Indacoin Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this Indacoin Review.
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.
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
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.
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.
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.
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.
Indacoin Review Conclusion
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