Unocoin Wallet Review
Despite the stiff regulations on digital assets in India, Unocoin wallet thrives there. The company serves over 1.5 million users and has the backing of 45 top investors. Unocoin wallet is secure and easy to use. The wallet app is available for both Android and iOS users.
General Information
Unocoin is an India-based exchange and wallet for digital assets. Sunny Ray, Sathvik Vishwanath, Harish BV, and Abhinand Kaseti founded the company in 2013. Unocoin started in Tumkur, Karnataka, and is now based in Bengaluru, India.
45 top investors back the company to aid its expansion. These companies include Digital Currency Group, Funders Club, and Blume Ventures. The investors were able to raise $1.5 million for Unocoin. Unocoin primarily serves Indian users. The company plans to reach the global markets as a top player.
Several things make Unocoin unique. The first is the opportunity to purchase assets through Systematic Investment Planning (SIP). For instance, SIP allows users to set up a deduction of a set amount from a linked bank account. It is automatic, and will purchase BTC at the prevailing market rate. Users can choose to have daily, weekly, or monthly payments.
Furthermore, Indian users can buy selected digital assets with fiat and withdraw into a linked bank account. Users can also pay bills directly from their wallets. The wallet faces stiff competition from exchanges such as Paxful and LocalBitcoins.
Unocoin Wallet Supported Coins
The wallet supports BTC and ETH. To find out where you can obtain these coins in the first place, visit our Exchange List. Use the filters to find the right exchange for you.
Unocoin Wallet Fees
The truth is the digital market is not yet regulated in India. This is because of the country’s stance on digital assets. Even at that, trading your assets is legal. Meanwhile, exchanges are free to operate unregulated in India.
Here is a summary of transaction fees for Unocoin:
Unocoin Wallet Price
The wallet is free to use. The app is available for download on the app stores.
Unocoin Wallet Ease of Use
Unlike most wallets, Unocoin is very easy to use. Users are verified within 2-3 working days. The wallet will process transactions in minutes or a maximum of 2 hours. To get started:
- Go to https://unocoin.com to create an account.
- Register with your mobile number and create a strong password of your choice.
- Validate registration with an OTP.
- Then you will come to the Security Questions Page.
- Once successfully submitted, you will come to the Profile Setup Page.
Getting verified is quite straight forward. Clicking on the Profile Status Bar directs you to the Profile Setup Page. Here, the wallet asks you to provide your bank, PAN, Aadhaar/DL details and professional photograph. Once you submit all the required information, you get verified.
Anonymity
Although the wallet takes user privacy very seriously, user anonymity is low. Unocoin collects personal details that it uses to identify you easily. This includes your PAN Card Details, Aadhar Card Details, Contact Number and Email.
Moreover, these details are secure. They are collected to prevent illegal activities and confirm user identity with third party electronic identification providers.
Security
The wallet stores most user funds offline. In addition, you can generate the multiple addresses for offline storage on a computer with no internet connection. The address/private key pairs are encrypted with AES-256. They are also sealed in envelopes and stored in multiple safe deposit lockers. This acts as a measure against hacking, loss, and theft of user funds.
In addition, the wallet provides optional 2FA. But f enabled, users have to verify their identity before logging in. 2FA provides an extra layer of security against hacking attempts. This is arguably a best practice in the industry.
In line with best practices, Unocoin recommends that you avoid holding your coins on the exchange for a long time. In other words, if you do not plan to make frequent trades, move your coins to secure wallets.
Where to buy Unocoin Wallet
Unocoin platform allows customers to store, spend and exchange currencies instantly. The wallet app is free to download.