One of India’s major cryptocurrency exchanges, Unocoin, has announced the launch of its new trading platform, “featuring the whole set of tools for hardcore traders in the industry.” Fifteen cryptocurrencies can now be traded using its platforms.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
Unocoin Launches Unodax
Leading Indian cryptocurrency exchange Unocoin announced on Wednesday the official launch of its new trading platform called Unodax (Unocoin Digital Asset Exchange). The company wrote:
Going forward, Unocoin moves the live order-book trading platform to their exclusive new domain Unodax which would be featuring the whole set of tools for hardcore traders in the industry.
The company believes that the migration from its existing platform to Unodax “is being performed without any hiccups to Unocoin users,” noting that “users will retain their login credentials and transaction history across the sites post-Unodax launch.” In addition, the two platforms’ websites and apps will share the username and password, Unocoin explained, emphasizing, “For a user, nothing changes — except for the fact that you now get distinct websites that aim for speed and performance.”
Unocoin vs Unodax – the Differences
The leading Indian exchange’s website explains that Unocoin.com “is now exclusive to buy and sell bitcoin [BTC],” adding that there is “no price slippage up to 10 BTC,” execution is immediate, the transaction fee is 0.7%, and the minimum order is 1,000 rupee (~US$15). The company elaborated:
Moving forward, Unocoin.com can be used to store your crypto assets, and to buy or sell bitcoin from Unocoin’s accompanying brokerage services.
In contrast, Unodax.com will be used “to buy or sell other crypto assets” in addition to BTC, with the maker fee of 0.4% and taker fee is 0.6%. Furthermore, there will be “a bitcoin bonus (0.3%) on all your maker transactions,” to award those who bring “liquidity to the order book.”
Recently, Unocoin introduced the trading of 15 cryptocurrencies which are now listed on Unodax. They include BTC, BCH, ETH, LTC, XRP, BTG, BAT, FUN, ZRX, and OMG.
Prior to the Unodax launch, the platform added an “order-based trading feature on its platform as part of a suite of updates on its iOS and Android application,” initially supporting “six major crypto assets, i.e. bitcoin (BTC), bitcoin cash (BCH), bitcoin gold (BTG), litecoin (LTC), ethereum (ETH), and ripple (XRP),” the exchange wrote at the time.
Surviving RBI Order
Currently, financial institutions are in the process of closing bank accounts of cryptocurrency exchanges, per the order by the Reserve Bank of India (RBI). Banks have until July 5 to end their relationships with crypto companies. Meanwhile, petitions have piled up in court seeking the reversal of the central bank’s order. The Indian Supreme Court will hear the case on July 20.
Meanwhile, traders in India have flocked to crypto exchanges to trade cryptocurrencies ahead of the ban. Trading platform operators are also coming up with strategies to stay in business even after the central bank’s order takes effect. A number of them, including Zebpay and Koinex, have launched crypto-to-crypto trading platforms.
What do you think of this new platform? Let us know in the comments section below.
Images courtesy of Shutterstock and Unocoin.
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