BuyUcoin Review 2023: Scam Or Safe? Research-backed Findings

BuyUcoin Review

Table of Contents

BuyUcoin, a leading Indian Crypto exchange, has widely been popular among Indian Crypto investors due to its proven market record and low minimum account requirements. However, the recent incidents in the global Crypto industry have distracted the attention of many potential investors. 

The continuous downfall of the Crypto market and the collapse of major exchanges like FTX, Celsius, BitFront & BlockFi have only discouraged investments in this highly volatile asset class. After these incidents, both investors & traders have become extra cautious in choosing the platform. In the BuyUcoin case, we received several requests to review this platform. 

We quickly acted and started gathering information to deliver an unbiased and in-depth BuyUcoin review. This review will have a detailed analysis report based on its fees, services, available coins and safety. 

BuyUCoin Review: What Is It & How Does It Work?

BuyUcoin is a modern-age Crypto wallet and exchange services provider that allows Indians to buy, sell or trade popular Cryptocoins, including Bitcoin, Litecoin and Ripple. 

The platform was launched in July 2016, making it one of the oldest Crypto exchanges with a proven track record. The domain – buyucoin.com is a registered entity of iBlock Technologies Private Limited.

BuyUcoin has over 1 Million active clients, with trade statics surpassing $800 million. The stats clearly show how popular this Crypto exchange is. 

Is BuyUCoin A Scam?

The Crypto exchange lacks regulations; however, it doesn’t declare it a scam. To find out the platform’s reliability, we assessed its official website, scrolled down the internet, and considered many outside sources. The hardest part is that we received mixed responses. 

  • Firstly, the platform has been operating since 2016 and holds a physical headquarters in Uttar Pradesh. 
  • On the contrary, many complaints are raised against the platform, with many users calling it a scam. 

While analyzing this section of the BuyUcoin Review, we were a little confused. Therefore we are not declaring it a scam, but we want to advise you to be very cautious before you start with it. As a decentralized platform, there are always shady clouds over it. So, having a safer and more regulated Crypto trading platform like InvestFW, Capitalix is always a good choice. 

Available Products At BuyUcoin

In terms of products offered, the exchange platform somewhere has the upper hand. Unlike other crypto exchanges, it is not limited to just buying and selling cryptocurrencies. 

Alongside Crypto trading via spot and OTC markets, it allows users to invest systematically in Cryptocoins through its SCIP feature. Also, you can access the NFT marketplace. 

The list of available Cryptocurrencies includes over 200 prominent altcoins, along with memecoins, NFTs, DeFi coins, Indian Tokens, and Metaverse Coins. Let’s take a look at some major ones: 

Crypto Coins

  • BITCOIN
  • ETHEREUM
  • TETHER
  • USDT
  • BINANCE COIN
  • USD COIN
  • RIPPLE
  • DOGECOIN
  • CARDANO
  • POLYGON
  • POLKADOT
  • LITECOIN
  • SHIBA INU

Metaverse Coins

  • THE SANDBOX
  • AXIE INFINITY
  • DECENTRALAND
  • Enjin Coin
  • SUSHISWAP

Indian Tokens

  • POLYGON
  • GARI NETWORK
  • RIKEZA
  • INHERITCOIN
  • TONXX COIN
  • LPNT
  • MAGNETGOLD
  • BUYUCOIN TOKEN
  • TRONCONNECT
  • MONETAS
  • FUNJO

DeFi Tokens

  • UNISWAP
  • AVALANCHE
  • CHAINLINK
  • TERRA CLASSIC
  • TEZOS
  • AAVE
  • THETA
  • PANCAKESWAP
  • FANTOM
  • MAKER
  • THE GRAPH
  • SYNTHETIX NETWORK
  • 1INCH

NFTs

  • FLOW
  • THE SANDBOX
  • AXIE INFINITY
  • TEZOS
  • CHILIZ
  • DECENTRALAND
  • Enjin Coin
  • SUSHISWAP
  • GALA
  • DIGIBYTE

MemeCoins

BuyUcoin Review: What Is EZ/ OTC Feature?

The EZ/OTC platform offered by the exchange is uniquely designed and India’s first platform for bulk Crypto trading. OTC (Over-The-Counter) trading prevents traders from frequent price fluctuations and improves liquidity, leading to market stability. 

