Unodax introduces Crypto to Crypto trading pairs

Unodax, India’s leading blockchain and cryptoasset company is introducing 17 crypto-to-crypto trading pairs. As a trader, you may ask how should I buy cryptoasset in Unodax after the banks have stopped facilitating payments to cryptoasset exchanges in India. Unodax offers a solution through crypto to crypto pair trading.

This article is an introduction to crypto-to-crypto pair trading at Unodax.

Important terms which you should know before trading crypto-to-crypto.

Crypto-to-crypto trading pairs have a base coin and a quote coin.

Base Coin: Base coin or base asset is the underlying asset used to buy other cryptoasset. Base coin is similar to INR, which you use to buy any cryptoasset in an exchange.

Example: Consider BCH/BTC

In the above crypto pair, BTC is the Base coin which you used to buy BCH.

Quote Coin: Quote coin is the Cryptoasset which you wish to buy.

Example: Consider BCH/BTC

In the above crypto pair, BCH is the Quote coin.

Unodax offers 17 crypto to crypto pairs for trading with 3 base coins. Below is a list of crypto pairs which is available to trade at Unodax.

Crypto to Crypto pairs

Base coin: BTC

BCH/BTC
ETH/BTC
LTC/BTC
XRP/BTC
BTG/BTC
GNT/BTC
CVC/BTC
ZRX/BTC
OMG/BTC

Base Coin: ETH

BCH/ETH
LTC/ETH
XRP/ETH
BTG/ETH

Base Coin: XRP

LTC/XRP
BTG/XRP
FUN/XRP
ZIL/XRP

Fees Structure: Unodax collects fees based on a maker and taker model.

Maker Fees: 0.4%
Taker Fees: 0.6%

Note: GST is NOT applicable to Crypto to Crypto pair trading at Unodax

An update regarding INR deposits and withdrawals

Dear Unocoin users,

We have always believed in offering our customers with the best and most secure blockchain services. Since December 2013, our team has been serving the Indian bitcoin and blockchain community by continuously innovating:

  • Industry-leading Crypto-Assets and Blockchain company offering two market-leading platforms: Unocoin, an online brokerage for trading bitcoin, and Unodax, an order matching crypto exchange.
  • Providing 24×7 customer support by email and telephone.
  • Unique buying plans such as SBP (systematic buying plans) & OTC (over the counter) along with multi-tier membership programs.
  • Introducing new features such as Crypto Basket, etc.

We are all aware of the RBI’s recent stance issued about the discontinuation of services by RBI regulated entities (banks/ payment gateways) for the purchase and selling of cryptoassets.

Due to the RBI’s recent notification on ‘Prohibition on Dealing in Virtual Currencies’, our banking relationships are likely to be disrupted on or before July 5th, 2018. We are in the process of deploying new mechanisms for INR deposits and withdrawals. This is not a small undertaking and it will take us some time to deploy new solutions, please do not panic. Until further notice from our team, customers may continue INR deposits and withdrawals from Unocoin through normal banking channels as long as our bank accounts are functional beyond which the bank accounts based deposits and withdrawals of INR won’t be available till the RBI’s notice stay effective.

Regards

Team Unocoin

 

Update on 3rd July 2018:

RBI vs Cryptocurrency Exchanges: Supreme Court to Hear Plea on 20th July

The holiday bench of the Supreme Court has refused to hear the plea for interim relief. The hearing is set for the 20th of July. Banking services are expected to be revoked this week. We would like to let you know that this is not a ban on Cryptoasset and a policy in this regard is expected in the near future. However, if you are withdrawing or depositing any rupees in Unocoin, there could be a time when we may not honour such requests. Please continue to trade once you have understood the risk.

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