Unocoin Bitcoin Wallet
September 21, 2017
Started in December 2013, Unocoin is a Bangalore based technology startup, which operates India’s largest BTC-INR trading platform, enabling Indians to buy, sell, store, accept and use digital cryptocurrency BITCOIN. Every month, Unocoin processes 2000+ transactions worth more than INR 350M for its 370,000+ customers.
Unocoin is also known for industry leading innovations such as the Bitcoin Systematic Buying Plan (SBP), Bitcoin Point of Sale (POS) app and Bitcoin Over-The- Counter trading (OTC). Unocoin has its own full-featured mobile app as well, which gives 24/7 access to real-time bitcoin market prices and enables Indian Unocoin users to manage their bitcoin wallet, send and receive bitcoins, as well as buy and sell bitcoin for INR through their INR wallet. The app also lets you use bitcoins to recharge your mobile number and DTH service. Plus, it keeps you updated with Bitcoin news.
How to register on Unocoin?
Launch the Unocoin app, and then enter a valid email ID and a password of your choice on the home page to create a user login account. The next step after logging into the app requires you to verify your account. For that, you need to provide your name (as mentioned on your PAN Card), PAN number, phone number and address. In the subsequent form, you’ll be asked to upload a scanned copy of your PAN card, address and ID proof. After completing your KYC details, you’ll receive a verification call from the Unocoin team. The entire verification process will take 2-3 working days. Once your account is verified, your account status in the app will be updated from ‘Verification Pending’ to ‘Verified User’. After becoming a verified user, you can buy and sell 10 bitcoins per day; however, there is no daily limit on sending and receiving bitcoins.
Your Unocoin account comes with a Bitcoin Wallet
Once you become a verified Unocoin user, you’ll receive a Bitcoin Wallet Address unique to your account, which can be seen on the “Send/Receive” page. By following a few simple steps, you’ll be able to send and receive bitcoins using your Unocoin’s Bitcoin Wallet. There is no fee for sending bitcoins to another Unocoin user. However, Unocoin currently collects 0.0005 bitcoins as a transaction fee when you send bitcoins to a bitcoin address. There is no fee for receiving bitcoins in your Unocoin’s Bitcoin Wallet.
Buying and Selling Bitcoin is a simple process
In Unocoin, there are basically 2 different wallets –INR wallet and Bitcoin Wallet. To buy bitcoins from Unocoin, you’ll first need to add funds in your INR wallet through NEFT/RTGS/IMPS from your registered bank account. Unocoin also has a tie-up with PayUbiz Money to facilitate the transaction process (the upper daily transaction limit is INR 20,000).
Once you’ve money added in your INR Wallet, just let the app know, how many bitcoins you want to buy or for how much in INR. The balance will get deducted from your INR wallet and buying process will be initiated immediately.
Unocoin also offers a Systematic Buying Plan (SBP) feature that allows you to hedge risks and invest in bitcoins over a period of time. Let’s say, you want to buy bitcoins worth INR 30,000, then the Unocoin will set up the process where the system will buy bitcoins worth INR 100 daily on your behalf. This averages out the risk, rather than buying bitcoins worth INR 30,000 in one go and facing the impact of volatility. It is worth mentioning that Unocoin charges a fee of 1% (which will get reduced to 0.7% after 60 days of trading) to buy or sell bitcoins.
Note: You can withdraw money from your INR wallet to your bank account anytime.
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