Unocoin is India’s leading bitcoin company. It enables Indians to buy, sell, store, use and accept bitcoin.
With a mission “to bring Bitcoin to billions”, Unocoin was founded in July of 2013 in the town of Tumakuru, Karnataka and is India’s first entrant into the bitcoin space. Later the company shifted its major operation to Bengaluru.
With over 150,000+ satisfied customers and 350+ million in total revenue, Unocoin has been on the forefront of bitcoin revolution in India. Unocoin received its initial kickstart when renowned Bitcoin Investor Barry Silbert invested 250,000 USD in Unocoin making it the first bitcoin investment in the country and in three years the company has drawn more than 30 top investors from 5 countries. In September 2016, Unocoin had raised $1.5 million in a Pre Series-A round, the highest total raised for a digital currency venture in Indian history.
First things first: Things you can do at Unocoin
As a verified user, you will be able to trade, transact with, accept and store bitcoin. You can send bitcoin to your friend’s email address (who may not have an Unocoin wallet), request bitcoin from a friend (who may not have an Unocoin wallet), and address book option to store multiple wallet addresses, even generate paper wallets to keep your bitcoin safe and then easily import those addresses to your address book. Now you may also top-up your mobile/DTH directly from your Unocoin account by paying through bitcoin.
REGISTRATION AND VERIFICATION
On the home page, enter a valid email id and password of your choice and hit REGISTER NOW button. A validation email with a link will be sent to the email id entered, once clicked on the link to verify your email, you will be directed back to Unocoin.com to continue with the registration process. Please read and accept the terms and conditions to complete your registration.
Once registration is complete, your account is in an ‘unverified’ status. To start the verification process once logged in, go to the ‘Edit Profile’ page on ‘Account Settings’ (menu on the left) and enter the requested details. Name (as mentioned in your PAN card), PAN number, phone number and your address. In the subsequent form, upload a scanned copy of your PAN card and a valid address proof with a photograph. Please note the scanned copies should be clear and legible. This will move your account status to ‘Verification Pending’. You will receive a phone call verification from one of our team members for verification, once completed your account will be verified and ready for use.
Once your account has been verified, you will be able to buy and sell 10 BTC/ day with no limits on sending and receiving BTC. Regular and continued buy/sell transactions over a period of 60 days will upgrade your account to our premium ‘Gold Member’ service with lower transaction fees and higher buy/sell limits. The last step would be to add your bank account details to your profile by visiting Account Settings > Bank Accounts.
DEPOSITING/RECEIVING AND SENDING/WITHDRAWING BITCOIN
Your Unocoin account comes with a bitcoin “wallet”
Once you are a verified member, you will receive a wallet address which can be seen on the “Send/ Receive Bitcoin” page. This wallet address is unique to your account.
Deposit / Receive bitcoin in your Unocoin wallet
You can start receiving bitcoin to your Unocoin wallet address (on the “Send/Receive Bitcoin” page). We use Bitgo service to receive bitcoin deposits to your Unocoin wallet. This process takes not more than a minute or two, with the rare exception of upto two hours. Please note the bitcoin can be sold or sent to another recipient only after the deposit has 3 confirmations which takes approximately half an hour. In the “Account Settings” page under “Notifications”, the user may avail the option to receive an email notification whenever a deposit is made.
Send / Withdraw bitcoin from your Unocoin wallet
The bitcoin you may have stored in your Unocoin wallet can be sent to yourself (another bitcoin wallet address), or to a friend’s bitcoin wallet address or even to an email address that is registered on Unocoin. You may also send bitcoin as a gift to an email id of your loved ones (in India) who may not have a Unocoin wallet (this email would also include an introduction to bitcoin and the process to claim the bitcoin sent to them). When sending bitcoin from “Send/Receive Bitcoin” webpage, you will notice there is an option to either type in a bitcoin address or an email id of the recipient, or a bitcoin address from your own address book. Next, enter the BTC amount you wish to send. You can also add a note for your recipients reference. Finally, hit the ‘Send Money’ button. Depending upon the amount of bitcoin you are trying to send, the server may mark the transaction as pending for admin approval or until we feed extra bitcoin to fulfil the transactions from our offline wallets.
If you send bitcoin as a gift to an email id that is not registered on Unocoin, you will then receive a message when the recipient registers on Unocoin and claims the bitcoin/gift. If the recipient fails to claim those bitcoin/gift in 7 days, you will get a new message which will allow you to reclaim those bitcoin.
Requesting Bitcoin to your wallet
You can request bitcoin from a friend who may not yet be registered with Unocoin using their email id. An email is also sent to them regarding your request which would also include an introduction to Bitcoin and the process to fulfill your Bitcoin request.
BUYING AND SELLING BITCOIN
Once you are a verified member, you will be able to buy bitcoin on Unocoin. Click on ‘Buy/Sell Bitcoin’ link, goto “Buy Bitcoin” page and enter how many bitcoin you would like to buy or for how much in INR. You would be paying for the bitcoin using your INR balance and this process is instanteneous.
You can either opt to receive the bitcoin on your Unocoin wallet or to a different wallet address (bitcoin address) that you can provide while purchasing. You will have to confirm the purchase in the confirmation window before your order gets placed.
You can only sell those bitcoin stored in your Unocoin wallet. If your wallet has insufficient BTC to be sold, please make sure it is replenished before you put out a sell order. You will need to add your bank details before you proceed to ‘Sell bitcoin’. This will be the bank account where you will receive INR after the successful sale. The name on the bank account should be the same as your name in your Unocoin profile (initials,expansion or abbreviations are acceptable). The bank should have an IFSC code for us to pay you using NEFT/RTGS. You can find the IFSC code on the bank cheque or by contacting your bank. Once you have added a bank account, go to “Sell Bitcoin” page and enter how much bitcoin you are willing to sell. Lastly confirm your sale in the confirmation box. We need upto 3 working days to process your order. Once processed, most payments are made via NEFT/RTGS which is usually credited on the same working day but can take a maximum of 1 working day.
Depositing and withdrawing INR
You can maintain and use INR balance in your Unocoin account that you can use to purchase bitcoin anytime. To deposit INR, goto Deposit INR page, enter the amount you are willing to deposit and create the deposit order. Then transfer the INR through NEFT/RTGS/IMPS from your registered bank account that gives you a reference number. Enter the refernece number on Deposit INR page against the deposit order you have created. Once we recieve your payment, we will process your order which will add the deposited INR to your INR balance. Orders are usually processed within 3-4 working hours from the time your payment hits our bank account, but can sometimes take upto 24 working hours. If the reference number entered by you is not as per our requirement, then we have no way of identifying your payment in our bank account statement and we wont be able to process your deposit order till we have the correct reference number information.
You can withdraw INR using Withdraw INR page where you can enter the amount of INR you are willing to withdraw to your bank account.
Two Factor Authentication
You can set up double authentication by using the Google authenticator. You need to have your mobile phone generate a unique 6 digit code to login and spend funds. Google authenticator is available for Android, iOS devices and Blackberry devices.
To enable/disable receiving email notifications regarding activity on your account, please go to Account Settings -> Settings web page to have this set up. You may enable notifications for deposits, withdrawals or even for purchase and sale of bitcoin, OTP through email. There maybe further notification options added in the future.