Introducing LINK and MATIC on our exchange

On our exchange platform www.unodax.com, we have introduced LINK on Aug 15 and MATIC on Aug 16 as a part of Independence day special. Deposits and Withdrawals are live and the tokens are listed. We continue to run the 0% for both maker and taker for the month of August 2020 as well!

Below is the explanation of LINK and MATIC – taken from coinmarketcap portal.

What Is Chainlink?
Chainlink (LINK) is a decentralized oracle network which aims to connect smart contracts with data from the real world. Chainlink was developed by Sergey Nazarov, with Steve Ellis as the other co-founder. It held an ICO in September 2017, raising $32 million, with a total supply of 1 billion LINK tokens. LINK, the cryptocurrency native to the Chainlink decentralized oracle network, is used to pay node operators.

What is Matic Network?
Matic Network is a Layer 2 scaling solution backed by Binance and Coinbase that aims to provide a generalized Layer 2 platform, enabling Ethereum developers to scale their DApps for large-scale usage. For the initial phase, Matic has launched its hybrid PoS+Plasma sidechain on top of Ethereum. According to the team, Matic is one of the fastest-growing DApp platforms in the space.

– Team Unocoin

Auto-sell feature on Unocoin

In December 2015, we introduced this feature to enable our customers to avoid being online when they want to sell the bitcoin at the same time when the deposit happens to their wallet and get INR to their bank account. This was extensively used by freelancers who choose to accept bitcoin as a mode of payment but don’t want to be exposed to bitcoin price volatility. Due to the banking issue in 2018 and 2019, we had to pull down this feature but now it is enabled again as we can now pay out INR to customer’s bank accounts.

To enable this feature, the web users would go to Settings -> Wallet Utilities and choose Auto Sell there. The app users would go to More -> Wallet Settings -> Auto Sell. The sell of bitcoin that happens though this feature do not attract any transaction fee (happens for 0% transaction fee). The sell operation happens at the current SELL rate at the time the deposit of btc gets confirmed.

Team Unocoin

Enjoy 0% transaction fee on Unodax for the month of May 2020

May 2020 is the month where bitcoin will be undergoing its third halving. It is also the month that Unocoin’s exchange Unodax is offering 0% transaction fee for both makers and takers. Download Unodax app today or visit www.unodax.com and get started with crypto exchange. Now you can place bid and ask orders for just that single paise difference and that difference is yours!

Team Unocoin

Extending Systematic Buying Plan for Ether

In April 2015, we launched Systematic Buying Plan for bitcoin. Systematic Buying Plan (SBP) is an exciting way to acquire bitcoin (BTC) – the first of its kind that is introduced by Unocoin. Now the Plan is extended to ether (ETH) as well. This is a more conservative approach to investing in bitcoin than spending all your money on bitcoin or ether at once. This technique allows you to commit to a fixed INR amount on bitcoin on a regular schedule regardless of the price. You can invest as little as 50 INR per interval that you choose – be it daily, weekly (you get to choose the day of the week) or monthly (you get to choose the date in the month). You need to fund your INR wallet and schedule the orders to get started with SBP. This feature helps with financial discipline by averaging out your cost and thereby reducing risk resulting in generating better returns. What’s more? There is 0% transaction fee for BTC and ETH that you buy using SBP.

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!