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BuyUcoin Review - is it scam or safe?

BuyUcoin Review - is buyucoin.com scam or good cryptocurrency exchange?

RATING: 2.5 / 0 REVIEWS BuyUcoin

RECOMMENDED BITCOIN BROKERS


Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1

0.42% maker, 0.84% taker

 

BuyUcoin is an Indian cryptocurrency exchange and electronic wallet provider, that offers trading in over 30 cryptocurrencies for INR and vice versa. It claims to have more than 200 000 users and a turnover of over $30 million.

 

BuyUcoin advantages

 

- Lots of Coins. BuyUcoin has an extensive list of cryptocurrencies that can be bought or sold on its platform. Among them are Bitcoin, Ripple, Ethereum, Bitcoin Cash, Litecoin, NEO, Dash, OmiseGo, NEM, Monero, Ethereum Classic, Z-cash, Lisk, Stratis, Digibyte, Factom, PivX, Bitshares, Dogecoin, Civic, Digibyte, Qtum, Steem, Ark, Golem, NXT, Cloakcoin, TenX, BAT, etc. Most Indian exchanges like Zebpay, Unocoin, Koinex and Coinsecure have a much more limited selection, spanning only a few of the major cryptocurrencies.

 

- Low Fees. BuyUcoin’s trading fees are relatively low and comparable to that of some other major Indian exchanges. Deposits and withdrawals, both in fiat and cryptocurrencies, have no fees.

 

- Good Security. BuyUcoin says it stores 96% of clients’ funds in offline cold storage, which makes it quite secure. Additionally, BuyUcoin has set 2 factor authentication for logging in and using both the exchange and the wallet. On the other hand, though, manual verification cane take up anytime between two and four days.

 

- Nice Platform. BuyUcoin has a nice buy and sell interface, with price charts, volume and price information, order book and market history.

 

 

- Automated user verification. BuyUcoin uses automated user verification for speedy service and only employs manual verification, in case the automated fails, for whatever reason. In comparison, Coinbase, which has millions of users, has started using automated user verification only recently.

 

- Good customer support. According to BuyUcoin’s site, it offers customer support 24/7, which is quite convenient for the clients.

 

- Good Speed. BuyUcoin offers instant buy and sell services, if the network permits and the bank transfer has arrived at the company, of course. But this is more or less the standard option, offered by most exchanges.

 

 

BuyUcoin disadvantages

 

- Location. BuyUcoin is based in India and only offers its services in India. Surely, this is a very large and populous country, so the market is big enough.

 

- No credit cards accepted. BuyUcoin does not support account funding with credit cards, but then again, most Indian cryptocurrency exchanges do not.

 

>> See crypto exchanges accepting credit cards <<

 

- No Anonymity. Not surprisingly, BuyUcoin’s services are not anonymous and the exchange requires that clients go through a verification process that includes ID document and bank document.

 

- Buy and sell limits. BuyUcoin has minimum and maximum buy and sell limits for the cryptocurrencies on offer, even though we could not figure out if they are daily, weekly, etc. The limits vary depending on the coin and can be found in BuyCoin’s FAQ section.

 

- No Leverage. Like most exchanges, BuyCoin does not offer leveraged trading on cryptocurrencies. Instead, you can sign up with a reputable regulated forex broker and engage in trading on margin on CFDs with cryptocurrencies as an underlying asset.

 

 >> See our list of regulated bitcoin forex brokers <<

 

Conclusion

 

Considering the legal insecurity surrounding the cryptocurrencies in India, it seems that there are quite a few large exchanges there. On the other hand, it seems that most of them are long established (relatively) and cryptocurrency trading is fairly popular in India.

 

What we like the most about BuyUcoin is that it tries to attract customers with good support and a large portfolio of coins on offer. The trading fees, and particularly the zero deposit and withdrawal fees for fiat currencies, are also quite attractive.

 

 

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Traders` reviews for BuyUcoin

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