BuyUcoin Review: Is it safe to use?

In this BuyUcoin review, we will discuss the platform’s features which is one of the fastest-growing global cryptocurrency exchange platforms in India.

Furthermore, the platform offers its own NFT Marketplace and is soon planning to launch a derivatives platform.

Summary

• BuyUcoin is an Indian cryptocurrency exchange platform and wallet founded in 2016 where merchants and consumers can transact with digital assets like Bitcoin, Ethereum, Ripple, etc.
• Moreover, it permits Indian customers to purchase and sell cryptocurrencies using Indian rupees (INR) and withdraw INR to a bank account.
• Its wholesale platform, the OTC desk, will operate on a zero-fee approach. 
• Also, it offers the first Crypto Cashback Scratch Card EzBack, which offers a variety of perks and offers to traders, BuyUcoin customers, and Crypto enthusiasts.
• In addition, BuyUcoin has an excellent affiliate and referral program where you can earn up to 50% trading commission and an assured Bonus of INR 2000+ worth in Crypto on every Signup.
• It also has its own NFT Marketplace that is secured by blockchain technology to promote a creative economy in India.
• Its Sandbox feature is the first draft regulatory framework for a trusted ecosystem within Crypto-related products and services in India.
• It also organizes monthly webinars to analyse the top cryptocurrencies, understand market dynamics and develop risk management strategies.

What is BuyUcoin?

BuyUcoin is a cryptocurrency exchange platform that was established in 2016. It has over 250,000 registered customers, and over USD 50 million in assets have been transacted at the exchange since its launch.

Besides, It is open only to Indian investors and offers buy/sell options in both EZ/OTC or classic markets in more than 40 cryptocurrencies. Its additional features like its affiliate and referral program along with the Crypto Cashback Scratch Card EzBack initiative are definitely attractive to potential investors

Products by BuyUcoin

The platform offers various products; let’s try and understand what it has to offer:

• Exchange: Its exchange platform provides daily analytical updates about the crypto trading market enabling its customers to wisely choose the cryptocurrency they wish to invest in.  
• Cashback scratch card: The Crypto Cashback Scratch Card EzBack is a one-of-a-kind program that lets its customers get coupons and voucher codes through which they can win up to INR 5000. These coupons can be redeemed only once within a given time period

• DeFi Tokens: BuyUcoin allows for the trading and storage of DeFi tokens. Decentralized finance, commonly known as DeFi, is a rapidly developing area of the bitcoin business. By using blockchain as a technological foundation allows for reasonably quick and low-cost transaction/settlement and contract administration. ChainLink, AAVE, and other DeFi Tokens are accessible on its OTC desk for trade with 0% Trading Fees and a One-Click Transaction Method.
• NFT Marketplace: BuyUcoin launched its Non-fungible Tokens (NFT) Marketplace in 2021. Furthermore, it is a platform that provides digital asset owners with a one-of-a-kind chance to exchange intellectual property and diverse genres of digital art. Creators may commercialize their work by utilizing the NFT Marketplace. It also facilitates art auctions over a secure blockchain network. The BuyUcoin NFT marketplace likewise aims to enhance the creative economy by providing access to NFTs.
• Derivatives: It will soon be launching the world’s first INR-based crypto derivatives platform.

BuyUcoin App

The BuyUcoin app is available for both Android and iOS devices. The program features a simple and quick user interface. Moreover, the mobile app is a better option than the website as all the features of the website are available on the app in a more compact and easily accessible manner.

How to use BuyUcoin?

Follow these steps given below to get started on BuyUcoin – 

• Firstly, open the official website of BuyUcoin and click on the “Sign up” button on the top right corner of the screen.  
• Sign-Up tab will open further, where you have to enter your Name, Email address, Account type (Company/ Individual), desired password, and Country.
• Then, click on the square box to accept Terms & Conditions then click on ‘create account’ to complete registration.
• Moreover, click on verify on the verification link you will get on your registered email address to create your account.
• Further, complete your KYC registration.
• Then deposit INR to your wallet by clicking on the “Deposit INR” button on the Dashboard after Login through bank transfer, Mobikwik or through credit/ debit card.
• Now, to begin trading with BuyUcoin, go to your dashboard and scroll down to see the available trading pairs and coins. 
• Lastly, click on the Trade button in front of the relevant coin and pairings after checking the crypto rates on the exchange platform.

