Zebpay vs Coinsecure vs Unocoin; Which Should You Opt For?

Zebpay vs Coinsecure vs Unocoin

There is a wave that is rushing in like a tsunami for the horde of people who are opting for bitcoins as a currency. Everyone wants a piece of the action and people are going crazy about it. In India, it is much easier for the people to buy bitcoins than it was a couple of years ago. There are many startups which are offering services to the people to buy bitcoins. You can buy and sell bitcoins on Indian portals such as Zebpay, Coinsecure, and Unocoin, and also on international ones like Bitbay. However, there are pros and cons for each of the above mentioned wallets.

You cannot buy bitcoins using traditional online payment methods such as debit or credit cards nor can you purchase them using cash. You have to opt for NEFT/RTGS online transfers or go through the payment gateways such as PayUMoney to load the money into a bitcoin wallet. Indian companies also ask you to provide them with your KYC details before you can start trading. So you are required to submit some documents such as the PAN Card copy, Address proof copy, Bank details, and phone number.

Zebpay

Pros:

1. Out of all the exchanges that are registered in India, Zebpay offers the best user experience; the sign up is quick, there is no lag in the buttons, and you can complete the entire process of buying or selling in two or three steps.
2. Zebpay provides you with email and SMS communications for all the transactions that you do via the wallet.
3. You need to load the money first into your Zebpay wallet through online banking and the minimum amount is also nominal, Rs 1000.
4. Zebpay displays the amount of bitcoins that you have invested in along with its value in INR.
5. Zebpay also offers a variety of options for making top-ups or doing recharges using the bitcoins in your wallet.

Cons:

1. The wallet is only available on the Android and iOS operating systems and there is no wallet for desktop users yet.
2. There is a huge difference in the buying and selling prices on Zebpay.
3. The money can be loaded in the wallet only through online banking. Using NEFT/RTGS/IMPS can cause a delay in loading the money to upto 1 day and using the payment gateways come with an additional 2.3% convenience fee.
4. There is no option for placing an auto buy or sell orders based on the cut-off prices.
5. There is no explicit option for placing a PIN code on the application explicitly and the overall security seems to be a bit slacker than Unocoin.

Unocoin

Pros:

1. The Unocoin wallet can be opened with just a minimum amount of Rs 200.
2. The KYC process is quite fast and usually takes just about one day.
3. The spread between the buying and selling rates is usually less than that of Zebpay. However, this spread can vary based on the international currency rates.
4. There is a web option for trading as well along with the Unocoin application. You can also create a Systematic Investment Plan with Unocoin which can help you buy more bitcoins over time.
5. You can load money into your Unocoin wallet using payment gateways such as PayUMoney and it can be topped off by using net banking, credit or debit cards.
6. Two-factor authentication for transactions is a feature by default on Unocoin which makes it much more secure.

Cons:

1. The rates do not get locked for even a minute. The rates change by the time you are ready to make a purchase and you have to start all over again.
2. You cannot transact more than Rs 20,000 from your wallet to your account because of the limitations of the PayUMoney wallet.

Coinsecure

Pros:

1. The spread between the buying and selling prices is the lowest, making it the most suitable application for trading.
2. The exchange fee is 0.3%, which is very reasonable.
3. There is a real-time trading platform available along with open ledgers. All the trades on the platform are visible to all the traders.

Cons:

1. The only option to load money into the wallet is through NEFT, which takes about one day to process.
2. The user interface is advanced and is difficult for the beginners to understand.
3. The two-factor authentication is available only through the mobile application and the website does not support it, making the security a bit lax.