With the recent boom in Bitcoin Price, a lot of people in India has become aware of it.
Since people have slowly started understanding benefits of Bitcoin and prospective profits, they are willing to invest in it to make some profits.
The prices of Bitcoin has almost tripled in the last 3-4 months, hence people are desperately willing to jump on this ferry.
But if you are new to this scenario, then, first of all, you must read, What is Bitcoin?
Since Bitcoin is relatively new in India, a lot of people were asking about How to buy Bitcoin in India and how to trade BTC.
So, I thought why not share a detailed article about Unocoin, which is one of the leading Bitcoin exchange in India.
Today, I will give you Unocoin Review along with its step by step guide
Some of you must have heard about ‘Unocoin’, to some it may seem alien. Keeping in mind the needs of all people we’ve used simple language to make it understandable and help you to find the best information under one roof.
So let’s get started with our review. 😉
What is Unocoin?
Unocoin is one of India’s leading Bitcoin company which enables users to buy, sell, store, use, and accept bitcoin.
It was originally founded in July of 2013 in the town of Tumakuru, Karnataka , however, it later shifted all its major operations to Bengaluru.
Unocoin gained attention when big investors started investing a huge amount of money. It has managed to get more than 20+ top investors in just a span of 3 years.
The company raised an amount of $1.5 million in a Pre-A round which stands as the highest fund raised in the world of cryptocurrency in India’s history.
The best thing is that Unocoin works fluently on Desktop as well as on Mobile App.
How to use Unocoin?
To understand this we will go step by step, making the procedure easy to understand and follow.
Step 1: Registration
- Go to Unocoin.com
- Sign up using your registered email-id and enter the password
- Now Verify your Mobile Number and Email.
Once your account is created you need to verify it. Verification is mandatory as it helps your account to be protected.
Step 2: Verification
You need to submit the following documents to verify your KYC:
- Pan Card
- Aadhar Card
- Valid address proof
Once you got all these documents in place, then you need to send them a scanned copy of each. You can do this by using Camscanner App on your phone.
To Submit these documents, Login to your Unocoin Account and Click on ‘Account Settings‘ on the left side.
After submitting all these documents, you will receive a verification call. It takes atleast one day to get a call from Unocoin verification team.
Once you are done wit the verification process, you can now start Depositing, Sending, Receiving or Withdrawing money to and from your wallet.
Step 3: How to Deposit Money in Unocoin Wallet
Unoicoin provides various ways to deposit funds:
- PayUmoney (Extra 1.9% processing fee)
- NetBanking ( Extra 1.9% processing fee)
I would suggest you to go with NEFT itself, as this is fast and affordable.
So Finally, you have to deposit the amount to buy the Bitcoins on Bitcoin.
- Select ‘Deposit’ under the ‘Indian Rupees’ section
- Enter the amount you wish to deposit.
- Confirm your transaction by clicking a ‘Yes’.
- Now you may deposit the money in there concerned ‘Bank A/c’ through the NEFT/IMPS/RTGS etc.
Note: CASH DEPOSITS ARE NOT ACCEPTED.
Step 4: Provide Reference Number
Once you have made the deposit, you need to provide the reference to the company.
Just update the reference number and click ‘Submit’.
It would take around 2-3 hours for the money to be deposited in their account. Once, they get the amount, it will be shown in your Unocoin Dashboard(On the right side).
Now, It times to grab your Bitcoins through Unocoin. Let’s see how the process takes place.
Step 5: Buy Bitcoins using Unocoin
- You can buy Bitcoin instantly, at the rate shown on the top of left hand side page of unocoin.
- Enter the Amount of Bitcoin you wish to buy.
- Check the details again and ‘click on Buy Bitcoins‘
- Now it will show your balance on left hand side in bitcoin balance details.
Remember: The minimum amount you can use for buying BTC from unocoin is 1100 INR
The reason why you should not keep your Bitcoin on an Online wallet as you could lose them in a case of Theft or Hack. This is what happened with Mt. Gox and Bitumb recently.
Step 6: Send Bitcoins to a Secure wallet:
- Log into your Unocoin Wallet account
- Click on Send/Request Bitcoin button
- That’s it! Your BTC will be sent to the Bitcoin wallet address you wish to.
