Unichange Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this Unichange Review.
Unichange is a P2P cryptocurrency exchange that offers exchangin of Bitcoin for fiat currencies (USD, EUR, CNY, IDR) through a wide selection of payment methods, including PayPal.
The company is registered in the offshore zone Saint Vincent and the Grenadines, which is somewhat alarming, considering the reputation of the Caribbean country as a hub for dubious forex brokers and lax regulation. Generally, we advise our readers to avoid dealing with companies registered in offshore zones, and choose properly regulated companies instead. Having said that, it is worth noting that in most countries there is no specific regulation regarding cryptocurrencies and exchanges, so not being regulated is not necessarily an indicator for fraud in this case. Nevertheless, we advise caution.
– Payments. Unichange accepts a large selection of fiat payment methods, that include bank transfers, including SEPA transfers in EUR (and CZK, PLN and GBP), credit/debit cards, PayPal, AliPay, China UnionPay, Perfect Money, FasaPay, Paxum, Western Union, MoneyGram, etc. The multiple payment methods available are typical of the P2P exchanges, as most of the times, they are defined by the users themselves.
– Anonymity. Users of Unichange can remain anonymous, in practice. According to the exchange’s own site, registration and verification are not obligatory and most services are available without registration and verification.
– Trading. Trading on Unichange is done in a simple and straightforward manner and does not even require registration. Furthermore, the exchange says, the execution of orders is done automatically up to a certain sum (unspecified). The other orders are processed manually within an hour (in business hours).
– Speed. It appears that Unichange provides quite a speedy service. Usually most orders are completed within 15 minutes, according to the exchange itself. Bitcoin transactions require three verifications.
– Unichange card. Unichange issues its own plastic and virtual debit card in EUR or USD, called Unichange card. It has some advantages, such as relatively low fees when using it for Bitcoin trading on the platform and lower fees for withdrawals and much faster transfer processing. It is co-branded with Visa, a monthly limit of USD 500 000. It can be used for payments as a regular card in brick and mortar stores and online and for cash withdrawals. Depending on whether the user is verified or unverified, the card has some limits on daily withdrawals and sums. There are no limits for POS payments.
– Location. It appears that Unichange’s services are available globally. Its website has versions in English, Russian, Indonesian and Chinese and the company has a dedicated support office in Indonesia.
– Security. Unichange says it provides two-factor authentication and all user data is encrypted. Due to the nature of the service it offers, Unichange does not provide fund storage, but is just an intermediary.
– Platform. There is no trading platform whatsoever that we can speak of. There is no order book, no charts, no order history. On one hand, the platform is convenient for novice and occasional users, but is not fit for advanced trading.
– Fees. The trading fees of Unichange vary greatly, depending on the payment method. They start from 0.5% and go all the way up to 10%. There are also minimum fees that start from a dollar and go all the way up to USD27 for bank transfers in USD. The Anonymity and speed come at a price.
– Leverage. Like most cryptocurrency exchange platforms and practically all P2P exchanges, Unichange does not offer leveraged trading. For those who wish to trade safely on cryptocurrencies, there are a lot of regulated forex brokers who offer CFDs on some of the major cryptocurrencies and it is done on their usually quite feature-rich trading platforms.
– Offshore. As we already said, Unichange is owned by an offshore company, which casts a shadow of doubt on its operations and intentions.
– Wallet. Unichange does not offer a bespoke wallet to its clients.
– Escrow. Unlike some other P2P exchanges like Remitano and Cancoin, Unichange does not offer holding funds in escrow, while the payments are confirmed, which can be quite risky for the sellers.
Unichange provides a simple and fast spot exchange service for Bitcoin and fiat currencies. Its major advantages are the numerous payment methods, the speedy service and the fact that it is available in most countries. Another nice feature is the issuing of a debit card, but this could become problematic, considering that recently Visa is halting its card service for bitcoin exchanges.
What we dislike the most is the fact that Unichange is an offshore company. But, then again, it has been in business since 2014 and has a good track record.
Unichange Review Conclusion
For more information about cryptocurrency trading brokers visit TopForexBrokers.com crypto brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about Unichange Review.