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.
We’ve brought together everything you should know about using this platform to buy and sell cryptocurrency to help you decide whether BuyUcoin is right for your needs.
Deb is a freelance writer whose passion for writing equals his obsession with reading. His aim is to educate readers through his articles and help them make better decisions. When he's not writing, Deb is either busy reading a novel or planning his next road trip.
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:
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:
INR deposit fees
0.0% (Regular deposit)
Cryptocurrency deposit fees
0.0% (No fees charged by BuyUcoin, but network fees may apply)
Lifetime wallet deposit fees
INR withdrawal fees
Cryptocurrency withdrawal fee
0.0% (No fees charged by BuyUcoin, but network fees may apply)
The charges that are payable to miners, which vary for different cryptocurrencies
How long will BuyUcoin take to process my requests and orders?
Registration and verification
Between 3 and 7 business days, excluding Sundays and all public holidays
NEFT Transfer.Dependent upon the respective banks (business days only, excluding Sundays and all public holidays)
IMPS/UPI/RTGS Transfer.From 5-24 hours
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 decreaseriskof 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 ownsecure cryptocurrency wallet.
Customer support at BuyUcoin is accessible through acustomisedticket 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
A simple sign-up and verification procedure
Accepts Indian rupees
Buy and trade nearly 30 types of cryptocurrency
No transaction fees
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:
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.
Upload a scanned copy of your proof of address (preferably your Aadhaar card)
Upload a scanned copy of your PAN card
Upload a scanned copy of your bank details (ideally a blank cheque, containing the bank name, bank account holder name, bank account numberandbank IFSC code
Upload a scanned copy or a photograph of another government-approved ID (eg, passport or drivinglicence)
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.
The steps to add INR to your BuyUcoin account are as follows:
Click on “Wallet” after logging into your BuyUcoin account.
Click on “Deposit” next to the INR column.
Add BuyUcoin’s bank account details (available after you click on “Deposit” as mentioned in the previous step) as a beneficiary in your bank account, ie, the bank account from which you’ll be transferring your INR.
Transfer money from your bank account to BuyUcoin’s bank account using IMPS, NEFT, RTGS or UPI.
Create a “Deposit Request” in your BuyUcoin wallet, entering the amount transferred and the “Payment Reference Number” you’ll have received from your bank after the transfer was complete.
Yes, you can. It normally takesfrom2-7 business days (not including Sundays and public holidays) for the funds to be creditedintoyour linked bank account.
Yes, you can. You just need to enter the wallet address of the wallet or exchange and click on “withdraw”.
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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