Unocoin: Buy, Use and Accept Bitcoin in India

[infonetenergy]

Hello Fellow Bitcoiners:

We're really excited to be a part of the bitcoin movement over here at unocoin.com.  We celebrated our one 1 year anniversary last week and want to thank you for supporting us along the way.  

You may or may not have heard that we recently launched merchant processing, referral fees, and a new modified design.  We're trying our best to quickly innovate, iterate based on market feedback, and then deploy new and exciting tools to make your bitcoin life simpler (cold storage options, sending bitcoin to an email address, ticker in the title bar, etc.).

Our team is also growing quickly.  If you are interested in getting involved in the bitcoin space, please do let us know.  Prerequisite:  You must be a die hard bitcoin fan.  

All the Best,
Team Unocoin  

  

[1714822729]

1714822729

[1714822729]

1714822729

[polynesia]

I was surprised to see 0% merchant fee for accepting bitcoins.
How do you make money in processing bitcoins for merchants?

This chart is good and gives a clear idea of how your process works.


One question I have is how do you calculate the BTC-INR exchange rate when the amount in BTC is presented to the customer? Is there some spread in that to protect Unocoin from volatility?

[dashingriddler]

Hello,
0% transaction fee is our way to promote acceptance of bitcoin in India.
We dont make any direct money in processing bitcoins for merchants.

However as you know, Unocoin like any other bitcoin trading services have a different buy and sell rates which may be about 1% apart.

When we choose the rate for providing to merchant, we consider the Selling rate. If merchant has opted to get INR, then Unocoin will pay to his bank account on same or the next business day.

Regards

[puzzel.me]

I was surprised to see 0% merchant fee for accepting bitcoins.
How do you make money in processing bitcoins for merchants?

This chart is good and gives a clear idea of how your process works.


One question I have is how do you calculate the BTC-INR exchange rate when the amount in BTC is presented to the customer? Is there some spread in that to protect Unocoin from volatility?

Whoa I never knew unocoin provides such solution.
Thank you for this information.
I'll be using unocoin soon.

[jss83]

Hello sir,

I am trying to register an account at unocoin.com but I keep getting "Signup error" "Missing email or password" ?
I tried several times but same error every-time.

[infonetenergy]

Hello sir,

I am trying to register an account at unocoin.com but I keep getting "Signup error" "Missing email or password" ?
I tried several times but same error every-time.

We'll get someone to help you out immediately.  For future reference, feel free to reach out to our customer service directly at support@unocoin.com. 

[dashingriddler]

Hello sir,

I am trying to register an account at unocoin.com but I keep getting "Signup error" "Missing email or password" ?
I tried several times but same error every-time.

In the form on home page, enter your email id and type in a new password your are willing to assign to your Unocoin account and then hit the SIGN UP button. Let me know if this still do not help.

[dashingriddler]

Hello sir,

I am trying to register an account at unocoin.com but I keep getting "Signup error" "Missing email or password" ?
I tried several times but same error every-time.

In the form on home page, enter your email id and type in a new password your are willing to assign to your Unocoin account and then hit the SIGN UP button. Let me know if this still do not help.

Hello
I m glad I could provide you the needed assistance through IMs and have got you started. You can redirect any other queries to support@unocoin.com which will be tracked and solved in a systematic way.


Regards

[spndr7]

Unocoin.com down - under maintenance 

[dashingriddler]

Unocoin.com down - under maintenance 

Got back in 2 hours. Thanks for bumping this thread though

[Betwrong]

Hi!

Thanks for the 0% transaction fee! GL guys! 

[dashingriddler]

Hi!

Thanks for the 0% transaction fee! GL guys! 

It is 0.69% fee for the rest of the month. On behalf of 69th Independence Day.

[deadley]

I never understand 1 thing for unocoin ever.

You guys charge premium for buying/selling then again you guys charge service fee too.

Normally site either charge premium or charge service fee. But Unocoin charging both.

[dashingriddler]

I never understand 1 thing for unocoin ever.

You guys charge premium for buying/selling then again you guys charge service fee too.

