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Unocoin Review : Is It Safe Or Scam? Detailed Analysis

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Despite being highly volatile, Crypto trading remains the most generous way to make money, with it again surpassing the $1 trillion mark in market capitalization. However, it all starts with a profitable Crypto trading platform and one such on our list is Unocoin. Let’s have a complete overview of the crypto exchange in this in-depth Unocoin Review . 

The platform has made itself counted among the best Crypto exchanges in India with its unique features like Systematic Buying Plan (SBP), robust security and generous earning program. But How safe is it to trade with or Is it the one you’re searching for? Find all your answers here. 

This detailed Unocoin Review  will analyze the platform based on its fee, services, deposits, pros & cons and come up with an unbiased report to help you decide whether to choose it. 

What is Unocoin?

What is Unocoin?

Unocoin is a multi-purpose Indian Crypto exchange that offers services beyond just trading. It allows users to recharge their smartphone/DTH with bitcoins, fractionally invest in bitcoins with SBP, lend their assets and generate paper wallets to keep their Crypto purchases safe. 

Founded in 2013 by Sathvik Vishwanath, Harish B V, Sunny Ray, and Abhinand Kaseti, this Bengaluru-based crypto exchange platform is probably one of the oldest Crypto exchanges in India. 

In order to offer the best services, the platform has frequently been adding a few elements to its exchange system, including Spot & OTC trading, Autosell feature, Systematic Buying Plans and merchant gateway services. 

Despite all these services, security should remain the first priority of every crypt enthusiast. In the next section of this Unocoin review, take a look at our analysis report on the platform’s safety. 

How Safe Is The Unocoin Platform?

How Safe Is The Unocoin Platform? 

Unocoin, at first sight, seems to be a safe trading platform, all thanks to its currently implemented security measures. Additionally, its security can be gauged by the fact that the platform has never faced any security breach since its inception. 

Here are some of the reasons which make it a safe crypto exchange: 

  • Private key pairs are encrypted using AES-256
  • AES-256 keys are stored in multiple safe deposit lockers at different locations.
  • The server automatically chooses the next offline address once the maximum threshold is reached.

Is Unocoin Scam Or Legit?

Unocoin’s legitimacy is what every potential user of the platform searches for. While analyzing the platform for Unocoin review, we found the platform to be legit. However, as a crypto exchange, it is exempted from following any central authority regulations. 

Here are some reasons that prove Unocoin to be a legit crypto exchange: 

  • Long-term Existence
  • No scam-related complaint
  • Member of NASSCOM — The National Association of Software and Service Companies.
  • Funding from Digital Currency Group, Boost VC, Blume Ventures, Funders Club, ah! Ventures, Future Perfect Ventures, Dream Incubators, Mumbai Angels, and Huiyin Blockchain Venture.

Our Thoughts: Despite Unocoin’s extended security, the risk of losing capital remains high in this unregulated exchange. So, traders wondering about trading Crypto in a much more secure way can opt for the CySEC-regulated platform – Capitalix. 

What Services Does The Platform Offer

Unocoin Review : What Services Does The Platform Offer? 

As a multi-function Crypto exchange, Unocoin services are not just limited to trading or exchange. This is what makes the platform stand out. While writing this detailed Unocoin review , we pointed out each product offering to help traders figure out whether the platform is worth their deposit. 

Crypto Exchange & Trading

Unocoin is a full-functional platform for Spot & OTC trading, along with exchange services. Traders can have exposure to 48+ cryptocurrencies, including major ones like Bitcoin, Ethereum & Cardano. 

Unocoin Lending

Next up on this list is the lending services offered by the platform. All verified users can get a loan up to the amount of their lent crypto assets. The loan amount will be processed in Tether (USDT) only. 

Unocoin Wallet Services

The wallet services are probably the USP of the platform. The purpose of the wallet is to make the transaction smoother, which seems to be fulfilled to a great extent. Additionally, it allows users to store Crypto purchases, track past trades, recharge DTH/Mobiles and instantly initiate withdrawals and deposits.

AutoSell Feature

The automated trading feature of the exchange Autosell allows traders to trade freely without being glued to the screen. All they need to do is set a selling price and the order will be executed automatically when the price hits the amount.

Systematic Buying Plans (SBP)

The Unocoin SBP feature works exactly like SIP (Systematic Investment Plan). The feature is best suited for low-volume and novice investors as they can invest in Bitcoin fractionally. SBP is the best hedge against the high volatility of the Crypto market. 

Merchant Gateway Services

With the motto ‘Bring Crypto to Billions,’ the platform also works as a merchant gateway service. It allows online businesses and merchants to accept payments in bitcoins. 

Which Cryptocurrencies Does Unocoin Support? 

The cryptocurrency offerings of the platform are really impressive, with over 90+ cryptocoins and all major Crypto pairs available. And it is also worth mentioning here that the platform shows transparency in its product offerings. 

