Indacoin Bitcoin Exchange Review
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Cryptocurrency exchanges are very important to the crypto space as they allow us to sell, buy, and trade different digital currencies. They, however, differ in certain features, thus the need to review them and present you with enough information that will help you make an informed decision.
The Indacoin exchange is one of the oldest crypto exchanges, having been in business for nearly five years now. The London-based exchange offers several features, which we will look into them in this review.
What is Indacoin?
Indacoin is a cryptocurrency exchange in London that was established in 2013 by Stanislav Kosorukov. It allows users to purchase bitcoin using credit and debit cards without any identity verification. The company offers a trading platform where users can buy and sell cryptocurrencies such as Bitcoin, Litecoin, and Ethereum from other users around the world.
Indacoin offers exchange services to its users. They also allow users to purchase Bitcoin and Ethereum using their credit or debit cards. Users can trade a wide variety of altcoins on this platform. They also offer what they refer to as a trading platform. This trading platform doesn’t work like other traditional ones. What the company offers is a simple form where an individual fills in the necessary fields and afterward completes the purchase transaction. They do not require registration for this.
They also have another trading platform, though it is meant for the advanced users. According to Indacoin, the liquidity of the platform is provided by market-maker bots. It has a stop-loss order that can be implemented at a market price or a predefined one. The trading platform also has a take-profit level. According to Indacoin, traders can earn 1% when they execute their limit order while they have set a fee for buying or selling a cryptocurrency at market prices to be 3%. These trading options, however, have been suspended for now, with the last trade occurring back in October last year.
Indacoin prides itself on a global exchange and trading platform that allows users all over the globe to purchase Bitcoins and Ethereum using their credit or debit card with no registration required. The platform supports more than 200 countries globally including; UK, Canada, France, Russia, Germany, Italy, Turkey, Spain, India, Brazil, Egypt, Australia, Nigeria, Belarus, Vietnam, Morocco, Indonesia, Philippines, and many others.
Trading on Indacoin
Indacoin supports the purchase of cryptocurrencies using credit and debit cards only. You can deposit funds using credit cards, Payza, and BTC e-Code. The BTC e-Code is a retrievable code that you can use to know the value of your digital currency. It operates as a gift card, but in that case, you are the owner of your funds.
For withdrawing your funds, you can use Payza which facilitates the transfer the fiat currencies to your credit cards or your bank account.
Indacoin has capped the amount you can transfer to a monthly limit of $5,000. For your first transaction, Indacoin has set a $50 limit maximum and a minimum of $15 while a $100 limit comes in for the second transaction available after 4 days. The limit increases to $500 after 7 days of the first purchase while the total limit for the first month is set at $5,000. After that, there are no limits to purchase or withdrawals.
You can buy Bitcoin using a credit card and debit card with fiat currencies like USD, EUR, and RUB. The supported cryptocurrencies on Indacoin include BTC, CVC, CRB, DASH, DOGE, DMD, DCT, CLUB, CLAM, BTG, CANN, BYC, and over a hundred more.
When it comes to purchasing Bitcoin on Indacoin, this British exchange doesn’t have a solid exchange rate. Their BTC/USD market price is roughly around 30% higher than the mid-market rate.
While depositing funds, you will pay a transaction fee of 4% or a minimum of $2 using debit and credit cards. For Payza, you are charged 2.9% of your transaction + $0.30 fee, while deposit using BTC e-Code is absolutely free.
For every purchase or sale of Bitcoin, you will be charged a market fee of 3$ of your total transaction.
The only option you have for withdrawing your funds is via Payza. For received funds on Payza, you will be charged a transaction fee of 2.9% + $0.30. Transferring the funds to your bank account attracts an extra fee of $0.50 while you will be charged $8 for withdrawals that are less than $5,000 when sending it to your credit card.
To use Indacoin, there is no need to verify your account. You can even use their trading platforms to purchase Bitcoin and Ethereum without registering. However, you might decide to verify your card on Indacoin before you can make any purchases or withdrawal. To do that, follow these steps:
- Login to your Indacoin account and proceed to buy Bitcoin using credit/debit card.
- A dialogue will pop out that will require you to fill out your card details.
- After that, complete payment and get a bank statement code using your mobile banking app.
- Enter the code on Indacoin and receive a verification code, via a phone Enter the new code and your credit card will be verified.
This process is however voluntary.
One special feature that Indacoin has is its trading platform. The trading platform is a section of Indacoin that is dedicated to advanced users who wish to expand the normal trading functionality for their digital currencies. The secure platform makes use of market-maker bots which provide it with liquidity. The bots in addition to that create extra volume at the exchange rate that is closest to the market rate. This means that large orders can be processed fast with little impact on the crypto price.
With the trading platform, a user can limit losses using the stop-loss order. The stop order can be executed at the market price or your already set price. In the same vein, you can also set your take-profit levels. Using the limit order, you can earn 1% for executing it while they have set a 3% fee for buying and selling crypto at market price. With Indacoin, you can borrow to deposit once your total trading volumes exceed $20,000.
Is INDACOIN safe?
Indacoin is a very trusted exchange. The London-based exchange platform has built a very strong reputation in Europe over the past few years. They haven’t been hacked or had an incidence of crypto funds theft since they were established five years ago. This has boosted their reputation in the crypto space.
The Indacoin site is HTTP-secured, which implies that there is no problem with encryption. As a user, you receive an SMS verification code which serves an additional security layer. Since you are using credit or debit cards to make purchases, the exchange has ensured that they do not store your card details, thus increasing user security. Indacoin uses 3-D Secured cards which ultimately prevents fraud.
The Indacoin customer support can be contacted via their phone number or the live chat feature available on their site. They respond to both means almost instantly, with users expressing satisfaction over the speed at which issues are being handled. Maybe the high exchange fees are channeled towards having excellent customer support.
The depositing and purchase of cryptocurrencies happen almost instantly. Withdrawal of funds, however, doesn’t happen that fast. Withdrawal of fiat currencies can be made using Payza only and can take up to 20 business days before the transaction is completed. Sending and receiving Bitcoin happens instantly.
Indacoin is a very reliable exchange platform. They are known for their trustworthiness and great service. Cryptocurrency exchange instantly happens while the zero fees charged for limit order execution will boost your trading, making the trading a very reliable one.
How to use INDACOIN?
Purchasing Bitcoin and Ethereum on Indacoin is a very easy and fast process. With just a few steps, you can purchase Bitcoin and ethereum in your wallet.
- The first step is to visit their official website, Indacoin.com
- Go to the buy Bitcoin or buy Ethereum tab and click on it.
- Fill the personal and card details. You can purchase Bitcoin or Ethereum using Visa or MasterCard.
- You will receive a call from Indacoin. Enter the code given to you during the call. Note that the code can only be used once.
- Check your details to ensure that everything is correct. Submit the transaction request after that.
- Your wallet will be funded with Bitcoin or Ethereum immediately after that.With the Bitcoin or ethereum you have purchased, you can exchange it for other altcoins or simply store them.
You can withdraw your coins to fiat currencies.
- You will need to use a Payza account.
- Send the bitcoin to your Payza account. From the Payza account, you can convert the bitcoin to fiat currencies.
- You can then send the fiat currency on your Payza to your bank account or credit card.
Indacoin is a cryptocurrency exchange that is available worldwide. Their platform is easy to use, and they offer a wide range of altcoins.
- Supports countries worldwide.
- Excellent UI, making it perfect for beginners.
- Supports the deposit of fiat currencies using credit and debit cards.
- Has very good customer support.
- Very tight security.
- Indacoin fees are abnormally high.
- They don’t support bank transfers.
- Selling and Withdrawing are hard on this platform. Withdrawing can only be done via Payza.
- It has purchased limits for the first transactions.
Indacoin is perfect for those who wish to purchase cryptocurrencies without opening an account with the exchange platform or verifying that account. Indacoin is a very convenient platform to purchase Bitcoin and ethereum, but it is very expensive. Thus, you will need to consider other cost-saving options before committing to it.
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