Normally site either charge premium or charge service fee. But Unocoin charging both.

We do not buy or sell to international exchanges to consider their rates and price accordingly. Our rates are the prices where buyers at Unocoin meet sellers at Unocoin. On our platform this is usually at a higher rate than international exchanges or even exchanges in India. Also know that we offer upto 15btc at that fixed price. The other factors include buying and selling pattern on our platform and also our stock to determine our price.

Lot of times the sellers get more money even after premium and fee as compared to global prices.

[shahadil]

When was it 0%. I thought it was 0.69%

Also how come my limit is 10 btc per day, whereas you mention 15 btc here, and also initially when I signed up I had read that the limits will keep on increasing progressively but have remained fixed for me from the beginning?

[dashingriddler]

When was it 0%. I thought it was 0.69%

Also how come my limit is 10 btc per day, whereas you mention 15 btc here, and also initially when I signed up I had read that the limits will keep on increasing progressively but have remained fixed for me from the beginning?

It is 0.69% and not 0%

Our gold members are getting 15 btc per day as the limit. We increased the daily limits from 0.1 btc on day 1 to - 0.2, 0.5, 1, 2, 5 and now 10 since 8 months or so. Right now, we are providing gold status for customers of significant volume. You are 10% less than what we need to get you to gold status - so you are almost there

Regards

[shahadil]

Damn, havent been using you guys for a while. If you all process INR withdrawls late in the evening, it would be so much easier.

[dashingriddler]

Damn, havent been using you guys for a while. If you all process INR withdrawls late in the evening, it would be so much easier.

Um, I can see you did some trading recently. We process INR withdrawal multiple times in a day and our last batch is at 7pm. What is the exact issue you are facing ?

[shahadil]

Damn, havent been using you guys for a while. If you all process INR withdrawls late in the evening, it would be so much easier.

Um, I can see you did some trading recently. We process INR withdrawal multiple times in a day and our last batch is at 7pm. What is the exact issue you are facing ?

Well the reason i stopped trading some time back was because you took 2-3 days to for the withdrawl of INR. and also on top of that there were 4 withdrawls which were pending, 3 of small amounts and 1 of big amount and the big amount transaction had been done first. However, you all processed 3 small withdrawls after 2 days, and when i called i was told that they wanted to clear more transactions (not more amount) thats why the smaller ones were cleared first, and the next one was finally cleared after opening a ticket. The issue being, i trade mostly at night, and it would be great for Imps withdrawls from your end by 9-10 Pm. Waiting for next day kind of puts me off trading completely. Also do you all process on weekends?

[dashingriddler]

Damn, havent been using you guys for a while. If you all process INR withdrawls late in the evening, it would be so much easier.

Um, I can see you did some trading recently. We process INR withdrawal multiple times in a day and our last batch is at 7pm. What is the exact issue you are facing ?

Well the reason i stopped trading some time back was because you took 2-3 days to for the withdrawl of INR. and also on top of that there were 4 withdrawls which were pending, 3 of small amounts and 1 of big amount and the big amount transaction had been done first. However, you all processed 3 small withdrawls after 2 days, and when i called i was told that they wanted to clear more transactions (not more amount) thats why the smaller ones were cleared first, and the next one was finally cleared after opening a ticket. The issue being, i trade mostly at night, and it would be great for Imps withdrawls from your end by 9-10 Pm. Waiting for next day kind of puts me off trading completely. Also do you all process on weekends?

Oh, ok yes i remember this. It happens when we run out of INR liquidity due to high sell volumes. No matter what, the maximum time we take is 3 working days but most of times it is the same business day or next business day. We do not do IMPS but we use NEFT. The number of orders we process every day is humongous and we do not do it by manually entering every order but upload an excel sheet that gets generated by our server to bank website and get it processed. As per my discussion with the bank, the rules/regulation of IMPS does not allow this kind of business purpose.
NEFT only works up to 7pm and it is when we stop processing orders as well. So we cannot process withdrawals and send money at 9-10pm nor we can process it during weekends as we pay through NEFT only. We are in the process of exploring a different possibility with one of the nationalized banks and if it works, we will be able to process and send money with in 1 hour.