Here’s a list of some major Cryptocurrencies offered by Unocoin

  • 1INCH
  • AAVE
  • ALGORAND
  • ApeCoin
  • Arweave (AR)
  • Cosmos Token (ATOM)
  • Audius (AUDIO)
  • Avalanche (AVAX)
  • Axie Infinity (AXS)
  • Balancer (BAL)
  • Basic Attention Token (BAT)
  • Bitcoin Cash (BCH)
  • BNB
  • Bread (BRD)
  • Bitcoin (BTC)
  • Bitcoin Gold (BTG)
  • Binance USD (BUSD)
  • PancakeSwap (CAKE)
  • CELO
  • Celer Network (CELR)
  • Chiliz (CHZ)
  • POLKADOT (DOT)
  • DogeCoin (DOGE)
  • Golem (GNT)
  • Livepeer (LPT)
  • Ethereum (ETH)
  • Loopring (LRC)
  • Litecoin (LTC)
  • Decentraland (MANA)
  • Shiba Inu (SHIB)
  • Solana (SOL)
  • Ripple (XRP)

How Can You Create An Account On Unocoin?

Unocoin Review : How Can You Create An Account On Unocoin?

Creating an Unocoin account is simple and doesn’t take long to get activated. The best part is you can register with your mobile number; no additional formalities are needed for account setup. 

Here’s a step-by-step process on how to open a Unocoin account:

  • Visit https://unocoin.com and click the ‘Get Started’ button.
  • Enter your mobile and create a strong password.
  • Now, enter the OTP sent to your registered mobile number.
  • After submitting the account application form, you’ll be redirected to the Profile Setup page.
  • Here, you can verify your account by entering your PAN Details, Aadhaar/DL Details and Bank Details.
  • Now, upload these documents and click on “verify.”
  • Your account will be verified in 1-2 business days. After that, you can deposit funds to start trading. 

How To Deposit Funds In UnoCoin Account?

How To Deposit Funds In UnoCoin Account?

The minimum deposit requirement for the platform is set at 1000 INR. And the exchange only accepts deposits in INR, which is quite a setback. 

  • On the dashboard, click on the ‘INR Deposit’ icon. 
  • Enter the amount and transfer it to Unocoin’s Account listed on the deposit page.
  • Now, update the transaction reference number provided by your bank on the INR wallet page. 
  • The verification will verify the details and will deposit the amount in your wallet. 

How To Trade On Unocoin?

How To Trade On Unocoin?

Trading on the platform is a simplified process; just three steps to follow, and you’re done. Here’s how you can place your first trade on Unocoin: 

  • On the dashboard, choose the Crypto coin you wish to buy or sell. 
  • Enter the amount you wish to buy or sell the crypto coin at. 
  • Now, confirm your order and click on ‘Buy BTC’ or ‘Sell BTC.’

How To Withdraw Funds From Unocoin?

Raising withdrawal requests on the platform is straightforward and is usually processed instantly. However, in special cases, the processing time may go up to 3-5 business days. 

Here’s a detailed process for withdrawing funds from your wallet:

  • On the dashboard, click on the ‘Wallet’ icon and then select INR.
  • Enter the amount you want to withdraw. 
  • Double-check your withdrawal details and click ‘Withdraw.’

Review Of Unocoin Fees & Charges

The Unocoin fee structure is transparent, providing comprehensive information on its costs and pricing. Here’s a quick overview of Unocoin’s fee structure: 

Fees Amount
Buying & Selling 0.5%
Send Or Recieve Crypto  0.0005 to 0.0009 BTC
Crypto-to-Crypto Exchange  0.2% (Taker), 0.3% (Maker Fee), 0.0005 (Network fee)
Lending  0.01 (Late Fee) & 2.00% (Processing Fee) 

Our Thoughts: According to our findings from this detailed Unocoin Review , the transparency of the platform on its fee structure is impressive. However, it is relatively higher at some points than other crypto trading platforms like Capitalix, InvestBy and InvestFW. 

Unocoin Review : User-Interface & Trading Platforms

The exchange’s user interface is what draws our attention at first sight. It was clean and simple, with all useful links available on the homepage. As per our Unocoin review, we would like to rate the platform 4.5/5 on the basis of its user-friendly and responsive interface. 

However, the exchange’s platform offerings are limited to just web and mobile versions. 

Web Version

  • Direct Access From Desktop
  • Advanced Trading Charts
  • Range of Research & Analysis Tools Available
  • Order Book History
  • Compatible with multiple devices

Unocoin App

  • Available for Both Android & iOS
  • Trading Charts
  • Advanced Analysis Tools Available
  • Order Book History
  • Compatible with multiple devices

The exchange lacks offering advanced MT4 & MT5, which might be a major drawback. Overall, considering the services, the platform is a must-try. 

unocoin Bonuses, Contests & Promotions refer and earn

Unocoin Review : Bonuses, Contests & Promotions

Unocoin offers weekly bonuses and contests, with a top prize of INR 10,000 worth of Bitcoins to winners. The exchange constantly changes the offers almost every week or month. So, you should keep yourself updated with the latest offers before starting on the platform – Check Offer here 

Let’s take a look at the ongoing offers and bonuses: 

Sign Up Bonus

The platform offers a welcome bonus of INR300 worth of bitcoins to its new users. There is no promo code to claim the offer, as it will be automatically activated upon registration. 

