Is Unocoin a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether Unocoin is a good crypto exchange to start trading with. In this article you will learn whether Unocoin is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker Unocoin
Unocoin is an Indian exchange that was established in 2013 and currently services over 2.3 million traders. The list of available assets includes over 80 cryptocurrencies and tokens. In addition to market and limit orders, the exchange also offers advanced order types, such as Split, Ladder and Stack. The fees for buying/selling assets depend on the 30-day trading volume and the type of the order opened by a trader. Traders with large trading volumes pay zero fee (makers) or 0.3-0.5% fee (takers). A deposit can be made from a verified bank account and only in Indian rupees. The minimum is 100 INR, the maximum is 200,000 INR per day.
| 💰 Account currency: | INR |
| 🚀 Minimum deposit: | 100 INR |
| ⚖️ Leverage: | 1:1 |
| 💱 Spread: | 0%-0.5% for makers, 0.3%-0.5% for takers |
| 🔧 Instruments: | Over 80 cryptocurrencies |
| 💹 Margin Call / Stop Out: | No |
Unocoin Pros and Cons
👍 Advantages of trading with Unocoin:
•Extensive experience – the exchange was registered in July 2013;
•The minimum deposit is affordable even to cryptocurrency trading beginners;
•The exchange provides loans for different periods for buying assets;
•Free withdrawal of fiat to a bank account;
•Possibility to earn money on holding USDT in your wallet;
•No fee for storing cryptocurrencies;
•Affiliate program, welcome bonus and coupons for various purposes.
👎 Disadvantages of Unocoin:
•Indian rupee (INR) is the only available fiat money;
•Only citizens and residents of India can create an account;
•Zero trading fees are available only for makers with a trading volume over USD 2,000,000.
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
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Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
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Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
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Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
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Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
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Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
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Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for Unocoin Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. Unocoin offers traders the following conditions.
| 💻 Trading platform: | Web platform for TradingView charts, mobile apps for Android and iOS |
| 📊 Accounts: | Standard, Gold |
| 💰 Account currency: | INR |
| 💵 Replenishment / Withdrawal: | Bank transfer, National Electronic Funds Transfer (NEFT), Real-Time Gross Settlement (RTGS), Unified Payment Interface (UPI), Immediate Payment Service (IMPS), cryptocurrency wallets (only withdrawal) |
| 🚀 Minimum deposit: | 100 INR |
| ⚖️ Leverage: | 1:1 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | from 0 |
| 💱 Spread: | 0%-0.5% for makers, 0.3%-0.5% for takers |
| 🔧 Instruments: | Over 80 cryptocurrencies |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Market, Limit, Stop Loss, Stop Limit, Ladder, Stack, Split |
| ⭐ Trading features: | Algorithmic trading is available |
| 🎁 Contests and bonuses: | Coupons for free crypto coins or a fee discount, welcome bonus for referrer and referral |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of Unocoin commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
Unocoin charges a 0.5% fee to buy or sell bitcoin. The clients of the exchange also pay the IGST tax of 18% of the volume to the state of India. Traders who trade for over 60 days and have a trading volume of over USD 2 million are given the Gold Membership. If they are the makers at the exchange, they do not pay the trading fee. Taker fee is reduced to 0.3% in this case. Unocoin does not charge a fee for sending BTC to an email of another client. If BTC is sent to a bitcoin address, the exchange charges a fee of 0.0005-0.0009 BTC depending on the blockchain congestion. INR withdrawal to a bank account is free. Network fees are 0.0005 BTC, 0.01 ETH, 0.02 LTC, 0.0001 BCH. The table below shows an average fee for a USD 1,000 transaction.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | 5$ — for taker and maker | A fee is charged on withdrawals in cryptocurrencies |
| Gold | 0$ — for maker 3$ — for taker |
A fee is charged on withdrawals in cryptocurrencies |
Investment programs of Unocoin
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. Unocoin offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
Unocoin clients can earn passive income by holding (staking) cryptocurrencies in their wallets. The exchange offers loyal conditions for the minimum investment amount, which is why any registered trade can use this option. Unocoin also pays referral rewards, if a client’s referral link is used for registering at the exchange. Large makers that place orders to buy/sell various assets in the order book receive a percentage of the monthly turnover.
Earning on staking and the program for market makers
Overall, Staking is similar to a bank deposit. This is how it works on Unocoin crypto exchange: a trader deposits 5,000-10,000 USDT and locks them for a period from one day to 24 months, i.e. does not use the funds for trading and doesn’t withdraw them. Unocoin pays interest for that. Automatic extension is available for staking, which means that the entire investment amount and the profit amount are transferred to the next period after the current locked period expires.
Staking interest for different locked periods:
3% for a period from 1 to 30 days;
4% — from 31 to 60 days;
4,5% — from 61 to 90 days;
5% — from 91 to 182;
6% — from 183 days to 12 months;
7% — from 366 days to 24 months.
The exchange offers the Market Maker program for traders trading big amounts. Under its conditions, traders with a 30-day trading volume from USD 2 million to USD 5 million receive a reward in the amount of 0.1%, which is USD 2,000-5,000. The reward percentage is discussed individually with traders whose turnover exceeds USD 5 million.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.
Unocoin Affiliate program
The referral reward of Unocoin is 15% of the fees paid by the referred users to the exchange. Also, in 2022, a referrer gets INR 100 worth of BTC for each referral.
In order to participate in the Refer and Earn program, a client of Unocoin must share the link to the exchange with a trader interested in trading cryptocurrencies. This can be done via SMS, WhatsApp, email, and Airdrop (for iOS devices). If a trader registers at the exchange using a referral link, he becomes a referral. After making the first deposit, a referral gets a welcome bonus – INR 100 worth of BTC.
Conclusion. Is Unocoin good for beginners?
The Unocoin cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, Unocoin could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.