Unocoin is a centralized cryptocurrency exchange that was created in 2013 in Bangalore, India. The platform supports BTC-INR trading, enabling users to buy, sell, store, and use Bitcoin. It also supports more than 100 altcoins.
Unocoin is KYC/AML compliant, and hence requires users to verify their identity. Unocoin majorly serves the Indian market. Nonetheless, it has not listed any restricted region. However, the platform acknowledges some countries may not allow the usage of products and services with the characteristics of crypto assets and any of its features. Unocoin encourages users to follow the laws of their countries regarding platform use.
Unocoin crypto exchange is available in both Android and iOS mobile apps. You can also access the platform through the web.
Unocoin cryptocurrency exchange offers spot trading. It supports crypto-fiat trading. Indian Rupee (IRN) is the platform’s base currency. In terms of crypto assets, the Unocoin crypto exchange supports Bitcoin and over 100 other cryptocurrency assets. Users can also have crypto-crypto pairs.
The Unocoin trading pairs include BTC and USDT markets. The platform uses order books that match users' orders with other users.
The main Unocoin exchange fee is a 0.5% fee for crypto buys and sells. Users who have made significant transaction volume over a minimum period of 60 days are upgraded to “Gold Membership”. Such users are allowed to have higher daily transaction limits. In addition, a government-levied IGST of 18% is charged on the transaction fee for all users in India.
Besides that, the exchange employs a maker-taker model. The Unocoin crypto fee for takers is 0.6%, while makers attract no transaction fee. Moreover, Unocoin offers free IRN withdrawal to the bank. Also, sending BTC to a wallet address attracts exchange charges, which vary with the traffic on the blockchain network. Users can view the Unocoin crypto price and the total transaction fees on the platform when making transactions.
Unocoin offers a lending service, which enables verified users to obtain loans in USDT against pledging collateral in Bitcoin. The platform also provides an API service for users who want to source useful data from the platform in real time.
Besides that, Unocoin crypto exchange can also sign in as a sub-broker. Sub-brokers help others trade. They earn a certain percentage of the fee amount they placed on the completed order instead of the user.
Lastly, Unocoin offers over-the-counter (OTC) trading to enable users to trade in bulk without affecting market stability.
About the Company
Unocoin was founded in July 2013. It started at Tumkur, Karnataka, and later shifted the operation to Bengaluru. Unocoin cryptocurrency exchange is India’s first entrant in the Bitcoin space. In 2016, Unicoin released a mobile wallet for iOS and Android.
In 2017, the exchange partnered with wallet provider Blockchain. The strategic partnership with one of the most popular crypto wallets meant people would access Unocoin crypto exchange within the Blockchain wallet.
In 2018, Unocoin installed the first Bitcoin ATM machine after RBI restricted banks to provide a bank account for crypto users. The move would prevent crypto holders from panicking and selling their crypto assets.
In 2020, Draper Associates led a $5 million Series A round for Unocoin.
Unocoin trade volume has increased significantly since its launch. The exchange has more than 2.13 million users. Unocoin volume is expected to increase with more crypto users getting on board.
In 2017, Unocoin was hacked and users' funds were stolen. The hack constituted an illegal transfer of 0.25 BTC from an undisclosed number of accounts. Unocoin repaid the affected users.
Sathvik Vishwanath, a co-founder and CEO of Unocoin, has over 15 years of experience in software systems in the financial and virtual reality industry. He has an MBA in IT and Business from the University of Melbourne.
Another co-founder, Harish B V, who also is the current Chief Financial and Compliance Officer, is an experienced computer science and telecommunication engineer.
Furthermore, there's also Abhinand Kaseti, who is the third co-founder and CMO. He has over 5 years of entrepreneurial experience in marketing and networking systems in the communication industry.
Lastly, there's Sunny Ray, who is another co-founder of Unocoin. He has over 15 years of business development experience in the robotics and financial industries.