Unocoin cryptocurrency exchange – January 2020 review
Unocoin is a cryptocurrency exchange and wallet that offers Indian users a way to buy and sell seven popular cryptocurrencies.
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
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:
| 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 |
|
| Government taxes |
|
| Buying cryptocurrency and opting to receive it on an external wallet (ie not in your Unocoin wallet) |
|
| Sending and receiving cryptocurrency |
|
| Exchange for crypto assets |
|
| Network fees for sending crypto assets |
|
| Storage of crypto assets |
|
How long will Unocoin take to process my requests and orders?
| Unocoin request/order | Processing time |
|---|---|
| Registration and verification |
|
| Depositing/receiving cryptocurrency in your Unocoin wallet |
|
| Depositing/receiving INR |
|
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
- 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:
- 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.
- Upload a scanned copy of proof of your address (preferably your Aadhaar card)
- Upload a scanned copy of your PAN card
- 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.