10 Best Crypto Exchanges in Indonesia 2024
Best Crypto Exchange in Indonesia 2024 - Coinbase
Cryptocurrency and blockchain technology adoption has become a global phenomenon, with Indonesia poised to become a major player in Asia's crypto space. Bitcoin (BTC) and other crypto assets were deemed legitimate by the Ministry of Trade in 2018 and were classified as commodities. The recent cryptocurrency boom has spawned a slew of new terms and business ideas. A critical aspect of this is the development of digital exchange platforms for crypto trading.
There is a high demand for virtual currency exchanges as more people want to purchase, trade, and sell crypto every day. Traders in Indonesia are increasingly interested in buying, selling, and trading popular and profitable coins like Bitcoin, Ethereum, Litecoin, and others. This article discusses the 10 Best Crypto Exchanges in Indonesia and other aspects of crypto trading.
Although most brokers provide similar services, others separate by enabling unique trading features. We have evaluated numerous exchanges and compiled a list of the finest crypto trading choices currently accessible in Indonesia. Some of the best exchanges are included here. Let's take a look at them.
| Broker | Best For | Fees | IDR support | Number of Coins |
|---|---|---|---|---|
Buy, Sell and Trade Bitcoin |
0.5% |
Yes |
100+ |
|
Buy, Sell and Trade Bitcoin |
0.1% |
Yes |
300+ |
|
Buy, Sell and Trade Bitcoin |
0.025% / 0.075% |
Yes |
15 |
|
Buy, Sell and Trade Bitcoin |
0.1% |
Yes |
300+ |
|
Buy, Sell and Trade Bitcoin |
0.16% / 0.26% |
Yes |
90+ |
|
Buy, Sell and Trade Bitcoin |
No Trading Fees |
No |
15+ |
|
Buy, Sell and Trade Bitcoin |
0.75% |
No |
350+ |
|
Buy, Sell and Trade Bitcoin |
1% / 1.5% |
No |
15+ |
|
Buy, Sell and Trade Bitcoin |
No Trading Fees |
Yes |
20+ |
|
Buy, Sell and Trade Bitcoin |
0.16% / 0.25% |
Yes |
200+ |
Coinbase
Coinbase is a publicly-traded exchange that is accessible to Indonesian people. It is recognized as one of the safest exchanges globally, with no notable security breaches documented. Coinbase has also been commended for its user-friendly interface, making it an excellent choice for beginners.
For experienced traders and investors looking for more complex trading possibilities, Coinbase offers the Coinbase Pro platform. Coinbase supports fewer coins than other exchanges, but it is known for its thorough testing of new coins before they are listed.
Indonesian Coinbase users can:
-
Buy, sell, and trade digital assets
-
Coinbase Pro provides access to powerful bitcoin trading tools
-
Make use of a user-friendly platform
-
Use features like staking to your advantage
👍 Pros
• As the cryptos in Coinbase are protected, buying and selling them on this platform carries a lower risk.
• Coinbase is aware of the risks associated with cryptocurrency trading and strives to provide the best trading environment possible.
• Allows customers to open a trading account with a lower starting balance.
• Coinbase allows users to access over 100 different coins.
• It comes with a mobile app with a very user-friendly UI.
👎 Cons
• Fees are higher than those charged by other active exchanges.
OKX
OKX (aka OKEX) is an international cryptocurrency exchange that has been providing financial services since 2017. On the OKX platform, you can buy and sell cryptocurrencies and earn money by storing tokens and providing funds for margin trading. The cryptocurrency exchange offers over 100 cryptocurrencies such as BTC (₿), LTC (Ł), ETH (Ξ), XRP, etc.), several ways to make passive income, and a base with educational materials.
In Indonesia, OKEx customers can:
-
Buy, sell, and exchange more than 200 different cryptocurrencies.
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Create accounts for business investors.
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Take advantage of low trade rates.
👍 Pros
• The availability of various investment programs.
• Proprietary educational academy with useful materials.
• Wide range of cryptocurrencies.
• The exchange is multilingual and available in 20 languages.
• A mobile app is available.
• The exchange uses cold and hot wallets with a high-security level.
• The company offers cryptocurrency listing services.
👎 Cons
• Trading and depositing in fiat currencies are not available.
• Few ways to contact client support.
