Based in London, United Kingdom, Indacoin is a cryptocurrency exchange that lets users buy the most popular cryptocurrencies instantly. Indacoin stands out from other exchanges by offering customers the ability to buy Bitcoins in addition to 700 different cryptocurrencies using a major credit card. This provides a convenient entry point into the cryptocurrency world and makes it possible to purchase more obscure cryptocurrencies without having to first buy a major one, like Bitcoin or Ethereum. Indacoin does not require any registration to make a purchase.

IndacCoin Review

While some crypto exchanges are relatively new, Indacoin already has a solid history dating to 2013. As mentioned, it is based in London. Since 2015, more than 500,000 customers have used Indacoin and appreciated its offerings. Indacoin’s location in London means that it must adhere to regulations of the United Kingdom, providing additional peace of mind for users.

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Who Can Use Indacoin?

At the moment, Indacoin has support for nearly everywhere in the world. The only exception at the time of writing is the USA, as it cannot legally accept customers from there. The platform works in more than 100 different countries, making it possible for those around the world to purchase cryptocurrency with ease. To use Indacoin, you must have a Mastercard or Visa with 3D-Secure.

To assist with ease of use for those from various countries, Indacoin is available in nine different languages. Choose from Arabic, English, French, German, Italian, Portuguese, Russian, Spanish, and Turkish.

One of the convenient things about Indacoin is that you do not need to register for an account in order to purchase cryptocurrencies. Instead, you just have to select the amount you want to buy and provide such details as your crypto wallet address, card details, mobile phone number, and email.

How Do You Buy Cryptocurrency with Indacoin?

Purchasing your cryptocurrency of choice via Indacoin is incredibly simple. If you want to buy Bitcoin, select “Buy Bitcoin” from the homepage. You will then be able to choose the fiat currency you wish to pay in (USD, EUR, or RUB) and the cryptocurrency you want to purchase. All options are displayed via drop-down menus with the default options set to USD and BTC. Enter the amount of fiat currency you wish to spend, and the form will automatically fill in how much crypto you receive. Below this, you will enter your email address and crypto wallet address. Alternatively, you can create a Bitcoin wallet using Indacoin.

Buying

Follow the same steps for any cryptocurrency of your choice. There are direct links to buy major cryptocurrencies from the homepage, including Bitcoin, Ethereum, Ripple, and Bitcoin Cash. Alternatively, you can view the chart in the middle of the homepage with a master list of cryptocurrencies offered. Hover over your chosen crypto, then select “Buy.”

No matter the crypto you select, Indacoin will take you to the same page described above, but the cryptocurrency selected from the dropdown menu will vary according to whether you clicked “Buy Bitcoin,” “Buy NEO,” or “Buy” something else. In this way, you can click any “Buy” button and then adjust the cryptocurrency. Selecting the right one initially, however, allows you to view the rates in real-time. Since Indacoin supports 700 altcoins, the dropdown menu for cryptocurrencies includes a search bar so users do not need to scroll through, saving time.

Indacoin Fees

The fees related to using Indacoin vary based on multiple factors, which the platform does not readily disclose. To ensure transparency regarding fees, the Indacoin calculator you use to determine your conversion will tell you the specific quantity of cryptocurrency you receive given the fiat you spend, with fees already taken into account. As such, you specify the total amount you wish to pay for a transaction in fiat currency and the total crypto that you will receive already calculates fees, so you receive the quantity the calculator displays.

While this method is convenient for users since there is no need to calculate fees, it also allows for a lack of transparency on the end of Indacoin. Because the fees are automatically calculated into each transaction, Indacoin tends to charge very high fees compared to other exchanges. Of course, this is a common trend among any similar exchange that accepts payment via credit cards, but it is still something to keep in mind. Even so, the majority of complaints regarding Indacoin are related to its high transaction fees, with some users calculating them at 30 percent.

As an example, at the time of writing, the market price for Bitcoin was $6,685 USD. Indacoin had it listed for $8,198. That is a difference of $1,513 which you are essentially paying in fees, this is very high when compared to other exchanges such as Coinbase.

How Long Do Transactions Take?

The average transaction on Indacoin will take about 30 minutes. This time period begins after you make the order or following completion of verification in the case of the first time using a particular card.

IndaCoin Transaction Limits

Indacoin always has a minimum transaction limit of $50. The first transaction is limited to $200. Four days following the first purchase, your second transaction can have an extra $200. This increases with an additional $500 seven days after the transaction and $2,000 in 14 days. Once a month has passed since your first purchase, you no longer have a maximum limit for card purchases, provided your bank or credit card company approves the transaction.

