Indacoin is a UK-based cryptocurrency exchange that allows its users to buy top cryptocurrencies instantly using their debit or credit card without registration. Additionally, KYC verification is not compulsory for credit card purchases less than $200.
Indacoin exchange is owned by Indacoin Limited, headquartered in London since 2013. This exchange allows you to buy Bitcoin and over 100 altcoins, including Ethereum, Litecoin, Bitcoin cash. In addition to buying cryptos, Indacoin even offers a free mobile-based wallet for its customers to secure their digital assets.
The trading interface of Indacoin exchange is so simple that even a novice trader can quickly buy cryptocurrencies without the need to create an account. Their customer support is excellent, better than most exchanges which we’ve tested. Nevertheless, it’s good to highlight the fact that this exchange doesn’t provide an option to sell or exchange cryptocurrencies.
To trade crypto assets, you will need to transfer your funds to an Indacoin wallet. Else, you can send them to other trusted exchanges such as Coinbase or Bitfinex, which also allow the selling of cryptocurrency to traditional fiat (EUR, USD, GBP etc.) currency.
The following review will analyse several aspects of Indacoin Exchange, whilst providing you with an all-rounded detailed overview of the exchange and its services. Although Cryptimi does its best to provide you accurate info and aims to update it on regular basis, we strongly recommend that you to visit indacoin.com for any important updates which might occur after this review is published.
Yes. Because Indacoin doesn’t store any kind of users’ personal information on its servers, this ensures safety. If users decide to store the cryptos on other wallets, then it is up to them to protect their funds, and Indacoin Exchange will not be held accountable.
Indacoin is a small cryptocurrency exchange which is ideal for the beginner investor to swiftly purchase cryptocurrencies using their VISA or Master debit card. The biggest advantage Indacoin has on other exchanges is that the user doesn’t need to create an account.
Indacoin Exchange offers a free mobile-based multi-coin wallet that can be used to store Bitcoin or altcoins. In addition to storing coins, users can buy, send or exchange cryptocurrencies with the wallet. To find out more information, check out our review of the Indacoin Mobile Wallet here.
When buying cryptos, users need to provide their email address and phone number. Apart from that, there’s no need for the users to create an account on Indacoin Exchange.
This feature is not available, since there is no need to create an account on Indacoin when buying cryptocurrencies.
This feature is not applicable.
Indacoin doesn’t ask users to create an account in order to buy cryptos. At the time of purchase, for purchases larger than $200, users have to verify the ownership of the bank card by uploading certain documents. To verify the bank card, users need to:
The above steps are only required once for a new banking card, and it is not needed for subsequent purchases. However, if the user decides to use a different card when buying cryptos, the verification process for that card needs to be repeated.
Sometimes, the exchange might ask users to provide a video-based verification instead of documents’ upload. In this case, users are expected to say “Indacoin verification for crypto” and show the bank card together with their ID. While showing the bank card, users must ensure that only the name and last 4-digits of the card are visible. If for some reason or other the video verification doesn’t work, users can record the video and email it to [email protected]
To buy a digital currency on Indacoin, users should have a 3D secure VISA or Mastercard, since the exchange doesn’t accept other types of cards. In addition to providing their phone number and email address, first-time users need to provide the required documents to verify their card.
The supported currencies are EUR, GBP, USD, AUD, and RUB. If you are using any other currency, then you have to follow the exchange rate set by your bank or card provider. To buy Bitcoin (BTC) from the Indacoin Exchange using a credit or debit card, follow the below steps:
If you have set any 2FA (2-Factor Authentication) for your bank card, then you must enter that code to authorize the transaction.
Congratulations! You have successfully placed your order for Bitcoin (BTC) on Indacoin. Generally, Bitcoin transactions take 15-20 minutes to be processed and credited to your wallet.
Follow the below steps to buy Ethereum (ETH) from the Indacoin Exchange using a credit or debit card:
Congratulations! You have successfully placed your order for Ethereum (ETH) on Indacoin. Generally, any Ethereum-based transaction will take 10-20 minutes to get completed. After that, the ETH will be credited to your wallet.
Follow the below steps to buy Ethereum Classic (ETC) from the Indacoin exchange using a credit or debit card:
Congratulations! You have successfully placed your order for Ethereum Classic (ETC) on Indacoin. Generally, any Ethereum-based transaction will take 10-20 minutes to be processed and credited to your wallet.
Follow the below steps to buy Litecoin (LTC) from the Indacoin exchange using a credit or debit card
Congratulations! You have successfully placed your order for Litecoin (LTC) on Indacoin. Once the transaction gets completed, the LTC will be credited to your wallet.
