Bitcoin Forum

Hello Indian brothers,
I want to tell all my Indian friends.. "Don't use unocoin.com for wallet services or buying / selling bitcoins.."
They are peoples hungry for money.. Adding heavy services charges and fees on buying.. And pay less for sold bitcoins...
If some one send u bitcoins.. U have to wait for 6 confirmations before u can touch ur bitcoins.(means 3-4 hour) . It's totally against bitcoins moto..
They making thr own rules.. Also according to the rules each bitcoins u send will be manually approved by admin before it transfered recivers wallet.. It takes 1 hour to 5 hour.. Can't say if u in hurry and need bitcoins.. Wait for admin to approve it all day.. Myself waited 2 day for btc I sent to a local shop for payment. And waited 1 hour standing for bitcoin transaction and no option left to call friend for help.. ( and if its holiday and u want to send bitcoins.. Simply forgot that u can..) ..
That's totally insane rules and procedures .. If u don't want to wait all day or pay heavy fees on each transaction or buying/ selling of bitcoins.. Stay away from this compny..
If we together leave thr service..  We can teach them a lesson..
Tell this to any indian bitcoin or unocoin user u know.. And tell them to stay away from unocoin.com
Thanx friends..
I belive my friends will not face what I faced ...

So there's manual approval by the team at Unocoin, but then that wouldn't be really necessary. Considering that all the KYC documents and PAN ID proof has been submitted the process should be automated henceforth. I found that doing an RTGS and/or IMPS through a trusted LocalBitcoin trader was the quicker way to buy and sell Bitcoins.

There was an incident which might have made them extra cautious - https://bitcointalk.org/index.php?topic=1047669.msg11302110#msg11302110

unocoin.com i can not access the website. I think the website has been scammed. You should open post on scam accusations

It is not scam for sure. I can open the website and I am sure dashingriddler will answer here when he is is available
( today is public holiday in India )

Regards

Oh... Ok let's wait his clarification. He must fix the website because i can not access it. And give us answers with clearly about this problem.

Thanks buysellbitcoin for supporting till i get back :)

Hello rock007, while I am not sure of your intentions, and this being the first and only post you have ever created, I can definitely try to address your concerns.

1. We quote our prices for both buying and selling - so you already know at what price we are selling bitcoin and at what price we would buy your bitcoin. There is nothing hidden here. It is up to you to buy if you should buy or sell at that price. We do not depend upon external or international exchanges for quoting the price. We do it based on our own set of customers, the buying and selling patterns, stock in hand and its cost price etc. There was time when we paid the highest in India when people sold us bitcoin, and there are times when people got bitcoin cheapest in India.

2. Yes you need to wait for 6 confirmations. This is informed to you before hand. 6 confirmations normally takes 1 hour on an average.

3. When you send bitcoin, depending upon how many bitcoin you are sending, it would wait for admin approval or else would automatically get approved. Presently this limit is at 5 btc in 24 hours. This approval happens in batches and happens about a dozen times per working day and about half a dozen times on the holidays. There has not been an instance where you had to wait for 2 days unless there is a technical issue - please PM me your transaction id and I can see what was the story behind it.

4. If we are talking about the extra delays we faced in last few days (since friday evening 9pm), our website has been targeted by a DDoS attack who identify themselves as DD 4BC - read about them here http://www.coindesk.com/bitcoin-extortion-dd4bc-new-zealand-ddos-attacks/
This had caused just a few transaction to get struck and we have pushed them manually - hoping yours was not one of these. Mitigating the attack had kept us quite busy and now pretty much back to normal (except some support tickets regarding delays that still needs a reply).

Regards

I disagree with the user who created this thread, the website is not a scam at all. They are doing everything legitimate.

Also accepting that 6 confirmations are bit longer nearly double in the average case than any other websites require, btcxindia requires 3, coinsecure requires 3, loanbase requires 2, POP requires 3, local bitcoins requires 3. Most international exchanges require 3. I don't know what security they achieve with this extra 3 confirmations. 

In my case, withdraws are automatic which is good. Never transacted bigger amounts from them. So can't say about it.

However Withdrawing INR takes up to 1 working day, which is, in my opinion, is slow compared to other services in India, but being a bigger company, it's quite obvious.

Mostly I prefer LBC, for quick transactions.

PS:
Unocoin: I'd like to know what's your daily volume.

Thank you for your support.
I will ask my team to access the risks of accepting transactions with lower confirmations.

We are a trading platform and not an exchange. So we do not have or disclose volumes.

~250 BTC/day AFAIK.

Yeah right I don't use them because for bitcoins they need our bank and nformation very bad this guys are scammers will sell our information so don't use this type site that need our information be safe

As far as I know, every trading platform need these info as they would be dealing with fiat currencies - not just in India but everywhere in the world. No, we do not sell your information - we have a revenue model that earns us money already. If you are just looking at transacting in bitcoin, you will have to try blockchain.info or copay or any such similar services at your own risks.