BuyUcoin Review: EZ/ OTC Desk

BuyUcoin has introduced the first Indian platform for wholesale cryptocurrency trading called the EZ/OTC Desk. The OTC (Over-the-counter) desk is preferred by traders who deal with cryptocurrency in bulk and want to resist frequent price fluctuations during the trade. It aims at improving the liquidity of cryptocurrency in the Indian market which will lead to better prices and market stability.

Moreover, it has 0% trading fees on direct buying and selling of bitcoin and other altcoins as well as DeFi tokens. Additionally, there is no KYC for direct buy-sell of bitcoin and other altcoins for a maximum value of INR 10,000 on the EZ/OTC Desk. 

BuyUcoin Review: Fees

BuyUcoin does not charge any deposit fee or KYC fee from its investors. Even storage and sending of crypto in the BuyUcoin wallet is free of cost. There is no fee for any transaction at the OTC desk.

It has a trading fee of 0.24% including GST for both takers and makers as opposed to the norm of granting discounts to makers on trading fees as they provide liquidity for the transaction. However, by the general global standard, the trading fee for takers has been around 0.25% and slightly less for makers.

Hence, the trading fees offered by BuyUcoin are in consonance with the global norm. Withdrawal fees vary depending on the crypto asset, however, they are typically a fixed amount of the relevant crypto asset. The average BTC withdrawal fee in the industry is 0.0006 BTC, however, BuyUcoin charges 0.0012 BTC for each BTC withdrawal. This withdrawal fee is significantly higher than the industry median. To learn more, click here. 

Is BuyUcoin Safe?

Yes, BuyUcoin is completely safe as it requires HTTPS for all TLS (SSL)-enabled services, including its public website and your account.

Furthermore, it provides you extra safety as its official libraries use TLS to connect to BuyUcoin servers and validate TLS certificates on each connection. Moreover, it uses HSTS to guarantee that browsers only communicate with BuyUcoin via HTTPS.

BuyUcoin Reviews

The BuyUcoin reviews of their iOS app users haven’t been satisfactory. As the platform accumulates a rating of only 3/5 on the apple store. However, the platform has been offering pretty decent services to android users as the rating on the play store is around 4.1/5.

Customer Support

In the event of any issue, you can describe your concern in detail under the Contact Us option. Furthermore, the portal allows you to email your questions to [email protected].

BuyUcoin Referral Program

After logging in on the buyUcoin platform, you will receive a referral link that you can find in your “Earn” section. Furthermore, you can share the BuyUcoin referral link on your social media platforms and receive a 30% share of that account’s trading fees for a lifetime period which is joined through your referral link.

Affiliate Program

BuyUcoin’s has one of the best cryptocurrency affiliate programs in India. By becoming an affiliate member, you have to share your affiliate link with your network of people. This link will be provided to you post-membership by buyUcoin. You will then earn up to 50% commission on every step a customer takes on joining through your affiliate link. It is a great way to have passive income without any investment.

BuyUcoin review: Pros & Cons

PRO’s

• Simple and user-friendly mobile application interface
• Allows trade in more than 40 types of cryptocurrencies.
• India’s first OTC desk that does not charge any fee.
• One-of-a-kind Crypto Cashback Scratch Card EzBack initiative.
• Allows trading using credit and debit cards.

CON’s

• Permits trade only to Indian investors in the Indian currency.
• Buy/Sell rates are higher than the average global rates.
• Low liquidity

UyUcoin Review: Conclusion

BuyUcoin provides a simple and easy-to-use interface and brings its in-house NFT Marketplace into the spotlight. Furthermore, the platform brings forward mobile apps with all the basic functionalities and is planning to soon launch its derivatives platform.

In addition to all of that, BuyUcoin has certain highly progressive features like the free-of-charge OTC Desk and crypto cashback scratch card. Also, it does not charge any deposit fee and it has an excellent security system. In addition to this, its referral and affiliate programs are great ways for passive income.

However, it must be kept in mind that its buy/sell rates are quite high as compared to the global cryptocurrency market due to low liquidity. However, its user-friendly interface allows its investors to study the cryptocurrency market through the “exchange” button at the bottom of the official website page. To make the best investment decision for themselves.

Moreover, its quick and responsive customer care service increases its credibility and reliability to make the experience a good one for its users. Lastly, the cryptocurrency market is volatile, so make sure you do your research before any type of investment.

Frequently asked questions