Unocoin wallet review

Unocoin wallet review

Unocoin
Intuitive Ease of use,  Low Privacy,  User Private Keys Stored

Unocoin is India's top Bitcoin wallet platform. It's designed for all types of consumers and offers a user-friendly interface. It's easy to use and Bitcoin can be bought with Indian Rupee using a bank account. The wallet can be used on several devices.

Unocoin issued a partnership with Purse so it can help users turn Amazon gift card balances into Bitcoin and Rupees. Another important partnership is the one they made with Netki. The Bitcoin addresses consisting of numbers and digits are changed to names so the users can easily remember them. Registration requires a PAN card, a form of ID for Indian nationals.

Company / organization behind the wallets

Unocoin is the largest wallet platform in India. It was created in 2013 by Sathvik Vishwanath and a couple of developers. Sathvik earned his MBA in IT and Business from the University of Melbourne. Their purpose was "to bring Bitcoin to billions". The company has its headquarters in Bengaluru.

Crypto Currencies Support

Traditional Currency Support

  • Indian Rupee (INR)

Language Support

  • Bengali
  • English
  • Hindi
  • Kannada
  • Malayalam
  • Marathi
  • Tamil
  • Telugu

Supported Systems

  • Windows
  • OSX
  • Linux
  • Android
  • iOS

Partners and integrated software

  • Purse
  • Netki
  • BitGo

2-Factor Authentication is offered with the help of Google Authenticator. Unocoin claims they are using cold storage but if you pay close attention you will realize that the cold storage option is actually just printing out a paper wallet.

Summary:

Security
Low
2 Factor Authentication
Yes
Multi-Signature
No
Private Keys Stored On
User
Storage Type
Hot storage
Transactions Validation
Centralized validation
Hierarchical Deterministic
No

What happens in the event of a disaster/theft/loss?

The user has a 'root key', 'recovery phrase' or 'word seed' that can be used to regenerate private keys.

The Unocoin wallet was created for both technical and non-technical users. It may be limited as they accept only indian-rupees as a fiat currency and require some custom ids for verification. The platform offers a nice and clean interface but a bad customer service was reported.

Summary:

Unocoin is a popular wallet in India for Indian citizens only. It allows the option to buy Bitcoin. Although Unocoin claims to use cold storage it is actually a hot wallet by default.

Ease of use
Intuitive
Suitable For
Millennials
Account activation process
Simple
Transaction fees
Dynamic Transaction fees
Setup fee
$0.00

Functionality:

  • Buy coins using bank account
  • Withdrawal funds to bank account

Unocoin issued a partnership with Purse so it can help users turn Amazon gift card balances into Bitcoin and Rupees. Another important partnership is the one they made with Netki. The Bitcoin addresses consisting of numbers and digits are changed to names so the users can easily remember them. Registration requires a PAN card, a form of ID for Indian nationals.

The wallet platform has developed a partnership with a 3rd party and integrated the 3rd party services into their software

Help and
support:

  • FAQ section
  • Contact form
  • Email
  • Phone

Personal information for activation account:

  • Name
  • Email Address
  • Phone Number
  • Proof of address
  • Pan Card

Most common
customer complaint:

lost funds;slow customer service;higher prices than other exchanges