- Seamless crypto buying solution
- Extensive list of cryptocurrency assets
- Great customer support
- Safe and secure
- Extremely high fees
- Not regulated
- Cannot sell or exchange crypto assets
Indacoin is yet another cryptocurrency exchange, only Indacoin offers a truly extensive array of cryptocurrencies to buy on their platform, but not sell. Indacoin was established in 2013 and is based out of the United Kingdom with their headquarters located at Indacoin Limited, Suite 4b, 43 Berkeley Square, Mayfair, London, Westminster, United Kingdom, W1J 5FJ. Indacoin is not a regulated cryptocurrency exchange, much like most other crypto exchanges. However, Indacoin has built up a viable reputation in the cryptocurrency industry and is trusted by many users around the world. The customer base of Indacoin is worldwide as the exchange has no borders and provides their services in 9 different languages. While Indacoin is a trusted and well liked cryptocurrency exchange among many users, can they be trusted and are they right for you? Find out in the following review where we delve deep into all aspects of Indacoin and see whether they are the right cryptocurrency exchange for you.
Indacoin provides their users with a simple and easy to use web based trading platform. The platform is accessible via any web browser across all desktop computers and mobile devices. As well, Indacoin features a downloadable mobile application from the Apple App Store and the Google Play Store. The trading platform by Indacoin is clearly meant for beginner or inexperienced cryptocurrency users as it is very simple and does not allow for any advanced order types, charting, or technical analysis. The Indacoin trading platform only allows their users to simply buy Bitcoin and other cryptocurrencies with a debit card or credit card. Users can not participate in crypto to crypto trading or sell their cryptocurrency assets. Therefore, Indacoin offers their users limited exchange services and does not facilitate cryptocurrency trading.
A nice benefit of the Indacoin platform is that users are not required to verify their identity to buy cryptocurrencies, users simply need a debit or credit card and a cryptocurrency wallet for receiving the crypto funds they buy. Indacoin offers users the ability to store cryptocurrency assets in the Indacoin wallet that supports more than 100 different cryptocurrencies. This wallet is an online hot wallet and is very easy and convenient to use. However, if users choose not to use Indacoin’s crypto wallet, they can send the crypto funds they buy to another wallet of their choice.
Indacoin deals strictly with the cryptocurrency markets and does not offer the ability to participate in trading traditional assets like stocks, commodities, or forex. This is common among cryptocurrency exchanges as crypto is the only asset users of these exchanges care to buy or sell. Indacoin supports an extensive array of cryptocurrencies for their users to buy. The total number of crypto assets supported is over 700 and this includes the most popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), as well as numerous alternative cryptocurrencies (altcoins). Indacoin users are restricted to only buying these crypto assets with fiat currency, rather than selling them or exchanging them for one another. Therefore, Indacoin is much different than other cryptocurrency exchanges. Users can buy any of the 700+ cryptocurrencies supported with Visa or MasterCard using US Dollars (USD), Euros (EUR), or Russian Rubles (RUB).
Fees and Commission
The fees and commissions for buying cryptocurrencies on Indacoin vary between cryptocurrency assets and are completely unknown. Upon placing a buy order, the user simply inputs how much they would like to spend, and they see how much crypto they will receive, the fee is incorporated into the price. According to user reviews and our research, this incorporated fee charged by Indacoin is extremely high. In many cases, the fee can be up to 50%, meaning when purchasing $1000 worth of Bitcoin, the user may only receive what’s worth around $500 worth of Bitcoin on other crypto exchanges. There is no way of telling how they calculate these fees, but we do know they are quite high and often times not worth the convenience of buying crypto quickly and anonymously with a credit card. However, at least users know exactly how much they are paying and how much they are receiving. Therefore, the user can compare these rates with other exchanges and see the price difference.
Security and Fairness
Indacoin has thus far proven themselves to be a safe and secure cryptocurrency exchange even though they are not regulated. Indacoin only allows users to buy cryptocurrency on their platform using 3D Secure technology credit cards. These types of credit cards allow the users financial institution to authenticate the transaction within seconds as well as to confirm that the user is in fact making the purchase. Indacoin does not store any of the users credit card information and they require users to authenticate transactions using SMS two factor authentication. All in all, Indacoin is a safe and secure crypto exchange, although they are not very transparent or fair with the associated buying fees.
In comparison with most other cryptocurrency exchanges, the customer support provided by Indacoin is of superior quality. Customers can reach support via email, live chat, and telephone. The support received is fairly quick to respond and is generally guaranteed within 12 hours. Additional methods of customer support include a comprehensive FAQ page and interaction through Indacoin’s social media channels including Facebook, Twitter and Instagram.
Indacoin provides users with a simple and easy method for buying a wide variety of cryptocurrencies with Visa or Mastercard. The exchange platform is intuitively designed and provides a seamless buying experience. However, Indacoin is clearly not meant for experienced cryptocurrency users as it does not support any advanced order types, charting or technical analysis features. Also, the fees are extremely high compared with most every other cryptocurrency exchange. The main benefit of Indacoin is that users can purchase Bitcoin and 700 other cryptocurrencies quickly and easily with the use of a credit card. All in all, Indacoin is an excellent crypto exchange solution for some, but not for everyone.
The following are the common questions that customers inquired about Indacoin.
Is Indacoin regulated?
No, it is not regulated.
Is Indacoin a scam?
No, Indacoin is a legit crypto exchange that’s based in the UK.
Where is Indacoin based?
Indacoin is based at Indacoin Limited, Suite 4b, 43 Berkeley Square, Mayfair, London, Westminster, United Kingdom, W1J 5FJ.