Set up in 2013 and based in the United Kingdom, the Indacoin exchange allows its customers to purchase over 100 different cryptocurrencies via debit or credit card. Indacoin’s main selling point appears to be its simplicity and compliance with factors that allow its customers to conduct transactions with complete anonymity.
On first impression, Indacoin looks very presentable, and suggests a serious proposition. Read on to learn the ins and outs of this crypto exchange and find out whether it should be on your list of reliable and cost effective places to buy bitcoin.
Getting Started – Signing up and making a purchase
First of all, despite advertising the fact that it is not necessary to create an Indacoin account to make use of their service, Indacoin does require its customers to provide an email address, a mobile phone number, and details of the card you wish to use if purchasing bitcoin with fiat currency. Video verification with the presence of personal ID such as a passport or driving license may also be requested. So, unfortunately those looking to simply provide a wallet address will be disappointed.
To buy bitcoin or altcoins at Indacoin using USD, EUR or RUB, you simply click the ‘Buy Cryptocurrency’ tab found at the top of the Indacoin website, select which crypto you would like to purchase, the amount (minimum 30 USD or equivalent), then enter your email address and the address of the wallet you would like your purchased crypto to be transferred to.
Next you will be prompted to enter the details of the Visa or Mastercard card you wish to use to conduct the transaction. Once accepted, you will then be asked to provide contact details and provide verification materials if necessary.
Once this is done, you’ll receive a receipt of the transaction and (usually within minutes) your crypto will be transferred to your wallet.
The initial transaction for a new Indacoin account is limited to $200, $200 for the second transaction at least four days later, $500 after 1 week, and then up to $2000 two weeks after the first purchase. After a period of four weeks card deposit limits are removed.
Fees and Commissions
All transactions at Indacoin are subject to fees and charges. What these fees and charges amount to could not be determined at the time of writing, unfortunately. There are two reasons for this. Firstly, Indacoin does not provide any table or scheme of the applied charges. Secondly, in place of a list of charges, the Indacoin exchange calculates the fees for each transaction individually. The problem here is that, despite many allusions to its presence, no such calculator exists on the site at present, leaving customers in the extremely unfavourable position of being blind to the Indacoin transaction fees until after they have committed to a purchase. This is a serious problem and we are very surprised that Indacoin has not made the rectification of this situation a priority.
Support, Security and Privacy
Indacoin accepts fiat currency payments through 3D secure MasterCard and Visa cards. Do check beforehand if your debit / credit card supports this feature, as many do not. In terms of security measures, the site is fully HTTP encrypted, and Indacoin offers 2FA through SMS, requiring that login and all transactions are first verified via a code sent to the customer’s mobile (mobile versions of the Indacoin app are available at the Apple app store and Google Play).
Round Up and Final Thoughts
With its clean and stylish presentation, Indacoin offers a welcome, user friendly means to buy bitcoin, as well as acquire an impressive variety of altcoins. Newcomers will also be heartened by the responsive Indacoin support team that do a good job of replying to enquiries promptly with informative answers.
Yet, the site is not without its drawbacks, and, unfortunately, we found there to be several, not insignificant problems with the Indacoin exchange.
Firstly, calling itself an ‘exchange’, it is rather surprising to find that cryptocurrencies cannot be traded here, only bought. Secondly, Indacoin is not available to residents of the United States. Thirdly, and, the biggest gripe we have with Indacoin, is the lack of transparency about their charges and fees. In fact ‘lack of transparency’ is putting it lightly, as at this moment in time there is no way for customers to check transaction fees before going through with a purchase. This is a major issue, and, although it has a lot going for it, until this is resolved we cannot confidently recommend Indacoin.