It’s easy to buy bitcoin on Indacoin. But watch out for mark ups.
What is Indacoin?
Indacoin is a London-based bitcoin exchange founded in 2013. Using the platform, you can buy cryptocurrencies like bitcoin, Litecoin and Ethereum with a credit or debit card. And you won’t have to create an account or verify your ID to get started. Instead, you complete an easy form to buy or sell this cryptocurrency using a credit or debit card for deposit to your digital wallet.
The only thing you can’t do is withdraw fiat currency to your bank account — for that, you’ll need to use Payza.
|Product Name||Indacoin Cryptocurrency Exchange|
|Available Fiat Currencies||USD, EUR, RUB|
|Available Cryptocurrencies||BTC, BTG, BURST, BYC, CANN, CFI, CLAM, CLOAK, CLUB, COVAL, CPC, CRB, CRW, CURE, CVC, DASH, DCR, DCT, DGB, DMD, DNT, DOGE, DOPE & 140+ more|
|Payment Methods||Credit card, Debit card|
- Available in more than 200 countries.
- Accepts credit or debit, Payza and BTC-e code.
- No purchase limits for first few transfers.
- No fee to deposit cryptocurrency.
- Bitcoin rates can be high compared to exchange rate.
- Payza withdrawals can take up to 20 days.
- Fee and exchange rate calculations not transparent.
Features not available
Changes for users who are residents of the US:
- US-based residents cannot use Indacoin.
How are Indacoin’s exchange rates?
If you decide to buy bitcoin with Indacoin, it won’t be because of its solid exchange rates. BTC=USD market prices hover around a whopping 30% to 40% higher than the mid-market rate. At the time of this writing, for example, the price of bitcoin on Indacoin is $1,642. In contrast, one bitcoin at the mid-market rate is worth $1,164. Oof.
What is the mid-market rate?
The mid-market rate is what your money’s actually worth on the global market compared to another currency. It’s the midpoint between worldwide supply and demand for that currency — and the rate banks and transfer services use when they trade among themselves.
Use it as a baseline to compare against the rates provided by your bank or transfer service.
There’s a lot to unpack when it comes to Indacoin’s fees. You’ll find varying costs for depositing money to your digital wallet, buying and selling bitcoin and withdrawing funds in fiat currency.
Depositing funds to your account
You’ll find that a debit or credit card is the most convenient way to buy bitcoin on Indacoin, though it’s not the cheapest way.
Here’s what you face with three deposit options:
|Debit or credit card||4% of your transaction or $2 minimum|
|Payza||2.9% of your transaction + $0.30 fee|
|BTC-e code||0% of your transaction and $0 fees|
Fee per transaction
Each time you buy or sell bitcoin, you’ll pay a market fee equal to 3% of your transaction.
Withdrawing your funds
Your only option to withdraw fiat currency is through Payza, which attracts a high fee equal to 12% of your transaction (with a $2 minimum).
But you might be able to avoid that high fee by more efficiently sending your bitcoin to Payza right away. Here’s how:
- Buy bitcoin on Indacoin, sending your stash directly to your Payza account.
- Convert your bitcoin to fiat currency on Payza and withdraw what you want to your bank account or even your credit card.
What fees will I pay with Payza?
Payza charges fees that vary by how you receive and withdraw your money:
|Receive funds||2.9% + $0.30|
|Withdraw funds — bank transfer||$0.50|
|Withdraw funds — credit card||$8 for withdrawals that are less than $5,000|
How much can I buy or sell with Indacoin?
If you’re new to Indacoin, you’re limited as to how much you can buy through your initial transactions:
- You can buy or sell $50 for the first transaction, with a $15 minimum.
- Your second transaction can be $200 but must be at least four days after your first purchase.
- Seven days after your first purchase, your transaction can be up to $500.
For the first month, you can make any number of purchases up to a buy limit of $5,000. After that, there’s no limit.
Indacoin is available in more than 200 countries. And while it’s possible to use currencies other than US dollars, they’re converted at your bank’s exchange rate — which won’t be a solid deal.
What types of transactions does Indacoin support?
You can use fiat currency to buy and sell bitcoin using:
- A credit card
- BTC-e code
What is a BTC-e code?
A BTC-e code is a redeemable code through which you can access the value of your cryptocurrency. Think of it like a gift card that allows you to become the owner of your funds.
What to look out for
- High bitcoin prices compared to the exchange rate. You’ll can lose up to 40% of your money’s value when you buy bitcoin with Indacoin.
- Withdrawing fiat currency takes a long time. Processing time for a Payza fiat withdrawal is 20 business days.
- No explanation of fee and exchange rate calculations. When you buy bitcoin from Indacoin’s homepage, you can calculate how much you’ll receive. But Indacoin doesn’t tell you how it makes its calculations.
Benefits and drawbacks
|Global services||Available in 200+ countries||Uses US dollars only|
|Payment options||Credit card, Payza, BTC-e code||No bank transfer|
|Withdrawal options||Payza, BTC-e code||No cash pickup, bank transfer or credit card withdrawals|
|Competitive fees||No fees to deposit cryptocurrencies||High withdrawal fees|
|Transaction limits||No purchase limit after first few transactions and first month||Purchase limits for first few transactions|
|Convenience||Buy bitcoin with a credit card — no account needed||Selling and withdrawing is a hassle|
|Customer service||Phone, email||No live chat|
Among all the bitcoin platforms out there, Indacoin looks pretty good when it comes to online reviews. Most complaints are about its extremely high exchange rates that don’t appear to justify any time you might save by skipping the typical registration process of other platforms.
A few users warn of long transaction times, despite Indacoin boasting of 15-minute purchases. But customer service is a chat box away, should you have specific questions.
How easy is it to buy or sell bitcoin using Indacoin?
Indacoin makes it easy to buy bitcoin, Litecoin and Ethereum with a credit or card — and with no registration. If you want an Indacoin wallet or access to its trading platform, create a free account. All you’ll need is an email address.
1. Go to Indacoin’s buy page and complete the form. Indicate how much bitcoin you’d like to buy and how you want to pay. You can pay with credit or debit card as long as your transaction is verified by Visa or Mastercard.
2. Enter your Indacoin code. If this is your first transaction with Indacoin, you’ll get a call from a representative with a four-digit code — enter this code where indicated to proceed. For subsequent transactions, you’ll simply enter a three-digit code from an emailed online statement.
3. Review your details and submit. You’ll see how much you’ll pay and receive before initiating your transaction.
4. Collect your bitcoin. Indacoin delivers your cryptocurrency to your digital wallet.
Indacoin is an easy, fast way to buy or sell bitcoin, Litecoin or Ethereum. And you won’t have to create an account to get started.
But convenience comes with weak exchange rates and high fees for withdrawals. Take a look at other cryptocurrency platforms to see if you can find a better deal elsewhere.
Frequently asked questions
Image source: Indacoin