• The company is unlicensed and unregulated.
Bybit
Bybit is a derivatives trading exchange that offers up to 100x leverage on transactions. The platform is excellent for Indonesian traders familiar with these advanced capabilities. To conduct many trades, users can also connect bespoke trading bots. Professional crypto traders and institutional investors would appreciate this feature. Bybit also has one of the best customer service departments in the business.
In Indonesia, Bybit users can:
-
Make use of potent derivatives market features.
-
Custom trading bots can be integrated.
-
👍 Pros
• Contracts paid in coins and USDT
• Price manipulation and liquidations are less likely.
• Hefty bonuses
👎 Cons
• ByBit regulates only a small number of trade pairs.
Binance
Binance is a widely known cryptocurrency exchange thanks to its high liquidity, cheap transaction fees, and discounts for users who pay in the exchange's native Binance Coin (BNB), as well as the Binance Smart Chain blockchain network.
Indonesian Binance users gain full access to the exchange's flagship platform. Because of its high liquidity rate and minimal funding costs when using the site's Binance coin is becoming increasingly popular among users.
Indonesian Binance users have access to:
-
Buy, sell, and trade multiple coins
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To earn interest, stake liquidity provider tokens.
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Participate in new token launchpads.
-
Advanced trading features and tools are available
👍 Pros of Binance
• Data-guided tutorials and a user-friendly UI.
• Customer service is available 24/7
• In some countries, it is possible to pay with a bank card
• Binance research provides traders with vital statistical information
• Supports approximately 300 different coin types
👎 Cons of Binance
• User anonymity may be harmed as a result of account verification
• Some of its advanced trading sites may be intimidating to newcomers to the market
Kraken
Kraken has a reputation for creating creative and interactive crypto trading interfaces. The user interface is intended to assist newcomers in understanding and reaping the benefits of bitcoin trading.
Kraken's reputation is built on its ability to provide speedy and secure access to crypto trading. It is also one of the pioneers of cryptocurrency trading, having been operational since 2011.
In Indonesia, Kraken users can:
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Utilize one-of-a-kind trading and charting tools.
-
Customer service is available 24/7
-
Purchase cryptocurrency at market-leading prices
👍 Pros
• Kraken accepts about 60 cryptocurrencies as well as seven fiat currencies.
• Currency transfers to and from bank accounts are charged at a lower rate.
• The information that users supply is encrypted and under constant supervision.
👎 Cons
• Poor collection of educational resources
eToro
eToro trading platform is an appealing proposition for cryptocurrency investors who want to follow the moves of serious crypto traders. eToro provides a larger assortment of cryptocurrencies to buy than other crypto brokerages. eToro, founded in 2007 and has more than 20 million users in 140 countries. eToro operates multi-asset brokerages in many countries (providing equities, commodities, and currency trading).
In Indonesia, eToro users can:
-
Buy Bitcoin, Ethereum, and 15 more coins.
Bittrex
Due to its credit-earning features, Bittrex has become a popular alternative in recent years. Bittrex charges a flat price of 0.25% for every trade, making it somewhat more expensive than Coinbase and Binance, which both use floating fees.
On the other hand, the exchange allows users to earn credits for participating in activities, which may then be utilized to take advantage of zero-cost exchanges. Bittrex accepts over 300 different coins, and new crypto assets are constantly being added to the marketplace.
Indonesian Bittrex users can:
-
Buy, sell, and trade over 300 different cryptocurrencies.
-
Use a safe native wallet to store your cryptocurrency.
👍 Pros
• Signing up and becoming verified is simple
• Advanced trading tools are available
• Support and security are better than other exchanges
• Excellent arbitrage platform
• The actual operation is rarely interrupted
• Fiat money deposits are supported
👎 Cons
• Margin trading is not available.
• With some coins, liquidity can be scarce.
• Maker and taker fees are each 0.2%.
OKCoin
In Southeast Asia, OKCoin is a big player. It has a Singapore-based presence and is available to Indonesian users. OKCoin is known for offering traders analytical trading tools to make accurate market trend analyses.
The platform is dependable, and transaction fees are minimal. Users can also trade on a variety of cryptocurrency exchanges.
Indonesian OKCoin users can:
-
Trade on several cryptocurrency exchanges.