The features of the platform include 0% trading fees and no requirement for KYC upto the transactions of 10,000 INR transactions.

BuyUcoin Review: What Are The Fees & Other Charges? 

The most interesting part of BuyUcoin Review is the platform’s fee, which we think is beyond our expectations. While the exchange distressed us in terms of reliability, its fee structure gives a sense of relief. 

There is no account setup fee, no monthly fee, deposit & KYC fee. Additionally, access to its Crypto wallets doesn’t incur any charge. OTC services are free upto the transactions of 10,000. 

The only fee payable on the platform is the maker/taker fee, i.e., 0.24%. 

Deposits & Withdrawals

For deposits and withdrawals, you can use fiat and Cryptos. The platform accepts payments through 200+ cryptocoins, including Bitcoins, Litecoin and Ripple. 

While there is no deposit fee, withdrawal charges may apply. However, the withdrawal fee depends on the payment method. Here’s take a quick look at the BuyUcoin withdrawal fee: 

Payment Method Withdrawal Fee Maximum Withdrawal Minimum Withdrawal
INR 10 INR 30,00,000 INR 500 INR
Bitcoin Network 0.00026 BTC 10 BTC 0.002 BTC
Ethereum Network 0.00288 ETH 50,000 ETH 0.03 ETH
Tether (Ethereum) 6.4 USDT 500,000 USDT 50 USDT
Litecoin Network 0.01 LTC 100 LTC 0.04 LTC

BuyUCoin Review: User-experience & Trading Platforms

Our personal experience with the platform’s web version wasn’t good enough. The website took too long to reload and redirecting from one page to another took a good enough time. Considering all these flaws, we think its the time to move to its mobile app. So, here’s our experience with the BuyUcoin mobile App. 

BuyUcoin App

The application was available for download on both Play Store and App Store. Despite having below-the-average reviews, I downloaded the application. Unfortunately, things didn’t change here. The same issues surfaced again. Overall, the rest of the features are impressive if we keep those small issues away. 

How To Create An Account On BuyUCoin?

The account opening process is pretty straightforward and takes less than an hour. We got our account verified and activated in 2 days. Here’s how you can create an account: 

  • The first step is to visit the official website – www.BuyUcoin. Com and click on the ‘Sign Up button. Alternatively, you can open the mobile application and click on the Signup icon. 
  • Now, enter your Name, Email address, select account type (Company/ Individual), a strong password, and Country.
  • Afterward, click on the verification link you received at your registered e-mail address. 
  • Complete your KYC registration to activate your account. 

How To Trade On BuyUCoin?

You can place your first trade on the platform by following these easy steps: 

  • Firstly, make a deposit into your Crypto using the fiat or Crypto mode.
  • To begin trading, go to your dashboard and scroll down to see the available trading pairs. 
  • Now, click on the ‘Trade’ button after checking the crypto rates on the exchange platform.

How To Activate Two-factor Authentication On BuyUcoin?

To activate the two-factor authentication setting on the app, follow these simple steps:

  • On the menu, click on ‘Change Password’.
  • Now, tap on Authenticator and click the ‘Activate’ button.
  • Choose a recovery email address or a phone number.
  • Enter the verification code, then click Verify code.

How To Transfer Crypto From BuyUoin To Binance? 

To make a wallet transfer from BuyUcoin to Binance wallet, follow these steps:

  • On your dashboard, click on the ‘Withdrawal’ icon.
  • A withdrawal form will pop up on your screen. Enter the amount, Binance wallet address and destination tag.
  • Now, enter the 2FA code and click on the Withdrawal button.
  • Verify your details and click on the ‘Submit Button.’

How To Transfer Crypto From BuyUoin To WazirX? 

The WazirX transfer process is exactly like the Binance. Here are all steps to be followed:

  • On your dashboard, click on the ‘Withdrawal’ icon.
  • A withdrawal form will pop up on your screen. Enter the amount, WazirX wallet address and destination tag.
  • Now, enter the 2FA code and click on the Withdrawal button.
  • Verify your details and click on the ‘Submit Button.’