Regards

but i would say that your customer support is really bad. dont expect to hear from them anytime soon if you need some support,nor you cannot verify the account during week ends, toll free no wont work , if someone opens a ticket i expect a  answer to them atleast after 48 hrs, and that wont happen..

these are the negative feedback i have about unocoin. hope you will look after these in the future

Hello Nichu,
The issues you have mentioned has come to our notice as well. Our customer base is growing at a faster rate than we are able to scale up our customer service dept. We are working on scaling up our resources.
While most of the days we make sure to attend all the tickets the same business day and attend all the calls as they come-in, we wont be able to do it if there is any tech issue on our end as there will literally be unlimited calls and tickets.

We have considered your feedback and work on improving our customer service response in the coming days. Thank you :)

thats the spirit cheers mate..hope it will change.

Is this true?

We being a trading platform do not disclose our volumes. But I can say that it is not a bad estimate :)

not your only a newbie but a fool person too in this forum.chill bro they are not making their own rul.i remained you that every exchange need conformation if bitcoin after receiving bitcoin.because according to their terms and conditions they have not any control in bitcoin network. ;D .so if your bitcoin get reverse exchange will loose their money. so please you must have to keep patience till 3-6 network confirmation.

there are many people can be seen sending bitcoin for 0.000btc fees and they get theirs coin back in 24 hours.because coin can't be mined  without paying fees.

lol.i can't stop my laughing. did you ever used any other exchange besides unocoin or simply tell me some exchange names which give you permission to avail buying selling bitcoin without asking your personal detail?
i think here is not any exchange like this type.may be but they all are scam.

now let me describe something,nowadays carder(one who buy hacked credit card or send money from others bank account) are abusing bitcoin by buying bitcoin with those hacked cc.so if owner of cc complain that his/her money was debited to this account number (exchange).the owner of exchange will be fucked.
so that's why they need and ask you to store yiur documents in their database.
you just have to believe them they already getting too much profit and big legit company.so they will not put themselves in trouble by selling your data just fir few money.
hope it will help you. :-*

agreed with you.
mostly me too seen many platform including exchange, trading sites,cloud mining, payment for shopping required maximum 3 network confirmation. and bitcoin.org also says that after 3 conformation bitcoin is secured. there will be no chance to reverse the coin.
so in my mind question is too why they need extra 3 conformation? ???

really?
so what about this article
https://bitcointalk.org/index.php?topic=222674.0  ?

 this person was  scammed by a trusted trader in localbicoin.i think trading with person is more risky than trading with exchange. i also scammed one time on localbitcoin for 5000rs from a trusted seller.so now i only buy and sell with exchange.

I agree.Dealing with an individual seller is more riskier than buying or selling.I dont understand why someone would prefer to risk his money when he has options to do it safely

I have used Unocoin in the past. By Indian standards, it is both a reliable and reasonably decent customer service. They are bound by Indian law and have to do certain things rigorously to stay in business.

is purchase bitcoin from unocoin safe ?

yes...unocoin is safe..

Hey
Since two months we only need 3 confirmations in total to credit your wallet.

Regards

Bitcoin has NO official 'moto',, if it does, I'd say, Bitcoin's decentralization is a lie... A big one..

Unocoin is a exchange site, not a wallet, if you want a wallet, either 1) go Electrum 2) go Blockchain.info 3) Go Bitcoin Core 4) Go anything else that I don't care about.

I think all exchanges in India have the standard policy of 3 confirmations. Let see if any of them in coming time can make it to 2 confirmations.

We do intend to do that sometime down the line. One stats I can share here is that at Unocoin, every transaction among 300k+ transactions that got the first successful confirmation always has got confirmed eventually. So in theory we could just wait for one confirmation only if we are not too risk averse.

Regards

i know why,because of anonymity ;D.i don't know why people trade with stranger by keeping their money on risk just for hide their privacy.
may be they shy while sharing documents to any exchange.;D

lol.I think they are afraid of legal action in future if bitcoin declared illegal or maybe they sell stolen coins or buying bitcoins with their black money

buying btc with black money ok.but selling stolen coin?
is coins defined by any things? if you give me stolen btc i will sell all in exchange with my id proof.there will be no problem.

Yes you are right but stolen coins can be traced and that may be the reason hackers prefer to stay anonymous

Unocoin is a scam stay away worst ever exchange.

https://bitcointalk.org/index.php?topic=2082742.0

Unocoin is one of the best exchanges in India. Spamming negative comments in this forum probably wouldn't do anything to their reputation.

Well Unocoin is one of the reputable exchanges and an early adopter to bitcoin. Yes there have being couple of instances of security lapses but I think once instance they gave the btc back which were withdrawn from users wallet. I think Unocoin team should reply here exactly what is happening and what steps they are taking which will give confidence among its users and community too.

Unocoin is nice startup may be you have had bad experience with them :'( ...

Bitcoin buy/exchange services in india  ;D :)

https://www.youtube.com/watch?v=V-QAxLEq7lE&t=15s (https://www.youtube.com/watch?v=V-QAxLEq7lE&t=15s)

Been using Unocoin since 2015. No problem at all. Earlier, I had to wait 2 hours for my money to show up in my account but now I can instantly transfer my money to Unocoin to purchase bitcoins. Minimum buy is Rs 1000. Minimum withdrawal to your bank account is also Rs 1000. If you make a withdrawal early in the day, you'll get your INR by evening. The only minus point I find with Unocoin is their high rates. Rates at Coinsecure are lower the last time I checked.