Indacoin Review: Things To Know Before Buying Bitcoin

Indacoin Review: You must be aware of the hustle and bustle that cryptocurrencies are creating around the world. And I’m sure that you have heard the noise too.

What is this noise actually all about?

It is the intense highs and lows in the cryptocurrency prices that is making everyone crazy and alluring them to trade in the same.

But the major problem arises in Buying Bitcoin and other cryptocurrencies.

Most of the exchanges like Coinbase only accept wire transfer and takes a few days for verification. So to overcome this pain point, there are a few exchanges like Coinmama and Indacoin which are working to provide instant Bitcoin purchases.

I had already written a detailed review of Coinmama which allows to Buy Bitcoin with Credit Card. But today I will introduce you to another exchange called Indacoin which not only accepts Credit/Debit card, it does not require verification either.

So without any further Ado! Let’s get started with our Indacoin Review.

What is Indacoin?

indacoin

Indacoin is a reputed cryptocurrency exchange founded in 2013.

Indacoin specializes in selling Bitcoin, and Ethereum with Fiat money i.e. Credit and Debit Card. The best part is that you do not need to create an account or verify your ID. Just complete an easy form and you will instantly get crypto on your wallet address.

Indacoin also allows you to sell Bitcoin and Ethereum and you can transfer your funds through Payza.

How Indacoin stands out from other exchange?

These are some features of Indacoin:

Which countries are available?

Indacoin is available in all the countries around the world. They accept funds in other than USD but they are converted at your bank’s exchange rates which might vary as per bank.

What Payment modes are available?

Currently, Indacoin accepts fiat currency in 3 modes:

  • Credit and Debit card
  • Payza
  • BTC-e code

If you are wondering what is BTC-e code, here is a quick description:

What is BTC-e code?
A BTC-e code is a redeemable code which you can get from BitInstant or AurumXChange. Think o fit like a gift card which has a predetermined value in it and you use it whenever required.

Is there any Buying/selling Limit?

Yes, Indacoin has a transaction limit for new users:

  • For the first transaction, Buy and Sell are limited to $50 with a minimum of $15.
  • The second transaction can be made up to $200 but at least after 4 days of the first purchase.
  • Next transaction has a limit of $500 but it can be done at least after 7 days of the first purchase.

Moreover, There is a limit of $5000 for the first month and after that, there is no limit.

Do I need to verify my card?

Yes, Before making the transaction, you need to verify the card by entering two codes:

  1. You will receive the first code on the call
  2. The second one would be visible on your online card statement. You can find this 3 digit code next to the most recent Indacoin Payment.

Also remember, that the phone number you provide must match with the bank records. If the number does not match the verification would be declined.

Moreover, Once verified, You need not go through any verification if you are using the same email ID and card.

What are the charges incurred?

Transaction charges on Indacoin vary a lot for different modes of payment. Here I will give you a brief detail about charges of Buying, selling, withdrawing to the bank account etc.

Transaction Fee

First of all, there is a 3% transaction charge on all the transaction made on Indacoin. This includes both buying or selling.

Fee while Depositing funds

Indacoin charges a small fee on various modes of payment.

Payment ModeFees
Credit card or Debit Card4% of transaction amount or $2 minimum
Payza2.9% of transaction amount + $0.30 fee
BTC-e codeNo Fee

Fee while Withdrawing Funds

If in case you sell your cryptocurrencies on Indacoin, the only way to withdraw your funds is Payza. But you will be charged hefty fee of 12% of your transaction amount or a minimum of $2.

But you can save a few bucks by:

  • Directly send your Bitcoin to your Payza account.
  • Convert Bitcoin to fiat currency
  • Now, transfer the funds to the associated Bank account or credit card.

Comparing to Indacoin, the fees on Payza are pretty low:

Payment ModeFee
Receive funds2.9% + $0.30
Withdraw funds - Bank transfer$0.50
Withdraw funds - Credit card$8 for withdrawals that are less than $5,000

How To Buy Bitcoins on Indacoin

Buying Bitcoin and Ethereum on Indacoin is really very easy and quick. With just a few click you can get BTC in your wallet.

1. Visit Indacoin

2. Complete all the details like Payment mode, email, Visa or Master verified card details.

indacoin

3. Now you need to enter your Indacoin code. You will get this code through a phone call from a representative. This code is required only for the 1st time.

4. Check your details and click Submit to initiate the transaction.

5. You will get the Bitcoin in the Wallet address you entered or in the Indacoin Wallet.

Is Indacoin Safe?

Indacoin seems to be safe as it does not have any history of hacks or thefts. It also has a 2-factor authentication which further enhances the account security.

But as I always recommend, never store your crypto on a web wallet instead get a secure hardware wallet.

How is Customer Support of Indacoin?

Indacoin has a live chat feature on their website and they respond almost instantly. Just to give it a try I raised some questions from the support and the representative gave all the answers in a very proper way.

Such a great customer support justifies the high transaction fee of Indacoin.

Pro and Cons

Pros

  • Available Worldwide
  • Various Deposit Modes
  • No verificationre required
  • Live Chat avialable
  • Easy for Beginners
  • Avg. customer Care
  • Mobile App Available

Cons 

  • Base currency is US Dollar
  • No Bank Transfer
  • Huge withdrawal fee
  • Only 2 cryptocurrencies avilable

My Thoughts about Indacoin

Indacoin has pioneered in selling Bitcoins and Ethereum with fiat currency and its a boon for beginners. But on the other hand, you need to pay high transaction fee.

The overall charges and fee are very high when compared to other exchanges like Bittrex and Poloniex but Indacoin completely justifies its purpose.

Moreover, If you are willing to trade regularly or could go through verification process of an exchange then I would recommend you to Buy bitcoins from Coinbase and then transfer BTC to a Crypto exchange of your choice.

However, If you buy Bitcoin from Indacoin then don’t forget to transfer to a safe bitcoin wallet like Ledger Nano S as web wallets might be risky at times.

So, This is all about Indacoin Review!

If you have ever used Indacoin or any other instant crypto exchange then do share your experience in the comments below.

You must also read these hand-picked articles:

Indacoin Review

Indacoin Review
8.4

Ease for Beginners

10.0/10

Customer Support

8.0/10

Reputation

8.0/10

Fees

7.0/10

Payment Methods

9.0/10

Pros

  • Available worldwide
  • Good for beginners
  • Supports fiat currency
  • Average customer support

Cons

  • High Fees
  • Not much altcoins
  • No Bank Transfer

Comment (1)

  1. Mark Mar 11, 2018

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