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 Unodax consists of four parts: general information, fees, deposit methods and security.
Unodax is an Indian cryptocurrency exchange. It has its registered office in Bangalore. According to information on Unodax’s website, they have received investments from 45 “top investors” and have to date more than 1.2 million satisfied customers. That is indeed a lot of customers.
The team behind Unocoin (Unodax’s parent company) primarily consists of four people:
Sunny Ray (Co-Founder and President), Sathvik Vishwanath (Co-Founder and CEO), Harish B V (Co-Founder, CFO and Compliance Officer) and Abhinand Kaseti (Co-Founder and CMO). The fact that they are all featured on Unocoin’s website with picture, name and resume does in fact inspire some trust. The fact that they have put their faces on their product makes it less likely that they would just disappear with your deposited funds.
Like the majority of all other Indian cryptocurrency exchanges, this exchange does not permit US-investors (or any other investor without an Indian phone number) to trading. Don’t be 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.
Unodax 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 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. This is a picture of the trading view at Unodax:
Unodax Trading fees
The one thing we can’t stress enough is that you must always ascertain the trading fees at any exchange you are interested in. Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers make the liquidity in a market and takers remove this liquidity by matching makers’ orders with their own.
Unodax’s trading fees for takers are 0.60%. This fee is substantially above the industry average. The exchange also offers a discount to makers, who trade at a fee of 0.40%. Also the maker fee is above industry average.
Unodax also specifies which taxes that will be levied upon your purchase (apparently 18% in Indian General Sales Tax on the transaction fee). This trading platform’s general sales tax number is 29AABCU8112D1ZI if any of you happened to be interested in that information.
Unodax Withdrawal fees
Many exchanges have competitive trading fees but then charge you high withdrawal fees. Not Unodax. Unodax even pays the network fee for you that you can’t avoid when withdrawing BTC. This is a nice gesture showing that might make up for at least some of the above-average trading fee.
This trading venue 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.
Security is important. This exchange details their encryption on their website. Apparently the address-private key pairs receive a AES-256 encryption “sealed in envelopes and stored in multiple safe deposit lockers”. So they are at least offline, but it makes you wonder about who has access to the deposit lockers and how many people that are involved in the sealing of envelops…
The security score received by this particular cryptocurrency exchange site is C, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is in line with industry average when it comes to top crypto exchanges.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):