Indacoin Review 2021

Many traders engaging in Cryptocurrency like Bitcoins trading want to acquire Bitcoins in the simplest possible way. They hate waiting for their wire transfer to be confirmed or go through a lengthy identification process. Indacoin tries to meet that demand precisely. However, like other exchanges, reading Indacoin reviews is vital before starting this exchange for trading purposes.

Indacoin Summary

Headquarters London
Found in 2013
Native Token Yes
Listed Cryptocurrency BTC, ETH, XRP, and more with 100+ altcoins
Trading Pairs N/A
Supported Fiat Currencies 14 including USD, GBP, CAD, PLN, RUB, AUD, and more
Supported Countries WorldWide Except USA
Minimum Deposit $10
Deposit Fees Varies from purchase to purchase
Transaction Fees Varies from purchase to purchase
Withdrawal Fees Varies from purchase to purchase
Application Yes
Customer Support FAQS, Mail, Live Chat, & Phone Support

In this Indacoin review, we have tried to cover all the significant aspects of this trading platform. It includes using Indacoin, deposit methods, transaction, trading fees, withdrawal fees, customer support, etc. Reviews are a vital part of the transaction process. So it is essential to read and compare reviews before going ahead with the trading process. Before reading any review, keep in mind that the platform does not allow US investors or traders to trade.

What Is Indacoin?

Indacoin is a Cryptocurrency exchange headquartered in the United Kingdom that allows customers to acquire major cryptocurrencies quickly using their debit or credit card without registering.

Since 2013, Indacoin Limited has owned the Indacoin exchange and stands out from other exchanges because traders or customers can buy Bitcoin along with 700 other cryptocurrencies to trade.

The ability to buy crypto assets with a wide range of bank cards helped the business swiftly acquire traction worldwide. It is a convenient way to get started in the Cryptocurrency market and allows users to acquire more obscure cryptocurrencies without first purchasing a large one like Bitcoin or Ethereum.

Over the years, Indacoin earned an excellent reputation in the market and currently has more than 500,000 customers/traders trading different cryptocurrencies.

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How Does Indacoin Work?

Indacoin is a pretty simple platform to use. Purchasing the preferred cryptocurrency with Indacoin is quite handy. Choose “Buy Bitcoin” on the homepage to buy Bitcoins. Users can then select preferred fiat currency (USD, EUR, or RUB) and the cryptocurrency to acquire. Users will need to transfer the currency or crypto to an Indacoin wallet to trade crypto assets. Otherwise, the user may transfer them to other reputable exchanges like Coinbase or Bitfinex, enabling them to trade cryptocurrencies for regular fiat currency (EUR, USD, GBP, and so on). One of the main features mentioned above is purchasing crypto using debit/credit cards. The best part is that users can sell Bitcoins for a 15-20% higher rate than other platforms. Furthermore, the website also allows holding crypto in the exchange’s wallet.

Is Indacoin Regulated?

Yes, Indacoin takes money laundering and other illegal activities on its site seriously. It follows the transfer of funds, terrorist financing, and money laundering regulation 2017. Furthermore, the security features on the website are pretty high. It follows a 4-digit code, ID verification, and selfie system. Instead of uploading papers, the exchange may ask customers to offer a video-based verification. In this scenario, users should state “Indacoin crypto verification” and produce their bank cards together with their ID.

Indacoin also follows principle requirements of the Counter-Terrorism Act 2008 and the Bribery Act 2010 and is a registered company in London, so it follows British Regulatory laws. The organization must protect its users, their finances, and their privacy. Personal information and information about ongoing activities must be stored, processed, and protected by the site. To improve the security of the exchange, Indacoin employs the Extended Validation SSL-certificate technology and two-factor authentication via a mobile application, which ensures the security of the sent data of the investor.

Features of Indacoin

Indacoin has some exciting features to use. The main aim is to make trading cryptocurrencies like Bitcoins easy. Some of the features of Indacoin are:-

Buying Crypto Handy

They have upgraded their widget tool for users’ accounts, and they need one item to make a purchase now: their card. The user can enter the quantity of the purchase and the payment information. The user will earn coins within 15 minutes.

Easy Verification Process

To avoid any delays, the user may verify their identity in advance and make transactions in an already confirmed account. The firm wanted the verification process to be as easy as possible, so it was reduced to three main elements: an ID document, a camera, and roughly five minutes.