Shake and Earn Satoshis (SATS)

The shake and earn program of the platform is lucrative, with users winning free satoshis every day. However, the feature is limited to Unocoin app users only.

To claim the prize, the user must log in to their Unocoin app daily and shake their phone. After that, free satoshis will be credited to their Unocoin wallet. Additionally, you must have a verified account to claim the prize. 

Unocoin Referral Program

The unique referral program offered by the platform allows its associates to earn upto 15% commission on their referral’s transaction fees. In addition, the referral program is limited to verified users only. 

Here’s how to enter the Unocoin referral program: 

  • Visit the Unocoin website — unocoin.com. Sign in to your account using the Unocoin login credentials.
  • Click on “settings” and tap on the “referral icon.”
  • Copy your unique referral link and share it with your friends. 

Unocoin Sub Broker Program 

Unicorn is renowned for offering unique features. In this series, it introduces a unique feature with the name – SUB-broker Program to facilitate users who are new to crypto trading. 

These Sub-Brokers trade and take care of order placing and cancelling on behalf of the user. 

Unocoin Review : Research & Educational Support

The exchange platform offers its users tremendous research and educational support through various channels. There’s a separate FAQ section for trading, exchange and lending queries. 

Additionally, the website’s blog, news and announcement sections help get users updated with the latest development in the Crypto market. 

Overall, the research and educational support extended by the exchange are appreciable. 

Unocoin Review : Customer Support

The best feature we came across while analyzing the platform for Unocoin review  is its mobile support offering, which is rare in the crypto world. 

The platform offers exceptional support 24×6 through email, phone and the ‘Raise A Ticket’ option. The customer support executive is also responsive and comes with accurate answers every time. However, email support lacks sometimes, with users complaining about no reply from them. 

Here’s how you can contact Unocoin customer care: 

Unocoin Reviews & Users Ratings

The platform has an average user rating of 3.3/5 stars on Trustpilot. However, the majority of complaints about the platform are related to its withdrawal policy. 

Unocoin Review : Pros & Cons

Pros Cons
Robust Security  Absence of MT4 & MT5
Generous Bonuses & ongoing contests
Low minimum deposit requirements
Comprehensive wallet services
Hassle-free deposits & withdrawals

 

Final Verdict On Unocoin Review

According to our findings from Unocoin review , the platform can be termed as a one-stop solution for all Crypto-related trading and investing services. Hassle-free deposits, generous contests, and low fees are some of the platform’s impressive features. 

However, it also needs room for improvement in some areas, including withdrawal policy, user interface and regulations. Overall, it is a great option one should try once. 

If you’re still confused about choosing this exchange platform, we suggest you come out of your anxiety and choose a more secure and regulated crypto trading platform – Capitalix. This CySEC-regulated platform offers more than just Crypto trading, so you can have a diverse portfolio. 

FAQs

What Is The Minimum Deposit In Unocoin?

The minimum deposit in Unocoin is set at Rs 1000, meaning you must deposit the said amount to start trading on the platform. 

What Is Unodax? 

Unodax is an advanced crypto exchange and a subsidiary of Unocoin. The platform is specially designed for high-volume traders, offering live order trading, multiple crypto baskets, unlimited order validity, auto-selling, Bitcoin SBP facility, DTH+Mobile payments using Bitcoins, and Bitcoin wallet service with zero transaction fees. 

What To Do If I Forget My Unocoin Password? 

  • Login to your account and enter your registered email id and click on the “?” icon. 
  • Confirm you wish to reset your password. 
  • You will receive a password reset link. Click on it and set a new password for your account. 

How Can I Cancel My Trade Order On Unocoin? 

To cancel an open order, follow these simple steps:

  • Tap on the ‘My orders’ tab from the corresponding asset. 
  • Your open orders will be shown under “Open Orders.” 
  • Click on the ‘Delete’ icon and your order will be cancelled.

How Does Lending Work On Unocoin? 

Unocoin lending allows all verified users to get a loan up to the amount of their lent crypto assets. The loan amount will be processed in Tether (USDT) only. 

How To Contact The UnoCoin Customer Support?

Here’s how you can contact Unocoin customer care: 

What Is Unocoin Bitcoin Wallet? 

It is the wallet service provided by the platform to users willing to buy or sell bitcoins. Additional benefits of the bitcoin wallet include mobile/DTH recharge, storing Crypto purchases, tracking past trades, and instantly initiating withdrawals and deposits.

What Are The Fees Charged By The Unocoin? 

The platform has a flat fee of 0.5% on buying and selling Crypto assets. Meanwhile, there are taker and maker fees for Crypto-to-Crypto exchange, i.e. 0.2% and 0.3%, respectively. 

Does Unocoin Offer Welcome Bonus?

The platform offers a welcome bonus of INR300 worth of bitcoins to its new users. There is no promo code to claim the offer, as it will be automatically activated upon registration. 

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