Unocoin is a popular bitcoin service based in India. The company plans to make it easy to buy, sell, store, use, and accept bitcoin. Here’s our Unocoin review.
What Is Unocoin?
Unocoin is a bitcoin payment platform accessible online through your browser, or through mobile apps for iOS and Android. The payment platform wants to make it easy to buy, sell, store, use, and accept bitcoin.
You can get started by buying and selling bitcoin through your Indian bank account. Store your bitcoin securely in your Unocoin wallet or vault, then start accepting bitcoin payments from friends or customers around the world.
Overall, Unocoin claims to be India’s most popular bitcoin company. The company was found in July, 2013. To date, they have over 150,000 satisfied customers and 350+ million in total revenue (the company doesn’t specify, but it appears they’re referring to 350+ million rupees).
Unocoin Verification Process
Getting started with Unocoin is straightforward. You register on Unocoin.com, then enter a valid email ID and password. You’ll receive a validation link in your email. Once you’ve completed that, your account will be unverified.
To verify your account, you’ll need to enter your full name (as listed on your PAN card), your PAN number, phone number, and your address.
On the next form, you’ll need to enter a scanned copy of your PAN card and a valid address proof with a photograph (seriously). After you’ve done all that, you’ll still need to wait for a phone call from a member of the Unocoin team. Once that step is complete, your account is ready to be used.
How To Use Unocoin
You can easily buy bitcoin with Indian Rupees (INR) from any online banking service or through NEFT/RTGS. Selling bitcoin through Unocoin is also straightforward: you receive INR directly into your bank account. Unocoin supports all banks that use IFSC.
One of the advantages of Unocoin is that it’s available on a diverse range of devices – including desktops, laptops, tablets, and mobile phones. You get started just by logging in.
After you’ve verified your account, you’ll be able to trade, transact with, accept, and store bitcoin. You can send bitcoin to a friend’s email address (even if they don’t have a Unocoin wallet), or request bitcoin from a friend (again, even if they don’t have a Unocoin wallet).
There’s also an address book that lets you store multiple wallet addresses, or generate paper wallets to keep your bitcoin safe.
Buying and selling bitcoin, or depositing and withdrawing INR, is as easy as clicking the corresponding links on your Unocoin page.
Unocoin For Merchants
Unocoin makes it easy for any Indian with a bank account to buy bitcoins. The company also makes it easy for customers to spend bitcoins. They offer a payment platform for merchants. That payment platform comes with all of the following features:
- 0% Fee: Unocoin doesn’t charge customers any fees to accept bitcoin as a payment.
- 0% Volatility Risk: Unocoin claims that the fluctuation in bitcoin prices poses no threat to their merchants. Merchants can choose to immediately convert bitcoin into INR, or keep their bitcoin to embrace the risk.
- No Chargebacks: Unocoin allows merchants to trade without the fear of chargebacks.
- Simple Integration: Merchants receive detailed information about how to integrate your business with its Unocoin Merchant Gateway.
Unocoin Features For Users
Unocoin offers all of the following features for users:
Two Factor Authentication:
Users can enable 2FA using the Google Authenticator. You’ll need a mobile phone, which will generate a 6 digit code. After entering that code, you’ll be able to login and spend your funds. Google Authenticator is available for Android, iOS, and Blackberry devices.
You can choose to receive email notifications regarding activity on your account. To receive notifications, go to Account Settings > Settings. You can enable notifications for all deposits, withdrawals, or buy/sell bitcoin orders.
Unocoin was founded in July, 2013 in the town of Tumakuru, Karnataka. The company claims to have been India’s “first entrant into the bitcoin space.” Later, the company shifted its major operations to the city of Bengaluru, the capital of Karnataka. Today, they’re headquartered in Bangalore.
To date, Unocoin claims to have over 150,000 satisfied customers and 350+ million in total revenue. The company has received investments from bitcoin investor Barry Silbert, who invested $250,000 USD into the company.
By September 2016, Unocoin had raised $1.5 million in a pre-Series A round of financing, “the highest total raised for a digital currency venture in Indian history.”
Some of the company’s investors included Huiyin Blockchain Venture, Blume Ventures, Boost VC, Digital Currency Group, Funders Club, and Ah! Ventures.
In addition to operating their bitcoin platform, Unocoin is committed to expanding the use of bitcoin throughout India. The company regularly holds meet-ups, seminars, guest talks, college campus events, and other collaborations to promote awareness of bitcoin across the country.
You can get in touch with Unocoin by email at [email protected]
Unocoin is a popular bitcoin payment platform used throughout India. The Bangalore-based company makes it easy for the average Indian user to pay with bitcoin – including sending payments to friends or paying merchants with bitcoin. On the merchant side of things, Unocoin offers payment processing that allows merchants to easily accept bitcoin.
Please note that Unocoin is far from anonymous: the platform has one of the strictest verification process requirements. You need to provide photographic evidence of your PAN card, for example, and photographic evidence of your address. A member of the Unocoin team calls you to verify your identity.
Of course, this is a good thing for merchants, as it ensures there’s an extra layer of authentication for users.
Ultimately, Unocoin is making it easier for people across India to pay with bitcoin or accept bitcoin. Learn more or get started today at Unocoin.com.