Step 7: Withdraw Bitcoins from your wallet
- Click on the ‘Withdraw‘ Tab under Indian Rupees section.
- Enter the amount you want to withdraw to your bank account.
- You will get the amount in your bank account within 24 hours.
NOTE: The minimum value of withdrawn BTC should be Rs.1000 which could be credited your bank account.
Step 8: How to Sell Bitcoin on Unocoin
If you are willing to sell your Bitcoin, Unocoin allows you to do that aswell.
- Open you Unocoin Dashboard
- Click on ‘Sell Bitcoins’
- Now Enter the amount of Bitcoin you wish to sell.
- That’s it! You will receive the corresponding in your Unocoin Wallet almost instantly.
In case you face an issue, You may also contact them through their customer care number support. The best part is their customer support is available in local languages as well.
By now you all must have mastered the skills on how to use Unocoin.
Unocoin has shown tremendous growth since October 2014. Here are some Features
One thing that I really liked is, “Unocoin App“. This app allows you to buy/sell, send and receive Bitcoins instantly.
If you are someone who wishes to trade on the go, then this is a must have app for you.
Unocoin Payment Modes
Unocoin supports only Indian Currency for payment method using several transfer systems:
However, When you sell your Bitcoins, you will receive the funds in your registered bank account.
Unocoin charges a fee of 0.7% when you buy or sell Bitcoins. However, Unocoin does not charge anything when you send Bitcoin to your Unocoin wallet. In that case, only some network fee is levied by the actual Bitcoin network.
If you are a regular user of Unocoin and has significant transaction volume, your account will be upgraded to ‘gold membership’. With this membership, your transaction charge will reduce to 0.5%.
Apart from this, A government levied IGST of 18.0% will be charged on the transaction fee.
Features of Unocoin
Here are some of the amazing features of Unocoin:
- Unocoin does not charge customers to accept bitcoin as a payment method.
- As India is growing to be a ‘Digital Nation’ Unocoin supports this movement by allowing you to make transactions through Credit/ Debit Cards and even PayU Money.
- It saves time as users can directly download the App as well.
- It asks for a unique ‘OTP’ number which works as a strong mechanism in order to prevent any frauds and risks.
- No ChargeBacks – It allows merchants to trade without fear of chargebacks.
- 0% Volatility Rate -Users have an option to either keep their Bitcoins or sell them instantly.
- Integration – Users can also expand their business by integrating with ‘Unocoin Merchant Gateway’
- Transaction Cost is usually low as compared to other portals.
- Process Instant Recharge with Bitcoins
- Auto Sell – It allows you to set a rate and then your Bitcoins would automatically be sold, thus you make an easy profit.
- Unocoin also offers ‘Systematic Investment Plan’(SIP) which helps the users to buy BTCby averaging the cost. This further reduces the risk of investing huge amount.
Drawback of Unocoin
Some things that could have been improved on Unocoin are:
- Time consuming – It takes a lot of time to complete one transaction, making the whole process tiresome.
- Limitations – A user cannot make a transaction of more than Rs 20000/- from their PayU Wallet.
- Lock Default – It lacks the feature of locking transactions due to which rates fluctuate and sometimes causing a loss to the users.
- The site may Crackdown in between the transactions. But this happens seldom.
Wrapping Up Unocoin Review
I would like to say BTC is a new concept in India but it’s a key towards Smart Work which can ultimately fruit us with great rewards.
So if you’re an Indian user who is interested in investing digital currency, ‘Unocoin’ is a safe option.
Mostly, The rates on Unocoin are the lowest when compared to the likes of Zebpay and Coinsecure. Thus you can easily make good profits by regularly buying and selling BTC in India.
You can work hassle free and it’s quite easy as a trading platform. However, If you wish to go into a high level of Trading, then I would recommend reading our review about Best Bitcoin Exchanges in the world.
That’s it for today, I hope you really liked our Unocoin Review. Do share your experience if you have already used Unocoin.
Feel free to comment below, if you have any question, I will be more than happy to reply it. 🙂
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