Indian crypto investors have been going through a roller coaster ride this year it seems because of many regulations in place within the same year. First, it was the 30% tax and the next one is TDS which is effective from 1st July and this comes with a rate of 1% which sounds less but its impact is very high on the capital since its applicable on each transaction. All the exchanges in India are trying to overcome this situation because most of the traders have stopped trading and this has resulted in a drop in the volume and liquidity in the exchnages. This is an important part of any exchange and if this is short then its obvious that users will stay away from such an exchnage and will try to find the alternative.
There is good news for long-term investors in India as one of the exchanges called Bitbns has announced that they will bear the cost of TDS if any investors do the investment for 1 year or more. This is something I am hearing for the first time when any exchnage has come forward to offer such benefits to investors to retain them and I think that this is a good move. I did some study about the exchnage and figured out a few good things about the exchange.
- This is the first Indian exchange which has started DCA (SIP) over 2 years back when many were leading international exchanges did not have this service.
- Bitbns also offers Fixed deposits in crypto for some leading coins and offer a nice APR as compared to other exchanges in the market and this has been ongoing for more than a year.
- Exchange already has a p2p feature so if there is any banking issue then users can use peer-to-peer to sell or withdraw their crypto/money.
- They also have a launchpad like Binance and some of the projects are also launched.
- Their native token is BNS and if crypto is a stake in a fixed deposit along with BNBS then increased APR is paid which is a good use case of the coin. They also offer a trading fee discount if its paid through BNS.
- BNS is recently listed in MEXC global exchange and already listed in Bittrex exchange.
Cryptocurrency exchange Bitbns has announced zero tax deduction at source (TDS) for its users who have invested in systematic investment plans (SIP). This development comes as crypto investors disappear from Indian crypto exchanges post-July 1, after the crypto TDS (tax) was implemented
This is very good and I hope that it will help lots of users to stay with the exchange as they will not pay the TDS and this is going to encourage them to keep on trading for the long term. There is always another way to find the solution and seems like BitBNS has done it to make it easy for their users and let's wait to see how other exchanges are going to deal with this and what best they can offer to their users this time.
Thanks for reading.
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I have used BitBNS and it's good. This is a smart move to retain customers.
I also heard a lot about this exchnage and am glad that you also have a good experience with bitbns.
Indeed a smart move to retain users.
Awesome bro! I love Bitcoin SIP. It's a great way to invest into BTC.
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When you have companies that understand that pullbacks are inevitable, but they never settle for it.
It's a great move, they obviously understand the importance of user-retention and developing way ahead of it's competitions and regulations.
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Yay! 🤗
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