Sure Bitcoin is great. But it’s the broader world of cryptocurrencies that it gave birth to that is even more fascinating! There are coins serving a whole multitude of purposes, each with their own unique characteristics, market and following. Why then, should India restrict itself to just bitcoin?
Multi-crypto Exchange Trading
Our thoughts exactly. Furthermore, buying and selling bitcoins is one thing. Trading them on a free market is another. Which is why Unocoin is now launching a multi-cryptocurrency, open order book exchange! Coming to the same Unocoin app on iOS and Android, the new exchange is all set to revolutionise cryptocurrency trading in the country — with support for 5 cryptocurrencies from the get-go. These will be:
- Bitcoin Cash
Users will be able to buy and sell their favorite cryptocurrencies right on the exchange, along with functionality to deposit and receive their holdings from and to the exchange wallet.
Why An Exchange?
An exchange offers a broad amount of advantages to a cryptocurrency trader.
- Instead of having to rely on the going price set by a portal, an exchange maintains ‘order books’ — which allows users to queue their trades on the exchange, and modify/manipulate them as per the market trend.
Placed a buy order and the trendline indicates a bullish sentiment — go ahead and change your order to a higher price. Or planning to sell on a dip only to see indications of a pump again? Feel free to cancel your order and analyse the market trends again.
Think of it like trading on the stock market, except you’re doing it with cryptocurrencies this time.
You can, of course, move your holdings into your exchange wallet
The exchange will work on a ‘maker-taker’ model. The makers are the users who’re infusing more liquidity into the market, by placing ‘limit orders’ on the exchange. A limit order refers to orders placed at a specific price (and not the current market price of the commodity). If you’re placing a buy order at a price below the market price, or a sell order at a price higher than the market price, you’re a maker.
Such an action attracts a maker fee, which on this exchange, will be as low as 0.4%
A Taker, as you may have guessed, is a user taking liquidity off the books. Taker transactions are instant — such as market buys (at whatever the going market price is), or limit orders placed at the market price.
A Taker Fee on the exchange will be charged at 0.6% of the order value.
Where Can You Get Started?
Simply fire up the Unocoin app and take yourself to the exchange window to experience cryptocurrency trading the way it’s meant to be done! With Ethereum, Ripple, Bitcoin Cash and Litecoin available and more coins due for addition very soon, cryptocurrency trading in India is all set to be revolutionised. Download the Unocoin app here: Android | iOS