Rajandran R Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, USDINR and High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in and Co-Creator of Algomojo (Algorithmic Trading Platform for DIY Traders)

Unocoin – India’s First Bitcoin Exchange Launched

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Unocoin new Bitcoin Exchange in India has been launched in Bangalore on 15th December. It is currently running on a ‘trial basis’ and new verified users are limited to buying/selling 10 BTC per day.

Bitcoin India
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Recently RBI issued a warning to Indian Bitcoin users for trading in Bitcoin and other virtual currencies citing price volatility and the dangers of bitcoin investment schemes. However Mr Vikram Nikkam, a director of parent company Unobit Solutions Pvt. Ltd, said “full cooperation with financial regulations was a key point in gaining acceptance. Local banks were receiving client monies and making payments without issue”. He said

Rules and Regulatory Compliance

To become verified, users need to have an Indian PAN (Personal Account Number) and card, which are required for all all documents pertaining to financial transactions in India. They must also supply a full name and contact details with proof of address, and an optional photo. Transfers are handled via linked bank accounts.

Users can send and receive bitcoins without limits, and users who trade local currency for bitcoins regularly for 60 days or more are elevated to Gold User status, with higher limits.

It’s also possible to send bitcoins to a friend via email whether the recipient has an existing bitcoin wallet with Unocoin or not. If not, they would be invited to sign up with Unocoin to claim the amount.

Unocoin also has two-factor authentication and the ability to generate paper wallets with client-side JavaScript to take bitcoin storage completely offline

Another popular exchange in India is buysellbitco.in, which also verifies account holders are Indian residents with PAN cards, and gives prices in local currency. It fixes exchange rates for one hour at a time, and also trades in litecoin.

Rajandran R Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, USDINR and High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in and Co-Creator of Algomojo (Algorithmic Trading Platform for DIY Traders)

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