Some Concerns About New Indian Bitcoin Exchange Buyucoin

It is always positive to see new companies arrive on the scene in the Bitcoin world. Buyucoin is a company dedicated to making the sale of Bitcoin easier in India. Albeit this is a very new company, and caution is advised when dealing with unknown parties, this goes to show there is a big demand for cryptocurrency in India.

New Indian Exchange Buyucoin Is Live

Although the Buyucoin website looks nothing like most other exchange platforms, a book should never be judged by its cover. India could be a huge market for Bitcoin in the coming years. That also means there need to be multiple exchange platforms in operation. Buyucoin wants to be the next Bitcoin exchange to make that happen.

Running a Bitcoin exchange is not an easy task, though. There are regular and regulatory guidelines to take into account. After all, an exchange operator is a money transmitter in the country he or she operates in. India has no clear regulation for Bitcoin exchanges yet, but that situation may come to change in the future.

Supporting different payment methods is an important aspect of any Bitcoin exchange. Buyucoin supports different options, once the user has completed a verification procedure and their identity documents have been verified. Among the supported payment methods are credit and debit cards, as well as online banking.

One thing that may be a concern to users is how the website uses an online HTML form to complete the verification procedure. There is only one page to create an account, and some interesting details are being asked. Not the most secure environment to host such a form, and it may turn away some users in the long run.

There is also very little company information on the website, which makes it hard to trust this platform from day one. Conducting a WHOIS search will reveal information regarding the person who registered the domain. Unfortunately, it was registered less than two weeks ago. For the time being, caution is advised when dealing with Buyucoin.

Images credit 1

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

  • BuyUcoin

    We appreciate that you analyzed our website.
    Also, we agree with you that it’s not easy to trust a newcomer in this field. But the people working with us have lot of experience in this field and they are guiding us on every aspect, so we assure people that this platform is totally trust able for buying bitcoin online.

    And we will definitely look after on your given feedback.

    • Saloni

      Hey… @buyucoin I want to buy bitcoins… Do u also give the option online payment??…bcoz I m not able to find any company offering online payment…

      • BuyUcoin

        Yes Saloni you can definitely do online payment on Buyucoin