'Zero TDS' on Crypto SIP investments is now available from Bitbns
The platform, which has an active folio valued more over 200,000, boasts to have invented cryptocurrency SIP in India. Additionally, the exchange added 19 brand-new tokens to its SIP platform, giving investors more flexibility when making SIP transactions.
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On July 12, cryptocurrency exchange Bitbns unveiled the Zero TDS mechanism on its SIP investments in bitcoin in an effort to assist users in avoiding TDS (Tax Deducted at Source) fees and investing long-term.
Bitbns' Bitdroplet platform will cover the TDS for SIP investments redeemed after a year. There is no requirement for redemption's duration, either.
The platform, which has an active folio valued more over 200,000, boasts to have invented cryptocurrency SIP in India. Additionally, the exchange added 19 brand-new tokens to its SIP platform, giving investors more flexibility when making SIP transactions.
"Crypto SIP is akin to standard SIP in mutual funds and enables one to invest a certain sum in cryptocurrency on a recurring basis. Depending on one's investment desire, investors can choose from daily, weekly, or monthly instalments. The SIP approach allows for investments as low as Rs. 75 while automating and planning routine purchases of well-known crypto-assets like Bitcoin and Ethereum, among others, the company said.
"Bitbns passionately believes in inventing and building new lucrative product prospects for its investors, and we are thrilled to provide TDS-free SIP plans for our consumers," said Gaurav Dahake, the company's founder and CEO. We think now is a perfect opportunity for investors to use the "Buy at Dip" method and increase their earnings.
"Investors will be encouraged to take advantage of an effective wealth generation model while avoiding the burden of TDS thanks to our TDS-free SIP products. It will help with risk reduction, portfolio diversification, and return reinvestment, allowing investors to take advantage of the power of compounding and produce attractive profits by locking in their assets for a lengthy period of time.
This occurs at a time when leading cryptocurrency exchanges, including Bitbns, have already lost close to 75% of their trading volume over the previous six months as of June. Since the TDS of 1% on all cryptocurrency transactions went into effect on July 1st, things have only gotten worse.
