Last updated on May 28th, 2017 at 11:16 am
A lot of people are looking to buy Bitcoins in the easiest way possible. In other words people don’t like to wait for their wire transfer to be verified or to go through a lengthy identification process. Indacoin attempts to fulfil that need exactly.
Indacoin was established in 2014 and has been operating ever since. The exchange accepts only credit / debit cards (as long as they are 3d secure) or Payza. When you come to buy your Bitcoins you will first need to fill out a payment form (see below) and afterwards you’ll receive a phone call with a 4 digit pin code in order to complete the transaction.
The whole buying process seems pretty simple and to the point however there are 2 things you need to be aware of:
- There are strict buying limits. For the first transaction you’re limited to $100. After 4 days the limit goes up to $200 and after 7 days $500.
- The fees are incorporated into the exchange rate and are extremely high. In the example about the BTC rate on Bitstamp was $1001.52 and $1507.31 on Indacoin – This basically means you’re paying around 50% more for this “hassle free” process.
Personally, I think the exchange rate is too high and doesn’t justify the time saved. It may be worth the anonymity. Anonymity can be achieved if you use a prepaid debit card and a temporary Skype number in order to verify your phone number. That number will be used later on to identify you and limit your purchases accordingly.
Once your account is approved no future verification is needed as long as you’re using the same email. More than 100 countries can buy Bitcoins through Indacoin.
Indacoin states that processing a purchase takes up to 15 minutes, however according to several user reviews of the exchange it can take up to 8 hours – so don’t get your hopes up. Support seems to be present almost immediately via a chat box on the bottom of the site. However I haven’t tried to use the site’s support personally and some users online are complaining about slow response time.
All in all Indacoin seems like a legit exchange but a bad way to spend your money (this is the highest exchange rate I’ve seen from any Bitcoin exchange). Personally I’ve used the exchange several times and haven’t had any issues. I suggest to use Indacoin mainly as a last option due to the exchange rate or if you need to buy Bitcoins without any identity verification.