Unocoin Announces Maker Bonus in Bitcoin!

For every trade on Unocoin Exchange, earn 0.3% of the trade value in bitcoin.

Note: Applicable only for makers (who brings liquidity to the order book). Makers will be awarded 0.3% in BTC to their wallet for each executed trade.

Ever since bitcoins (and other cryptoassets) gained popularity, trades and transactions have been on a one-way trajectory. Trading cryptoassets is not a new concept of course, but there’s still plenty of room for new innovations and ideas in the industry!

Unocoin, India’s own cryptoasset exchange, too has promoted trading and transactions using cryptoasset. Recently, as we discussed earlier, Unocoin launched a multi cryptoasset exchange (with an open order book), which supports around 6 coins — including Bitcoin, Bitcoin Cash, Bitcoin Gold, Ripple, Ethereum, and Litecoin as well. This whole setup operates on a “Maker-Taker” model, commonly followed by financial institutions across the globe.

While we’ve touched on the concept of “Maker-Taker” earlier, let’s recap it for you.

Makers vs Takers

Say, we have two individuals, Alice and Bob. They can place two kinds of orders:

  • Limit orders, in which one can specify their price to execute the trade at. The transaction will only go through when the condition put on the price is fulfilled.
  • On the other hand, one can also place a market order, with the current best price, the trade is immediately completed upon the availability of the volume. However, there is no guarantee that the price will remain the same in the time it takes to complete the transaction. Your order will simply be matched to whatever open orders are there on the exchange.

If Alice places a limit order, she is introducing more money (or liquidity) to the market, as the order is put on the queue. She is thus called a maker.

Now we have Bob, who places a market order which will immediately be executed if there’s an open order on the exchange — like Alice’s for example. Since this kind of order takes the liquidity off the market, he will be the taker.

This model provides the user with many benefits — the user is allowed to change the queued orders, or even cancel it. They can easily go with the market trends and fully utilize trading benefits.

Unocoin’s New Fee Offer!

Unocoin originally offered near rock-bottom fees of 0.4% to makers and 0.6% to takers on the launch of its exchange. But it isn’t done yet!

In an industry (and possibly global) first, Unocoin is turning the tables in favour of the makers. Makers on Unocoin’s exchange will now earn 0.3% as the bonus on their transactions. And that’s not all — this fees will be paid… in bitcoin. So not only do makers stand to benefit from their trades, they’re being rewarded in potentially larger sums if bitcoin continues to rally the way it has!

The taker fee continues to remain low — at just 0.6% of the order value. There is absolutely no fee in storing the currency in your wallet.

In the context of Alice & Bob — here’s how this would work out:

  • Let’s say Alice places a limit buy order for 0.1 BTC @ Rs 6,00,000. The value of this transaction would, therefore, be Rs 60,000.
  • Bob comes into the picture. Let’s say he’s doubled the value of his holdings on bitcoins and has placed a market sell order to offload 0.1 BTC from his holdings.
  • This order gets matched with Alice’s, and gets executed. Alice is now the maker, and Bob the taker.
  • According to Unocoin’s new pricing model — Alice would be receiving 0.3% of the transaction value — that is, Rs 180 for this transaction. What’s more — this payout would be in the form of bitcoin itself, and not INR — which means she would make 0.0003 BTC (calculated using the last traded price at the moment of the transaction) for trading cryptoassets herself.
  • Bob on the other hand — would be subject to a nominal 0.6% — which translates into a fee of 0.6% — or Rs 360 — on the transaction.

So, go ahead! Open your Unocoin account, and get into the arena of trading. May the odds be ever in your favour!

Our stance regarding SegWit2X hard fork

Key Takeaways:

  1. There is no action required from customers in regard to the upcoming event of fork/split (refer below).
  2. Unocoin will be supporting the chain that gains majority of mining/community support for further trading with INR.
  3. Users will be encouraged to redeem the coins (with in 4 weeks since the fork/split) on the parallel chain that Unocoin does not support in long run by submitting their addresses after the event of fork/split.

Bitcoin SegWit2x hard fork planned for activation in the second week of November 2017 is on the verge of bringing up another divide in the Bitcoin community leading to the split of respective coin holdings onto the two chains.

In case, you wish to read more about what a digital currency fork is? Read here.

