Overview
Unocoin was founded in 2013 in Bangalore, making it one of the earliest cryptocurrency platforms in India. The exchange launched at a time when Bitcoin awareness in the country was still nascent, and it played a significant role in introducing Indian users to cryptocurrency. Over the years, Unocoin has grown to become one of the most recognized names in the Indian crypto market, serving a large base of retail users.
The platform is designed specifically for the Indian market, supporting deposits and withdrawals in Indian rupees (INR) through popular local payment methods including UPI, IMPS, NEFT, and RTGS. Unocoin offers trading in Bitcoin and a selection of other major cryptocurrencies paired against INR. The interface is geared toward simplicity, making it accessible to users who are new to cryptocurrency.
One of Unocoin's notable features is its Systematic Investment Plan (SIP), which allows users to automate recurring purchases of Bitcoin or other supported cryptocurrencies at regular intervals. This feature mirrors the SIP concept familiar to Indian investors from the mutual fund space, making it a natural entry point for users who want to accumulate crypto gradually without trying to time the market. Unocoin also offers an OTC (over-the-counter) desk for larger trades.
Getting Started
Unocoin's onboarding process is tailored to Indian users and follows the standard KYC requirements mandated by Indian regulations.
- Step 1: Download the Unocoin app or register at unocoin.com. Sign up with your email address or mobile number and create a password.
- Step 2: Complete KYC verification. Submit your PAN card details, Aadhaar information, and a selfie. Verification is processed in accordance with Indian regulatory requirements.
- Step 3: Deposit INR using UPI, IMPS, NEFT, or RTGS. Funds deposited via UPI or IMPS are typically credited quickly, while NEFT and RTGS may take longer depending on banking hours.
- Step 4: Buy Bitcoin or another supported cryptocurrency. Select the asset, enter the amount in INR, review the transaction, and confirm. You can also set up a Systematic Investment Plan for recurring purchases.
Pros & Cons
Pros
- Established Indian platform: One of the oldest crypto exchanges in India with a long track record and strong brand recognition in the market.
- Systematic Investment Plans: The SIP feature makes it easy to set up recurring Bitcoin purchases, a concept familiar to Indian investors.
- Local payment methods: Supports UPI, IMPS, NEFT, and RTGS, making INR deposits convenient for Indian users.
Cons
- India-only focus: The platform is designed for the Indian market and is not available to users in most other countries.
- Limited cryptocurrency selection: Supports fewer assets than larger global exchanges, which may not suit users looking for a wide range of altcoins.
- Regulatory uncertainty: India's evolving regulatory landscape for cryptocurrency has at times created uncertainty for all domestic exchanges, including Unocoin.