How to Use Unocoin

Unocoin is one of India’s earliest cryptocurrency platforms, founded in 2013, and it remains a popular option for buying, selling, storing, and transferring Bitcoin (BTC) and other digital assets. For newcomers, understanding how to use Unocoin is an important first step in exploring cryptocurrency safely and efficiently. This guide walks through the basics of setting up an account, buying and selling Bitcoin, and managing transfers on the platform.

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What Is Unocoin?

Unocoin is a cryptocurrency exchange and wallet service. It allows users to trade Bitcoin with Indian rupees (INR) and also provides storage through its built-in digital wallet. A wallet in this context is a secure digital account that holds cryptocurrency and enables transactions.

The platform focuses primarily on Bitcoin, though it also supports a few other assets. Users can access Unocoin through its website or mobile app.

How to Use Unocoin

Using Unocoin involves three main activities:

• Buying and selling Bitcoin with Indian rupees.
• Storing Bitcoin securely in the Unocoin wallet or transferring it to an external wallet.
• Sending or receiving Bitcoin between wallets.

Before these functions can be accessed, new users need to create an account and complete verification steps.

Creating and Securing Your Unocoin Account

To get started:

1. Sign up on the Unocoin website or app using your email and phone number.
2. Complete KYC (Know Your Customer) requirements by submitting identity documents such as Aadhaar, PAN card, or passport. This step is required under Indian regulations.
3. Deposit INR into your Unocoin account through supported payment methods.
4. Secure your account by setting a strong password and enabling two-factor authentication (2FA). 2FA adds an extra layer of protection by requiring a code from your phone or authentication app whenever you log in or make transactions.

How to Buy Bitcoin on Unocoin

Once your account is verified and funded, you can buy Bitcoin:

1. Navigate to the Buy Bitcoin option on the dashboard.
2. Enter the amount of INR you want to spend or the amount of BTC you want to purchase.
3. Review the transaction details, including fees.
4. Confirm the purchase. The BTC will then appear in your Unocoin wallet.

How to Sell Bitcoin on Unocoin

Selling Bitcoin follows a similar process:

1. Select the Sell Bitcoin option.
2. Enter the amount of BTC you want to sell.
3. Review the INR value you will receive after fees.
4. Confirm the transaction. The equivalent INR will be credited to your Unocoin balance, which you can withdraw to your linked bank account.

How to Send and Receive Bitcoin with Unocoin

• Sending BTC: To transfer Bitcoin out of Unocoin, go to your wallet, choose “Send,” and enter the recipient’s wallet address (a unique string of letters and numbers). Double-check the address to avoid errors, as transactions cannot be reversed.
• Receiving BTC: To receive Bitcoin, copy your Unocoin wallet address and share it with the sender. Once the transaction is confirmed on the blockchain (the public ledger of all Bitcoin transactions), the BTC will appear in your wallet.

Unocoin Fees and Transaction Times

Unocoin charges fees for trading (buying and selling) and for sending Bitcoin. These fees can vary depending on transaction type and network conditions.

• Trading fees: A small percentage of each buy or sell order.
• Network fees: Applied when sending Bitcoin, paid to miners who process transactions on the blockchain.

Transaction times depend on Bitcoin network activity. Transfers may take anywhere from a few minutes to over an hour for multiple confirmations.

Security Tips When Using Unocoin

• Always enable two-factor authentication (2FA).
• Avoid using public Wi-Fi when logging in or making transactions.
• Double-check wallet addresses when sending BTC.
• Keep your device software up to date to reduce vulnerabilities.
• Consider moving large amounts of BTC to an external wallet, such as a hardware wallet, for added security.

Unocoin provides a straightforward way for Indian users to access Bitcoin, whether for buying, selling, or transferring. By understanding the platform’s features, fees, and security measures, users can manage their cryptocurrency with greater confidence. For beginners, the key is to proceed carefully, pay attention to transaction details, and prioritize account security.