charts and trading details.
You need to click on the “Market” option present in the top menu bar.
Step 5 – Search for Your Favorite Cryptocurrency
On the market page of BitBns, make sure “INR Market” is selected, and the volume slider is set to “INR”.
Now on the search box, type the name of the crypto you want to buy.
Step 6 – Click on the Name of the Cryptocurrency
Once you start typing the name of the crypto, coins or tokens with a similar name will pop up.
Once you see your desired crypto name, click on it.
For this example, we will be buying Bitcoin.
So we searched for Bitcoin, and once we saw the exact coin, we clicked on it.
Step 7 – Details of the Cryptocurrency You Want to Invest in
Once you click on the name of your favourite crypto, a page with all the trading details of that particular cryptocurrency will open up.
The page will contain a Price Chart, Order Book and Trading History of that particular crypto.
On the right-hand side of the page, you will find an Order Placement section.
Through the Order Placement section, you can place both buy orders and sell orders.
And you will also be able to see all the Open Orders for that particular coin or token below the Order Placement section.
Step 8 – Place Your Order to Buy
Now place your order to buy the cryptocurrency.
For this example, we will be buying Rs. 100/- worth of Bitcoin.
First, you need to understand that this is a limit order, which means your order will only be executed once an exact opposite matching order is found on the market.
For example –
If you place a buy order of 10 Bitcoin at Rs. 100, then someone else needs to place a sell order of 10 Bitcoins at Rs. 100.
Hope you got the point.
Before placing the order we have to make sure that we have enough balance in our cash or fiat currency wallet.
Now let us place the order.
Volume – We will let the system predict how many Bitcoins we will get with hundred rupees. So we will leave this field empty.
Price – We will edit this field if we want to buy the crypto at a particular price.
If you want to buy the crypto at whatever price the seller is asking for, then do not edit the price field.
In our case, we want to buy the Bitcoin at Rs. 30,50,000.00/- Per Bitcoin, so we will edit the price to Rs. 30,50,000.00/-.
Amount – This is where you write the amount of money you want to invest in that particular cryptocurrency.
In our case, we will set the amount to Rs. 100/-, as we want to buy Rs. 100/- worth of Bitcoin.
Remember, this amount also includes the 0.25% fee that BitBns charges for facilitating the trade. So, in reality, we will be buying Bitcoin worth Rs. 99.75/-.
If we edit the price field to Rs. 100.25/-, then we would be buying actual hundred rupees worth of Bitcoin.
You can think of the 0.25% fee as a broking charge of BitBns.
Also be aware, that your Amount value should not exceed the amount of money you have in your fiat wallet of BitBns, or else the order will not get executed.
When you are satisfied with your order details, click on the “BUY” button.
Step 9 – Confirm the Order
Once you click on the “BUY” button, an order confirmation window will pop up.
Review your order details for one last time, and if you are satisfied, click on the “YES, CONFIRM BUY ORDER” button.
Step 10 – Your Order can Now be Seen in the Open Order Section
You can see your order in the open order section, which is available just below the order placement section.
Once a matching opposite order is placed on BitBns, your order will get executed.
You can also see your Open Orders on the “Your Orders” page.
You can navigate to that page by hovering your mouse pointer on the “More” dropdown button present at the top menu bar and clicking on “Your Orders”.
By visiting this address “bitbns.com/trade/#/activity/”.
That is it.
If you have followed the above-mentioned process, then you have just bought your first cryptocurrency using BitBns.
We hope this How-to guide was helpful.
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And as usual, in the end, we will say –
Good Luck and Happy Investing. 😊
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