-
Utilize sophisticated trading analytical techniques.
👍 Pros
• Low transaction costs.
• The site has one of the best liquidity rates available.
• Traders can also make deposits and withdrawals in fiat currency.
• The users are charged a minimal fee for the discoveries and transfers they make.
👎 Cons
• Only after verification is the transaction completed, which may compromise the trader's identity.
• OKCoin does not have a large selection of cryptocurrencies, which limits your purchasing alternatives.
• Users of OKCoin are not eligible for any promotional schemes or bonus offers.
Indodax
Indodax is one of Indonesia's most well-known cryptocurrency exchanges. Indonax focuses solely on Indonesian Rupiahs is a significant element of the company's reputation. This site is the only place in Indonesia where you may buy and sell digital currencies risk-free, safe, and efficient.
👍 Pros
• Two-factor authentication is available.
• Deposit and withdrawal fees are relatively minimal.
• The supervisory board is in charge of the work.
👎 Cons
• Only the Indonesian Rupiah can be used for trading.
• In terms of the interface, it is not user-friendly.
CEX.io
CEX.IO is a regulated global cryptocurrency exchange that allows users to buy, sell, borrow, and earn cryptocurrency. Experienced crypto traders will find what they're looking for on CEX.IO, with its vast choice of tradable assets and comprehensive trading options. On the other hand, beginners may find the platform's numerous features daunting.
👍 Pros
• Accepts a wide range of cryptocurrencies.
• Allows you to earn cryptocurrency.
• Crypto-collateralized loans are available.
👎 Cons
• Beginners may be overwhelmed by the number of products and services available.
• Liquidity is lower than on other major global exchanges.
Is Crypto Legal in Indonesia?
According to Indonesian regulation, the acquisition and sale of cryptocurrencies are only permitted for investment purposes. On the other hand, the central bank has stated that cryptocurrencies are not a legal form of payment. Banks are prohibited from facilitating the use of cryptocurrencies as a payment method.
In Indonesia, the trade ministry and the Commodity Futures Trading Regulatory Agency oversee sales of crypto assets on the commodities market.
Indonesia is also home to several cryptocurrency startups and exchanges, including Indodax and Tokocrypto, supported by Binance. According to a survey published in 2020 by the Blockchain Association of Indonesia, there were over 1.5 million merchants in the country in 2020, up 2263% from 2015.
How to Choose a Crypto Exchange?
There are a few things to keep in mind when looking for crypto exchange. Here are a few to consider before making your decision:
-
Accessibility: Not all jurisdictions or nations allow access to all crypto exchanges, so check to see if the one you choose is accessible where you live. Users must first search for and select an exchange that accepts Indonesian Rupiah via bank transfer. Using a service that accepts bank transfer deposits is the simplest way to buy and trade crypto using IDR.
-
Security: Each exchange has its own set of security measures and insurance plans.
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Fees: Know how much it will cost you to purchase and sell cryptocurrency on the exchange of your choice.
-
Coins available: Some exchanges only have a certain number of coins available. So, select an exchange that offers a wide variety of coins you require.
-
Storage: Many exchanges include a crypto-wallet as part of their service. This assists you keep your money safe.
Where to Store Crypto in Indonesia?
Cryptos are kept in a digital wallet—in the same way, that cash or cards are kept in a physical wallet. A hardware-based digital wallet or a web-based digital wallet is both possible. The crypto wallet can also be stored on a computer desktop, a mobile device, or printed on paper to keep the private keys for access safe.
We'll look at some of the finest ways to keep crypto safely.
Crypto Exchange Wallet
If you want to try your hand at crypto trading, the best way to purchase, sell, and trade cryptocurrencies are through an exchange site. This is because using an exchange platform is frequently the simplest way to obtain the cryptocurrency of your choice. These exchanges also offer crypto wallets. An exchange wallet program does not need to be installed or managed. You are not required to keep a backup of your wallet.
When you go to an exchange, establish an account, and buy crypto, the crypto isn't transmitted to the crypto wallet address you enter right away. Instead, it's kept in your exchange account's wallet. You can check your balance and sell crypto by logging into the exchange app or website. If you choose, you can move your crypto from the exchange to another wallet, but you'll have to go out of your way to do so. The procedure of purchasing crypto has been greatly simplified due to this.
Also, keep in mind if you forget your wallet's password or lose all copies of the wallet files, you will not lose your crypto. However, you can go through an account recovery process in exchange wallets if you forget your password.
In this case, the exchange acts as if it were a bank. The exchange maintains your crypto for you and provides you with access to it when you store it with them. On the other hand, Crypto is under their authority, not yours. While banks in many nations are extensively regulated, it's crucial to realize that crypto exchanges are not subject to regulations.
Hot Wallet
Hot wallets are another term for online wallets. Hot wallets are digital wallets that operate on internet-connected devices like PCs, smartphones, and tablets. Because these wallets generate the private keys to your money on these internet-connected devices, this can pose a risk. While a hot wallet can be highly convenient in allowing you to instantly access and deal with your funds, it also lacks security.
Small amounts of cryptocurrency should be stored in these wallets. A hot wallet is similar to a checking account. According to conventional financial thinking, you should keep only your spending money in a checking account and put the rest of your money in savings or other investment accounts. Hot wallets fall into the same category. Mobile, desktop, web, and most exchange custodial wallets are all considered hot wallets.
Cold wallet
Cold wallets are the next type of wallet and the safest alternative for storage. A cold wallet is simply a wallet that is not linked to the internet and has a lower risk of getting hacked. These wallets are also known as hardware wallets or offline wallets.
Cold wallets keep a user's address and private key on a device that isn't connected to the internet. They usually come with software that runs in the background to see their portfolio without risking their private key.
Physical Coins
Actual Coin Services are surfacing, allowing Bitcoin investors to purchase physical Bitcoins. A tamper-proof sticker covering a specified quantity of Bitcoin will be attached to the coin you purchase. Due to the coin's creation and shipment cost, you may need to pay a tiny premium above the value of the Bitcoin you're buying to purchase the physical coin.
Where Can I Use Crypto in Indonesia?
Here are some ways and places where you might be able to use cryptocurrencies in Indonesia:
Crypto exchanges. Cryptocurrency exchanges are platforms where you can buy, sell, and trade cryptocurrencies. While the use of cryptocurrencies for everyday transactions is limited in Indonesia, you can use exchanges to buy and hold digital assets.
Online marketplaces. Some online marketplaces and e-commerce websites in Indonesia may accept cryptocurrency as a payment method. This acceptance may be limited to specific sellers or products.
Crypto ATMs. Cryptocurrency ATMs, although not widely available, can be found in major Indonesian cities. These ATMs allow you to buy and sometimes sell cryptocurrencies using cash or other payment methods.
P2P trading. P2P platforms like LocalBitcoins and Paxful may facilitate the exchange of cryptocurrencies for Indonesian Rupiah (IDR) directly with other individuals.
Remittance services. Some remittance services and fintech companies offer cryptocurrency-based remittance options, allowing users to send and receive money internationally using cryptocurrencies.
Travel and hospitality. A few travel agencies and hotels in Indonesia may accept Bitcoin or other cryptocurrencies as payment for booking flights, accommodations, or travel-related services.
Blockchain events and conferences. Occasionally, blockchain and cryptocurrency events, meetups, or conferences take place in Indonesia, and participants may use cryptocurrencies to pay for tickets, merchandise, or services related to these events.
Charitable donations. Some charitable organizations and nonprofits in Indonesia may accept cryptocurrency donations to support their causes.
It's important to note that the regulatory environment for cryptocurrencies in Indonesia has been fluid, with the government taking measures to regulate and restrict their use. Before using cryptocurrencies in Indonesia, it's advisable to stay informed about the latest regulatory developments and ensure compliance with any existing laws and regulations.
Additionally, the acceptance of cryptocurrencies for payments may vary among businesses and individuals, so it's a good practice to confirm with the specific service provider or seller whether they accept cryptocurrencies as a payment method. Always exercise caution and conduct due diligence when engaging in cryptocurrency transactions.
Is Crypto a Good Investment?
Cryptocurrency is viewed as a long-term investment by many cryptocurrency investors. Some investors swear they will never sell their cryptocurrencies because they believe it will eventually supplant gold and fiat money. However, cryptocurrencies have suffered through multi-year bear markets, forcing thousands of investors to lose 50% or more from their portfolios.
