Unocoin is India’s home for digital currency and most trusted place to trade Bitcoin & Ether. So today here at BlokchainBiome I’m going to share a complete Unocoin review with you so that you can understand all about it like unocoin exchange, price, login etc. It is one of India’s leading Bitcoin Company having more than $350 million of revenue with more than 150,000 users. To exchange Bitcoin for Indian Rupees, Unocoin has a built-in exchange. Unocoin supports over the counter (OTC) trade to enable users to trade in bulk. Unocoin also has some additional features such as Top-ups, SBP (Systematic Buying Plan), Auto Sell, Altcoin to Bitcoin and Neck.
What is Unocoin?
Unocoin is a bitcoin payment platform that enables users to buy and sell Bitcoins in India.
Unocoin can also be used to perform Prepaid/Postpaid Recharges. It is accessible online from the website, or through mobile apps for iOS and Android. Unocoin works very nicely on Desktop as well as on Mobile App with a responsive design. Unocoin also has a special Point of Sale app for Merchants. It was originally founded by Sathvik Vishwanath in July of 2013 in the town of Tumakuru, Karnataka. Later it was shifted all its major operations to Bengaluru, India and registered under Unocoin Technologies Private Limited. Sathvik Vishwanath, the CEO, and co-founder of Unocoin is an experienced software engineer who aims it to make bitcoin transactions simpler.
Unocoin is on the way for emerging as a top global player in the crypto assets arena and contribute to the Indian as well as global economy. Unocoin has organized many bitcoin awareness programs in India through a series of meet-ups, seminars, guest talks, college activities and other collaboration. The effort put in by the team at Unocoin made bitcoin famous in India. When big shots started investing a huge amount of money, Unocoin gained attention. In just a span of 3 years, it has managed to get more than 20+ top investors.
A user can get started by purchasing bitcoins through your Indian bank account. Before accepting bitcoin payments from friends or other users around the world, make sure that the bitcoin is securely stored in the Unocoin wallet. INR currencies and bitcoins are the only currencies that Unocoin allows.
Bitcoin can be purchased using Indian Rupees from the online bank using the following payment methods:
When the user sells Bitcoins, they will receive the funds in your registered bank account.
Some important Features of Unocoin are listed below:
Disadvantages of Unocoin
1. Time consuming – To complete one transaction Unocoin takes a lot of time, making the whole process tiresome.
2. Limitations – From PayU Wallet, a user cannot make a transaction of more than Rs 20000/-
3. Sometimes the site may crackdown in between the transactions.
4. Lock Default – Unocoin lacks the feature of locking transactions. Because of this rates fluctuate and sometimes causes loss to the users.
5. Little Expensive
6. Customer service is not up to the level
Unocoin Membership and Fees
Unocoin charges a 1% fee to buy or sell bitcoins and does not charge for accepting bitcoin. In addition, a government levied IGST of 18.0% will be charged on the transaction fee. A user account will be an upgraded to “Gold Membership”, over an extended period of usage (not less than 60 days) and a significant transaction volume on your account. For a Gold member, the trading fee is only 0.7% and the transaction limit per day is more.
Step 1: Go to https://www.unocoin.com and Click on Create An Account button.
Step 2: Register with Email or Mobile Number and Password of your choice. The rules for choosing a password are: Password must be 8 to 15 characters with mandatorily 1 capital and 1 small letter, 1 numerical and 1 special character. Once you enter the details, hit the Submit button.
Step 3: For authentication purpose, enter the OTP that’s sent to your registered Mobile Number.
Step 4: After successful validation of OTP, the user will be redirected to the Security Questions Page. In that page your answers (answering six questions are mandatory).
Unocoin Account Verification Process
Step 1: After user registration is complete you will be redirected to the profile setup page.
Step 2: Enter your Bank Details, PAN Details, Aadhaar Details and your professional photograph.
Step 3: Once you have entered and uploaded all the required information, hit Submit to get verified. Make sure all documents are having good quality and they are following their guidelines, before submitting the documents. The user can use the Camscanner App for good quality documents. Verifying the account, enable a user to transact, trade, accept and store bitcoin
How to Buy Bitcoin on Unocoin.com
Step 1: Select the dashboard and click on the buy option.
Step 2: Enter the bitcoin amount or INR equivalent amount of bitcoin user planning to buy.
Step 3: Confirm your order and click on BUY BITCOIN/ETHER.
How to Sell Bitcoin on Unocoin.com
Step 1: Select the dashboard and click on the sell option.
