Unocoin cryptocurrency exchange – September 2019 review

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Unocoin is a cryptocurrency exchange and wallet that offers Indian users a way to buy and sell seven popular cryptocurrencies.

Launched in 2013, Unocoin is based out of Bengaluru, India. In the five years since its launch, Unocoin has become a popular cryptocurrency exchange in India, claiming to have more than 150,000 users. Its point of difference is its claim of being the first Indian exchange that offers its users the opportunity to purchase bitcoin systematically through Systematic Investment Planning (SIP).

1

Fiat currencies

16

Cryptocurrencies

Details

Product Name Unocoin Cryptocurrency Exchange
Fiat Currencies INR
Cryptocurrencies BTC, ETH, LTC, BCH, XRP, BTG, XLM, BAT, BRD, FUN, GNT, ZIL, CVC, REP, ZRX, OMG
Deposit Methods Bank transfer
PayU Money
Trading Fee 0.5-0.7%
Maker: 0.4%
Taker: 0.6%
Deposit Fees Net banking: 1.9%
PayU Money: 1.9%
Withdrawal Fees INR: None

Pros

  • Easy-to-navigate interface
  • Accepts Indian rupees
  • Buy and trade seven cryptocurrencies via the mobile app

Cons

  • Buy/sell spreads may be significantly higher than what is available at other Indian exchanges
  • Fee structure is complicated
  • Some negative reviews on forums regarding customer service
  • Most cryptos online available for purchase via the app at present
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. 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.

What is Unocoin?

Unocoin 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 is also possible to make mobile and DTH bill payments using bitcoin directly from your Unocoin account.

One of Unocoin’s unique features is its Systematic Investment Planning (SIP) service, which allows users to set up a recurring deduction of a set amount (minimum INR50) from a linked bank account to automatically purchase bitcoins at the prevailing market rate. Users can choose between daily, weekly or monthly payments.

Unocoin cryptocurrency exchange

Available countries

Currently, Unocoin only supports verified Indian residents.

Which cryptocurrencies can I buy and sell?

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

Bitcoin Web and mobile app
Ethereum Web and mobile app
Litecoin Web and mobile app
Bitcoin Cash Web and mobile app
Ripple Web and mobile app
Bitcoin Gold Web and mobile app
Stellar Web and mobile app
Basic Attention Web and mobile app
Bread Web and mobile app
FunFair Web and mobile app
Golem Web and mobile app
Zilliqua Web and mobile app
Civic Web and mobile app
Augur Web and mobile app
0x Web and mobile app
OmiseGo Web and mobile app

At the time of writing, you can buy and sell bitcoin and other supported cryptocurrencies from the Unocoin website as well as on its mobile app.

Which payment methods are accepted?

You can buy and sell cryptocurrency through Unocoin by depositing funds to your Unocoin wallet. You can use the following deposit methods:

  • Immediate Payment Service (IMPS) from your Indian bank account
  • National Electronics Funds Transfer System (NEFT) from your Indian bank account
  • Real Time Gross Settlement (RTGS) from your Indian bank account
  • Netbanking from your Indian bank account (additional 1.9% processing fee applicable)
  • PayUMoney Balance (additional 1.9% processing fee applicable)

Unocoin fees and charges

Transaction Type Fees
Buying and selling cryptocurrency
  • 0.7% (Non-Gold membership)
  • 0.5% (Gold membership)
Government taxes
  • 18% IGST on transaction fees
Buying cryptocurrency and opting to receive it on an external wallet (ie not in your Unocoin wallet)
  • No extra fees – Unocoin incurs the network fees
Sending and receiving cryptocurrency
  • Zero fees when receiving cryptocurrency to your Unocoin wallet
  • Zero fees when sending cryptocurrency to the email address of another Unocoin user
Exchange for crypto assets
  • Maker fee. A 0.4% maker fee in INR is applicable on successful execution of a limit buy below market price or a limit sell above market price.
  • Taker fee. A 0.6% taker fee in INR is applicable on successful execution of a market order or a limit order which executes immediately against a limit order that is already on the order book.
Network fees for sending crypto assets
  • Bitcoin: 0.0002 BTC
  • Bitcoin Cash: 0.0001 BCH
  • Etherium: 0.01 ETH
  • Litecoin: 0.02 LTC
  • Ripple: 0.15 XRP
  • Bitcoin Gold: 0.001 BTG
  • Basic Attention : 2 BAT
  • Bread : 5 BRD
  • FunFair : 50 FUN
  • Golem : 5 GNT
  • Zilliqa : 50 ZIL
  • Civic : 5 CVC
  • Augur : 0.1 REP
  • 0x : 1 ZRX
  • OmiseGo : 0.5 OMG
Storage of crypto assets
  • Zero fees