BuyUCoin Review: Unique Features

The platform has something extra on its side, and we have listed these unique features below:

  • Free Trial Account, which is exceptional in the Crypto market
  • Single Platform to invest & Trade in Crypto, DeFi & NFTs
  • Systematic Crypto Investment Plan (SCIP) that allows you to invest a small amount every month
  • EZ/OTC Desk

BuyUCoin Review: Bonus & Referral Programs

The platform allows its users to earn while making money through the platform. Here we have listed the platform’s ongoing bonus & referral program details. 

Welcome Bonus

As a signup bonus, BuyUcoin offers free Bitcoins worth 100 INR, instantly deposited into your wallet. 

EZBack Scratch Card

The platform offers a scratch card worth 1000 INR for every transaction placed. After signing up, you can get a BuyUcoin promo code that lets you win a scratch card of up to 5,000 INR. 

Referral Program

For every successful referral, the platform offers a 30% commission on your referral’s trading fees for a lifetime period.

Affiliate Program

There is an opportunity for businesses & affiliate partners to earn a 50% share of every step a customer takes on joining through their unique affiliate link.

Customer Support

The BuyUcoin customer support lacks dedicated phone support. The ‘Raise A Ticket’ section also takes days to respond to queries. The only way to contact them is through E-mail: [email protected]. However, the answers from E-mail support usually take 2-3 days. In between, you can put your query in its Telegram community. Overall, customer service is the area where the exchange needs improvements.

BuyUcoin Review: Educational & Research Support

The exchange platform extends an impressive range of educational support via blogs, video tutorials, and price information. However, it lacks at offering any research tools. 

BuyUcoin Review: Pros & Cons

Pros Cons
Simple and user-friendly interface Limited To Indian Traders
Allows trade in more than 200 Cryptocurrencies Low Liquidity
No trading fee on OTC desk
Allow deposits in Fiat
Rich Educational Support

Final Words On BuyUcoin Review

After assessing this detailed BuyUcoin Review, we found the platform to be simple, with an easy-to-use interface that suits even newbies. At the same time, its in-house NFT Marketplace steals the whole limelight. Furthermore, the platform’s simple mobile application is exceptionally well. 

In addition to all of that, the exchange platform is loaded with unique features like the free-of-charge OTC Desk and crypto cashback scratch cards. Also, there is no fee for deposit or any network fee. 

However, the low reliability and unregulated nature of the Crypto exchange raises red flags for its potential users. No matter how strong these platforms promise to offer security, the lack of regulations in the Crypto market will always give uncertainty. 

So, in our recommendation, it is always better to choose a more regulated Crypto trading platform like InvestFW. The platform is well-regulated by CySEC and implements robust security measures. 

FAQs

Is BuyUcoin Legit Site?

Yes, the platform operates under a registered company –  iBlock Technologies Private Limited. The company’s headquarters are situated in Noida. Considering its registration, the exchange can say to be legit. However, it lacks a regulatory license. 

Is BuyUcoin Indian?

BuyUcoin is an India-based Crypto exchange with headquarters at 405, Infinity Business Park, Sector – 63, Noida, Uttar Pradesh, Uttar Pradesh (India). 

Who Is The Owner Of BuyUcoin?

The exchange is owned and operated by iBlock Technologies Private Limited. Meanwhile, the founder and CEO of the company is Shivam Thakral. 

What Is Withdrawal Fees In Buyucoin?

The withdrawal fee charged by the platform varies depending on the payment methods you choose. For instance, it’s 0.00026 BTC for Bitcoin withdrawal, while 10 INR for fiat. 

Is Buyucoin An Indian Company?

BuyUcoin is an Indian Crypto exchange with headquarters at 405, Infinity Business Park, Sector – 63, Noida, Uttar Pradesh, Uttar Pradesh (India). 

Is BuyUcoin Trusted?

Considering the platform’s regulations and the existing user reviews, BuyUcoin can be termed as low trusted Crypto exchange. 

What Is The Fees Of BuyUcoin?

The platform charges a maker/taker fee of 0.24%. 

Is BuyUcoin Safe? 

BuyUcoin is a safe Crypto exchange as it implements robust security measures. However, the recent reviews of this platform have put its security in doubt. 

What Are BuyUcoin Reviews?

The platform has a 3.4 stars rating out of 5 on Trustpilot. Meanwhile, several users have complained about their withdrawals being frozen by the platform. 

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