One of the most successful Cryptocurrency exchanges in India, Unocoin, has launched a new trading platform. The new platform is an upgrade of the previous one and will come with other trading tools and allow transactions with fifteen Cryptocurrencies.
Unodax – The New Trading Platform
On Wednesday, Unocoin announced about the new trading platform named Unodax (Unocoin Digital Asset Exchange). The company said this is a step forward as it will feature all the necessary tools for hardcore traders in the Cryptocurrency industry.
Unocoin users will not experience any hiccups during this migration, according to the company. This is because login credentials and history data won’t be lost during the migration. Usernames and passwords will be the same on the two platforms.
In addition to the extra Cryptocurrencies, the new platform is better than the previous one as it is faster and has fantastic performance. Trading Cryptocurrencies over this platform will be easier. The system will be processing more transaction efficiently.
Given the growth in the Cryptocurrency sector, the new platform will put Unocoin in a better position to compete with its rivals. Customers will have a reason to remain with the company as the many coin options come with different capabilities. Users of this platform will have more business opportunities due to the extra coins.
Comparing Unocoin And Unodox
According to the company’s website, Unocoin.com will only be buying and selling bitcoin (BTC). It will have a transaction fee of 0.7%. One can only order a transaction worth 1,000 rupees (~US$15) or more. Traders will have a chance to store their Cryptocurrencies and trade Bitcoin from the firm’s brokerage services.
Unodax.com, on the other hand, will allow the buying and selling of the BTC and the other cryptocurrencies. The maker and taker fees on this platform will be 0.4% and 0.6 respectively. Maker transactions will attract a Bitcoin bonus of 0.3%.
Some of the 15 Cryptocurrencies supported by the new platform are BTC, BCH, ETH, and OMG among others. The previous platform had introduced an order-based trading feature that required the users to update through iOS and Android application. The platform could support six Cryptocurrencies Litecoin (LTC), Ethereum (ETH), BTC and Ripple (XRP).
Reaction To RBI Order
The Reserve Bank of India (RBI) has ordered the closure of all Cryptocurrency accounts in the various financial institutions in the country. From July 5, the banks and Cryptocurrency companies will not be working together. This However, petitions have filed and the hearing of the case at the Indian Supreme Court will commence on July 20. If the ban, it will be a major loss to Cryptocurrency businesses in the country.
To avoid being hit by the ban, most people are trading their Cryptocurrencies in advance. The other strategy is the development Crypto-to-Crypto trading platform. If more companies could agree and establish this platform, it could be the only hope for Cryptocurrency dealers in the country. Some of the big names behind these great developments are Zebpay and Koinex among others.