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

Unocoin request/order Processing time
Registration and verification
  • 2-3 working days
Depositing/receiving cryptocurrency in your Unocoin wallet
  • Between a couple of minutes to a maximum of 2 hours
Depositing/receiving INR
  • For INR deposits. Between 3 to 24 working hours from the time your payment hits Unocoin’s bank account, subject to entry of the correct reference number on the “Deposit INR” page on Unocoin
  • For INR withdrawals. Credited to your linked bank account within 1 working day after processing your sell order (which takes around 3 working days)

Are there any limits at Unocoin?

There are two types of limits at Unocoin to be aware of:

Maximum purchase limits per 24 hours:

Crypto asset 24-hour limit
Bitcoin 5 BTC
Bitcoin Cash 50 BCH
Ethereum 50 ETH
Litecoin 500 LTC
Ripple 100,000 XRP
Bitcoin Gold 250 BTG
Basic Attention 100,000 BAT
Bread 50,000 BRD
FunFair 1,000,000 FUN
Golem 100,000 GNT
Zilliqua 300,000 ZIL
Civic 100,000 CVC
Augur 100 REP
0x 30,000 ZRX
Omisego 3,000 OMG

After a minimum trading activity period of 60 days, if members have bought/sold a significant trade volume (at least 100 BTC of buy and sell), they will be offered a “Gold Member” account at Unocoin. Gold members can buy upto 20 BTC per 24 hours and sell 10 BTC per 24 hours. However, other cryptocurrency limits for Gold members are the same as for normal members.

Minimum buy/sell limits:

Crypto asset Minimum buy/sell amount
Bitcoin 0.001 BTC
Bitcoin Cash 0.01 BCH
Ethereum 0.01 ETH
Litecoin 0.1 LTC
Ripple 10 XRP
Bitcoin Gold 0.1 BTG
Basic Attention 1 BAT
Bread 0.5 BRD
FunFair 10 FUN
Golem 1 GNT
Zilliqua 1 ZIL
Civic 1 CVC
Augur 0.25 REP
0x 1 ZRX
Omisego 1 OMG

Is it safe to use Unocoin?

Unocoin maintains that it employs offline storage for most of the funds held on the exchange – specifically, that the multiple addresses for offline storage are generated on a computer which has no connection to the Internet. The address-private key pairs are encrypted using AES-256, and said to be sealed in envelopes and stored in multiple safe deposit lockers as a measure against hacking, loss and theft of your cryptocurrency.

Unocoin also provides optional two-factor authentication (2FA) which if enabled, requires users to undergo a verification process to confirm that they are the account holder before logging in. 2FA is helpful in providing an additional layer of security against hacking attempts, and is considered best practice in the industry.

In line with best practice storage of any cryptocurrency, it’s recommended that you avoid holding your coins on the Unocoin 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 Unocoin is accessible through a customised ticket system. Before submitting a ticket, you need to select one of the listed categories in a drop-down menu to help route your query, give a brief description and enter your email address. You also have the option to select a priority (low, normal, high and critical) for the ticket.

There is also a limited FAQ section which helps address basic queries. A customer service toll-free phone number operates from 7am-11pm (Monday through Saturday).

Pros and cons

Pros
  • Easy-to-navigate interface
  • Accepts Indian rupees
  • Buy and trade seven types of cryptocurrency via the mobile app

Cons

  • Buy/sell spreads may be significantly higher than what is available at other Indian exchanges
  • Fee structure is complicated
  • Some negative reviews on forums regarding customer service
  • Most cryptos online available for purchase via the app at present

How can I start trading with Unocoin?

If you’ve compared your options and would like to set up an account with Unocoin, complete the following steps:

  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 to complete your registration.
  2. Upload a scanned copy of proof of your address (preferably your Aadhaar card)
  3. Upload a scanned copy of your PAN card
  4. Provide your phone number

The next step is to wait until the Unocoin team contacts you over the phone to verify 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 Unocoin.

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