Available Countries
  • UK, Europe (Show More)
  • Deposit Methods
  • Credit Card, Debit Card (Show More)
  • Supported Currencies
    Exchange Type
  • Centralized Exchange (CEX)
  • Supports
  • FIAT to Crypto
Margin Trading
  • No
  • Built In Wallet
  • No
  • Insured Funds
  • No
  • Regulated
  • No
  • Minimum Deposit
  • $30
  • Deposit Fees
  • Not Applicable (Show More)
  • Withdrawal Fees
  • Not Applicable (Show More)
  • Trading Fees
  • Varies, 15% On Exchange & 9% On The App (Show More)
  • Limits
  • 1st Transaction Max. $200, Max. / Transaction $3,000. Max. $30,000 Per Card Per Month (Show More)
  • Verification
  • KYC Verification (Show More)
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    Indacoin Exchange Review

    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.

    Is Indacoin Safe?

    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 Exchange

    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 buy cryptocurrency

    Indacoin Wallet

    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.

    Indacoin Account

    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.

    How To Signup On Indacoin Exchange

    This feature is not available, since there is no need to create an account on Indacoin when buying cryptocurrencies.

    How To Login On Indacoin Exchange

    This feature is not applicable.

    Verification Requirements

    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:

    1. Enter the 4-digit code received via phone call
    2. Take a selfie, clearly showing their face, while holding their ID and a piece of paper with the “Indacoin Exchange” and the specific date written on it.

    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]

    How To Buy Digital Currency On Indacoin Exchange

    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.

    How To Buy Bitcoin (BTC) On Indacoin

    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:

    1. Navigate to https://indacoin.com
    2. On the box titled ‘YOU HAVE’, enter the amount you would like to spend and select the desired currency (eg. 100 EUR)
    3. Select BTC from the drop-down box on the right. Now, it will display the amount of BTC you will get in the box titled ‘YOU GET’. Note that the fees are included and deducted.indacoin buy bitcoin screen1
    4. Click the ‘Exchange’ button.
    5. Enter your email address.indacoin buy bitcoin screen 2
    6. If you already have a wallet on Indacoin or would like to create a new Indacoin Wallet, then select the checkbox titled ‘Create new wallet/I already have Indacoin account’. Otherwise, skip this step.indacoin buy bitcoin screen 3
    7. Enter the valid Bitcoin Wallet Address to receive BTC.
    8. After agreeing to the terms and privacy policy, click Next.
    9. Next, enter your Full Name, Mobile number, and date of birth in MM.DD.YYYY format. (If your country code is not selected by default, then select that from the drop-down box). Then click Next.indacoin buy bitcoin screen 4
    10. Then, you will be redirected to the payment gateway. Enter your 16-digit card number, expiration date, CVV and click the Pay button. (If you are using the card for the first time, you must verify the ownership of your card by uploading the relevant documents). You will also receive a phone call from a UK number, answer it and the call machine will provide you a 4 digit pin.

    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.

    How To Buy Ethereum (ETH) On Indacoin

    Follow the below steps to buy Ethereum (ETH) from the Indacoin Exchange using a credit or debit card:

    1. Follow Steps 1 and 2 mentioned in the section ‘How to Buy Bitcoin (BTC) on Indacoin’.indacoin buy ETC screen
    2. Select ETH from the drop-down box on the right, it will then display the amount of ETH you will get on the box titled YOU GET.
    3. Follow Steps 4 to 6 mentioned in the section ‘How to Buy Bitcoin (BTC) on Indacoin’.
    4. Enter a valid Ethereum Wallet Address to receive ETH.
    5. Follow Steps 8 to 10 mentioned in the section ‘How to Buy Bitcoin (BTC) on Indacoin’.

    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.