Follow the below steps to buy Bitcoin Cash (BCH) from the Indacoin exchange using a credit or debit card:
Congratulations! You have successfully placed your order for Bitcoin Cash (BCH) on Indacoin. Once the transaction is complete, the BCH will be credited to your wallet.
Follow the below steps to buy Ripple (XRP) from the Indacoin exchange using a credit or debit card:
Congratulations! You have successfully placed your order for Ripple (XRP) on Indacoin. Once the transaction is processed, the XRP will be credited to your wallet.
Unfortunately, there is no option to withdraw the cryptocurrency using fiat payment methods like Bank transfer or SEPA. If you have stored the cryptos on the Indacoin Wallet, then you can convert them to fiat currencies using exchanges like Coinbase.
Indacoin exchange allows the users to buy Bitcoin and 100+ altcoins and ERC20 tokens. The top cryptocurrencies supported by the exchange are given below:
Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Ripple (XRP), Basic Attention Token (BAT), Bitcoin Diamond (BCD), Binance Coin (BNB), Bancor (BNT), DigiByte (DGB), Ada (ADA), Dash (DASH), IOTA (IOTA), Status (SNT), Stratis (STRAT), Waves (WAVES), Zcash (ZEC), 0xProtocol (ZRX), Monero (XMR), Qtum (QTUM), NEM (XEM), Decred (DCR), Electroneum (ETN), FunFair (FUN), Tron (TRX), Tether (USDT), Verge (XVG).
Indacoin exchange accepts members from virtually all countries in the world except the USA.
Since it has not restricted any country except for the USA, it is assumed that the exchange is available in EU, UK, Australia, Canada and other countries in the world.
Currently, the exchange is not available to residents in the USA.
Since the exchange doesn’t follow a fixed fee structure, the exact fee amount will be known only at the time of buying cryptos. Following a chat with Indacoin customer support, they stated that the fee is 15% + network fees if using their site & 9% + network fees if you use their Exchange App.
Indacoin has set minimum and maximum limits for purchasing crypto using the debit/credit card. The current minimum limit for purchasing any cryptocurrency is $30.
It is important to note that the limits differ from the ones listed in the Indacoin FAQs. Cryptimi contacted Indacoin support to confirm the updated limits & fees (22nd February 2019) mentioned above.
Indacoin exchange allows users to buy cryptocurrencies using
The card must have 3D Secure functionality.
Indacoin exchange doesn’t request or store the sensitive information like CVV or the card number, as the transaction is directed to the VISA or Mastercard payment gateway. Moreover, because there is no need to create an account for buying cryptos, users needn’t worry about their login credentials getting hacked.
On the occasion that users store the cryptos on other wallets, then they are solely responsible for the security of the funds. The cryptos stored on Indacoin mobile wallet is protected by a 4-digit PIN which is known only to the user. Because there are no additional security measures to protect the funds, it is highly recommended to use Indacoin Mobile Wallet for storing small amounts of cryptocurrencies. In the instance users need to store a large number of cryptos, then the best option would be to buy a hardware wallet from Ledger, KeepKey or Trezor.
The customer support is amazing. Quick and straight to point answers. Indacoin exchange has a dedicated phone number (+44 207 048 25 82) to resolve any issues faced by customers. Also, users can send their query on the chat window available on their official website, to get quick support. The average response time is displayed on the chat window itself, so users will know when their query will be answered and/or resolved. Apart from the above-mentioned options, users can also send an email to [email protected] to resolve their issues.
Even though both these exchanges allow users to buy cryptos using a debit/credit card, the trading volume and liquidity of Coinbase is much higher when compared with Indacoin. Both these exchanges offer their own wallets for customers to store their assets. Coinbase supports fiat-based withdrawal whereas it is not possible to cash out the cryptocurrencies with Indacoin Exchange. Regarding security, Coinbase is considered to be more secure, since it has gained and built trust of a large number of investors. However, Coinbase requires the users to create an account and stores their data.
Both exchanges allow the users to buy cryptocurrencies using fiat payment methods. Indacoin supports many cryptocurrencies, more than Coinmama. Indacoin offers a free mobile-based wallet for its customers whereas Coinmama doesn’t have its own wallet. Both Coinmama and Indacoin don’t provide fiat-based withdrawal methods. Regarding the fees, Coinmama has a transparent fee structure, where the fee will be calculated only at the time of purchase on Indacoin.
Due to its simple, easy-to-use interface, Indacoin exchange is an ideal choice for novice traders to instantly buy the most popular cryptocurrencies using their debit or credit card. The only thing missing is the option to withdraw cryptos from their wallet by using fiat payment methods like bank transfer. As the exchange lacks a trading platform and advanced trading techniques like margin trading, it is not a good choice for advanced or professional traders.
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