But is Unocoin the best crypto exchange in India currently? Should you prefer Unocoin over other alternatives like KuCoin and Binance? We answer all these questions in this Unocoin Review article as we take a closer look at the Unocoin crypto exchange.
Table of Contents
- Easy to use and interactive platform.
- Secure crypto wallet that make it easier for you to store cryptocurrencies that you own.
- Unocoin charges low service fees that help you increase the profits you make on cryptocurrency trade.
- API ticker that lets you know about the current crypto Unocoin rates.
- Unocoin calculator that makes crypto trading an easy affair.
- Unocoin offers an exchange feature that lets you exchange your current cryptocurrency for some other.
- Unique lending platform that allows you to use your cryptocurrencies as an asset to get loans against them.
What is Unocoin?
Unocoin is an easy-to-use crypto exchange developed with the purpose of trading cryptocurrencies including Bitcoin, Ethereum, Tether, and more. As of now, Unocoin serves only Indian customers, but the company does have plans to go global in the coming years. The foundation stones of the company were laid in 2013 by Sunny Ray, Harish BV, Abhinand Kaseti, and Sathvik Vishwanath, in Tumakuru, Karnataka.
The company was able to raise over $1.5 million thanks to back by 45 investors including Blume Ventures, and Funders Club to help it with its expansion plans. Over the years, Unocoin has established itself as one of the most trusted crypto exchanges in the country, and it has been featured in Forbes, Business Standard, Nasdaq, Quartz, The Times of India, Coindesk, and more.
Also read, Unocoin vs WazirX: Which is best for you?
Unocoin Review: Core Features
Let’s have a look at some of the main features of Unocoin that would help you decide whether the Unocoin crypto exchange suits you or not.
- Easy-to-use and Interactive Platform
The Unocoin is an easy-to-use crypto exchange that makes crypto trading an easy affair even for beginners. At Unocoin you can choose the amount of fiscal money you want to invest in cryptocurrencies, which is an essential feature for novice traders.
- Secure Wallets
Unocoin also offers wallet services that allow you to buy cryptocurrencies, and store them securely. The Unocoin wallet allows you to track your previous trades, and initiate additional deposits, or withdrawals almost instantly.
- Systematic Buying Plan
The Systematic Buying Plan is one of the unique features offered by Unocoin that increases the chances of earning profits from investing in cryptocurrencies like Bitcoin and Ethereum.
Also read, Best Paid And FREE Crypto Trading Bots
Unocoin Review: Services Offered
One of the major reasons why over 1 million Indians have preferred Unocoin over other crypto exchanges is primarily because of the features it offers. Following are some of the essential features that you can take advantage of when using Unocoin.
- Low Service Fees
The service fees charged by Unocoin for crypto trading is one of the lowest in the industry, and you can also take advantage of dynamic trading fees when trading on more than 50 assets.
- Industry-leading API
Unocoin uses API powered techniques to provide you with real-time market data, that allows you to make quick decisions as per the current market trends.
The Unocoin calculator is a pretty unique, and useful feature that allows you to accurately calculate the price you will have to pay or the money you will be getting when you want to sell your cryptocurrencies. Now, a lot of people usually use two main parameters when they are looking to buy or sell cryptocurrencies. They either want to purchase “n” numbers of cryptocurrencies, or they are looking forward to buying cryptocurrency worth “n” amount of money.
The Unocoin calculator works both ways, and you can enter the numbers as per your requirements. Using the Unocoin calculator is a pretty easy job, and all you need to do is enter the details, and the calculator would automatically calculate the total cost for you to incur.
How to use the Unocoin Calculator?
The Unocoin calculator is pretty easy to use the tool, and you can easily work your way through it.
Step 1: First of all, you need to select the cryptocurrency you are interested in dealing with at the moment. Now, Unocoin deals in three major cryptocurrencies: Bitcoin, Ethereum, and Tether.
Step 2: Choose whether you want to sell or you want to purchase the selected cryptocurrency.
Step 3: If you want to buy cryptocurrency, enter the amount of cryptocurrency you want to purchase or enter the value in INR worth of which you are looking to buy the cryptocurrency.
Step 4: If you want to sell the cryptocurrency you already have, enter the amount of cryptocurrency you want to sell, or the value in INR that you are looking for. The calculator would include the transaction fee, and service tax, and provide you with the sum of money that you would receive after selling the cryptocurrency.
Unocoin Review: Exchange
Unocoin also offers an exchange platform where you can get an in-depth view of various cryptocurrencies. You can toggle between INR, Bitcoin, and Tether, and get plenty of options, and information including the current price, volume, and change. You also get the option to view the detailed Price Chart, Depth Chart, and in-depth analysis of the currency that you have selected.
Unocoin Review: Lending
One of the most unique features of Unocoin is the lending options that it provides to its users. Unocoin provides loans to its users in INR and USDT against Bitcoin that Unocoin considers being pledged collateral. If you opt for taking a loan in INR, the loaned amount can also be withdrawn to your bank account, where you can use it as per your needs.
Unocoin’s approach of lending money against cryptocurrency provides a sense of relief to all the investors who have made investments in Bitcoin, and other cryptocurrencies. Thanks to Unocoin’s loan options, a lot of investors can manage their investments, plan their tax routines, and meet their expenses thanks to loans that are not only easy to get but are also customisable.
Also read, 10 Best Crypto Lending Platforms
How to use Unocoin’s Lending Feature?
It is very simple to use the Lending feature offered by Unocoin, and all you need to do is follow these steps.
Step 1: Visit the official Unocoin website and click on the Exchange option on the top-right corner of the website.
Step 2: Click on the Lending option present in the left corner of the website.
