- Supports Numerous Cryptocurrencies
- Able to Purchase Crypto With Fiat
- No Registration Needed to Buy
- Unable to Sell Cryptocurrencies
- High Fees
- Low Purchase Limit for New Customers
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Launched in London in 2013 and registered in the United Kingdom. Indacoin is a cryptocurrency exchange that only lets you buy crypto (not sell it). In contrast, most trading platforms allow you to buy and sell coins.
Indacoin also places odd buying limits on new customers. For example, you can only purchase up to $50 worth of crypto the first time.
Indacoin doesn’t exactly make a good introduction based on the low purchase limits for newcomers and buy-only aspect. But you might still find this site worthwhile when considering that you can choose from over 100 cryptocurrencies here.
There are several options with regards to deposit methods, you can use credit cards, debit cards, and Bitcoin-e code to buy cryptocurrencies at Indacoin. The downside is that you don’t have many options when purchasing crypto here. However, some fiat onramps are better than none.
Speed of Purchases
Your credit and debit card purchases will be completed instantly. Therefore, you can quickly take advantage of market fluctuations by getting your coins ASAP.
Credit and debit card buys are charged a 4% fee. Meanwhile, Bitcoin-e code purchases require zero fees and remain the best option for depositing.
As for trading fees, these fluctuate based on a variety of factors. You may want to use the Indacoin-based calculator to see exactly what you’ll pay for a given trade. By and large, though, they charge high trading fees.
Indacoin has some of the oddest stipulations on first-time buyers in the entire market. Your first purchase can only be worth $50. This limit increases to $200 on the next buy, but only after four days following the first purchase.
After one week, your daily buy limit increases to $500. The total amount that you can purchase in one week is worth $5,000. The only solace is that you won’t be subjected to any limits once the first month is up.
Does Indacoin Hold Your Funds?
You can store coins in your Indacoin wallet. The only catch is that you won’t be able to sell the crypto until you transfer it to another exchange. Again, Indacoin doesn’t allow you to sell coins — only buy them.
Earlier, we covered some of the more negative characteristics of Indacoin. One of the positive aspects, though, is that once you have created an account they don’t force you to complete registration before buying. The vast majority of exchanges at least require you to register prior to buying.
You simply need to visit Indacoin’s buy form and enter the requested details, including your credit or debit card information. From here, you just finalize the transaction and scoop your coins.
The fact that you can only buy such a small amount at once in the beginning is a major downside. However, the lack of verification and registration needed to get started are the reasons behind this aspect.
The Indacoin support team is available through email, live chat, and they even provide a phone number which is unusual for a cryptocurrency exchange. In contrast, many exchanges only offer support through email. You can also use the FAQs provided on the website to find the answers to some of the most common questions and issues.
Which Coins Are Supported?
The best aspect of this exchange is the wide range of cryptocurrencies they feature. You can buy over a 100 different coins here.
Some of the many options include:
- Bitcoin Cash
Which Countries Can Use Indacoin?
The US is the only country that’s excluded from using Indacoin at the time of this review. If you live anywhere else, then you should have no trouble crypto trading on this site.
Indacoin only accepts Visa Verified and MasterCard SecureCode cards. They also avoid storing your card information on their site as an added layer of protection. Indacoin only uses cards that support the 3D Secure technology. More details about 3D Secure technology can be found here.
As if this isn’t enough, Indacoin uses SSL encryption to make sure that hackers can’t intercept your financial details during transactions.