UNOCOIN Review 2020
Unocoin is the leading cryptocurrency exchange in India with over 150,000 satisfied customers and $350+ million in revenue. The exchange was founded in July of 2013 with a mission “to bring Bitcoin to the billions” and is doing so by providing a wide array of services that enable Indians to buy, sell, store, use, and accept Bitcoin. More than 30 top investors from countries all around the world have invested and raised $1.5 million for Unocoin making it the largest cryptocurrency venture in Indian history. Unocoin primarily operates and services people in India but has a goal to reach global markets as a top player.
The company’s headquarters are located at Unocoin Technologies Private Limited, #1041/12, 1st floor, 1st main, 4th Block, Rajajinagar, Dr. Rajkumar Road, Above State Bank of India, Bangalore – 560010, India. The exchange is not yet regulated as India’s stance on cryptocurrencies and blockchain technology is still quite murky. However, one thing for sure, Bitcoin is not illegal, nor is trading it, and cryptocurrency exchanges are free to operate unregulated in India thus far.
While Unocoin primarily serves as a cryptocurrency exchange, they also have a strong focus on providing innovative and revolutionary products centered around a Bitcoin ecosystem. For instance, Unocoin has developed the world’s simplest Bitcoin POS for offline merchants and have introduced Systematic Investment Planning for Bitcoin. As well, they have developed a sophisticated merchant gateway for accepting Bitcoin payments online. The Unocoin cryptocurrency exchange has done all this and so much more to drive Bitcoin awareness in India. Unocoin frequently hosts meetups, seminars, guest talks, and other collaborations to promote and educate the people on Bitcoin and blockchain technology.
The exchange platform offered by Unocoin is a very simple and easy to use the platform. Unocoin developed their platform with the ease of use and simplicity in mind, rather than create an advanced trading platform with all the advanced tools and technical features. The platform is solely designed to buy or sell Bitcoin without the use of advanced trading platform features such as advanced charting, technical indicators, and various market orders. That being said, it is clear that Unocoin’s trading platform is marketed towards beginner traders and mass adoption rather than technical and more advanced traders.
Once a user’s account is approved and verified they can simply deposit their Indian Rupee (INR) currency and exchange it for Bitcoin with a simple buy order at the current market price. The platform’s interface is intuitively designed and keeps things straightforward and transparent. Upon placing a buy order, the customer can clearly see how much Bitcoin they will receive for however much INR they want to pay and Unocoin’s fee is clearly stated as well as the tax amount. Traders can place limit orders above or below the price when buying/selling Bitcoin so that they get the price they want when it reaches it. Also, users can view a basic chart of Bitcoins price that covers a full years’ worth of prices. Users can visually see how high and low the price has gone and where it currently sits. As well, users can see the daily price movements from day to day on this chart. Unfortunately, there are no advanced charting analysis tools to play around with. Upon buying Bitcoin, users can choose whether they want their Bitcoin to be stored in their Unocoin Bitcoin wallet or a wallet unaffiliated with the Unocoin exchange. The whole process is very fast and straightforward.
Unocoin is a very simple cryptocurrency exchange as they only offer the buying and selling of Bitcoin. No other cryptocurrencies are available to exchange as of yet, but this may change in the future as the exchange and other cryptocurrencies gain mainstream traction. The three most likely cryptocurrencies that Unocoin will one day adopt are Ethereum Litecoin and Bitcoin Cash. However, nothing is for certain and they have not announced plans to offer these cryptocurrencies yet.
Unocoin’s fee structure is somewhat complicated but the total fee is clearly stated when buying and selling Bitcoin. In this section, we will break down what makes up the total fee for buying or selling Bitcoin. One thing to note is that all fee percentages are implemented on the INR value rather than Bitcoin.
- Firstly, a fee of 0.7% commission is charged on all buy and sell orders. Users can get this fee dropped to 0.5% if they buy/sell at least 100 BTC.
- Another fee charge by Unocoin is a government levied service tax of 15% on the transaction fee for sending and receiving Bitcoins. The transaction fee varies and is dependent on Bitcoin’s network congestion.
- A maker fee of 0.4%
- A Taker fee of 0.6%
Security and Fairness
Unocoin implements the latest security measures for their exchange to ensure top-level security for their user’s information and their funds. The majority of all Bitcoins stored by the exchange are held securely in offline cold storage wallets. This prevents the coins from being susceptible to hacks. The exchanges servers are secured with the latest encryption technology, and users can further secure their accounts using Google Two Factor Authentication to access their accounts and make transactions. To this date, there has been no reported hacks or loss of funds on the exchange. Also, all users are treated fairly as there is only one type of account available to all members.
The customer support service is quite limited with Unocoin as they only offer email support through a support ticket system. This system is very well organized and allows users to easily identify and explain their problem, but many users have reported the system to be very slow. However, these users may have experienced slow response times during the very high usage and popularity of Bitcoin trading.
Pros and Cons
- Extremely easy to use and navigate
- Bitcoins held in cold storage
- High liquidity
- Recommendation program
- Slow customer service and limited options
- The only digital asset is Bitcoin
- The verification process is tedious
- Fees & Bitcoin prices are higher than other popular cryptocurrency exchanges
Unocoin provides an excellent service for simply buying and selling Bitcoin. The exchange is clearly made for beginner traders and mass adoption due to their intuitive design and simplicity. The services they provide are done very well, but it would be nice to see more features incorporated into the platform. As well, Bitcoin is the only tradeable cryptocurrency asset and it would be nice to see other digital assets available as the Bitcoin exchanging service is excellent.