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Indacoin Review - is it scam or safe?

Indacoin Review - is indacoin.com scam or good cryptocurrency exchange?

RATING: 2.5 / 6 REVIEWS Indacoin

RECOMMENDED BITCOIN BROKERS


Trading accounts and conditions

 

Account type Leverage Fees
Standard (Instant exchange) 1:1 0.15% for market order*
Advanced** ? 3%

*Additional transaction and deposit/withdrawal fees apply.

** Temporarily closed


Indacoin is a UK-based cryptocurrency exchange that offers its services globally and provides buy and sell services for the two most popular alt-coins: Bitcoin and Ether. According to the site’s FAQ section, fairly soon Indacoin is planning to also start offering Litecoin and other coins. The minimum sum for which a cryptocurrency can be bought is $1. the exchange accepts USD, EUR and RUB as fiat currencies.

 

The small number of available cryptocurrencies can be a drawback for some, but Indacoin has other advantages, as you are about to see.

 

Similarly to most cryptocurrency exchanges, Indacoin does not offer leveraged trading for the average user. For the “advanced users” and larger volume traders (whenever the cumulative trade volume exceeds $20,000), the exchange can provide leveraged trading on bitcoin, ether and litecoin, but not many details are available. Furthermore, Indacoin has temporarily suspended the

 

There are other exchanges, who offer leveraged trading in cryptocurrencies like: Kraken, CexIo, Coincheck, bitFlyer, Okex, Bitfinex, etc.

 

There is also a large number of forex brokers, including IG, FXTM, easyMarkets and HYCM, who offer cryptocurrency CFDs for speculative trading, as well as some other investment instruments involving alt-coins.

 

>> See our list of regulated bitcoin forex brokers <<

 

As for account verification, it seems Indacoin does not require one for buying cryptocurrencies, but the client needs to verify the payment card (makes sense). There are also some limits for the transactions in the first month: $50 for the first transaction, $100 for the second transaction available after 4 days of the initial purchase and $500 after 7 days of the first buy. The total limit for the first month will be $5000 and then there are no limits at all.

 

Setting up a trading account for “advanced users” is a standard and straightforward process


The Company. Security of Funds

 

Company Country Regulation
Indacoin Limited UK None

  

Indacoin is based and registered in the UK, but is not regulated. In fact, for the time being it does not need to be, as there is neither national, nor EU clear stance on the cryptocurrencies and their status – whether they are money or securities. There has been some talk about regulating the alt-coins on pan-European level, but more with the purpose of preventing their use for money laundering and funding of terrorism and other criminal activities, i.e. introducing KYC and AML requirements.

 

Indacoin does provide some sort of own e-wallet, but clients could integrate one of their own choosing. Additionally, the exchange requires a two-step verification only once – when verifying the payment method. There is even no need to set up a user account, as long as one uses the same name, e-mail and phone number and they match the bank account details.

 

Trading platform

 

For the average user, Indacoin does not provide a proper trading platform in the true sense of the word. What it offers is a simple form where one fills in the necessary fields and completes the buy transaction. As we have already said, Indacoin does not even require registration.

 

There is another, well-hidden “trading platform”, intended for the “advanced users”. The company claims the liquidity is provided by market-maker bots. There is also a stop-loss order, executed at either market or a predefined price. The option to set take-profit levels also exists. Additionally, Indacoin could provide the aforementioned leveraged trading on this platform. According to the exchange, clients can earn 1% for the execution of their limit order. The fee for buying or selling a cryptocurrency at market prices is 3%.

 

As we have already said, however, those trading options have been suspended for the time being. The most recent trade is from October 27, 2017.

 

 

Additionally, Indacoin provides a mobile e-wallet and trading app for mobile devices.

 

Methods of payment

 

Indacoin accepts payments with banking cards – credit and debit (Visa electron), but this is pretty much the only payment option. There is no the option to pay with a bank transfer or by any other means. According to other, earlier reviews, there have been other payment options through online payment platforms, but apparently those have been disabled.

 

Generally, having the option to pay with a card is quite convenient, but there are not that many crypto exchanges who offer this service and most prefer bank transfers. Of course, there are others, like Anycoin, Local Bitcoins and Bitrush, who work with other payment methods like wire services and online payment platforms as well.

 

>> See crypto exchanges accepting cards <<

 

The deposit fee with card varies between 4 and 9%, which is fairly high. The bitcoin deposit fee is 0, but there is a withdrawal fee of  0.0001 BTC.

 

Conclusion

 

Indacoin brags as offering fast and convenient service and this is indeed the case for the instant exchange. We find the fact that the platform does not even require registration quite amusing, but using its service is indeed fast and easy, once the card verification process is completed. The option to pay with card itself is another major convenience, of course.

 

Another advantage is the mobile application, which is updated on a regular basis.

 

On the other hand, Indacoin does not have a very impressive portfolio of cryptocurrencies. On the contrary, it is quite small, but there are exchanges who offer only bitcoin trading.

 

We are not impressed with the fact that the proper trading feature is disabled at the time of writing this review, but, according to Indacoin it is only temporary.

 

Pros Cons
Card payments Sell option disabled
Easy verification process Few coins
Mobile app  

 

 

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Traders` reviews for Indacoin

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Pros

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Slippage

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Requotes

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Cons

 

 

Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Scam

Buying my USDT ( Tether coins ) . Paid by credit card and they didn't arrive in my wallet . I have all the papers. I even ask them if they can even give me another coins if they don't have USDT . But just ignoring me . Its a scam !

