What are Benefits & Drawbacks of Unocoin?

Unocoin is India's first and largest platform for simple, secure and seamless trading/exchange of bitcoins and for storage and wallet facilities. Unocoin provides vault services at banking standards with their storage facility, the first of its kind in India.

What are Benefits & Drawbacks of Unocoin?

Unocoin has recently launched the Bitcoin Merchant Gateway Integration for entrepreneurs, small and medium businesses, freelancers and professionals from all walks of commerce to enable them to accept bitcoin as a medium of payment for their products and services.

Now, let’s see how Uncoin is beneficial to you while trading Bitcoins.

Benefits of Unocoin

  • Unocoin offers both - Website and Mobile Apps (Android & iOS) for trading Bitcoins seamlessly.
  • Bitcoins purchased via Unocoin is most secured as Unocoin has tied up with Blockchain. Unocoin is the only Bitcoin company which is directly associated with https://blockchain.info/. Also, if you are planning to purchase Bitcoins(for Indian Users) from Blockchain than you will have to do it from Unocoin only.
  • Unocoin provides a unique feature for buying bitcoins - Users can either opt to receive the bitcoin on their Unocoin wallet or to a different wallet address (bitcoin address) that you can provide while purchasing.
  • Unocoin doesn’t charge any fee for sending Bitcoins to an email ID.
  • The Unocoin platform is highly secured as it has integrated 2-Factor Authentication (2FA) feature for accessing Unocoin Account.
  • You can top-up your mobile/DTH directly from your Unocoin account by paying through bitcoin.
  • Systematic Buying Plan(SBP) - SBP is a new and exciting way to acquire bitcoin - the first of its kind that is introduced by Unocoin. This is a more conservative approach to buying bitcoin in small quantities periodically than spending all your money on bitcoin at once. This technique allows you to commit to a fixed INR amount on bitcoin on a regular schedule regardless of the price. You need to fund your INR wallet and schedule the orders below to start with SBP. This feature helps with financial discipline by averaging out your cost of buying Bitcoin.
  • Altcoin Converter - Using Altcoin Converter, you can convert other digital currencies(Litecoin, ethereum classic, ethereum, monero, ripple, list, factom) into bitcoin. This service is powered by shapeshift.io. Note that when using this service, all your interactions that are happening with shapeshift.io are outside of Unocoin's control.
  • Netki - Using Netki you can set a personalized memorable name for your wallet address. A common criticism of cryptocurrency is that wallet addresses are long strings of random numbers and letters, which make crypto inconvenient for the average person. Although this problem has been somewhat circumvented through the use of QR codes, Netki's Wallet Name Service could make the process simpler by only requiring that people memorize a name linked to their public addresses.

Drawbacks of Unocoin

  • When sending bitcoins to a bitcoin address, Unocoin collects a fee. This fee is set dynamically depending on the network congestion and will be displayed while sending out the bitcoin to a bitcoin address. Note: Check the fees before you send Bitcoins.
  • Unocoin lets you trade with only one Cryptocurrency - Bitcoin.
  • Unocoin charges Transaction fees(0.7%) and IGST(18% on Transaction fees) while using NEFT/RTGS/IMPS option. Also if you use, PayU or Net Banking as payment mode, then you will have to pay additional 1.9% transaction fee.

If you wish to register with Unocoin, refer How to trade Bitcoin using Unocoin - India’s leading Bitcoin company. Uncoin is not the only one. There are other well-known exchanges such as Zebpay and Koinex.

How was your experience with Unocoin? Do share with us in comments!
What are Benefits & Drawbacks of Unocoin? What are Benefits & Drawbacks of Unocoin? Reviewed by StalkOwl on January 09, 2018 Rating: 5

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