[shahadil]

Damn, havent been using you guys for a while. If you all process INR withdrawls late in the evening, it would be so much easier.

Um, I can see you did some trading recently. We process INR withdrawal multiple times in a day and our last batch is at 7pm. What is the exact issue you are facing ?

Well the reason i stopped trading some time back was because you took 2-3 days to for the withdrawl of INR. and also on top of that there were 4 withdrawls which were pending, 3 of small amounts and 1 of big amount and the big amount transaction had been done first. However, you all processed 3 small withdrawls after 2 days, and when i called i was told that they wanted to clear more transactions (not more amount) thats why the smaller ones were cleared first, and the next one was finally cleared after opening a ticket. The issue being, i trade mostly at night, and it would be great for Imps withdrawls from your end by 9-10 Pm. Waiting for next day kind of puts me off trading completely. Also do you all process on weekends?

Oh, ok yes i remember this. It happens when we run out of INR liquidity due to high sell volumes. No matter what, the maximum time we take is 3 working days but most of times it is the same business day or next business day. We do not do IMPS but we use NEFT. The number of orders we process every day is humongous and we do not do it by manually entering every order but upload an excel sheet that gets generated by our server to bank website and get it processed. As per my discussion with the bank, the rules/regulation of IMPS does not allow this kind of business purpose.
NEFT only works up to 7pm and it is when we stop processing orders as well. So we cannot process withdrawals and send money at 9-10pm nor we can process it during weekends as we pay through NEFT only. We are in the process of exploring a different possibility with one of the nationalized banks and if it works, we will be able to process and send money with in 1 hour.

so that is the reason. i was thinking you guys are just plain lazy. will be selling some today. hoping for same day processing.

[dashingriddler]

Lazy ?? We have difficulty in knowing when to take rest lol

Sure we are processing order on same day or next day. Most likely you will get payment today itself if you sell with in 5pm.

[shahadil]

Added money to unocoin before being able to purchase, said deposit will take between 2 hours to 24 hours. i was okay with it. price was 20600, eventually had to buy when price was 21200. no problem. exactly what your website said happened and i was fine.

bought 1 btc at 21200, website said immediate transfer to address mentioned. and just like it said, 1 btc showed up in my wallet. perfect.

so i spend the rest of my money, buy approx 5 btc, and expect transfer to happen immediately, like your website says. but it didnt. not for the next 8 hours.

This is not what is said on your website. btc price fell 15 usd in the meanwhile. Not acceptable.

[dashingriddler]

Added money to unocoin before being able to purchase, said deposit will take between 2 hours to 24 hours. i was okay with it. price was 20600, eventually had to buy when price was 21200. no problem. exactly what your website said happened and i was fine.

bought 1 btc at 21200, website said immediate transfer to address mentioned. and just like it said, 1 btc showed up in my wallet. perfect.

so i spend the rest of my money, buy approx 5 btc, and expect transfer to happen immediately, like your website says. but it didnt. not for the next 8 hours.

This is not what is said on your website. btc price fell 15 usd in the meanwhile. Not acceptable.

Hello Shahadil,
The reason why your second withdrawal was pending because you had tried to withdraw more than 5 btc in 24 hours time and also that our server was running low on bitcoin to process this transaction. When the large withdrawal happens during mid night or during our non working hours, there are less resources who could approve your withdrawal till morning.

[polynesia]

The Unocoin website has the following text


The value of bitcoin has gone up more than 7,000% over the past 2 years.
As the number of bitcoins are limited, the value is expected to grow significantly over the long term.


You might want to update the text on price movement during the last 2 years. 

[dashingriddler]

The Unocoin website has the following text


The value of bitcoin has gone up more than 7,000% over the past 2 years.
As the number of bitcoins are limited, the value is expected to grow significantly over the long term.


You might want to update the text on price movement during the last 2 years. 

Yo yo, thank you for pointing out. Will get it done