How to Sell Bitcoin on Unocoin

Unocoin is one of India’s oldest cryptocurrency exchanges, launched in 2013. It allows users to buy, sell, and store Bitcoin (BTC), along with some other digital assets. For people who already hold BTC, knowing how to sell it on Unocoin is important—whether the goal is to convert cryptocurrency into Indian Rupees (INR) or to manage investments more actively. This guide explains the process in simple steps.

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What Is Unocoin?

Unocoin is an India-based cryptocurrency platform that provides an online exchange and wallet service. Users can deposit funds in INR, purchase Bitcoin, or sell their holdings back for INR, which can then be withdrawn to a linked bank account.

Unlike peer-to-peer (P2P) platforms, where buyers and sellers trade directly, Unocoin operates as a centralized exchange. This means users interact with the platform itself, and Unocoin manages order matching, custody of funds, and withdrawals.

Creating and Securing Your Unocoin Account

Before selling BTC, users need an active Unocoin account:

1. Sign up: Register on the Unocoin website or mobile app using an email address or mobile number.
2. Complete KYC: Unocoin requires Know Your Customer (KYC) verification, which involves submitting government-issued ID and other details. This step is mandatory to trade or withdraw INR.
3. Secure your account: Enable two-factor authentication (2FA) for additional login protection. Strong passwords and secure devices are also recommended.

Steps How to Sell Bitcoin on Unocoin

Selling BTC on Unocoin involves moving Bitcoin into your Unocoin wallet and then converting it to INR. Here is a step-by-step outline:

1. Deposit Bitcoin:
   • If your BTC is stored in an external wallet, transfer it to your Unocoin BTC deposit address. Wait for blockchain confirmations before the funds show up.
2. Log in to Unocoin:
   • Use your verified account credentials and complete 2FA.
3. Go to the “Sell” section:
   • In the app or website, navigate to the trading dashboard and select Sell BTC.
4. Enter the amount:
   • Decide how much Bitcoin you want to sell. The platform will display the INR equivalent based on current market rates.
5. Confirm the transaction:
   • Review the details and confirm. Once processed, your INR balance will be updated in your Unocoin account wallet.

Supported Payment Methods and Withdrawals

After selling BTC, the proceeds are credited to your INR wallet on Unocoin. To access these funds:

• Bank transfer: You can withdraw INR directly to a linked bank account. Withdrawals typically require you to add bank details in advance.
• UPI and IMPS/NEFT: Depending on availability, Unocoin may support quick transfers via India’s payment systems.

Processing times vary depending on the banking system and Unocoin’s own settlement process.

Unocoin Fees and Processing Times

Unocoin charges trading fees when buying or selling Bitcoin. The exact fee percentage may depend on the user’s account type and transaction size. Additional charges may apply when withdrawing INR to a bank account.

Bitcoin deposits require network confirmations, which may take a few minutes to over an hour, depending on blockchain activity. INR withdrawals can also vary in speed depending on the chosen payment method and bank working hours.

Security Tips for Selling BTC Safely

• Verify addresses: When transferring BTC to Unocoin, double-check the deposit address. A mistake here could result in loss of funds.
• Enable 2FA: Protect both your login and withdrawals with two-factor authentication.
• Beware of phishing: Always ensure you are using the official Unocoin website or app. Avoid links from unknown sources.
• Use trusted networks: When accessing your Unocoin account, avoid public Wi-Fi.

Unocoin provides a straightforward way for Indian users to convert Bitcoin into INR. The process mainly involves depositing BTC, selling it through the platform, and withdrawing the INR to a bank account. While the steps are simple, it is crucial to pay attention to details such as addresses, fees, and security settings. With the right precautions, selling Bitcoin on Unocoin can be done smoothly and securely.