Earl 03/30/2019

Dear Indacoin

At first, I had doubts regarding Indacoin. The first purchase took an hour cos I couldn't get verified but then I received the ripples quite fastly. The second was super quick like 10 mins. The fee is quite high but still bearable.

Marko 10/25/2018

Problems with Indacoin

I must say i have worst experience ever with Indacoin.

I bought eth with options to create me account. Never got my eth.
After 2-3 months writing emails to Indacoin, they finally told me i have my eth on my account - which i couldn't see.
So i gave them my coinbase address to transfer me my eth, and for last 2 months i keep receiving emails like this one: "We set a reminder to our IT department. Funds will be sent in 48 hours. Sorry for the inconvenience"

So if you ask me - they are a FRAUD

Ivan Radetic 03/11/2018

Bad service indacoin scam

NO service NO help NO support just sending mails and it takes days before
They respond and when you explain Your problem... NO respons for days before
Send a new mail and a new person ask you to explain the problem for almost five weeks AND
STILL NO HELP ........ STAY AWAY FROM INDACOIN....... SCAM SCAM

No Service 01/17/2018

Indacoin scam

I tried to purchase bitcoins with credit card via changelly.com (operated by Indacoin), I received a confirmation call from indacoin, later the transfer failed.I wrote many emails as a complaint and got no reply. If you check their facebook and twitter pages, you will read of all the complaints from customers and scams that took place.This makes me afraid about buying cryptocurrencies online. nobody will regulate them and block scammers from stealing your money.And this is peoples money.beware

Joseph Fernandez 01/01/2018

Indacoin bad experience compounded by 200 plus phone call unanswered

Indacoin is by far the worst company I have ever dealt with and I just dont believe the positive reviews are genuine.

I had to call this company on the phone more than 200 times for 4 answered calls and even then they lied on every occasion.

I originally created two accounts with Waves, I only did this because once I created the original account I couldn’t find it upon closing the browser so I created another one which I used to purchase Bitcoin with Waves.

I attempted to make a payment for Bitcoin via Waves with the Indacoin backend software on Friday 3/11/2017.

The purchase screen stated that the user should wait several minutes after the purchase attempt and if the same screen is still displayed then the transaction has most likely failed.

As the screen remained up for an extended period after my purchase attempt I followed the advise given and assumed the transaction had failed.

I made 5 attempts at the 50 Euro purchase and assumed as their screen advised that all 5 attempts had failed.

I only wanted to make a single purchase of 50 Euros to test the Waves software for future Bitcoin purchases)

When I called your Indacoin support line I was informed that 5 purchase transactions were in pending (not failed)

I was then aware I’d committed myself to a purchase of 250 Euros rather than the intended 50 Euros.

I was prepared to accept the higher purchase amount if they could be processed correctly.

With 10 years software development experience I was concerned there was no way of visually checking the status of the transactions I’d initiated.

(Coinmama is a good example of a site which gives you visible on screen indicators to the status of a purchase)

It took hours for a single payment to show on the Waves platform and all Indacoin would do is reiterate that the transactios had been processed even though they didnt show in Waves.

The second transaction was visible 12 hours later in Waves!!!!!!!!!!

The third transaction appeared on Monday 6/11/2017, it took several days to appear in the Waves platform !!!!!

I called the Indacoin support line about 200 times throughout this entire period, the phone was only ever answered 4 or 5 times and twice I received promises of call backs which never came.

Indacoin avoided replying to most of my emails.

I did receive emails from Indacoin telling me the transactions had been processed along with a list of addresses, there was no written explanation to make it clear what the relevance of these addresses were. Sending a customer raw technical data is confusing !!!!!!!!

Indacoin didn’t as requested provide a direct email address to Waves support.

I only managed to contact Waves directly after 4 days of seeking their contact details. I established that all 5 of the transactions have now been received onto both of my Waves account i.e. 3 on one and 2 on the other, however it took 4 days for all 3 transactions to appear on one of those accounts !!!!

(I wanted all 5 transactions on one Waves account so don’t understand how they got split between the two)

Waves support said the reason why it took so long for all transactions to become visible in Waves is because of possible maintenance with either Waves or Indacoin software over the weekend. I pointed out that I’ve never heard of transactions taking so long to become visible even with maintenance issues!!!

I sought the help of Indacoin and or Waves to transfer the Bitcoins from these 5 transactions elsewhere but both were useless and deliberately avoided providing any kind of refund.

Closing Statement

Indacoin really needs to include real time status information relevant to transaction progress i.e. Pending, Failed, Processed…..

The status should either be shown on screen or delivered by email.

It also needs to ensure that the wording no longer misleads people into thinking that transactions have failed if the screen remains for minutes after the purchase is attempted.

If there is maintenance work on either the Indacoin or Waves software then both companies should be aware of this through business to business communication and inform the customers that this may affect their purchases.

Indacoin developers have almost certainly tested the software themselves without using independent software testers, had I been asked to test your software I would have easily spotted these issues before they went live.

Refund
I was promised a refund by a manager of either money or bitcoin both have proved elusive after 7 days of trying athen i had to suffer having to explain the whole thing to somebody who ignored all the points I raised above and tried to shift all the blame to Waves. No refund so far and after 7 days and multiple phone calls to them today they still dont answer. AVOID THIS COMPANY At ALL COSTS

nwspence 11/15/2017
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