Step 3: You will then have to enter your Login credentials including your Login ID, and Password. If you are an existing user, enter the Login details, else click on the Register Now option to create an account with Unocoin.
Step 4: Once you have logged in to your account, and are in the Lending section, transfer your Bitcoins or the amount in USDT or Tether to the Lending account.
Step 5: The amount that you transferred to the Lending account can then be used to fill in the loan order or for issuing a new loan. You can also use the transferred amount to repay any existing loan.
Unocoin’s Lending Options: What makes it so good?
Unocoin’s Lending options might prove to be a win-win deal for a lot of people. But what makes Unocoin Lending so good?
- Easy to Use
A major difference between the lending options of Unocoin, and competition is that Unocoin does not use the P2P lending model which is used by a lot of other platforms. This means that users do not need to go through the process of negotiating with each other. Instead, users can take advantage of the loan facility via a secure dashboard that makes the process of obtaining a loan pretty simple.
- Flexible and Customisable
Wouldn’t it be great if you could customize the loan as per your own preferences? One of the main USPs of Unocoin Lending is that it is quite flexible, and you can choose the terms as per your needs. Users have the option of repaying the loan either in monthly instalments ranging from 3 to 36 months or creating their own payment schedule. When going with the latter option, Unocoin does not pose any restrictions regarding the payment time. You can also borrow multiple loans and keep them active at the same time.
- Transparent Terms
There are often a lot of hidden charges, and unclear terms involved when taking a loan from any financial institution. However, this is not the case with Unocoin Lending as there are no hidden charges, and Unocoin displays the Loan to Value ratio explicitly in addition to the interest rates when approving the loan. When using Bitcoins as collaterals, you can also track the current value of the collaterals in real-time that making sure that you are in control at all times.
- Cost Efficient
Unocoin charges less interest rate on the loan it sanctions when compared to conventional financial institutions. Additionally, because you are using Bitcoins as collateral, you can reap the benefits of an increase in the value of the cryptocurrency in the future after repaying the loan.
Also read, Crypto Lending vs Crypto Staking
How to use Unocoin to buy Cryptocurrency?
Buying cryptocurrency using Unocoin is quite a simple process. Just follow these simple steps:
- Head to the official Unocoin website, and click on the Login option.
- Enter your login credentials, and login to your account.
- Once you have logged in, click on the Wallets option.
- In the wallets option, you will be able to spot two options: Deposit, and Withdraw.
- If you want to purchase Bitcoin or other cryptocurrency, click on the Deposit option.
- If you want to sell the cryptocurrency you already own, click on the Withdraw option.
- Enter the amount, and complete the payment process.
Unocoin Review: Fees
Unocoin is one of the most cost-effective places to buy cryptocurrency in India primarily because they do not charge hefty fees from their users. The fees that Unocoin charges depend on the kind of transaction that you make.
- Buy and Sell Bitcoin
If you want to buy or sell Bitcoins using Unocoin, you will have to pay a fee of 0.5%, and you will also have to pay 18% IGST on the transaction fees as per rules. For example, if you are purchasing Bitcoin worth Rs. 10,000, Unocoin will charge 0.5% i.e Rs. 50, and you will also have to pay an IGST fee of Rs. 9. Overall, you will have to pay roughly Rs. 10,059 if you want to buy Bitcoin worth Rs. 10,000.
- Send and Receive Bitcoin
If you are sending Bitcoins to the email address of an already existing Unocoin user, then you will not have to pay anything for the same. However, if you want to send your Bitcoins to a particular Bitcoin address, then you will have to pay Unocoin a fee ranging between 0.005 to 0.009 BTC. This fee is set dynamically, and the exact amount to be paid would be displayed when you are making the transfer.
Also read, Top 5 Cryptocurrencies to Buy the Dip
Unocoin Review: Security Measures
Security is of paramount importance when you are dealing with cryptocurrency because a single error can result in a lot of financial losses. Unocoin values the privacy of its users, and they make sure that the crypto assets of their users are secure. Unocoin stores a majority of its user’s crypto assets offline on computers that have never been, and will never connect to the internet in the future. Additionally, Unocoin also uses some other measures to ensure the security of the crypto assets.
- AES-256 Encryption
Unocoin uses AES-256 encryption to encrypt the address private keys that are then sealed in envelopes, and stored in different safe deposit lockers.
- Multiple Locations
The private keys that are obtained after the AES-256 encryption are stored in multiple safe deposit lockers that are present in different locations. This ensures that your crypto assets are secure even if the security is ever compromised in the future.
- Enhanced Security
Once the physical address has reached its limit to store crypto assets, the server selects the next address to store cryptocurrency on its own.
Unocoin Review: Pros and Cons
|Buying and selling cryptocurrencies is quite simple.||A limited number of cryptocurrencies to choose from.|
|Low trading fees.||High charge for crypto to crypto transfers.|
|Attractive lending options.|
|Advanced security measures.|
Unocoin has slowly established itself as one of the most popular, and most trusted crypto exchanges in the country owing to the exceptional features that it has to offer. Ever since its establishment in 2013, Unocoin has processed over 9.4 million orders, and it has served over 1.41 million customers, which indicates that a lot of people trust Unocoin, and come back again to use its services.
In this article, we have tried to provide you with a complete Unocoin Review. In case of any queries or troubles, feel free to drop your queries, and we would surely help you out.
Frequently Asked Questions
What is Unocoin?
Unocoin is a crypto exchange that allows you to buy cryptocurrency in India without going through any unnecessary troubles.
Does Unocoin accept UPI payments?
Yes, Unocoin allows you to buy cryptocurrency using the UPI payments option.