Bitcoin Indonesia


Indodax (Bitcoin Indonesia) is an Indonesian cryptocurrency exchange that launched in 2013. It offers its services worldwide, but accepts deposits in Indonesian Rupiah only.

Back to exchange list
Bitcoin Indonesia
Score - 5.7Score5.7
Score Android - Score Android
Score iPhone - Score iPhone
Location - IndonesiaLocationIndonesia
Currencies - Currencies
Languages - ENLanguagesEN
Buy with - RPBuy withRP
Fees - 0.3%Fees0.3%
Altcoins - YesAltcoinsYes
Margin trading - NoMargin tradingNo (Exchange does not support margin trading)
Trust score - BTrust scoreB
Beginner friendly - NoBeginner friendlyNo (Exchange is complex and difficult for beginners)
Stability - 3. MuchStability3. Much (Exchange is stable, but it has a downtime in the high stakes)
Fiat - YesFiatYes (The Exchange supports Fiat currency as USD, EUR, etc.)
Support speed
API - YesAPIYes (API is available for public to use)
Rest API - YesRest APIYes (The Exchange has Rest API support)
Websocket - NoWebsocketNo (The Exchange does not have Websocket)
Mobile app - NoMobile appNo (Exchange does not have a mobile app)
Credit card - NoCredit cardNo (Exchange does not support credit cards)
Referral - NoReferralNo (Exchange does not offer an affiliate program)
Two factor authentification - YesTwo factor authentificationYes (The Exchange supports two factor authentication)
Withdrawal limit
Verification time
Lending - NoLendingNo (Exchange does not support lending)
Stop limit - NoStop limitNo (Exchange does not support stop limit)
US licence - NoUS licenceNo (Exchange don't have US licence for Money transmitter)
PGP support - NoPGP supportNo (Exchange does not have PGP encryption)

Indodax Advantages

  • Indonesia’s largest bitcoin exchange. Indodax claims to have over 570 000 clients and a daily volume of over half a billion Rupiah. There are several other cryptocurrency exchanges operating in Indonesia, including the Local Bitcoins P2P platform. Indonesia is a considered an “emerging economy” and is a member of the Group of Twenty (G20) largest industrialized economies. 
  • Large Instrument portfolio. Indodax offers spot trading in Bitcoin, Ether, Dogecoin, Litecoin, Nubits, Paycoin, Ripple, Bitcoin Cash and DarkCoin. This is a fairly good selection of alt-coins, while some exchanges offer trading in Bitcoin only.
  • Reasonable trading fees. Indodax trading fees are in the average for the industry. There are, of course, exchanges that charge 0% fees, but they either offer worse prices of the assets or charge hefty transfer fees. There are also exchanges that have much higher trading fees, in the range 1-7%.
  • No fees for trading in cryptocurrencies. The aforementioned 0.3% fee is for trading between cryptocurrencies and fiat currency. For trading between alt-coins, there is no fee.
  • Bank wires accepted. Indodax accepts fiat currency deposits and withdrawals via bank transfer, cash and vouchers. The accepting of cash payments is fairly rare for cryptocurrency exchanges and we can only think of a handful of such platforms.
  • No limits. Indodax does not impose any limits on fiat currency deposits, i.e. there is no minimum and maximum.
  • Bitcoin wallet available. Indodax offers own cryptocurrency wallet, which can be used to store alt-coins or to send them elsewhere. There is also a mobile app for it.
  • Spot Bitcoin markets. Clients of the exchange can buy or sell Bitcoin for their own price, using the “Bitcoin Spot Market” feature. The order can be canceled at any time before being fulfilled.
  • Low transaction minimums.  Indodax  has very low requirements for trade sizes. In order to buy Bitcoin (well, a fraction of it), one needs IDR1000 (USD 0.07) and the minimum sell size is  0.001 BTC.
  • Trading platform. Indodax’s platform is simple and intuitive to use, and even though it does not offer the usual features of a fully-fledged trading platform, like analysis and charting tools, has everything necessary.
  • Mobile app. There are not many cryptocurrency exchanges who have a bespoke mobile trading app, but Indodax does. This is a major convenience for users who want to trade on the go or keep an eye on their transactions.

Indodax Disadvantages

  • Fiat currencies. Indodax accepts the Indonesian Rupiah as the only fiat currency. It says it also works with overseas bank accounts, but notes that the bank transfer fees can be very high. This in practice means that the service is not very easily accessible, or to put it frankly, cheap for people living abroad. Either way, obviously Indodax is targeting the Indonesian market mostly.
  • Withdrawal limits. Indodax, similarly to many other cryptocurrency exchanges, has daily withdrawal limits. There are also limits in case one is withdrawing cash in the company offices.
  • Withdrawal fees.  Indodax charges clients withdrawal fees, for all methods, including cash withdrawal in the company office. The fees vary greatly, depending on the type of withdrawal. There is also a withdrawal fee for cryptocurrencies.
  • No leveraged trading in cryptocurrencies. - Similarly to the majority of cryptocurrency exchanges, Indodax does not offer leveraged trading. However, there are some exchanges who do, like Kraken, GDAX (institutional), CexIo, Quoinex. There are also forex brokers who offer leveraged trading on cryptocurrency CFDs, even though they are highly risky instruments.
  • No regulation. As most other cryptocurrency exchanges, Indodax is not regulated. This is relative, however, as most countries still do not have explicit legal framework and regulation requirements for cryptocurrencies and exchanges. Most of the major cryptocurrency platforms work hard for their good reputation, but as with forex brokers, there are some that are scam. There are also the victims of hacker attacks, like the infamous Mt. Gox that went bankrupt and Bitfinex.

Manuals for Bitcoin Indonesia

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.

Security rating of Bitcoin Indonesia

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.

Review of Bitcoin Indonesia

Indodax is the largest cryptocurrency exchange in Indonesia and enjoys good reputation. Apparently it is targeting mostly Indonesian users, but the country is the fourth most populous in the world, so it is a big market.

We like the fact that the exchange offers more than just bitcoin, but other popular cryptocurrencies as well. As we have already said, the fiat-cryptocurrency trading fee is in the average for the industry and the company does not charge commission for trading between cryptocurrencies.

We also like the fact that there is a mobile trading application, which is a major advantage before other platforms and a great convenience for users. 

The main drawback is that Indodax is that it only works with IDR, but, then again Indonesia is its primary market.

Other exchanges

Rank SiteMargin tradingFiatSafetyAPIReferralLocationLanguagesBuy with User Vote Score
1CoinbaseYesAYesYesSan Francisco, USAENbank transfer, card
(1256 Votes)
2BitstampNoYesAYesNoSloveniaENEUR, USD
(2441 Votes)
3BitfinexYesYesAYesNoHong KongENEUR, USD
(4522 Votes)
4CoingiNoYesAYesYesEuropeEN, CZ, SKUSD, EUR
(325 Votes)
5KrakenYesYesAYesNoSan Francisco, California, United StatesENUSD, EUR, JPY, CAD
(1124 Votes)