All our customers holding any amount of bitcoin in their Unocoin wallet before the event of the fork would be entitled to an equivalent amount of coins on both the chains after the split. There is no action required from customers in this regard either before or during the fork as long as the replay protection is available. However, if the replay protection is not available, then we will be doing our best to split up the coins but there may be extra lead time before we can honour redemption of minority chain coins and hence these will be subject to an extended period of price volatility.

However, only tokens from the majority chain would be supported for further trading on the Unocoin platform after the successful split. On determining the stability of each chain after the fork, users will be encouraged to submit their addresses to redeem their coin balance on the minority chain starting with in two weeks after the split.

We will keep you updated on the detailed schedule of operations regarding the split in the coming days (nearer to the date of the fork).

As the disbursals are manual, there will be a deadline of 4 weeks since the fork within which the users have to submit their address of the minority chain coin on www.unocoin.com (this option won’t be available on the mobile apps). Unocoin will strictly not be accepting the redemption of minority chain coins after this deadline. The disbursals of coins on the minority chain would be processed soon after. A more definitive timeline will be provided soon.

Thank you.

 

Update on 24th October 2017:

To avoid the confusion in the bitcoin community which could seriously affect the bitcoin ecosystem, we have made some revisions to our stance above. We will be treating the legacy bitcoin blockchain (present bitcoin blockchain that is supporting 1MB blocks) as the bitcoin (BTC) and will be allowed to trade for INR. The forked coin which is the result of the SegWit2X implementation will be treated as the minority chain coin (B2X). We will be allowing the B2X to be withdrawn by our customers after the split as per the timelines above.

Update regarding distribution of BCH

Dear Users,

We initially took the stance that we will not be supporting the BCH hardfork. But due to various dynamics, we had to consider the revised stance as mentioned in our recent news article and we had also explained the procedure to claim the BCH. We have now completed the distribution of BCH to the users who have submitted their BCH address with-in the deadline of 28th August 2017. There are still some of the unclaimed BCH from the non-interested (or non-supporting) customers that are left with Unocoin that can no more be claimed. In order to pass on the value of the same to our customers, we have converted the same to BTC and are using it to subsidise the transaction fee for the outgoing BTC transactions at Unocoin. Technically, the regular one input and two output multi-sig transaction cost about 0.0007 to 0.0010 BTC to be paid to the miners who secures your transaction on the blockchain but were collecting only 0.0005 BTC from our customers. The BTC that are obtained through unclaimed BCH will be utilised to subsidise the mining fee further to 0.0004 BTC for the foreseeable future.

Thank you

Unocoin is back online!

Dear Customers,
As you know, Unocoin’s services were unavailable for about 4 days from 23rd June until 27th June. Our team had discovered a security vulnerability on our platform on June 23rd at 12:07 PM which was the result of server migration that took place on 14th June 2017. To be precise, our server had ended up with a vulnerable version of third party module. Though the vulnerability didn’t cause any damage to the platform, in the best interest of our customers and their funds, we stopped customer withdrawals, blocked access to our customers and shut down all operations to investigate and analyse the issue. We rebuilt the server infrastructure and also took to the task of fortifying the servers with strong security measures and protocols.
Customer’s interest is always of highest priority for Unocoin and the downtime of the platform was a conscious decision that was taken on the same line. We want to assure you that your funds’ security and trust continues to be our top priority and we continue to strive for serving you better. Our engineering team had been very committed and actively contributing round the clock to gear up the security for our services.
The downtime and its inconvenience it has caused to you is highly regretted by the entire team of Unocoin.
Appreciate your understanding and we thank you for your continued support and the trust you have placed with us – for which we will be always grateful!. We are ending the post by announcing a 0% transaction fee for trading till 30th June 2017. Happy trading!
Thank you!

Unocoin Maintenance Notice

Dear Customers,
We regret to inform you that a security vulnerability was discovered on our server on June 23rd at 12:07 PM and it was the result of a server migration that took place on June 14th, 2017 at midnight.  Despite this unfortunate incident, please note that ALL customer funds are safe and secure.  As soon as we identified the threat, we stopped customer withdrawals, blocked access to customer accounts and moved our database to read-only mode.  We’re also taking this opportunity to upgrade our infrastructure and security protocols.  To finish testing our system before going live, we require another day and plan to be online by end of day Tuesday.  Your account security and funds are of primary concern to us.  To help increase overall security for our users, we will make it mandatory that everyone changes their passwords when we go live.  Thanks for your patience.
Sincerely,
Sathvik Vishwanath
CEO and Co-Founder, Unocoin