Trading FAQs | Unocoin
On Bitcoin/Ether
What is bitcoin?- Bitcoin is a digital currency that functions through the internet and uses peer-to-peer technology to operate with no central authority governing the protocol. The issuing of bitcoin is carried out collectively by the network. It is open-source and free for everyone to be part of. It also has a payment system within its protocol which helps the transfer of value as instant as an email. Through its many unique properties, Bitcoin allows for exciting uses that is not covered by any existing payment system.
Why should I buy bitcoin?- Going by what seems to be people's favourite feature of Bitcoin - the dramatic increase in price and it's future potential to keep increasing, as unlike all other currencies Bitcoin is a deflationary currency. As an asset class, it has been voted as top preference owing to its virtual and decentralised nature. It has been largely compared to gold and even sometimes called "Virtual Gold" or "Gold 2.0" Bitcoin can be used exactly as money anywhere in the globe. Bitcoin gives you the freedom to control your finances. When you start exploring you will begin to believe that with the Bitcoin technology, the possibilities are endless.
What is ether?- Ethereum is a distributed blockchain network. This basically means that it's a platform for recording and executing data transmissions that's more secure than most other current solutions. The computing power to carry out these decentralized applications has a cost, which is measured in units -- or tokens called Ether.
Why should I buy ether?- The Ethereum Foundation’s mission is to promote and support Ethereum platform and base layer research, development and education to bring decentralized protocols and tools to the world that empower developers to produce next generation decentralized applications (dapps), and together build a more globally accessible, more free and more trustworthy Internet. Its one of the most promising project in the blockchain industry.
On Registration & Verification
Can I buy/sell bitcoin without registration and verification?- No, you will need to register on Unocoin and verify your email id. You will also need to provide a pan card along with an address proof, and a phone number to complete the verification process. Once verification is complete, you will be able to buy/sell bitcoin through your Unocoin account.
I am unable to upload my PAN card and address proof images to the website, what do I do?- In the rare event of this happening, please check the size of your attachment. Make sure that the total size of the attachment is less than 10MB and the files are of jpeg/jpg/png formats.
I don't have a PAN card, can I still be a registered user on Unocoin?- Unfortunately you cannot trade or transact on Unocoin without a PAN card.
Why is PAN card mandatory?- As all transactions occur between bank accounts, it is a self-regulatory requirement for us to know the sender/ recipient within a transaction. To comply with KYC/ AML regulation and to protect users from illegal activities we are required to collect a copy of your PAN card. It uniquely identifies you as an individual or institution performing a particular transaction. When filling out your profile, please ensure your name should match the one on your PAN card.
Is my verification permanent?- Indian regulations requires user verification once per year. We therefore may contact you requesting you to provide/update scanned copies of your PAN card and address proof, or to acknowledge the information and documents you have submitted before continues to be valid.
How do I open a Unocoin Business account?- Indian regulations requires user verification once per year. We therefore may contact you requesting you to provide/update scanned copies of your PAN card and address proof, or to acknowledge the information and documents you have submitted before continues to be valid.
I have forgotten my password. Please help!- On the login page, type in your registered email id and click on the "?" link beside the password text box. Once you confirm that you wish to reset your password. You will receive an email with a link. Click on the link and you should be able to set a new password.
On Depositing, Receiving, Sending & Withdrawing
How long does it take for a deposited bitcoin to appear in my Unocoin Wallet?- Once deposited, you will be able to see this in the "Transactions" page usually within a few seconds, but you will not be able to sell/send these bitcoin until the transaction receives 3 confirmations.
Can I have multiple bitcoin deposit addresses?- We currently provide one deposit address per verified Unocoin user. We can provide you a new one upon request.
I have withdrawn my bitcoin to another address, but the transaction status remains pending. Please help!- Depending on the amount of bitcoin you have requested to withdraw (above 5 BTC), our server may mark it as "pending" till the administror approves it. Also due to huge unplanned withdrawals from our customers, if there are insufficient bitcoin on the server, it will need to be replenished from our secured offline storage. Which means a manual process to send bitcoin to the server will be initiated, this process might takes upto a few hours to complete.
On Buying & Selling
How do you determine bitcoin price in INR? And why are Unocoin prices occasionally different to other international exchanges?- At Unocoin, the price is calculated based on the bitcoin to USD exchange rate taken from various credible exchanges and its own stock & orders. The main factors that influence its value are: The current USD to INR exchange, market fluctuations and most importantly the demand/supply of bitcoin. Every trading platform offers a buyer's price and a seller's price in order to meet (may not be the same across exchanges). In India we have seen this meeting price to be more than the international exchanges as the supply of bitcoin in India is comparatively limited. In a way every exchange is independent of each other and when there is a vast difference in prices between them there will always be speculators looking to make an arbitrage which consequently brings the rates more or less in sync with other exchanges. On some trading websites like Unocoin that is specific to a country (India), making a global arbitrage almost impossible. Hence it takes longer for its prices to sync with other international exchanges when there is a sudden spike or drop in bitcoin prices.
What is the fee structure for me to buy and sell bitcoin?- Kindly refer to our fees page.
I have made a deposit of INR using IMPS/NEFT/RTGS. When can I expect it in my INR wallet?- Orders are usually processed within 3-4 working hours from the time your payment hits our account but can sometimes take upto 24 working hours. Please note, if your deposit was made on a Saturday evening or on the eve of a bank holiday, then your payment will only reach us the next working day which is when your order gets queued for processing.
What happens when a deposit order is processed?- Depending on your notification settings, you may receive an SMS and an email when your order is processed. You may now login into Unocoin to buy bitcoin using the INR wallet balance.
How to buy bitcoin?- You need to have balance in your INR wallet to buy bitcoin. On the Buy Bitcoin page, key in the number of bitcoin you are willing to buy and hit the buy bitcoin button to complete your purchase.
What are my buy/sell limits? What are my options if I need to buy/sell above the set threshold?- As a verified user, you will be able to buy 10 bitcoin and sell 2 bitcoin per day. After an extended period (minimum 60 days) of buying and selling and a significant trade volume (of atleast 100 BTC of buy+sell), you will be offered the "Gold Member" account where you will be able to enjoy higher buying and selling limits along with lower transaction fees.
After selling bitcoin, how long does it take to receive my payment?- We need upto 1 working days to process your order while we do the payments in batches. Once processed, most payments are made via NEFT/RTGS which is usually credited on the same working day but can take a maximum of one working day. In the rare event of having to pay you by cheque, it may take upto 5 working days. You will be kept informed if this is the case.
I have given incorrect bank/ bitcoin details on my order, how can this be fixed?- Please email us immediately to [email protected] followed by a call on our customer care number with whatever amends that need to be applied to your order. Provided the order has not yet been processed, we may be able to stop the transaction and advise you of the next steps.
Can I make INR deposit from different bank account?- No, the deposit should be made from your registered bank account ONLY through IMPS / RTGS / NEFT. DO NOT deposit from third party wallets or third party agents.
