What is Unodax?
Unodax is an Indian centralized cryptocurrency exchange. It has its registered office in Bangalore and has been active since 2018.
45 Top Investors, 1.2 Million Satisfied Customers
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
Most crypto exchanges charge two different types of trading fees: taker fees and maker fees. The taker is the person who picks up an existing order from the order book. The maker, on the other hand, is the person who creates an order that is not immediately matched against an existing order on the order book. Makers are often rewarded for creating liquidity on the platform by a lower trading fee than takers. Exchanges that do not make a distinction between takers and makers charge what we call “flat fees”. Unodax does not charge trading fees for both takers and makers.
According to the largest and most recent empirical study on crypto exchange trading fees, the average spot trading taker fee is currently 0.221% and the average spot trading maker fee is currently 0.177%.
Compared to those average trading fees, Unodax's taker fees and maker fees is much below the industry average.
Unodax Withdrawal fees
What about withdrawal fees then? Withdrawal fees vary dependent upon which crypto asset you are withdrawing, but they are normally a fixed amount of the relevant crypto asset, and not percentage based as the trading fees. The current global industry average is 0.00053 BTC per BTC-withdrawal according to this report performed by us here at Cryptowisser.
Unodax charges a withdrawal fee quite in line with the global industry average, namely 0.0005 BTC per BTC-withdrawal.
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…