Since the creation of Bitcoin, Cryptocurrencies have taken the digital world by storm. Many believe cryptos are here to replace the existing monetary system. It is digital, unbiased and decentralised. Currencies like Bitcoin can be used by anyone, anywhere to trade anything from groceries to even funding the war efforts like the one in Ukraine.
There’s a clash between the centralised banking system and crypto advocates amid the hype. Centralised banks aren’t in favour of promoting cryptocurrencies since it robs them of the supremacy they enjoyed in the world since the inception of the economic world order.
Apart from centralised exchanges & DeFi DEXes, it’s really difficult to buy & sell cryptos using a credit or debit card until Indacoin came with an answer. A crypto-friendly platform that supports buying of crypto assets using credit & debit cards. This post is dedicated to answering all your questions surrounding Indacoin and concluding whether or not it’s a suitable platform to trade cryptocurrencies. Let jump in and review Indacoin –
- Accepts Credit/Debit cards for online payments
- User-friendly UI
- Live Chat Support
- Cannot sell tokens
- Poor response time
- Late settlement period
- Purchase limits
What is Indacoin?
Indacoin is the platform that allows users to buy cryptocurrencies using credit or debit cards. It claims to provide the simplest way of converting fiat to cryptocurrency with zero hidden fees. The company was established in 2014, registered in Estonia with its office in London.
The platform follows a simple formula to distribute the tokens against the amount transacted by the user. In order to maintain transparency, it has made the same public –
Indacoin has strict buying limits (minimum & maximum)
What is INDA coin?
INDA coin is the native token of the Indacoin platform. It provides users with tempting discounts and cashbacks which is something similar to CRO Coin (Cronos) by Crypto.com. The feature includes –
- Buying crypto with 0% fees
- Pool tokens on Uniswap exchange to get extra INDA
- Early Access to new products
- Cashback Loyalty program
INDA holders will receive special cashback, proportional to the amount of INDA held in the account.
Indacoin portfolio consists of over 150+ coins
How to buy from Indacoin?
I have personally tried to place a transaction request for buying TT tokens (Thundercore tokens) from Indacoin using my credit card. Here’re the steps –
Enter the Fiat value to place the trade –
Enter the amount of USD I wish to trade to purchase crypto coins (in my case TT)
Make sure the destination address is correct before placing the trade
Enter KYC Details –
If you’re transacting for the first time, you have to enter your details including address, DOB, country etc.
Enter Credit/ Debit card details –
This is the final step before confirming the transaction.
Despite entering the valid card details my transaction failed multiple times
Indacoin Support Services:
Indacoin offers direct chat support on the platform and also support via email & mobile listed on their website. However, the best way to reach them is via live chat for solving your queries faster.
Is Indacoin Safe?
On the surface, Indacoin looks like the quickest platform to convert fiat to cryptocurrencies but that’s not entirely the case. As inquired by me, it will take the platform atleast an hour to settle the transaction which is already very high compared to the exchanges like Binance or Coinbase.
Moreover, the destination address entered by the user isn’t verified by the platform which means if by mistake a user has entered an incorrect address, there’re chances of loss of funds entirely.
Another concern I noticed after placing the trade is the poor social media presence. I wrote a tweet about the failure to place a transaction on their platform but to this day there’s no response from the team.
@Indacoin Is your gateway down. I tried a transaction but there’s no action taken by the website.— Katoch Tubes (@katochtubes) June 3, 2022
Moreover, the KYC registration process isn’t smooth. The platform crashes time and again before completing the entire steps.
Overall, the platform is legit but is backed by poor operations. The team isn’t active and the response time is one of the worst in the industry. There were complaints where users raised an issue of excess fee charges. Remember you will be charged (3% credit card usage fees) by the services which I think isn’t a good trade.
Better to trade on the popular centralized exchanges than Indacoin
This completes the Indacoin review. In the next post, I will talk about Poundtoken. If you’re a fan of blockchain technology then do share this post on your social handles and educate everyone around you. Remember to subscribe to my YouTube channel for more informative content, released every week.
Cryptocurrency is a highly volatile market. All the information shared in the post is for knowledge purpose only. By no means, it’s financial or investment advice. Readers are responsible for their own investment decisions and should only invest in cryptocurrency after proper research.
Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.