Unocoin - Simple, Safe and Secure Way for Buying, Selling and Storing Bitcoins in India
URL:
https://www.unocoin.comMinimum price to buy or sell is INR 200 equivalent as of now. Maximum depends upon your membership level and will be visible on your profile when you login.
Official Launch: On 1st of Feb 2013.
Intro: After your registration as a customer, you will need to submit your pan card, id proof, address proof and a photograph along with your mobile num and address. A phone verification will be taken and your account will get verified after which you can see your unocoin wallet bitcoin address. Paying to this bitcoin address will add those bitcoins to your Unocoin wallet.
Buying bitcoins: As a verified member, you can buy bitcoins at Unocoin. You can choose the destination for the bitcoins being Unocoin wallet or your own bitcoin address (0.0005 btc network fee will be paid by us and you will receive the complete bitcoins you have purchased). Once you place the order, you will need to pay INR through NEFT/RTGS/IMPS from your bank account to our bank account mentioned below. We do not accept cash deposits to our bank accounts and process your orders. You will also get an email regarding order placement along with our bank details when you place the order for your records. Once we receive INR to our bank account, your BUY order gets processed with in 24 hours and usually it will happen with in 2 hours.
Selling bitcoins: You need have bitcoins in your Unocoin wallet to sell those bitcoins. Before placing the SELL order you need to add your bank account details in your account settings. You can add multiple bank accounts and choose the bank to which you wish to receive the INR while selling bitcoins. Once you place the order to sell your bitcoins, it takes us upto 3 business days for us to pay you INR especially if it is your first SELL order.
Sending and receiving bitcoins: You can send bitcoins to an email id or to a bitcoin address. If the email id you used is not registered on Unocoin, they will get an email that introduces them to bitcoin and requesting them to sign-up on Unocoin and accept your bitcoins. To request bitcoins, you will need an email id of the person from whom you are requesting the bitcoins. If that person is not registered on Unocoin, they will get an email that introduces them to bitcoin and requesting them to sign-up on Unocoin and pay you the requested bitcoins.
Campaigns: Verified customers who have a lot of bitcoins to buy or to sell can take advantage of this feature where Unocoin itself cannot honor such huge buy or sell. Campaigns usually run for 7 days. Customers who are willing to buy bitcoins need to consider a fixed price per bitcoin for duration of campaign and we list the campaign for them. We will fulfill the order as we continue getting the counter party. The price will also be fixed for the counter party who needs to buy/sell atleast minimum number of bitcoins and this includes the transaction fee and service tax - so the price seen on campaign is what gets paid at the end. Unless the cicumstances really mandate cancelling an ongoing campaign, we do not encourage the customer to cancel the campaign listing as there will be lot of counter parties who will be trying to arrange bitcoins of INR to participate in campaign which is supposed to run for 7 days. How ever also possible that the campaign gets closed as it achieved the goal before 7 days. Listing and participating in campaign is not possible over your account directly. There will be a conversation with customer and the counter-party customers over phone and then the orders will be executed on behalf of customers by Unocoin team. This is a new experiment we are trying to do, is subject to changes and we hope it will be successful.
Fee structure: There will be a 3% transaction fee on buy and sell transactions and 2% for membership with Gold Status. 12.36% service tax will be collected on the transaction fee and will be paid to Govt of India.
Merchandize: Bringing bitcoin awareness to common public has been one of the main aims of CoinMonk Ventures. You will be able to buy bitcoin related articles and souvenirs using bitcoins from your Unocoin wallet. Shipping to anywhere in India is free unless mentioned. Items will be shipped to the address mentioned by you during checkout and always comes in gift wrapping. So now a great way to gift your loved ones!
Security: Unocoin works on extended SSL (like online banking where you will see green browser bar) and hence communication between your browser and Unocoin server is secure. We save significant amount of bitcoins on customer's Unocoin wallet in cold storage. Two factor authentication can be used for login and sending bitcoins. You can print paper wallets and use that address in the address book to withdraw your bitcoins from your Unocoin wallet.
Merchant Gateway Integration: An easy and simple way for any online merchant to accept bitcoin as a payment is under development.
http://unoco.in/merc gives you a brief glimpse of what you can expect when this module goes live! Expect this to be in action by the end of May 2014.
