Starting from March 2023, Unocoin is introducing custodial fees of 0.0001 BTC per month for inactive trading accounts. This fee is inclusive of 18% GST.
So, why are we doing this?
The decision to start applying custodial fees was not easy, especially when many of the exchanges do not charge this explicitly. Since 2013, we have applied some of the world’s best technologies to secure crypto deposits of our customers. There is a service and maintenance fee that Unocoin pays to provide the crypto deposit, withdrawal and storage services. There is also a fee that we pay to evaluate individual crypto deposits and withdrawals to detect any illicit trail behind such deposits or with withdrawal addresses. Cold storage solution which holds more than 90% of crypto deposits is completely managed by Unocoin. On the other hand, when our customers trade, the fee we get from them helps us cover some of these costs. So, this custodial fee is only applicable for inactive accounts.
Why is Unocoin charging this while most exchanges do not?
Various crypto exchanges have employed different strategies when it comes to handling user’s crypto deposits. Some of them even had to shut shop for losing deposits when they tried to trade using those deposits. On the other hand, there are a few exchanges who do not allow crypto withdrawals at all. At Unocoin, we do not expose our customer’s crypto deposits to such risks, we put best possible efforts to keep crypto balances accessible to our users at all times, and none of the Unocoin’s customers have suffered the loss of their crypto deposits while utilising our wallet services in the last 10 years.
To better explain our new fee structure, we’ve outlined the main points below:
- The custodial fee gets charged at the end of the month (even though you may see the invoice being raised on the following day).
- If the user completes any trade (brokerage or exchange order) or has an active loan /
or Earn Interest in that month, the custodial charges will be waived off.
- For accounts with crypto value more than 0.0001 BTC equivalent, the custody fee of 0.0001 BTC will be charged. If enough BTC is not there, we charge to other crypto deposits in the same order of how we have listed on our exchange chronologically. Having INR balance does not count towards custody service.
- For accounts with crypto value less than 0.0001 BTC, the custody fee is still charged but the balances will not be taken negative.
- For accounts with crypto value that is zero, the custody fee is not applicable as we are not custodying crypto deposits for them.
At Unocoin, we take our responsibilities as a custodial wallet provider very seriously. We understand that customers rely on us to keep their crypto funds safe and accessible at all times. Custodial fees will help us continue to provide the highest level of service to our customers and maintain a secure crypto ecosystem.
Regulatory Compliance: As a responsible cryptocurrency exchange, Unocoin adheres to strict regulatory requirements to ensure the reliability of the company and its services to the highest possible extent. Apart from customers, even Govt agencies trust Unocoin for custodying their crypto assets mostly obtained from confiscation.
Expert Support: Our customer support team is available 24/7 to help customers with any questions or issues they may have.
We recognise that our customers may have questions or concerns about this new fee structure, and our team is available to answer any questions or provide further clarification reach out to us at support@unocoin or on our telegram group https://t.me/Unocoin_Group
We encourage all customers to read this notice carefully and contact our support team for further information or assistance. Thank you for your continued trust and support in Unocoin.
The Unocoin Team