Indacoin is a UK-based cryptocurrency exchange headquartered in London. Established in 2013, Indacoin has its head office at London Suite 4b, 43 Berkeley Square, Mayfair, London, Westminster, United Kingdom. The exchange provides a convenient and hassle-free way for individuals to buy cryptocurrencies using their credit cards.
Indacoin distinguishes itself amidst all the cryptocurrency exchanges that are found on the internet today, as it only facilitates the buying of digital assets and not the sale of these cryptocurrencies.
Also, Indacoin places strict buying limits for new users of the exchange. For instance, for the first transaction, the purchase amount is limited to $50. For the second and third transaction, the limits are $100 and $500 respectively. You should bear in mind that the second transaction can only be made four days after the first transaction. As for the third transaction, it can only be carried after eight days from the first transaction. Ultimately, the total limit for the first month is capped at $5000. These limits will no longer affect subsequent transactions.
During the few short years that this exchange has been in service, it has become popular among digital assets buyers due to the wide range of cryptocurrencies which you can purchase there. Besides, with zero fees on limit orders, buying cryptocurrencies at Indacoin has become even cheaper.
The minimum amount for which a cryptocurrency can be purchased is $1. Indacoin accepts USD, EUR, and RUB as fiat currencies.
Regarding verification of account, Indacoin seems not to require one for purchasing cryptocurrencies, but the user needs to verify the payment card. Creating a trading account for “advanced users” is a standard and straightforward process.
For the security of transactions made by credit and debit cards, the exchange only allows MasterCard SecureCode and Visa Verified cards as these cards are 3D-Secured.
To further protect its clients’ data, Indacoin does not store the card details. Another layer of protection this exchange provide is the verification of the purchases via a verification code sent by SMS to the client’s phone. Finally, all transactions on Indacoin’s website are secured by Hypertext Transfer Protocol (HTTPS.)
Indacoin provides a web-based trading platform for its clients. The platform is well designed, simple and does not have any advanced functionality like price charts or analytical tools. The features of the platform are text-based, and all you have to do is simply fill in the provided fields with all the required information such as the amount to buy.
Indacoin has also provided a mobile app of its platform on Apple App Store and Google PlayStore for the convenience of its clients. The mobile trading app is offered free of charge and will let Indacoin’s clients carry out purchases of cryptocurrencies directly from their smartphones.
Although this exchange claims to charge zero fees for the limit orders execution, this zero fee protocol does not apply to every transaction. There are a fee and commission charges incurred by all other transactions. Nevertheless, the company does not have a fixed fee or commission schedule as the fees are determined by numerous factors. Instead, it has provided a calculator which will determine the total charges when you purchase cryptocurrency. As such, you are advised to check the specific sum that you have to pay regarding fees, to avoid additional payments.
Deposits and Withdrawals
Indacoin accepts payments with banking credit and debit cards, but this is pretty much the only payment method available. Traders cannot pay with a bank transfer or by any other means. There have been other payment options on Indacoin through online payment platforms, but those have been disabled.
The deposit fee with credit card ranges between 4 and 9%, which is relatively high. The bitcoin deposit fee is free of charge, but there is a withdrawal fee of 0.0001 BTC.
Is Indacoin Safe?
As said earlier, Indacoin is located in London, United Kingdom, and was established in 2013.
Overall, Indacoin as a crypto-exchange has its benefits and downsides. Regarding benefits, the exchange has provided a wide selection of digital currencies for users to deal with. It has also made it relatively easy for users to buy these cryptocurrencies using a credit or debit card, and the minimum sum for which a cryptocurrency can be bought on Indacoin is $1. Lastly, it has good security in place, with regards to how it protects users’ financial data and purchases.
However, Indacoin’s most significant disadvantage is the fact that it doesn’t allow users to sell cryptocurrencies on its platform. We can still conclude, nevertheless, that Indacoin as a cryptocurrency exchange is legitimate and reliable. Indacoin also accepts clients from the United States.