indacoin Review 2020
Indacoin is a cryptocurrency exchange that is based in London. The exchange office is located at London Suite 4b, 43 Berkeley Square, Mayfair, London, Westminster, United Kingdom. Established in 2013, the exchange offers a convenient and hassle-free way for individuals to purchase cryptocurrencies using their credit cards. Among the cryptocurrency exchanges that are found on the internet today, Indacoin is unique in the sense that it only facilitates the purchase of cryptocurrencies and not the sale of these digital currencies.
- Trading Platform
- Deposit and Withdrawal Options
- Fees and Charges
- Privacy and Security
- Customer Support
- Pros and Cons
In addition, Indacoin imposes strict buying limits for newcomers to the exchange. For example for the initial transaction, the purchase amount is limited to $200. For the second and third transaction, the limits are $200 and $500 respectively. You should also note that the second transaction can only be carried out 4 days after the first transaction. As for the third transaction, it can only be done after 8 days after the first transaction. Finally, the total limit for the first month is limited to $5000. Subsequent transactions will no longer be subjected to these limits.
During the few short years that Indacoin has been operational, the exchange has become popular among cryptocurrencies buyers due to the wide range of cryptocurrencies which you can purchase there. In addition, with zero fees on limit orders, purchasing cryptocurrencies at Indacoin has become even cheaper.
The platform which Indacoin has provided its clients with is a web-based platform. The design of the platform is simple and does not feature any kind of price charts or analytical tools. The functionalities of the platform are text-based and all you have to do is merely fill in the provided fields with all the required information such as the amount to purchase.
For the convenience of its customers, Indacoin has also provided a mobile version of its platform on Google PlayStore and Apple App Store. The apps are provided free of charge and will enable Indacoin’s clients to carry out purchases of cryptocurrencies directly from their smartphones.
Deposit and Withdrawal Options
In terms of funding your purchases at Indacoin, the exchange currently supports credit cards, debit cards, Payza online payment platform and BTC-ecode. One hugely attractive feature of the Indacoin exchange is the fact that the exchange lets you purchase more than 100 different types of cryptocurrencies.
At present, you can purchase cryptocurrencies from any countries around the world except the U.S.
Fees and Charges
Although Indacoin has claimed zero fees for the execution of limit orders, this zero fee protocol does not apply to all transactions. For all other transactions, there are a fee and commission charges involved. However, Indacoin does not have a fixed fee or commission schedule as the fees depend on numerous factors. Instead, they have provided a calculator which will determine the total charges when you make a purchase of cryptocurrency. As such, you are advised to check the exact amount that you have to pay in terms of fees, to avoid unnecessary payments.
Privacy and Security
For the security of payments by credit and debit cards, Indacoin only accepts MasterCard SecureCode and Visa Verified cards as these cards are 3D-Secured. To further protect their customers’ personal data, the card details are not stored by Indacoin. Another layer of protection provided by Indacoin is the verification of the purchases through a verification code sent by SMS to the customer’s phone. Finally, all transactions on Indacoin’s website are secured by HTTPS (Hypertext Transfer Protocol).
Comparatively, the customer support service provided by Indacoin is better than what most cryptocurrency exchanges on the internet have been able to offer. You have the option to contact the support team through email, live chat or call them directly on the telephone. While the support hours are not 24/7, it is still many times better than what we have seen with other cryptocurrency exchanges. In addition, Indacoin has also provided a comprehensive FAQ which you can refer to for answers to any questions which you might have.
Pros and Cons
- Accepts Credit/Debit Cards, Payza online payment platform, and BTC ecode
- Live Chat Support Available
- User-Friendly Platform
- A wide range of cryptocurrencies available for purchase
- Worldwide Availability
- More than 500 available coins
- Does not support selling of cryptocurrencies
- Fees are relatively higher than average
- Limits on purchases
Do I have to open an account to purchase Bitcoin on Indacoin?
No, you do not need to open an account to purchase Bitcoin on Indacoin. Simply key in the details such as your email, amount, phone number, card details and Bitcoin wallet address on the quick purchase page.
What is a Bitcoin Address?
The Bitcoin address refers to the address of your Bitcoin wallet or the wallet which you want to send Bitcoin too.
Is verification necessary every time I make a purchase on Indacoin?
No, your card only needs to be verified once and all subsequent transactions will be automatic.
How secure are my card info and details on Indacoin?
Indacoin does not share any of your personal details without your consent. In addition, Indacoin only accepts 3D secure cards.
How fast can my cryptocurrency transaction be completed?
Transaction times depend on many factors but typically it takes about 15 minutes to an hour for a transaction to be completed.
Overall, Indacoin as a cryptocurrency exchange has its advantages and disadvantages. In terms of advantages, the exchange has provided a wide selection of cryptocurrencies for you to deal with. They have also made it relatively easy for you to purchase these digital currencies through a credit or debit card. Finally, they have good security in place, with regards to how they protect your financial data and purchases. However, Indacoin’s biggest drawback is the fact that they don’t permit you to sell cryptocurrencies on its exchange. Nevertheless, we can still conclude that Indacoin as a cryptocurrency exchange is legitimate and reliable.
- 4Indacoin 4 starsMarko
- Bitcoin Cash
- Ethereum Classic
- Bitcoin Gold
- United Kingdom
- Russian Federation
- Cape Verde
- Sri Lanka
- Solomon Islands
- Trinidad and Tobago
- Burkina Faso
- Saint Lucia
- South Sudan
- Virgin Islands, British
- South Korea
- Saint Kitts and Nevis
- Saint Vincent and the Grenadines
- Vatican City
- Papua New Guinea
- Cote d'Ivoire
- Dominican Republic
- Bosnia and Herzegovina
- Equatorial Guinea
- Hong Kong
- Sierra Leone
- Saudi Arabia
- Cayman Islands
- Sao Tome and Principe
- Czech Republic
- United Arab Emirates
- Marshall Islands
- New Zealand
- Antigua and Barbuda
- Central African Republic
- San Marino
- Costa Rica
- El Salvador
- South Africa
- Isle of Man