Head over to the Unocoin site & sign up for an account
- You will get a registration verification email from Unocoin; click on it to verify your registration.
- Log in to your newly created Unocoin account.
- The next step is to complete the KYC. Start by adding your bank account details. This is where you will also receive money when you decide to sell your Bitcoin. The bank account should belong to the same person/organization operating this Unocoin account. You may only add one bank account.
- Click on “Next”.
In the next step, you need to update your documents for the KYC. Here are the documents that are required:
- Copy of Pan card
- Your photo
- Address proof (Aadhar card showing address OR Driving license OR Passport page showing address)
- Passport page/Aadhar card showing photo
In my case, I used my Passport + my Pan card to verify my account. This KYC verification will take about a day & once that is done, you will be able to start buying Bitcoins.
Note: Even if you don’t buy Bitcoin at this time, you still have created a free Bitcoin wallet address for yourself. You can use this at any time to receive Bitcoins from anyone.
Adding funds to your Unocoin account
To purchase Bitcoin, you need to add funds to your Unocoin account. This can be done with the help of NEFT/RTGS/IMPS.
Click on the “Indian Rupee” column on left side & click on “Deposit”.
On the next page, scroll down & you will see the bank details to deposit the funds.
You can start by adding any amount of funds (let’s say 10,000 INR for this example):
- Click on “Deposit” & confirm the deposit by clicking “Yes”.
- Add the bank account address into your bank account.
- Deposit the amount that you wish to add. For this example: 10,000 INR.
- Note the reference number (very important).
Once you have added the funds & you have the reference number, on the same page, under the “Deposit” column, you will be able to add in the reference number. (Refer to below screenshot.)
Now, grab a coffee and/or watch a movie. It will take a couple of hours before the funds will be reflected in your account.
I know it’s not cool, but for now, that’s the only way by which Indians can start buying Bitcoins. After the first time, this will not annoy you as you will be used to the process.
Here is a video that helps you understand:
Moreover, after this, you can always use the Unocoin Android or iOS App to add funds & buy Bitcoins.
Once the money has been deposited into your Unocoin INR wallet, go back to the dashboard of Unocoin & you can start purchasing more.
On the next page, you can directly buy Bitcoin which can be added directly to your Unocoin Bitcoin wallet address or any other Bitcoin wallet address.
Once you hit the “Buy Bitcoins” button, your transaction will happen in real-time & Bitcoins will be added to your account.
Here is a video that will help you to understand the full process:
Well, if you have followed all of the mentioned steps, then congratulations! You are now the proud owner of some Bitcoin.
While we are done with the Unocoin guide for purchasing Bitcoin, I suggest you explore all of the other options offered by Unocoin. In particular, the one which is related to the security of your account is especially important to pay attention to.
- Click on Security > 2-Factor Auth & Enable Secondary Password (Google Authenticator).
I will talk about the Bitcoin security & Unocoin account security in the coming days.
For now, do let me know: How’s your experience of purchasing Bitcoin? What are your plans for investing in Bitcoin?