Indacoin is a cryptocurrency exchange that allows you to purchase various cryptocurrencies with Visa and MasterCard. But is this exchange worth your time and money? Or is Indacoin a scam that is just going to rip you off in one way or another?
I have been seeing this question asked a lot lately so I’m finally getting around to writing this review on it. I’ll get straight to the point here and tell you that No, Indacoin is not a scam. HOWEVER… If you do purchase through the site you will be paying very high fees which you might not be aware of, which is the reason most people were calling this place a scam.
Indacoin is very similar to the Changelly exchange, if you’re familiar with this place. On this exchange you are able to easily purchase cryptocurrency with Visa/Mastercard bank cards, which makes things easier for most people.
On Indacoin when you purchase cryptocurrency with a Visa or MasterCard you can have it sent directly to your wallet somewhere else. There will also be a box you can check to create a wallet on the Indacoin exchange if you do not already have a wallet. This is nice because of course if you don’t have a wallet you can create one for free when you purchase your cryptocurrency and if you do have a wallet that you are planning on storing your cryptocurrency and you will be able to send it directly there during the buying process.
One of the big upsides to using the Indacoin exchange is that they do not require account verification like many other exchanges. You do not have to wait for days or maybe even weeks to be verify before you can use exchange. Anyone can go on and purchase cryptocurrency in a pretty short period of time, hopefully within an hour even if you have never use the exchange before. You are required to verify your bank card but this is simple, as I will go over.
The Buying Process
The buying process is pretty simple and self-explanatory as you go through it so I’m not going to go into great detail here, but here is a brief step-by-step outline of how you go about doing it:
1) Create Your Order
The first thing you will have to do of course is create your order. You will be able to enter the amount of money you are looking to spend and it will automatically calculate the cryptocurrency you will receive, or vice versa.
2) Enter Your Payment Info
Up you will enter your payment information from your Visa or MasterCard.
3) Enter Contact Details
Here you will enter contact details… Pretty straightforward stuff. You are going to need your phone for for this.
4) Verify Ownership
To verify ownership you will have to show that you do in fact own the card that you are placing the payment with. You can easily do this by using the video verification on Indacoin and holding up the bank card and a passport beside your face to prove that it is you and that you do own the card.
You will also have to verify your card by viewing your online statement and entering a three digit code.
Lastly you will confirm everything and go through some final steps.
Limits On Orders
Indacoin has strict limits on how large of orders you are able to place. If it is your first time purchasing on this exchange with a certain bank card then you will be limited to a $100 transaction, but it must be more than 30. On the second and third transaction you are also limited.…
- 1st Transaction – $30 – $100
- 2nd Transaction – $200 limit (can be made in 4 days)
- 3rd Transaction – $500 limit (can be made in 7 days)
The Downside…. MASSIVE Fees!
The fees are what most people are complaining about and the reason for many of the people calling this place a scam. If you are buying cryptocurrency on this exchange you might not even be aware of the fees because they are not very upfront about them. They claim that there are “no hidden charges” on this exchange but this is debatable.
What they do is basically jack up the price of whichever cryptocurrency you are going to purchase. So all you really see is the amount of cryptocurrency you will receive but it will not say anything about the fees that are included in this amount.
For example, right now on Indacoin here are the amounts of Bitcoin you will receive based on paying $30, $100, $250, or $500 (USD)…
As you can see from this example of a show you that if you buy $30 worth of Bitcoin you will receive 0.0027 BTC. There is no mention of any fees or anything like that. But when you do the math you will find that the prices they are charging are extremely high.
Of course the numbers are probably going to be much different when you are reading this because of the volatility of cryptocurrency prices, but as I am writing this Bitcoin’s current price is listed at $9,096 on CoinMarketCap. I did the math and if they were selling Bitcoin to you at this price you should receive 0.0033 BTC instead of only 0.0027. This is a 19% difference, which means that they are charging 19% fees… Pretty darn high if you ask me.
I also did the math if you were to spend $100, $250, or $500, and you are charge the same 19% fee with everything.
This is the problem. This is the reason so many people were calling them a scam. It would be nice if they would make it obvious and well known what their fees are but they pretty much hide them in the price so you don’t really know what they are and less you do the math like I just did.
I have even read over some complaints on review sites such as TrustPilot of people claiming that they paid 30% fees. So maybe the fees will vary or something but the point is that the fees are extremely high.
I was reading over a response that the Indacoin support team gave to someone where they stated that their fees are usually around 10% but can be higher or lower than this depending on the market and other variables. A 10% fee honestly wouldn’t be all that crazy when it comes to purchasing crypto with bankcards, although it is still pretty darn high, but anything over that is just ridiculous.
How Is The Support?
When reviewing cryptocurrency exchanges I always make it a point to talk about the support provided. When it comes to the world of crypto there are all sorts of problems that you hear about and not having support to help fix problems can be a disaster.
Luckily Indacoin has some pretty darn good support on their side. I have read too many reviews talking about how the customer service is good and I do know that they have live chat support which can be very helpful and is great to see.
My Overall Opinion of Indacoin
When it comes to the layout of the exchange I like what I see. It is very simple and straightforward so that anyone should be able to go on their and purchase cryptocurrency. It reminds me very much of Changelly.
The fees are the only problem that I can see. Other than that everything looks fine to me. I mean of course they are going to have to charge some fees to make a profit and stay in business, but fees of 20%? And some people claiming that they have been charged 30% fees??? Come on now… Do they really have to charge that much?
Conclusion on Indacoin – Is It Worth Using?
If you are thinking about using this exchange I would first do a few simple calculations to see how much the fees are going to be that you will have to pay. If they are ridiculous then I would avoid it but, like I said, these seem to vary a good bit.
If the fees aren’t too bad and you are new to the whole cryptocurrency world then Indacoin does seem to be a good choice. They are very easy to use, offer good support, and I like how you are able to send cryptocurrency directly to another wallet or create a wallet on the exchange.
I also recognize that many people are using Indacoin because they did not have many options in their country. Some of my top recommended exchanges for purchasing cryptocurrency with fiat money (USD, EUR, GBP), like Coinbase and GDAX, are not available everywhere. So some of you reading this may be looking into Indacoin just because there are not many options for you. In this case I would say you do not have to worry about being scammed, just be sure to figure out the fees you are being charged before confirming your purchase.
I would also suggest looking into Changelly, which as I said is very similar to Indacoin, as well as peer to peer exchanges such as Paxful and LocalBitcoins. I would definitely suggest looking into Changelly first though because with peer to peer exchanges you are usually ripped off pretty bad when it comes to price.
But anyway… Indacoin is a decent exchanges just yet to be careful with the fees.
Please leave any questions, comments, or concerns below and I’ll get back to you as soon as I can 🙂