Unocoin App Review: Know Everything About Unocoin In Detail

Unocoin is one of the leading cryptocurrency exchanges in India with over 150,000 satisfied customers and $350 + million in revenue. This exchange was founded in July of 2013 with the purpose to bring Bitcoin to the billions and is doing so by providing a wide range of services to its customer which enables them to buy, sell, store, use and accept bitcoin. It has more than 30 top investors from countries all around the world who have invested and raised $1.5 million for Unocoin and made it the largest cryptocurrency venture in Indian history. This platform primarily operates and provides service to people in India but it also has a goal to reach the global market as a top player. In this article we will focus on the Unocoin App Review, so read this blog carefully to get the complete information.

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About Unocoin

Unocoin is a leading Bitcoin exchange platform in India that allows Indian exchange investors to trade Bitcoin cash. With the help of this platform, investors can utilize buy and sell orders and market Bitcoin exchange. Unocoin wallets are becoming an important player in the global market as they have centered in crypto assets on an international market level rendering the funding process to Indian users and multinational clients. The company was started in 2013 and was launched as a Pioneer in the Bitcoin realm. It is presently based out of the metropolis of Bangalore, India, and has revolutionized as a digital asset platform to buy Bitcoin tokens and Ethereum (ETH) tokens at the current market stance. The company intends to promote the most high-grade reliant and guaranteed exchange platform trading assistance to users and their contribution to the cryptocurrency exchange will advance the trading realm as their peculiarities are made to provide the most suitable cryptocurrency system.

Features of Unocoin App

Unocoin is India’s leading BTC exchange platform which offers various features to its customers. Some of the features of this platform are:

1. Crypto Trading

Unocoin wallet has holdings of important tokens of Bitcoin (BTC), Ethereum (ETH), and US Dollar Tether (USDT) and this is the reason many traders prefer this platform. The new traders who are hesitant on the trade exchange can choose the amount of fiscal money in INR they would like to finance and this app has prompt service that helps the exchange of buying and selling coins.

2. Wallet

Its peculiarity enables users to buy Crypto tokens and store coins in a varied selection of over 20 Unocoin wallets and the wallet of this trading platform will enable the user to track past trades and assets and instantly initiate withdrawals and deposits.

3. KYC Verified

The Unocoin wallet administers a two-step KYC verification mandate as its security features are paramount. It enables users into an Unocoin trading account only if the delivered OTP on the mobile device of the user is produced while registering on the platform.

4. SBP Functionalities

The Systematic Buying Plan (SBP) peculiarity of this app is a compelling method to earn Ethereum and Bitcoin profits. This feature assists in economic conformity which equates to the cost of the user and thus reduces uncertainty and this enables users to make better profits.

5. Leading Hallmarks

The lending characteristic of this app allows users to administer their BTC token as a debt to pay USDT or INR against it and this feature is profitable for instant exchanges when the trading position is profitable and operates as a loan operative. You can do this payout in monthly installments without fear of losing BDC holdings.

6. Crypto Exchange data

This app assists users in scouting for the right idea set of sellers and buyers under their order book landing page and the bidding rates are also detailed out the n list which makes the settlements of exchange a fair deal.

Way to use Unocoin app

Unlike other wallets, Unocoin is very easy to use and users are verified within 2 to 3 working days. It process transaction in minutes or a maximum of two hours. The following are the steps to start using Unocoin:

• Firstly go to the website of Unocoin to create an account
• Then Register with your mobile number and create a strong password
• It will validate your registration with an OTP
• Then it will lead you to the security questions page
• Once it will be successfully submitted you will come to the profile setup page

The verification process is quite straight forward and clicking on the profile status bar will direct you to the profile setup page where the wallet asks you to provide your bank, PAN, Aadhar details, and professional photograph. When you will submit all this required information, you will get verified.

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How to withdraw funds: Steps to withdraw funds

Once INR is withdrawn from the wallet of the user, the proceeds are sent to the bank account and the bank account details should be added to the Unocoin wallet in the bank account setting of the platform. In the withdrawal section of the platform, you have to enter the value of INR exchange for withdrawal and after that confirm the authorization. The money is then processed in the bank account of the user.

How can you add INR to your Unocoin account?

To add INR user funds to Unocoin wallet, you have to visit the deposit INR landing page off the platform. You have to enter the finance amount and the authorization for the deposit order should be actioned. Then the exchange of INR to the app is done by using NEFT/ RTGS/ IMPS from the linked account of the user. The reference number is permitted which allows the exchange to be completed and the number needs to enter into the deposit INR landing page. The exchange from INR to the bank account of the app will be processed within 3 to 24 hours after the fiscal transfer has been actioned.

Unocoin Fees

The fee structure of the app is somewhat complicated but the total fee is clearly stated when you buy and sell Bitcoin. In this section, you will the total fee for buying or selling Bitcoin. All fee percentages are applied on the INR value rather than Bitcoin.

• Firstly, a fee of 0.7% commission is charged on all your buy and sell orders, and the users will get this fee dropped to 0.5 % if they buy or sell at least a hundred BTC.
• Another fee is the government levied service tax of 15% on the transaction fee for sending and receiving Bitcoins and the transaction fee varies and is dependent on the network congestion of Bitcoin.
• Another fee is the maker fee of 0.4%.
• And the last fee is a taker fee of 0.6%.

Unocoin Exchange Markets

The app is a very simple cryptocurrency exchange as they only offer to buy and selling of Bitcoin and no other cryptocurrencies are available to exchange. But this may change in the future as the exchange and the other cryptocurrencies gain mainstream traction and the three main cryptocurrencies that Unocoin will adopt one day are Ethereum litecoin and Bitcoin cash. However, there is no official announcement or plans to offer these cryptocurrencies yet so it is not certain.

Pros and Cons of Unocoin

The following are the pros or advantages of Unocoin which make it a great app:

• 1. It is extremely easy to use and navigate.
• 2. It has Bitcoins held in cold storage.
• 3. It has high liquidity.
• 4. It has a recommendation program.

5. The following are some of the cons or disadvantages of Unocoin:

• 6. They have slow customer service and Limited options.
• 7. The only digital asset of this app is bitcoin.
• 8. The verification process of this app is tedious.
• 9. The feast and Bitcoin prices of this app are higher than other popular cryptocurrency exchanges.

FAQs

1. Is Unocoin safe or not?

Ans. The security peculiarity of the Unocoin wallet is that it uploads offline storage conformity for its user. There is less or almost no risk of hackers interfering. The security process locks the trading envelopes and collects the funds in varied deposit lockers which are regulated by the platform.

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2. Is Unocoin legal in India?

Ans. Currently, Bitcoin trades are not authorized by Indian legislative authorities and therefore there are no restrictions for cryptocurrency trades in the country.

3. Is Unocoin hacked?

Ans. In 2017, an anonymous culprit hacked Unocoin and the points of the investors were hacked and the BTC funds were exchanged out of the platform. And because of this, the money of 1.2 lakhs was lost.

Conclusion

Unocoin app provides an excellent service to its user for simply buying and selling Bitcoin. The exchange is made for beginner traders and mass adoption because of their intuitive design and simplicity and the service they provide is done very well. But the traders want to see more features incorporated into the platform and Bitcoin is the only tradable cryptocurrency asset in the app so people want to see other digital assets available. However, the Bitcoin exchanging service is excellent. In last, I hope this article is sufficient enough to clarify the information about Unocoin App Review.