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Unocoin “India's most popular Bitcoin Company” – How popular are they and how good is their service?
Is it legit or a huge scam? Let's dig into this unbiased Unocoin review.
Unocoin “India's most popular Bitcoin Company” -How popular are they and how good is their service?
A quick search on Google and we checked out “Poor facilities, situated in a crowded place. The workplace does not look like a business. It is somewhat like little scheduling company for a bus ticket.” -Binod Thakur, a consumer that published in Google reviews.
Are they truly that bad? Well, let's check out that for you. Let us start with the business structure itself. Their business is registered under Unocoin Technologies Private Limited and lies in Bangalore, India. They have been doing business from 2013 and are India's very first company to venture into the Bitcoin world.
The CEO is Sathvik Vishwanath, he has fifteen years of experience under his belt in building software application systems for the monetary market. He likewise holds an MBA for IT and Business from the University of Melbourne.
The Unocoin website acts as a Bitcoin exchange and wallet at the same time. This means that you are able to buy/sell and shop Bitcoin with them.
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Registration and Verification with Unocoin
Please know that to get verified with Unocoin would need you to have a PAN card. This is to abide by KYC/AML policy to protect users from prohibited activities.
If you do have a PAN card, then let's proceed.
You will then be redirected to your account/profile page. Click on the Dashboard tab which is located on the left-hand side of the page. This would then bring you to the control panel where you can start the verification procedure by clicking on the “Get Verified Now?” button on the upper right-hand corner of the screen.
You will then be provided a form to fill. On this form, you would need to have a scanned copy of your PAN card uploaded into their system in addition to a valid proof of address with a photograph. After you have sent it in, your account status will then be at the “Verification Pending” phase. The last part of the verification procedure will be done over the phone, so keep your lines open. Unfortunately there is no predicted time-frame on when your account would be verified.
What do you get for a confirmed account? For starters, you are unable to use their services if you are not verified. This means that you would not have the ability to buy/sell or use their wallet services.
For verified accounts, you would be able to use all their functions supplied in Unocoin. A verified account will have the ability to buy/sell a maximum of 10 Bitcoins each day. In regards to your wallet, there is no limitation. Regular transactions over a period of 60 days will upgrade your account to ‘Gold Membership' service which assures lower transaction fees and greater buy/sell limitations.
You can see what we mean and create your FREE Account By Clicking Here.
- 1% charge to buy/sell Bitcoins
- Deal Fee is 15%( Government imposed Service Tax)
- Gold Membership– 0.7% charge to buy/sell
For example: If you want to purchase bitcoin worth INR 10,000.00 then you would be paying INR 10,115.00 in overall. This is because you need to pay the 1% transaction charge to purchase Bitcoin which is INR 100.00 plus the federal government tax on that transaction cost INR 15.00. They provided their Service Tax number which is AABCU8112DSD001.
Individuals that prepare to purchase from unocoin and choose to receive it on a separate wallet, would not be charged as this is a free service. When sending out Bitcoins to a various Bitcoin address, you would be charged BTC 0.0005. As of this moment, the only currencies they accept would be INR (Indian Rupees) and Bitcoin.
For additional Bitcoins, a registered user of Unocoin can refer their friends and get 15% of the transaction fee made by those referrals. You get the comissions in the form of Bitcoin credited directly into your wallet.
The website shows the experience of the people behind Unocoin. I'm impressed. Under the Resources tab, you can discover everything from FAQ's, Security, Charts, News, Unocoin Merchants and far more!
It is relatively easy to browse Unocoin and at the lower part of the site, you have a calculator for buying/selling Bitcoin with Unocoin.
You Can Check It Out By Clicking Here To Create Your FREE Account.
For security, Unocoin use a couple:
- 2-factor authentication
- Paper Wallet
The 2-Factor authentication is supplied however not needed for your registration. You can simply include this function onto your account after you have registered. On the left-hand side of your Unocoin homepage, click the “Security” tab and pick which one you wish to include or edit.
There are no claims on Unocoin servers being hacked prior to as most of the hacking issues where more on the client's negligence of security.
In the earlier stages of the site, Unocoin was working fine. However fast forward to 2017 and a few concerns have surfaced. They have among the worst Customer Service in the market. Why? Probably of the volume of people that register to their site daily. They do manual validation of PAN cards and respond to tickets through an email system.
There is something that I find fascinating about them however. In spite of the relatively unfavorable reviews all around, they are among the few companies out there today that give back to the community. Like the just recently held Cryptothon last April 8-9, 2017 at 91 springboard, Koramangala, Bangalore. Prizes would go up to INR 50,000.00 worth of Bitcoins. As of today, that would be around BTC 0.25141294 if you buy it straight from them.
- Unocoin is Extremely simple to browse.
- Recommendation Program.
- Community Involvement.
- Paper Wallet.
- Pricey Bitcoins.
- Negative reviews (Customer service related).
- Client service is below average.
- Unocoin Verification Process is tedious.
Unocoin Review – Conclusion
All-in-all the basic evaluation of the site is decent. If you are located in India and planning to use their services, they have openness and community participation, which is something GREAT.
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