A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of BuyUcoin consists of four parts: general information, fees, deposit methods and security.
BuyUcoin is an Indian cryptocurrency exchange that has been up and running since 2016. According to information on its website on the date of writing this review (8 October 2019), the exchange has more than 250,000 “satisfied registered users”. They also state that more than USD 50 million worth of assets have been traded at the exchange since its inception.
BuyUcoin markets itself as India’s most honest, secure and trusted digital currency company. This is a grand statement indeed, seeing as India has numerous digital currency companies.
Only open to Indian investors
As far as we can tell, the exchange is only open to Indian investors. At least you need a +91-phone number in order to create an account… There are a number of other Indian cryptocurrency exchanges also open to non-Indian residents/citizens. Such list includes: Bitbns and ZebPay. But there are also a few that – like BuyUcoin – only allows Indian residents/citizens. Such list includes: Unocoin and WazirX.
The above also means that US-investors can’t trade here. US-investors shouldn’t feel too sad though, there are many other venues that offer the type of trading this exchange does. Use our Exchange Finder to find out which alternatives you have.
BuyUcoin also has an OTC-desk. With an OTC-desk, you can execute larger trades with quick settlement. Trades that you for pricing reasons (also known as “slippage”) don’t want to execute on on the open market.
BuyUcoin Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the trading views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at BuyUcoin, in “not-signed-in”-mode (we couldn’t create an account as we are not from India):
BuyUcoin Trading fees
As you know, there needs to be at least two parties in a trade. In crypto trading, we name these parties different things (not just party one and party two). The party whose order exists on the order book prior to the trade is called the maker. The party who sees the maker’s order and decides that “yeah, that’s good enough for me and I’m gonna go ahead and accept that order” is the taker. As the makers provide the liquidity to the exchange, they are often provided with a discount on the trading fees compared to the takers.
BuyUcoin, however, offer the same fee to the takers and the makers: 0.24%. As the global industry average trading fees have historically been around 0.25% for takers and slightly less for makers, the trading fees offered by BuyUcoin are quite in line with the historic industry averages.
BuyUcoin Withdrawal fees
What about withdrawal fees then? Withdrawal fees vary dependent upon which crypto asset you are withdrawing, but they are normally a fixed amout of the relevant crypto asset, and not percentage based as the trading fees. The industry average BTC-withdrawal fee is 0.0006 BTC according to Cryptowisser.com's empirical studies.
BuyUcoin charges 0.0015 BTC per BTC-withdrawal. This withdrawal fee is around 250% above industry average and thus a very non-competitive fee. We hope for this platform's own sake that they adjust their BTC-withdrawal fees to industry average within the near future in order to keep current traders and attract new ones.
BuyUcoin offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason. If so, just use the Exchange Finder or skim through our Exchange List to find an appropriate exchange accepting credit card deposits.
However, as this trading platform accepts deposit of fiat currencies at all, it distinguishes itself from many exchanges that only allows deposits in cryptos. It also makes it an “entry-level exchange”.
We hope you have enjoyed reading the above review. We also recommend checking out the following exchanges. They are well established in the industry and have also received excellent ratings from the visitors on our site: