A crypto exchange guide must provide reviews of all the exchanges out there, so that you can find the right one for you. This review of Indacoin consists of four parts: general info, fees, deposit methods and security.
Indacoin is a British crypto exchange. United Kingdom is the country which without a doubt has the most crypto exchanges in the world. At least that we know of. A non-exhaustive list includes Exmo, CEX.io, CoinEgg, Livecoin, DSX, LocalTrade, Bittylicious (funny name by the way), CoinMate, MixCoins, Paybis, Vaultoro, Instant Bitex and eToro.
US-investors may not trade on this exchange. So if you are a US-investor and want to trade at Indacoin, you’ll have to reconsider your choice of trading venue and choose one of the other top crypto exchanges. Don’t be too sad though, there are many other venues that offer the type of trading this exchange does. Use our Exchange Finder here to find out which alternatives you have.
This exchange provides an smooth way to buy BTC and 200 other cryptos with Mastercard or Visa.
If you are one of the people who prefers to do your crypto trading on your phone instead of on your desktop, you’ll be happy to learn that Indacoin is also available as a mobile app. Regardless of whether you have an iPhone or Android, you can download the app and use the features of the trading platform on your phone.
Indacoin Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen crypto and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can see that it feels right to you. At this exchange, there is only an order box. This makes it easy to understand for new crypto investors, while it might lack some features that more experienced traders look for. The below is a picture of the purchase interface at Indacoin:
Indacoin Trading fees
It's a bit difficult to ascertain what fees you need to pay in each trade based on the information on this exchange's website. All of the fee information is given with reference to "the calculator". This is a bit discomforting in our opinion and we have not yet performed a trade here to find out what level of fees the calculator spit out.
However. On the date of last updating this review (29 May 2020), we did a test. We specified that we wanted to purchase Bitcoin for USD 6,000 at Indacoin, and then looked at Coinmarketcap to see what the latest market price for Bitcoin was. We then learned that we would get 17.99% less Bitcoin at Indacoin, than we would have if we had bought it at market price. We hope there was something wrong with Indacoin's algorithm this day and that they don't in fact charge 17.99% in mark-up/mark-down. If they do, it's a robbery.
Indacoin Withdrawal fees
Considering how this exchange operates, withdrawal fees are irrelevant (they are included in the transaction fees).
You can only purchase cryptocurrencies via credit cards at this exchange.
Indacoin’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below the industry average when it comes to top crypto exchanges.
Finally, the exchange reviewed above has a large number of supported cryptos. If a large number of cryptos is a factor for you in your choice of exchange, you could also check out the following exchanges: