Indacoin Review – Is It A Bitcoin Exchange That You Should Use?

There have been plenty of fly by night bitcoin exchanges, but Indacoin is one that has been able to withstand the test of time. Though the exchange was established in 2014, it is still one of the lesser known sites which is why I thought it wise to do an Indacoin review.

One of the main selling points of Indacoin is that there is not a time-consuming verification process or a long waiting period before you can process XBT transactions. You can only use 3-D secure credit/debit cards or the online payment processor Payza (similar to Paypal). This is because one of the goals of the exchange is to be an “instant exchange”, and methods such as bank wires take much longer.

After filling out a form that outlines your payment amount, how much bitcoin you receive, and a few other contact details, you will receive a quick confirmation phone call where you will be given a pin. You only have to go through this verification step once. All subsequent purchases with the same email and card will be automatically accepted. Enter the secure pin when prompted on the screen, and voila your transaction is complete.

Though the site only uses USD, the services are available in more than 200 different countries. Many users choose the site because there is no account needed, just use your credit card and you can make your XBT purchase. There is also complete anonymity is you use a prepaid 3-D debit card and provide a skype telephone number during the verification process. There are also no fees should you make a deposit with a cryptocurrency.

This is a completely honest Indacoin review and I must say that a major turnoff of the site is the high exchange rate. Fees are included in the exchange rate making their bitcoin prices considerably higher than the mid-market rate. For example, as I’m writing this Indacoin review the price at Bitstamp is $1,822.05 while it is $2,450.00 at Indacoin. You’re paying for convenience at a high premium.

There are also purchasing limits when you first join the exchange. You have a limit of $50 for the first transaction, $100 for the second transaction after four days have passed, and $500 after one week as passed. In the first month, you can purchase up to $5,000 and then after this point the limits disappear.

The site claims to process transactions within 15 minutes, however, the overwhelming majority of users say that it takes closer to 8 hours to complete their purchases. If this is the case, Indacoin is not necessarily an instant exchange.

ReviewBitcoin.com would like you to know Indacoin is not a bad bitcoin exchange, but we would not recommend it as your go-to exchange. The rates are just too high and I personally cannot justify them. That being said, as far as being trustworthy Indacoin is a legit bitcoin exchange and you will not run into many issues. You can add this to your list of exchanges for when you want to purchase bitcoin without having to jump through hoops to verify your identity or account.