Buy and Sell bitcoin operations on Unocoin
Unocoin charges a fee of 0.7% to buy or sell bitcoins. Over an extended period of usage (minimum 60 days) and a significant transaction volume on your account, there will be an upgrade to “Gold Membership”. With this upgrade the transaction fee drops to 0.5% and giving you a higher transaction limit per day. A government levied IGST of 18.0% will be charged on the transaction fee. For example, if you are buying bitcoin for 10,000 INR, then the transaction fee at 0.7% will be 70 INR and the IGST on that transaction fee would be 12.6 INR (Rounded up to 13 INR). Hence you will end up paying 10083 INR in total. Net banking and PayU Money mode of payment to instantly buy bitcoin will incur an additional 1.9% transaction fee. Our IGST number is 29AABCU8112D1ZI.
When you buy bitcoins and opt to receive on an external bitcoin address as opposed to your Unocoin wallet, the network fee is incurred by Unocoin which means there will not be any deduction in bitcoins paid to you.
Sending and Receiving bitcoins on Unocoin
When you send bitcoins to an email-id of Unocoin user, there is no fee. When sending bitcoins to a bitcoin address, Unocoin collects a fee of 0.0005 to 0.0009 BTC (the fee is set dynamically depending on the network congestion and will be displayed while sending out the bitcoin to a bitcoin address) that is deducted from your Unocoin balance which is paid to the mining network that validates, processes and secures your transactions.
There is no fee for receiving bitcoins on your Unocoin wallet.
History of collected bitcoin transaction mining fee changes for sending bitcoin to a bitcoin address from your Unocoin wallet:
14th Novemeber 2017 onwards – it will be dynamically set. Please check the fee before sending the bitcoin to a bitcoin address.
16th March 2017 to 14th November 2017: Bitcoin network fee was 0.0005 BTC
15th March 2016 to 16th March 2017: Bitcoin network fee was 0.0002 BTC
15th December 2013 to 14th March 2016: Bitcoin network fee was 0.0001 BTC
Exchange for crypto assets
Unocoin exchange operates on a maker/taker model. Makers provide liquidity to the order book by placing a limit buy below market price or a limit sell above the market price. A maker fee of 0.4% in INR is applied in such cases.
Takers take away liquidity from the order book by placing a market or limit order that executes immediately against a limit order already on the order book. A taker fee of 0.6% in INR is applied in such cases. Maker fee and taker fee are only applied on successful execution of orders.
Note: By default, all buy orders will lock a taker fee in INR. On successful completion of the order and if he is a maker, then the maker fee is applied to the order and remaining fee is refunded.
Storing crypto assets on Unocoin
There is no fee to store your bitcoin or other crypto assets on Unocoin wallet.
P.S: The above fee are subject to changes without notice. You can visit this page using the link at the bottom of every web page for updates on the fee structure before completing a transaction.