Step 2: Enter the bitcoin amount or INR equivalent amount of bitcoin user planning to sell.
Step 3: Confirm your order and click on SELL BITCOIN/ETHER.
How to Deposit INR on Unocoin
Step 1: Go to the Top Burger Menu and select Wallets page.
Step 2: Click on Deposit on the INR Tab to open the page where a user has to enter the INR amount he/she wish to deposit.
Step 3: Once submission of the intended amount is completed, transfer the INR amount to Unocoin’s Account listed on the deposit page.
Step 4: Update the Transaction Reference Number on the INR Wallet page.
Step 5: Once submitted, Unocoin’s operations Team will verify the reference number and approve the Deposit.
How to Withdraw INR on Unocoin
Step1: Go to the Top Burger Menu and select the Wallets page.
Step 2: Enter the INR amount that user wishes to withdraw to your bank account.
Step 3: Click Withdraw after reviewing the Bank Details
Unocoin Exchange services
- Two-Factor Authentication: Double authentication can be set up using the Google Authenticator. Google Authenticator is available and compatible with Android and iOS devices.
- Bitcoin Paper Wallets: Unocoin User can generate offline paper wallets (public & private key pair) and print/store them safely on the ‘Paper/Import Address’ page.
- Notifications: User can Enable/disable email notifications for account activity on the ‘Settings’ page. A user can also Enable notifications for deposits, withdrawals, purchase and sale, and OTP.
Some of the biggest advantages that the platform has to offer to the people are way too much to think about when it comes to that.
Some of the most called out and talked of advantages of Unocoin are coming right up.
The first one is the option that allows making payments in a very easy and convenient manner. This is all we want in the end. The payments to happen lightly and without any trouble. This is a very sought-after way to look for payments.
SENDING and RECEIVING payments are very important and that is the reason why we should make sure that we get what we want. With this platform, you can make flexible payments to any bank account or whichever place you please. It will happen according to your wish.
Secondly, the platform comes with a daily up and down limit with the help of which it makes selling and buying easier and trouble-free. For the ones who are verified the user of the platform might not have to face any trouble that will lead to this. Although, the total limit for per person even if they are verified is 20 and not more. Even if you are a verified user, you might have to face the consequences and the limits can be off your way the whole time as well. The platform never guarantees anything.
The third one is a mobile application that is available for Android as well as iOS members. The applications on their mobile phones help them to offer all sort of flexible options as a result of which it becomes very easy to sell and buy as well as store the bitcoins they are earning on a daily basis.
When it comes to security, the platform makes sure to offer the best it can to the people. It ensures that all the funds are secure and for the same, it keeps them encrypted so that it becomes almost impossible to crack the codes behind it. It doesn’t end here. It also comes with a two-factor authentication process which makes things a lot more secure than they are in usual. It becomes a lot for the clients or the ones who are a part of the platform to set their daily limits of withdrawals. This is more or less similar to the process that is held off in banks and requires a lot more fewer options than the usual which is the best part of the whole thing.
Apart from everything the unocoin platform is very good and provides a bunch of offers to the people who are a part of it for a very long time. It also makes sure that people are offered spot Exchange with the help of which it becomes easy to take and sell their coins.
If there are advantages, then there are disadvantages as well.
So if we talk about unocoin disadvantages then here we go.
The first one is the fee structure that one has to pay to be a part of this platform. The structure of the platform is very complicated as they have to pay a lot of commission for buying or selling anything within the platform. However, a little less for the people who are involved but who knows it can grow eventually.
The next one is exceptional transaction fees. People have to pay some fees for receiving or sending Bitcoin if they want to have themselves associated with any wallet that is outside the network of Unocoin. This is what eventually causes the rise in interest and turns out to be a big factor in the coming time no matter what.
The last one is leverage which is also a big disadvantage for anyone who is a part of the platform. It doesn’t provide the users the option to go for such trading benefits as a result of which it becomes a lot easier to multiply in the future time.
This can’t be a lot convenient to anyone who is a platform who are involved with a broker or are looking for open and out options to regulate their conjunctions.
Wrapping up Unocoin Review 2018
Overall, unocoin is one of the biggest bitcoin company that provides all sort of benefits and services to the people. It includes all sort of services like making and selling and doing the transfers in bitcoins.
This is what brings it through and makes the possibility for the traders to be a part of it for a very long time. Make sure all documents are having good quality and they are following their guidelines. So, look out for this and this is what can bring the open-ended options for everyone who is associated with the platform.
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