Indacoin Verificatioon

To complete a transaction using Indacoin, you may need to verify your card by entering a four-digit code you receive in a phone call. Some users may also require video verification. This requires recording a video with your face and then uploading either a photo or scan of an official photo ID. This verification is typically required the first time you use any new card, but it will not be necessary when you use the same card again in the future.

Trading

Indacoin also has a trading area labelled Buy / Sell which allows you to trade between currencies as well as sell them for fiat currency. The trading interface is very sparse though with not a lot of information displayed apart from a simple chart and buy sell box.

Trading

What Else Can You Do with Indacoin?

In addition to buying cryptocurrency via Indacoin, you can also store more than 700 supported cryptocurrencies in a single wallet. Using the platform, you can easily send crypto to others with the same ease that you would send a message. You can also view your investment portfolio and track changes within it.

Indacoin Mobile App

Indacoin offers a mobile application for both Android and Apple users, making it possible to take advantage of the wallet and other features via your smartphone or tablet. Use the application to purchase cryptocurrencies using a debit or credit card, store cryptocurrency, send it, and manage it. This application is your key to easily sending cryptocurrency to others just via their mobile phone number. If you have frequently used addresses for Bitcoin, you can create templates for them for future convenience.

The application also lets you contact customer support via the wallet. View your transaction history or your wallet address, either as a QR code or in the traditional address format. The application is user-friendly, and Indacoin has plans for updates to enhance user-friendliness in the future.

Indacoin Reviews

Other than complaints about high fees, Indacoin tends to receive positive reviews for its intuitive interface and quick transaction time. Those who have used the platform praise it for the convenience of being able to set up a transaction without creating an account and even for the simplicity of the card verification process.

Users appreciate the relative anonymity that also comes from the lack of requirements to create an account. Theoretically, you could get a pre-paid debit card (as long as it has 3D-Secure) and a pre-paid burner phone to keep your information private, although you would still need to confirm your identity via a video and photo ID. Even so, Indacoin requires much less information than competitors.

Indacoin Reviews

Overall, users praise Indacoin for its straightforward platform, simplicity, and good customer support.

While fees are high, that is the case for any other platform that lets you purchase crypto using a credit card. If you have the time and do not mind additional verification, you can save a great deal of money, particularly in large purchases, by choosing a different exchange with another deposit method and lower fees. When it comes to convenience, however, Indacoin certainly provides that at competitive prices.

Indacoin Customer Support

Indacoin offers users multiple options for contacting support. You can send an email, use the live chat function for support in real-time, or call the number, which has a British country code. There is also an extensive FAQ section, which includes information regarding general queries about cryptocurrencies and those specific to Indacoin, such as accounts and transactions.

Is IndaCoin Safe?

Some security on Indacoin comes through the card verification process, which protects users from fraudsters, hackers, and card theft. Your card information will always be secure since Indacoin never receives your CCV code or the full number of your card. The full transaction goes through a secure Mastercard or Visa gateway, and Indacard only gathers the necessary information to confirm it is your card. That information is never shared without consent. Additionally, Indacoin only accepts 3D-Secure cards.

Indacoin API

Developers will appreciate that Indacoin has an API that features simple integration. Simple integration only requires basic information, or you can opt for tight integration instead, which requires more information and contacting PR via email. Additionally, the platform added the option of integration without an API or the traditional choice of using an API. Developers interested in taking advantage of the API and/or integration will find all the information they need on the page dedicated to the API. From any page on the Indacoin website, go to the “Products” dropdown menu from the main menu (right next to language choice) and select “Payment Processing API.”

Conclusion

Indacoin is a platform that allows users to purchase cryptocurrency using their credit or debit card. Its availability in nearly every country of the world and range of supported languages make it very useful. The support for 700 altcoins increases the chances that users can purchase their preferred crypto directly with a debit or credit card without having to complete an additional conversion. Indacoin only has support for buying cryptocurrencies using a card.

The built-in wallet is also useful for those who want a multicurrency wallet. Finally, the mobile platforms help with intuitive use and accessibility, both for crypto purchases and access to the wallet.

Unfortunately the fees seem exorbitant, you are paying huge amounts for the benefit of purchasing with credit card. There are better fiat on-ramps than Indacoin and for that reason we can’t recommend you use them.

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IndaCoin

6.4

Ease of Use

7.0/10

Reputation

7.0/10

Fees

2.0/10

Customer Support

7.0/10

Payment Methods

9.0/10

Pros

  • Fiat Purchases
  • Good Choice of Coins
  • Well Established
  • Trustworthy Company

Cons

  • Very High Fees
  • Poor Trading Interface

Posted by Oliver Dale

Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all.


All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.

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