BuyUcoin Review 2022: Safe & Super Easy to Use

BuyUcoin offers a simple platform that includes nearly 30 cryptocurrencies at the moment, but they are planning to offer more in the future.

What is BuyUcoin?

The BuyUcoin exchange and wallet is a great way to buy cryptocurrency with Indian rupees. The platform offers easy access for users, as well as the ability to withdraw funds into linked bank accounts.

Buying cryptocurrencies has never been easier with BuyUcoin. This India-based bitcoin exchange offers users 30 different alternative coins to buy and sell through their website, which is easy enough for anyone in the country of 1.3 billion people!

Designed to provide traders in India with a quick and convenient way of buying or selling cryptocurrencies, BuyUcoin’s zero transaction fee policy is its most distinguishable feature.

With the rise in the value of Bitcoin and other cryptocurrencies, it’s essential to maintain a healthy level of skepticism toward any exchange that claims they can help you make money.

Launched in 2016, this exchange has already gained popularity among Indian users who have been seeking an alternative marketplace away from Bitcoin Exchanges that charge high fees for trades involving other coins like Ethereum and Litecoin.

EZ/OTC Desk

BuyUcoin has launched the EZ/OTC Desk, India’s first wholesale cryptocurrency trading platform.

The OTC desk is chosen by traders that deal in large quantities of cryptocurrencies and wish to avoid recurrent price swings throughout the transaction.

It intends to increase cryptocurrency liquidity in the Indian market, resulting in more stable prices and markets.

Additionally, it charges no fees for direct purchases and sales of bitcoin and other altcoins, along with DeFi tokens.

Furthermore, there is no KYC required for direct buy-sell of bitcoin and other altcoins on the EZ/OTC Desk up to a maximum amount of INR 10,000.

Payment Methods Accepted

You can purchase and sell cryptocurrencies using BuyUcoin after funding your BuyUcoin wallet with monies from your Indian bank account.

You can send funds using the following methods:

  • Immediate Payment Service (IMPS)
  • National Electronics Funds Transfer System (NEFT)
  • Real Time Gross Settlement (RTGS)
  • Unified Payment Interface (UPI)

What fees do I need to pay to use BuyUcoin?

BuyUcoin asserts that it is India’s first service that allows for the fee-free purchase and sale of cryptocurrencies.

While they advertise zero fees, their buy/sell rates are significantly higher than market rates, which means you may be paying a premium compared to other platforms.

Whenever trading any cryptocurrency, it’s probably worthwhile to check BuyUcoin’s rates to those of other exchanges.

BuyUcoin does not charge its investors for deposits or for completing the KYC process.

Even storing and sending cryptocurrency is free with the BuyUcoin wallet. There are no transaction fees at the OTC desk.

It charges a 0.24% trading fee, inclusive of GST, to both takers and makers, in contrast to the industry standard of charging makers a lower trading fee in exchange for providing liquidity for the transaction.

Nevertheless, by worldwide standards, the trading fee for takers has often been roughly 0.25%, while the fee for makers has been somewhat less.

As a result, BuyUcoin’s trading fees are in line with the global standard. Withdrawal costs vary for each cryptocurrency but are typically a predetermined percentage of the applicable cryptocurrency.

While the industry average for BTC withdrawal fees is 0.0006 BTC, BuyUcoin charges 0.0012 BTC for each BTC withdrawal. This cost is far more than the industry standard.

Withdrawal Processing Time

Multiple BuyUcoin users have reported on forums that they have had issues with the withdrawal procedure and delay.

Take this into consideration when determining whether to begin trading cryptocurrencies on BuyUcoin.

You can use the information contained in this review to begin your own research.

BuyUcoin iOS and Android Mobile Apps

The innovative BuyUcoin app offers a convenient and user-friendly interface that is available on both Android as well iOS.

The software features many useful functions, all conveniently accessible through its simple, quick design, making it an excellent choice for anyone who wants access to their account at any time or place they need it!

How safe is it to use BuyUcoin?

BuyUcoin is always looking for ways to improve its platform and ensure that you are protected. For instance, BuyUcoin offers two-factor authentication, which requires users to verify that they’re actually the owner of a particular account before logging in.

With the help of two-factor authentication, they can make sure no one else has access to your account but yourself! This extra layer makes it much more difficult, if not impossible, for anyone else to compromise your account.

To avoid losing your cryptocurrency investments, it’s recommended that you store them in a safe place. This means avoiding using BuyUcoin as the storage option for too long and instead move coins onto an independent cold wallet where security is a top priority!

Customer support

If you’ve been having trouble with your BuyUcoin account, don’t worry! BuyUcoin offers a customized ticket system for customer support. You are now able to submit a ticket through their customized system and hopefully get it resolved quickly.

Before submitting your question, you can select one of several options in the drop-down menu to help route it more efficiently and give an explanation about what type of issue/query needs addressing specifically with this company’s service.

The FAQ section also provides basic answers that may come up when trying to resolve problems with buying or selling cryptocurrency on this website.

How can I get started with BuyUcoin trading?

To get started with BuyUcoin, you must follow the steps below to create an account on their website:

  • Create an account by providing your first and last names, an email address, and a password of your choosing. You will receive an activation email, which you must click to complete your registration.
  • Upload a scanned copy of your address verification
  • Include a scanned copy of your PAN card in your submission.
  • Upload a scanned copy of your bank information (preferably a blank cheque containing the financial institution’s name, account holder’s name, account number, and IFSC code).
  • Upload a scanned copy or photograph of another government-issued photo identification (Example: passport or driving license)

The subsequent step involves waiting for the BuyUcoin staff to verify your information in accordance with their Know Your Customer/Anti Money Laundering (KYC/AML) policy, which could take a few days if the volume of new registrations is significant.

After verifying your information, you can begin purchasing and selling cryptocurrencies through your BuyUcoin wallet.

Pros and cons

Pros

  • A straightforward registration and verification process
  • Accepts rupees from India
  • Purchase and sell roughly 30 distinct cryptocurrencies
  • India’s first zero-fee OTC desk
  • No transaction fees
  • Mobile apps are available for both Android and iOS devices

Cons

  • Rates of purchase and sale could be much higher than market rates.
  • Several reviews express dissatisfaction with the withdrawal processing time
  • They have not mentioned the exact security measures they have used to safeguard user data
  • Low liquidity

A platform for all your crypto needs

BuyUcoin is a revolutionary platform with a wide range of features for all types of cryptocurrency traders and enthusiasts.

BuyUcoin is a great place to buy cryptocurrency in India. With the exchange and wallet, users can easily buy or sell cryptocurrencies with Indian rupees. The platform offers easy access for traders as well as the ability to withdraw funds into linked bank accounts.

Designed to provide traders in India with a quick and convenient way of buying or selling cryptocurrencies, BuyUcoin’s zero transaction fee policy is its most distinguishable feature.

With so many features, it’s clear that BuyUcoin is a platform with something for everyone.

Sunny Hoi

Sunny Hoi

Sunny is an experienced content strategist. He has a deep understanding of the retail and finance industries. Sunny has written extensively about products, services, stores, stocks, cryptocurrencies, and investment strategies. Sunny's writing reflects his deep understanding of his subjects and commitment to providing clear, concise information that helps readers make informed decisions.

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