Taking Control of Funds

All available actions for each currency have been separated into a special menu in the new dashboard version of Indacoin. Users may select the money they desire and then hit “Buy,” “Exchange,” or “Withdraw” to bring up a pop-up with a brief form to fill out. Then there are separate pages for cryptocurrencies, making it easy for traders to buy and sell individual crypto.

Indacoin Wallet

Indacoin Exchange provides a free mobile-based multi-coin wallet for storing Bitcoin and other cryptocurrencies. Users may use the Indacoin wallet to purchase, send, and trade cryptocurrencies in addition to keeping them. Besides the Indacoin wallet, the user can also use other crypto wallets, including Keepkey, Trezor, and Ledger Nano.

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Indacoin Review: Pros and Cons

Pros Cons
Buy cryptos using a credit/debit card. High transaction and network fees.
Supports 100+ crypto. US traders cannot trade.
Easy-to-use interface. Limited purchase.
No registration.  
Good customer support.  

How to Open an Indacoin Account?

To sell and buy cryptocurrencies like Bitcoins, users will need to provide an exact email address and phone number. Besides, there is no need to register on the site officially. But, for traders at the time of purchasing a larger crypto asset like more than $200, verification is vital to show the ownership of a credit card or debit card.

Users must do the following to validate their bank card:-

  • Entering the 4-digit code given over the phone.
  • Taking a selfie with their ID and a piece of paper with the words “Indacoin Exchange” and the exact date printed on it, clearly revealing their face.

One of the system’s most appealing features for registered members is a handy and functional personal cabinet with various options, including logging-in notifications, working with orders, interface design, two-factor authentication, and password reset. Customer service makes it simple to submit a ticket.

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Trading on Indacoin

Indacoin also has a Buy/Sell section where one may swap currencies and sell them for fiat cash. On the other hand, the trading interface is quite basic, with only a plain chart and a buy/sell box shown.

How to Buy Cryptocurrencies on Indacoin Exchange?

Users must have a 3D secure VISA or MasterCard to purchase digital money on Indacoin since this exchange for cryptocurrency does not accept other types of cards. First-time users must also give the appropriate papers to validate their card, in addition to their phone number and email address.

Similarly, to buy Bitcoins on Indacoin, the user will need a credit or debit card and follow the below steps:-

  • Visit the official website.
  • On the “You Have” box, enter the amount to spend and select the currency.
  • Now select the BTC from the right side of the drop-down box where the amount the user will get is displayed under “You Get.” Here, one must keep in mind that fees are charged to buy BTC.
  • Click the ‘Exchange’ button.
  • Enter the email address.
  • Select the checkbox under ‘Create new wallet/I already have an Indacoin account’ if the user already has an Indacoin wallet address or would want to create one.
  • Enter the valid Bitcoin Wallet Address to receive BTC.
  • After agreeing to the terms and privacy policy, click next.
  • The user will need to enter a complete full name, phone number, and other mentioned details.
  • In the payment gateway section, the user needs to enter the 16-digit card number and other details. Users will also receive a phone call from a UK number. In order to answer the phone call, the calling machine will provide the user a 4 digit pin.
  • If the user has set 2FA, then the platform will ask for the code for transaction authorization.

Users need to follow these similar steps for every crypto trading, including Ripple, BTC, Litecoin, etc.

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How User-friendly Is Indacoin?

Crypto traders using Indacoin will enjoy the Indacoin API, which allows for easy integration. Simple integration requires basic information; tight integration, on the other hand, necessitates additional information and email interaction with PR. In addition, the platform now offers the option of integrating without using an API and the more conventional option of utilizing an API. Developers interested in using the API and integration will find all of the necessary information on the API page. One of the unique trading features on the website is the Trading View. On other exchange websites, users get to check the order book, or at least a portion of the order book, a price chart of the chosen coin, and order history. Before trading, it is vital to have a check over the trading view. In Indacoin, there is only the order box, making it easy to understand the trade.

