Introducing Fastest P2P Deposits and withdrawals

“You can always get better. Nobody can stop you from getting better, and nobody can stop you from trying to make something right.” — Roseanne Barr

We are excited to launch Peer to Peer Transaction functionality on Bitbns. It is a feature that helps millions of traders in India to trade digital assets seamlessly.

The fastest possible P2P transaction which will complete the transactions between both the parties within 30 mins.

How does Peer to Peer Transaction work?

Let’s say you want to deposit INR’ to Bitbns wallet and another user wants to withdraw INR’ from the wallet.

Here is how the deposit and withdrawal take place between users on Bitbns.

Deposit —

  1. Click on ‘Add Money to Wallet’ and enter the amount you want to deposit.
  2. Our peer-to-peer match engine will find a person who has placed a withdrawal request. Note down the withdrawer’s Email ID.
  3. Login to your BidforX account.
  4. Go to Vouchers section.
  5. Enter the amount you want to deposit, enter the Email ID of the withdrawer, and click on ‘Generate Now’.
  6. Copy the voucher code, go back to the deposit section on your Bitbns account, click on ‘Submit Voucher Code’ and paste the voucher code.
  7. Upon submitting, you will get a pending status on your Bitbns account.
  8. Your deposit process completes when the withdrawer confirms that he/she has received the voucher.

Withdrawal —

  1. Click on ‘Withdraw Money’ and enter the amount you want to withdraw.
  2. Enter the OTP in ‘Authenticator OTP’ section and click ‘Next’. (If you haven’t enabled 2FA, click here to do so.)
  3. Our peer-to-peer match engine will find a person who has placed a deposit request.
  4. Once the depositor deposits the amount, you will receive a voucher code. Also, you will receive a ‘Secret Key’ on your email.
  5. Login to your BidforX account and go to ‘Vouchers’ section.
  6. Click on ‘Redeem Voucher’.
  7. Enter the Voucher Code you received on your Bitbns account and the Secret Key you received on your email.
  8. Click on ‘Redeem’.
  9. Verify the amount you received in BidforX, Raise dispute if amount doesn’t match or incorrect voucher code.
  10. Go to ‘Profile’ on BidforX and click on ‘Withdraw’ to receive amount in bank.

This will not affect the current trading system on Bitbns. Users will not have to be dependent on finding a buyer or seller as to how a traditional peer-to-peer exchange works across the globe. The open order book exchange remains. Everything remains the way it was. Just the deposit and withdrawal is now more seamless. As we had said P2P in the current way was not the best approach we felt from a user experience standpoint we approached it in our hatke way.

So in short we are reintroducing the previously new way to deposit with a newer but already older way to deposit in a new way.

FAQs on Peer-to-Peer Transfer

1. Which payment method can I use to deposit /Withdraw INR’?

You can deposit/withdraw INR’ via BidforX Voucher. We would be adding more payment formats (vouchers from different brands).

2. New Withdrawal/Deposit Structure

  • Minimum withdrawal/deposit will be Rs 1,000
  • A user can request a maximum of Rs. 1,00,000 per withdrawal and with a daily limit of Rs. 5 Lakh.
  • Deposit/Withdrawal upto 10,000 has to be in multiple of 1,000
  • Deposit/Withdrawal above Rs 10,000 has to be in multiple of 10,000. So, If you want to deposit/withdraw Rs 57,000, then you will have to request two deposit/withdrawal requests, one with Rs. 50,000 and another as Rs. 7,000.

3. When can a user raise a dispute?

A user can raise dispute under the following situations:

  • When a receiver hasn’t yet accepted the payment from the depositor, while the time’s runnin’ out.
  • The receiver denied the transaction even after the depositor transferred the correct amount.
  • The depositor either submitted a false voucher code or sent a wrong amount.

Things to keep in mind for peer to peer transaction

  • Submit voucher code of a transaction as soon as possible to avoid getting poor rating for deposits
  • Confirm the transaction as soon as possible to avoid getting poor rating for withdrawal

Our peer-to-peer match for INR transaction will be prioritised based on how you complete the transaction cycles. Dispute and “things to keep in mind” section mentioned above — along with a few internal factors — will be considered seriously to evaluate the user’s credibility.

Tips: It’s better to keep funds in your Bitbns wallet in case you want to buy something immediately.

Happy Trading!