Bitcoin Indonesia popularly called Indodax is an Indonesian cryptocurrency exchange service that is based in Bali. The exchange, established in 2013 as Bitcoin.co.id, is one of the leading crypto-exchanges around the world with over 500,000 registered users. Although the company’s turnover of half billion Indonesian rupiahs daily might not be so impressive, this trading volume has got Indodax the characteristic of being the largest cryptocurrency exchange in Indonesia.
The exchange is headquartered in Bandung, Bali at Jl. Nakula No.88b, Legian, Kuta, Kabupaten Badung, Bali. However, Indodax also owns several other offices around the country. With Indodax, there are two ways which you can obtain Bitcoin. The first method is by using the exchange ‘Quick Buy’ feature. The second method is the spot market. These methods will be explained in details later.
All you need to do to create an account with Indodx is click on the “Register Account” button found on its website homepage.
You can create two different types of accounts on this website, the first would a personal account registration, and the second type is the Institution account.
To create a personal account, you only need to provide a username and the password for the account you want to create, email address, primary phone number, and alternate phone number. After giving all the account creation requirements, you will get an SMS verification code on the phone number provided. This implies that you need to have that phone number close to you if you are serious about creating an account with the exchange. After giving the SMS verification code, you’re good to go and the website will auto redirect you to your account.
As noted earlier, there are two ways to get Bitcoin on Indodax, first would be to buy/sell it from them directly. And the other way is to trade via their Spot Market.
Quick Buy Feature
The Quick Buy feature is not a trading feature that is offered on most cryptocurrency exchange platforms.
All you have to do to start buying and selling Bitcoin with this feature is simply to log into your account and select the “Buy/Sell Bitcoin Instantly” option. After choosing this option, you will be directed straight to the order book page. As the exchange is centered on the Indonesian market, quoted prices are in Indonesian Rupiah instead of the U.S dollar. The quoted prices are also somewhat higher by 3% to 10% than what other top-tier exchanges are quoted. It is worth noting that there is a minimum purchase requirement of 50,000 Rupiah for all transaction.
Spot Market Trading
For individual traders who prefer to buy Bitcoin by trading, the exchange also offers the capability to trade on the spot market with its trading platform. To access the trading platform, all you need to do is select the “Spot Market” tab that can be found on the left-hand side of your account page. On the platform, you have a selection of digital assets that you can trade with such currencies as BCH, BTC, BTG, DASH, DOGE, ETC, ETH, LTC, NXT, WAVE, XRP.
If you wish to trade on margin, this platform also offers margin trading. The current leverage ratio provided by Indodax is 1:1.
For its transaction fee, Indodaxhas adopted the Maker/Taker pricing model. The Maker/Taker model is the most generally adopted pricing model as it promotes liquidity on the exchange. The interesting thing about this particular exchange is the fact that the Maker fee is now 0%. Regarding the Taker fee, the exchange charges a maximum fee of 0.3% per transaction. Here is a list of the applicable Taker fee for the various cryptocurrency pairs:
- BTC/IDR 0.3%
- BCH/IDR 0.3%
- BTG/IDR 0.3%
- DASH/BTC 0%
- DOGE/BTC 0%
- ETH/BTC 0.3%
- ETH/IDR 0.3%
- LTC/BTC 0%
- NXT/BTC 0%
- XRP/BTC 0%
- XLM/BTC 0%
Deposit and withdrawals
Funding your Indodax account can either be done through Bitcoin or with Indonesian Rupiah.
Bitcoin transfer – Funding your account with Bitcoin is relatively more comfortable and cheaper. All that is needed is to generate a wallet address or scan the QR code to transfer from your wallet.
Bank Wire Transfer – Indonesia based investors can also use the bank wire transfer method to fund their trading accounts. The wire transfer is free of charge as long as it is in Indonesian Rupiah.
EasyPay Transfer – Indodax also lets international account holders fund their trading account through EasyPay.
Is Indodax Safe?
Indodax is a cryptocurrency exchange established in 2013. It is based in Indonesia, and its primary focus is on the Indonesian market. The minimum amount required per transaction is 50,000 Rupiah.
This exchange offers a simple method for trading Bitcoin with IDR. The fact is that it also lets users trade anonymously since the unverified account is not subjected to KYC policies. Nevertheless, these come at a cost, as users have to pay higher fees regarding fund transfers and trading fees.