Announcement #10: 33% off on Margin Trading Fee with BNS!

Bitbns
Bitbns
Aug 11, 2020 · 4 min read

Hey guys,

We’re excited to launch another BNS utility today. Margin lending fees can be now paid using BNS tokens. Bitbns margin trading has pretty high liquidity from users trading on the platform.

Let’s have a look at the BTC lend order-book on Bitbns:

There are orders higher than 57 BTC, i.e more than $600,000.

Similarly for USDT order-book, there are around a million USDT worth of lend orders. Bitbns margin trading section has deep liquidity and it has been structured in a way that borrowers have instant execution and great liquidity. Margin trading is available for over 30 coins on Bitbns and all the lenders would now be able get fee rebates on their margin trading with BNS. Yes, they get upto 33.33% fee rebate when they pay margin trading fees with BNS.

How it’d work:

  • Suppose, say I lent 10,000 USDT at 1.5% monthly interest.
  • The net interest generated would be 150 USDT.
  • Normally, margin lenders pay 15% of the interest they generate from the asset lent. So, a 15% fee on 150 USDT is 22.5 USDT.
  • Now this fees becomes 15 USDT when paid via BNS. So, about a 33% savings for a user.
  • The user gets back the entire 10,150 USDT and 15 USDT worth of BNS is deducted from his wallet instead of 22.5 USDT, which he would have paid as fees. 🥳

Users would get discount on margin lending interest based on the slabs defined below:

Bitbns margin trading section facilitates upwards of 30 million USD worth of lend and borrow orders monthly on an average. A lot of this liquidity would be able to benefit from the reduced fees being enabled from margin lending. This would effectively empower the lenders on BNS to hodl it.

This functionality goes live once majority of the coin nodes are up and running, which we expect to complete by August 17th. Post that, the users would get a ‘Pay with BNS’ option on their margin lending section.

On a Side Note…

Let’s move a step back to Announcement #9. A few of you had questions on how does adding Chainlink(LINK) correlate to BNS.

Well…

Bitbns is India’s largest crypto exchange and in order to grow into one of the largest globally over time we need to ensure we open up relevant assets that are in demand by traders, investors, provide relevant options for them to trade that asset seamlessly. Users who wish to trade or already existing Chainlink community would also sign up on Bitbns to start trading link with INR. We had given a gist of how exactly it helps BNS in the para in that announcement. Reiterating the same below.

How does this help BNS and Bitbns?

  1. This makes Bitbns a platform of choice for anyone who wants to trade Chainlink (LINK) from India.
  2. The additional trade volume would impact the BNS consumed in fees by users who trade on the platform. Remember, LINK is one of the most traded tokens out there.
  3. We would continue to add additional trading capabilities like margin trading to these coins.
  4. Also, exciting things like FIPs on Chainlink (LINK) with extra discount via BNS soon. So BNS holders get extra interest if they hold Chainlink in an FIP. Chainlink has gone 80x of its ICO price from 2017 in terms of ROI.
  5. Pool Sales would also be bought on a token like Chainlink, which is in huge demand. So, BNS staking would be involved.

To collaboratively cross pollinate communities from different major tokens into Bitbns and effectively making Bitbns as a destination of choice for trading, it’s important for BNS to grow. Bitbns is first and foremost an exchange and it derives significant utility from BNS. Strengthening that is critical in terms of augmenting the growth of BNS.

We are launching a LINK FIP which users can participate in on 18th August with a 12% annualised interest. You can find the link to the same https://bitbns.com/trade/#/fip/.

Bitbns would sponsor the FIP interest in this case till LINK comes to margin trading :)

Till then,

Onwards and upwards
Team Bitbns

Bitbns

Official Medium Account of Bitbns — Fastest and easiest way…

Bitbns

Official Medium Account of Bitbns — Fastest and easiest way to trade cryptocurrency in India. https://bitbns.com/

Bitbns

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Bitbns

Official Medium Account of Bitibns — Fastest and easiest way to trade cryptocurrency in India. https://bitbns.com/

Bitbns

Official Medium Account of Bitbns — Fastest and easiest way to trade cryptocurrency in India. https://bitbns.com/