    How To Buy Ethereum Classic (ETC) On Indacoin

    Follow the below steps to buy Ethereum Classic (ETC) from the Indacoin exchange using a credit or debit card:

    1. Follow Steps 1 and 2 mentioned in the section ‘How to Buy Bitcoin (BTC) on Indacoin’.
    2. Select ETC from the drop-down box on the right. Now, it will display the amount of ETH you will get on the box titled ‘YOU GET’.
    3. Follow Steps 4 to 6 mentioned in the section ‘How to Buy Bitcoin (BTC) on Indacoin’.
    4. Enter a valid ETC Wallet Address to eligable receive ETC.
    5. Follow Steps 8 to 10 mentioned in the section ‘How to Buy Bitcoin (BTC) on Indacoin.’

    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.

    How To Buy Litecoin (LTC) On Indacoin

    Follow the below steps to buy Litecoin (LTC) from the Indacoin exchange using a credit or debit card

    1. Follow Steps 1 and 2 mentioned in the section ‘How to Buy Bitcoin (BTC) on Indacoin’.
    2. Select LTC from the drop-down box on the right. Now, it will display the amount of ETH you will get on the box called ‘YOU GET’.
    3. Follow Steps 4 to 6 mentioned in the section ‘How to Buy Bitcoin (BTC) on Indacoin’.
    4. Enter a valid Litecoin Wallet Address to receive it.
    5. Follow Steps 8 to 10 mentioned in the section ‘How to Buy Bitcoin (BTC) on Indacoin’.

    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.

    How To Buy Bitcoin Cash (BCH) On Indacoin

    Follow the below steps to buy Bitcoin Cash (BCH) from the Indacoin exchange using a credit or debit card:

    indacoin buy bch

    1. Follow Steps 1 and 2 listed in the section ‘How to Buy Bitcoin (BTC) on Indacoin’.
    2. Select BCH from the drop-down box on the right. Now, it will display the amount of ETH you will get on the box titled ‘YOU GET’.
    3. Follow Steps 4 to 6 mentioned in the section ‘How to Buy Bitcoin (BTC) on Indacoin’.
    4. Enter the valid receiving Wallet Address to receive BCH.
    5. Follow Steps 8 to 10 mentioned in the section ‘How to Buy Bitcoin (BTC) on Indacoin’.

    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.

    How To Buy Ripple (XRP) On Indacoin

    Follow the below steps to buy Ripple (XRP) from the Indacoin exchange using a credit or debit card:

    1. Follow Steps 1 and 2 mentioned in the section ‘How to Buy Bitcoin (BTC) on Indacoin’.
    2. Select XRP from the drop-down box on the right. Now, it will display the amount of ETH you will get on the box titled ‘YOU GET’.
    3. Follow Steps 4 to 8 mentioned in the section ‘How to Buy Bitcoin (BTC) on Indacoin’.
    4. Enter a valid receiving Wallet Address to receive XRP.
    5. Follow Steps 8 to 10 mentioned in the section ‘How to Buy Bitcoin (BTC) on Indacoin’.

    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.

    How To Cash Out On Indacoin

    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.

    Supported Cryptocurrencies

    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).

    Supported Countries

    Indacoin exchange accepts members from virtually all countries in the world except the USA.

    Supported

    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.

    Excluded

    Currently, the exchange is not available to residents in the USA.

    Exchange Fees & Limits

    Trading Fees

    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.

    Limits

    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.

    • First card transaction – up to $200
    • Up to 6 transactions per day
    • Maximum per transaction – $3,000
    • Maximum per card per month – $30,000
    • First 7 days limited to – $3,000 – $4,000 depending on verification

    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.

    Supported Payment Methods

    Indacoin exchange allows users to buy cryptocurrencies using

    • VISA
    • Mastercard

    The card must have 3D Secure functionality.

    Indacoin Security

    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.

    Indacoin Customer Support

    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.

    Top Competitors

    Indacoin vs Coinbase

    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.

    Indacoin vs Coinmama

    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.

    Conclusion

    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.

    Rating Score

    Pros

    • Instantly buy cryptos using credit/debit card
    • Supports 100+ cryptocurrencies
    • Mobile wallet
    • Easy-to-use interface
    • No registration
    • Excellent live chat customer support

    Cons

    • Cryptocurrency broker rather than an actual P2P exchange
    • Indacoin FAQs limits section is not updated
    • High Fees

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