Unocoin Exchange Review: Is it Legit?

/Unocoin Exchange Review: Is it Legit?

Unocoin Exchange Review: Is it Legit? 2018-05-22T15:44:30+00:00
Unocoin Exchange Review: Is it Legit?

Quick inner navigation:

  1. What is Unocoin?
  2. Is Unocoin Safe?
  3. Unocoin Fees
  4. How to use Unocoin?
  5. Unocoin Verification
  6. Customer Support

The companies that are working in the cryptocurrency market have to get better day by day to catch up with the technology that improves within seconds and in order to survive the market. Unocoin is a company that offers convenience to its users as it brings all the essential tools required for crypto trading in one platform. In this review, we will explore and get to know this platform better. 

What is Unocoin?

Unocoin is a platform where you can buy, sell, as well as get a Bitcoin wallet in India. One way you can begin purchasing bitcoin is, using your Indian account. Ensure that your bitcoins are safe and secured in your unocoin wallet and then begin accepting payments of bitcoin from customers from all over the world. The company vows that it is the most known bitcoin company in India. Unocoin was founded in July 2013 by Sathvik Vishwanath. Sathvik has over 15 years experience in software systems.

The company is based in Bangalore, India and registered under Unocoin Technologies Private Limited. In total, the company has more than 150,000 customers and more than $350 million of revenue.

The company supports India residents. Unocoin is one of the famously known bitcoins services in India. The service aims at making it simpler to buy, sell, store, use, and accept bitcoins. According to a post that Binod Thakur, made in Google reviews, the unocoin platform has poor infrastructure and is situated in a crowded place. He also asserted that the office does not like the look of a company because it looks like a booking agency space for bus tickets. Well, is unocoin really that awful? Let’s find out if that is true or not in this unocoin review we came up with.  After all, the wise men said that “We should not judge a book by its cover,” right?

Buying and Selling Bitcoin on Unocoin

  • Unicoin only allows payments in INR (indian rupees) currency.
  • You can only buy or sell 20 bitcoins in a day.
  • Unocoin does not allow payment using credit cards. This creates inconveniencies to clients because most card payments are faster than bank transfers since transactions are done immediately.

Unocoin Payment Methods

  • Bitcoin can be bought using Indian Rupees from an online bank which uses the following transfer systems;
    • NEFT
    • RTGS
    • IMPS
  • If you are selling bitcoin using unocoin, the INR is sent to your bank account. All the banks that use IFSC are supported by unocoin.

Available Cryptocurrencies

  • Unocoin only allows INR currencies and Bitcoin.

Unocoin Fees

  • Unocoin does not charge any fee to accept bitcoin. Only 1% is charged to buy or sell bitcoins.
  • Unocoin does not allow leveraged trading but instead, the exchange service is easy and simple.
  • The transaction fee is 15% for government levied service tax.
  • For gold membership, you are charged 0.7% to buy or sell.
  • Merchants have the opportunity to change bitcoin into INR. Unocoin protests that the oscillations in the prices of bitcoins cannot create any problem to merchants.
  • The merchants can also trade without fearing chargebacks using unocoin because they have information about how to amalgamate your business using Unocoin Merchant Gateway.

Unocoin Verification

Unocoin requires verification using the procedure below,

  1. You first have to register on their website Unocoin.com.
  2. After registering, they ask for your email address, ID, and password.
  3. You then get a link to validate your email and after that, your account level is unverified.

If you want to verify your account, you have to enter your full name. The name should be the same as it is on your PAN (Permanent Account Number) card, PAN number, phone number and also your address.

  • Your scanned PAN card is also needed and also an address that is valid.
  • You are also required to show a photo of yourself.
  • After this whole process, you then wait for a call from a Unocoin member of staff. After you receive the call, then you are good to go.

Is UNOCOIN Safe?

Is unocoin legit? Yes, it is because the verification process is not lenient since you have to give proof of yourself using a photo of yourself and your PAN card. The process also requires you to give a photo of your address and until someone form unocoin calls you, your account cannot be verified. Therefore, this is an advantage to merchants because the process makes sure there is an additional layer of validation for unocoin users.

Community Trust

The company is reputable. The CEO of the company, Sathvik, is an experienced person in software systems. He has built software systems for financial companies for more than 14 years. He also has an MBA for IT and Business which he acquired from the University of Melbourne.

Security

The funds are stored online and Unocoin claims their highly encrypted. Unocoin allows users to enable 2FA using Google Authenticator. Therefore, you must have a mobile phone that can create a 6 digit code. When you enter the code, you can then login and use your funds.

  • They also allow the use of paper wallets for the users, they create a password which allows only them to get access to their accounts.

Customer Support

The customer support is good. You can communicate the team by sending them an email, through their website. They do not take long to reply to their customers.  Therefore, you have to allow them to contact you through your email. This you can do by going to the account settings and enabling your contact to receive their emails. You can also allow notifications of all the deposits you make, withdrawals and all the buy/sell orders you make.

There is one thing that pleases me about unocoin, even though some people give negative feedback about the company; it is still one of the companies that help the community through giving back. You do not see this often, right? Recently, the company held Cryptothon in April and the prizes would be charged INR 50,000 the value of bitcoins. That is almost BTC 0.2513293 that is if you buy from them directly.

Handling Speed

  • The unocoin team takes long to reply to your email once you contact them.
  • The transaction services are also slow because it takes almost 8 hours to process deposits.
  • The verification process itself takes around two weeks to be completed.

How to use UNOCOIN?

  • The information below sheds light on how to use unocoin.
  • Bitcoin can be bought using two methods namely;
  1. Indian Rupees from an online bank
  2. NEFT/RTGS/IMPS
  • If you are selling bitcoin using unocoin, the INR is sent to your bank account. All the banks that use IFSC are supported by unocoin.
  • You can access unocoin using many devices such as desktops, tablets, laptops, and also mobile phones. You only have to log in and begin the process.
  • Verifying your account enables you to;
  1. Trade
  2. Transact
  3. Accept
  4. Store bitcoin
  • Bitcoin can be sent from one person to another via emails that is if one does not have a unocoin wallet.
  • You can also request for bitcoin from someone else if, they also don’t have a unocoin wallet.
  • To keep your bitcoin safe, you can store a number of wallet addresses in an address book.
  • You can also create paper wallets by clicking ‘paper/import address page’ on unocoin’s website to create an offline paper wallet. You can then print it and store it securely. To engender addresses, you use client-side Javascript, therefore; servers have no idea of the address your browser creates for you.
  • It is easy to deposit and withdraw INR and also buy or sell bitcoin since you are only required to click on the unocoin website’s page.

Unocoin Review Summary

Unocoin as one of the major bitcoin payment companies in India. It offers great help to Indians users, paying with bitcoin.

The following are the advantages of unocoin;

  • Users can send payments to their friends.
  • The Indian users can also pay the merchants using bitcoin.
  • For merchants, unocoin provides a payment processing which enables merchants to accept bitcoin without much straining.

However, it also has the following disadvantages;

  • The bitcoins are quite expensive.
  • Their customer service is not up to par.
  • Even though the verification is strict which is good, it is also insipid.

Unocoin can be used by both high rollers and beginners since it is not complicated, therefore, if you are in India, you can make use of their services because despite the negative reviews probably because of the different referral program they provide. ‘Is unocoin a scam?’ No, because unocoin is a reliable company and concerned about community development and bitcoin growth.

Make sure to visit our website for more articles, guides, and reviews. Thanks for reading, until next time!

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