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Indacoin Deposit and Withdrawal Options

Indacoin does not offer the option to withdraw crypto using fiat currency methods like Bank transfer. If the user has cryptos in the Indacoin Wallet, exchanges like Coinbase are best to convert them to fiat currencies. Moreover, there are third-party deposit options TrueFlip, CasinoBTC, Goodman, and others. The transaction limit in Indacoin is $50, and the limit for the first transaction is $200. The second transaction, four days after the first, can include an additional $200. It increases by $500 seven days after the trade and by $2,000 in fourteen days.

The user can spend up to $10,000 a month. The acquisition and withdrawal of crypto assets are free of charge. 4 or 2 confirmations are used to conduct transactions. At the moment, the site allows only cryptocurrencies to withdraw. When it comes to the transaction period, the withdrawal or deposit takes around 30 minutes.

Indacoin Fees

Crypto exchanges do charge transaction fees on the platform. Fees related to deposit, withdrawal, or overall transaction varies. To maintain transparency, the Indacoin calculator user uses to calculate the conversion will tell the exact amount of cryptocurrency. The user will get based on the amount of fiat currency spend, fees included. Since fees in Indacoin are calculated automatically, the user ends up paying more compared to other exchanges. There are fees and commissions associated with any other transactions. Indacoin, on the other hand, does not have a set fee or commission schedule because a variety of variables determines the fees. The same goes for the withdrawal fees, which are pretty irrelevant.

Indacoin Mobile App

For easy Cryptocurrency trading on the website, Indacoin has a mobile app for both Android and iOS users. Using the mobile app, users can do the transaction quickly and store coins in the wallet. Using the app, the user may buy cryptocurrencies with a debit or credit card, store them, transmit them, and manage them. This software allows users to send Bitcoins to people simply by entering their phone numbers. Users can use the mobile app to connect with customer support or view transaction history on the wallet address.

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Indacoin Supported Currency & Countries

Indacoin supports multiple cryptocurrencies under one platform. Bitcoins to 100+ altcoins are traded on the platform. Some crypto coins are: Litecoin, Ripple, Ethereum, Binance coin, Bitcoin Cash (BTC), etc. When it comes to countries, the exchange accepts trading customers from almost all countries, including the United Arab Emirates, Papua New Guinea, United Kingdom, and others, except the United States.

Indacoin Security Features

Since the transaction is forwarded to the VISA or MasterCard payment gateway, Indacoin exchange does not require or retain sensitive information such as CVV or the credit or debit cards number of traders. Furthermore, because no account is needed to purchase cryptos, consumers do not have to worry about their compromised login credentials.

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However, when users keep cryptos in other wallets, they are fully responsible for the money’s security. A four-digit PIN safeguards the cryptos saved on the Indacoin mobile wallet. As there are no additional security procedures to secure the funds, it is highly advised that small quantities of cryptocurrencies be stored in the Indacoin Mobile Wallet. Indacoin adds another degree of security where it demands customers to verify their purchases with a verification number given through SMS to their phone.

Indacoin Customer Support

One of the user-friendly services by Indacoin is strong customer support. There are different options to connect with the support team in case of queries. Users can send an email, live chat for real-time assistance, or call on the given number. There is also a comprehensive FAQ section covering basic cryptocurrencies and those particular to Indacoin, such as accounts and transactions.

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Indacoin Review: Conclusion

Indacoin exchange is an excellent alternative for beginner crypto traders looking to acquire the most popular cryptocurrencies with their debit or credit card. The only thing lacking is the ability to withdraw cryptocurrency from their wallet using fiat payment methods such as bank transfer. Moreover, the fluctuating fees for trading crypto downsize the service of the exchange. The inclusion of 700 cryptocurrencies improves the likelihood that consumers will buy their chosen crypto with a debit or credit card without converting it first. Indacoin only allows users to buy cryptocurrency using a credit card. Furthermore, the built-in wallet and mobile app platform make Indacoin worth using.

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FAQs

Is Indacoin Legit?

Yes, there have been no major cases of a data breach or other illegal activities to date.

Does Indacoin Require Verification?

If the user is registering with the site, 2FA and other ID verification are required. However, the user’s card is the only document verified during the transaction.

How to Withdraw From Indacoin?

Users can withdraw crypto or fiat currency using Payza. The withdrawal fee from crypto to fiat is 7%.

Is Indacoin Available in the USA?

No, it is not available in the United States.

How Does One Buy Bitcoins on Indacoin?

One can buy Bitcoins with a credit or debit card.

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