Regardless, Bitcoin has repeatedly broken all-time high values. On the other hand, some crypto traders consider cryptocurrency as a short-term investment. Some traders would even purchase bitcoin tokens with no intrinsic worth because they believe the price will climb.
Let's look into some other factors why crypto is a good investment.
Fast
Cryptocurrency transactions have the advantage of being performed in a couple of minutes. When the network confirms the block containing your transaction, it is fully settled, and the money is accessible to use.
Cost
Transactions involving cryptocurrency are frequently less expensive. However, you should be aware that as the blockchain becomes more popular, transaction prices may rise. Even on the busiest blockchains, median transaction fees are lower than wire transfer prices.
Accessible
Cryptocurrency is accessible to anybody. All you need is an internet connection and a computer or smartphone. When compared to opening an account with a typical financial institution, creating a cryptocurrency wallet is extremely quick. There is no identity verification. There is no credit or background check.
Security
No one can sign transactions or access your funds unless they access your crypto wallet's private key. However, if you lose your private key, you won't be able to get your money back. Furthermore, the nature of blockchain technology and the dispersed network of computers confirming transactions ensure transaction security.
The network grows more secure as more processing power is added to it. You can keep your transactions private because you don't need to register for an account with a financial institution to use cryptocurrencies.
Privacy
Transactions are pseudonymous, which means you have a unique identifier on the blockchain (your wallet address), but it doesn't include any personally identifiable information.
In many circumstances, this level of secrecy is beneficial (both innocent and illicit). However, if a wallet address is linked to an identity, all transaction data is made public. There are numerous ways to conceal transactions further and several privacy-focused coins to enhance cryptocurrency's anonymity.
Methodology for compiling our ratings of crypto exchanges
Traders Union applies a rigorous methodology to evaluate crypto exchanges using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.
Key aspects of the assessment include:
User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.
Trading instruments. Exchanges are evaluated on the range of assets offered, as well as the breadth and depth of available markets.
Fees and commissions. All trading fees and commissions are analyzed comprehensively to determine overall costs for clients.
Trading platforms. Exchanges are assessed based on the variety, quality, and features of platforms offered to clients.
Extra services. Unique value propositions and useful features that provide traders with more options for yield generation.
Other factors like brand popularity, client support, and educational resources are also evaluated.
Summary
For crypto novices, purchasing cryptocurrencies in Indonesia may appear difficult. In the above guide, we have broken down the process and detailed the simple actions you'll need to do in order to purchase crypto assets.
Indonesia's legal framework for cryptocurrencies is still being developed. If the country were to change the present classification of crypto assets from commodities to digital assets, crypto would become a viable form of payment, and adoption would skyrocket.
FAQs
Which Crypto Exchanges in Indonesia Are Licensed?
In Indonesia, legislation has been passed to make cryptocurrency transactions lawful. Traders can only purchase and sell bitcoin from exchange points with all rights reserved with the Indonesian Central Bank. The most popular cryptocurrency exchange platforms include Binance, Indodax, Kraken, Coinspot, and Bitfinex.
Is it possible to trade cryptocurrency in Indonesia?
Yes, anyone can trade crypto in Indonesia. Blind investments in bitcoin trading, on the other hand, do not guarantee a profit. As a result, one must conduct a considerable study into the various types of crypto coins and the features of exchanges to select the one that will be most profitable.
Is it legal to trade cryptocurrency in Indonesia?
Yes, the Bank of Indonesia has legalized cryptocurrency trading since September 2018. Furthermore, the Indonesian government has established a supervisory agency to supervise the cryptocurrency industry in the country, ensuring that consumers can trade bitcoin in a safe and legal environment.
What Are the Requirements for Purchasing Cryptocurrency in Indonesia?
a) You'll need a national identity card (KTP) or another recognized form of identification for the KYC process.
b) As public WiFi may offer security risks, you'll need a private and secure internet connection.
c) An account with foreign exchange or brokerage firm that is allowed to operate in Indonesia.
d) Two-factor authentication requires a cell phone to verify your identity (2FA).
e) A bank account that can be used to deposit fiat currency (Indonesian Rupiah) to buy cryptocurrency.
f) To store crypto assets, you'll need a crypto wallet. Although most exchanges provide built-in wallets, it is preferable to use a cold wallet for added security.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.