Unocoin cryptocurrency exchange – October 2020 review

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.

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:

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

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

Are there any limits at Unocoin?

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

Maximum purchase limits per 24 hours:

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:

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

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.

FAQs

• Is the Unocoin verification permanent?

  Indian regulations mandate yearly user verification. So, Unocoin may contact you to verify that the information you’ve submitted previously is still valid. It may also request that you provide updated copies of your proof of address and PAN cards.

• How can I add INR to my Unocoin account?

  To deposit INR into your Unocoin wallet, follow the steps below:

  • Go to the “Deposit INR” page after logging into your Unocoin account, enter the amount of INR you’d like to deposit and create a deposit order.
  • Transfer the INR amount using NEFT/RTGS/IMPS from your linked bank account to Unocoin’s bank account.

  • You will get a reference number after the transfer is complete that you need to enter on the “Deposit INR” page against the deposit order.

  • The order should be processed between 3 to 24 working hours after your transfer hits Unocoin’s bank account.

• Can I cancel an order that I’ve placed?

  Yes you can, provided the order is yet to be filled by the market (also called an open order).