BuyUcoin cryptocurrency exchange – October 2019 review

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BuyUcoin is a bitcoin and altcoin exchange offering Indian users a simple way to buy and sell nearly 30 different cryptocurrencies.

BuyUcoin, launched in 2016, is based out of New Delhi, India. In less than two years, BuyUcoin has become a popular cryptocurrency exchange in India, claiming to have more than 150,000 users. Its point of difference is its claim of charging zero transaction fees for buying and selling cryptocurrencies.

1

Fiat currencies

30

Cryptocurrencies

Details

Product Name BuyUcoin Cryptocurrency Exchange
Fiat Currencies INR
Cryptocurrencies BTC, BCH, ETH, DASH, XRP, NEO, QTUM, ZEC, GNT, BTS, CVC, XMR, STEEM, BAT, PIVX, DOGE, LTC, ETC, STRAT, PAY, LSK, SC, NXT, XEM, OMG, ARK, REP, FCT, DGB, CLOAK
Deposit Methods Bank transfer
Trading Fee Maker: 0.42%
Taker: 0.84%
Deposit Fees IMPS/UPI: None
Payment Gateway 2%
NEFT/RTGS: None
Withdrawal Fees INR: None
Cryptocurrency: Fees vary

Pros

  • A simple sign-up and verification procedure
  • Accepts Indian rupees
  • Buy and trade nearly 30 types of cryptocurrency
  • No transaction fees

Cons

  • Buy/sell rates may be significantly above the market rate
  • Some negative reviews on forums regarding withdrawal processing time
  • Specific security features they’ve adopted to keep your data secure are not listed
  • No mobile app available at the time of writing (February 2018)
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

User reports - Updated 13/06/18

Several BuyUcoin users on forums have mentioned facing difficulties with the withdrawal process and time. Additionally buy/sell rates listed can be significantly above the market rate.

If you’re deciding whether to start trading cryptocurrency on BuyUcoin, bear the above in mind. You can take what follows as a starting point for your own research.

What is BuyUcoin?

BuyUcoin is an Indian-based cryptocurrency exchange and wallet that lets Indian users buy selected cryptocurrencies with Indian rupees (INR) as well as withdraw rupees to a linked bank account.

It offers a simple platform to buy, store and sell nearly 30 cryptocurrencies at the time of writing, with plans to offer more cryptocurrencies in the future.

Which cryptocurrencies can I buy and sell?

At the time of writing, BuyUcoin offers the following cryptocurrencies:

  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Bitcoin Cash
  • NEO
  • Dash
  • NEM
  • OmiseGo
  • Ethereum Classic
  • Monero
  • Lisk
  • Zcash
  • Digibyte
  • Stratis
  • PIVX
  • Factom
  • Dogecoin
  • BitShares
  • Civic
  • Qtum
  • BAT
  • Golem
  • Ark
  • Steem
  • Nxt
  • TenX
  • Cloakcoin

Available countries

Currently, BuyUcoin is available only in India.

Which payment methods are accepted?

You can buy and sell cryptocurrency through BuyUcoin after depositing funds from your Indian bank account to your BuyUcoin wallet. You can use the following methods for transferring funds:

  • Immediate Payment Service (IMPS)
  • National Electronics Funds Transfer System (NEFT)
  • Real Time Gross Settlement (RTGS)
  • Unified Payment Interface (UPI)

How much will it cost me to use BuyUcoin?

BuyUcoin claims to be the first Indian platform where it is possible to buy and sell cryptocurrency without any fees. Although they claim to have zero fees, their buy/sell rates are considerably higher than market rates, so you might be paying a premium when compared to some other exchanges. It’s always a good idea to compare the rates at BuyUcoin with those offered by other exchanges before trading any cryptocurrency.

The other applicable fees at BuyUcoin are as follows:

Transaction typeFee
INR deposit fees0.0% (Regular deposit)
Cryptocurrency deposit fees0.0% (No fees charged by BuyUcoin, but network fees may apply)
Lifetime wallet deposit fees0.0%
INR withdrawal fees0.0% (Slow)
Cryptocurrency withdrawal fee0.0% (No fees charged by BuyUcoin, but network fees may apply)
Network feesThe charges that are payable to miners, which vary for different cryptocurrencies

How long will BuyUcoin take to process my requests and orders?

BuyUcoin request/orderProcessing time
Registration and verificationBetween 3 and 7 business days, excluding Sundays and all public holidays
INR depositsNEFT Transfer. Dependent upon the respective banks (business days only, excluding Sundays and all public holidays)

IMPS/UPI/RTGS Transfer. From 5-24 hours

INR withdrawalsAvailable from 9am to 6pm

Between 3 and 10 business days, excluding Sundays and all public holidays

Are there any transfer limits?

The BuyUcoin website does not specify any transfer limits. We recommend that you contact their customer service to get full clarity on whether you’ll be subject to any transaction limits.

Is it safe to use BuyUcoin?

In keeping with best practice security protocols, BuyUcoin enforces two-factor authentication (2FA), requiring users to verify that they are the account holder before logging in. 2FA provides an extra layer of security against any hacking attempts and helps to decrease risk of identity theft or other traders using a false persona on the platform.

BuyUcoin states it uses computer safeguards such as firewalls and data encryption and that all data is protected by maintaining electronic as well as physical procedural safeguards. However, there are no specific details about the type of security measures BuyUcoin follows.

In line with best practice storage of any cryptocurrency, it’s recommended that you avoid holding your coins on the BuyUcoin exchange for a prolonged period of time if you don’t plan on making frequent trades. Instead, you should consider moving your coins to your own secure cryptocurrency wallet.

Customer support

Customer support at BuyUcoin is accessible through a customised ticket system. Before submitting a ticket, you need to select one of the listed issues in a drop-down menu to help route your query, give a brief description and enter your email address.

There is also a limited FAQ section which helps address basic queries. A customer service phone number operates from 12pm-5pm on business days.

Pros and cons

Pros

      • A simple sign-up and verification procedure
      • Accepts Indian rupees
      • Buy and trade nearly 30 types of cryptocurrency
      • No transaction fees

Cons

      • Buy/sell rates may be significantly above the market rate
      • Some negative reviews on forums regarding withdrawal processing time
      • Specific security features they’ve adopted to keep your data secure are not listed
      • No mobile app available at the time of writing (February 2018)

How do I start trading with BuyUcoin?

To get started with BuyUcoin, you need to complete the following steps to sign up for an account on their website:

      1. Open an account by providing your name, email address and a password of your choice. An activation email will be sent to you, which you need to click and then complete your registration.
      2. Upload a scanned copy of your proof of address (preferably your Aadhaar card)
      3. Upload a scanned copy of your PAN card
      4. Upload a scanned copy of your bank details (ideally a blank cheque, containing the bank name, bank account holder name, bank account number and bank IFSC code
      5. Upload a scanned copy or a photograph of another government-approved ID (eg, passport or driving licence)

The next step is to wait until the BuyUcoin team verifies your details according to their Know Your Customer/Anti Money Laundering (KYC/AML) policy, which may take a few days if there is a high volume of new registrations. After your details are verified, you can start buying and selling cryptocurrency using your BuyUcoin wallet.

FAQs

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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