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Indodax crypto exchange review and features

Indodax crypto exchange review and features

  • 29 March 2022
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We all know that the cryptocurrency market is growing and this has become a common view for all people even slightly involved in the industry. Did you know that nearly 7 million people are involved in crypto in Indonesia? The number is remarkable, especially when we know that Indonesia’s National Ulema Council has banned cryptocurrencies since the rupiah is the only legal tender across the country. In this article, we take a close look at the largest and most popular exchange in Indonesia – The indodax crypto exchange.

As the name suggests, Indodax is based in Indonesia. The exchange was launched back in 2014 with the simple name “Bitcoin Indonesia”. However, on March 14, 2018, it changed its name to Indodax. The reason for the name change was quite simple, the crypto market has grown so much that “bitcoin” in the name was too narrow a thing.

The exchange, as you can imagine, is particularly popular with traders from Indonesia. Indodax is considered Indonesia’s largest crypto asset marketplace.

Indodex offers its users a referral program. When you go through the registration and verification process, you will receive a referral link that you can send to your friends, colleagues, etc. Every person who registers using your link becomes your referral and you earn 10% of their trade commission. Indodex currently supports three languages ​​- Indonesian, English, and Chinese.

Indodax crypto exchange offers a variety of features and services to its users. So, without further ado, let’s get into the details.

Indodax crypto exchange Services & Features

Indodax’s interface looks pretty well organized. When you go through the registration process (explained later in this article) you will be taken to their homepage. On the left side of the homepage, you will see different sections – Marketplace, Wallet, Coupon, Buy and Sell Bitcoin Instantly, Account Verification, Google Authenticator, and Information.

So let me briefly explain each important section.

Indodax crypto exchange marketplace

In the marketplace section, you can see various crypto assets, their price against IDR (Indonesian Rupiah), as well as the volume and percentage price change over the last 24 hours. You can select your favorite assets and go through different sub-sections – IDR Market, USDT Market (where coin prices are compared to USDT), Derivatives, StableCoins, and DeFi.

The platform features a standard TradingView terminal. In addition, there is also the possibility of mobile trading.

Indodax crypto exchange wallet

Indodax crypto exchange offers its users a crypto wallet where they can hold IDR or any type of crypto supported by the exchange. In the Wallet section, you can see the asset name, balance, frozen balance, and action (deposit/withdrawal).

Buy and sell bitcoin instantly

One of the main features of the exchange, based on which it gained its wide popularity. Indodax crypto exchange was the first Indonesia-based exchange to allow instant buying and selling of bitcoin. When you open this section, you will see your Bitcoin and IDR balance, as well as a few simple steps to buy or sell Bitcoin:

  • Input (Enter the amount of bitcoin you want to buy or sell)
  • Confirm
  • Result

Please note that the minimum amount to buy Bitcoin is 10,000 IDR and the minimum sell order is 0.00001435 BTC.

Indodax supported coins

Indodax primarily focused on Bitcoin at the beginning of its journey, but over time the exchange started supporting various altcoins. Today Indodax crypto exchange supports more than 150 cryptocurrencies such as Ethereum (ETH), Binance Coin (BNB), Dogecoin (DOGE), Dash (DASH), Eos (EOS), Polygon (MATIC), Cardano (ADA), Solana (SOL), Tether (USDT) and many others.

Indodax deposits and withdrawals

Indodax crypto exchange supports fiat deposits. However, the downside is that the only fiat currency available for deposits is IGR (Indonesian Rupiah). The minimum deposit is ~14,000 rupiah or $1.

Deposits are possible not only in IGR but also in cryptocurrencies with the help of e-wallets.

When it comes to withdrawals, the Indodax crypto exchange offers fiat and crypto withdrawals. Again, just like deposits, the only fiat currency available for withdrawals is IGR.

Indodax fees for deposits and withdrawals

When you deposit crypto into your Indodax crypto exchange account, there is no deposit fee, or in other words, it is free. However, if you deposit fiat currency IGR, the deposit is 1%.

Fiat withdrawal fee is IDR 25,000 for transactions less than IDR 100,000,000. If the withdrawal amount is more than IDR 100,000,000, the withdrawal fee is IDR 100,000.

When it comes to crypto withdrawal fees, they vary from asset to asset. For example, the fee for withdrawing Cardano is always 1 ADA, for withdrawing Bitcoin Cash ₿0.0005, for withdrawing BitTorrent 100 BTT.

The fee of ₿0.0005 is around the market average (~₿0.0006). In summary, the deposit and withdrawal fees at Indodax are neither low nor high, I would call them medium.

Indodax trade view

Different exchanges have different trading views. And there is no “this overview is the best” view. You should determine for yourself which trading view suits you best. What the views usually 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 cryptocurrency, and the order history. They also usually have to buy and sell boxes. Before you decide on an exchange, try to take a look at the trading view so you can make sure it feels right for you. The following is an image of the trading view at the Indodax crypto exchange:

Indodax trade view

Indodax also has a simpler version of the trading view consisting of a buy and sell interface. The buy and sell interface makes the experience easy to understand for new crypto investors, while it might lack some features that more experienced traders are looking for. Below is an image of the Buy & Sell interface at the Indodax crypto exchange:

Indodax trade view

Indodax security

With this exchange, each account is subject to the following protections: 2FA (two-factor authentication), email, and SMS verification. This is to ensure that no one executes a transaction but you.

Indodax crypto exchange Methods

Indodax crypto exchange supports wire transfers but not credit card deposits. The same applies to payouts. You can also deposit and withdraw using your digital wallet.

Indodax crypto exchange Limits

Based on Indodax’s help center, it is not clear how many withdrawal limits there are, but each user agrees to abide by these limits for both the digital and rupiah assets applicable to the member account/verified member account. The withdrawal limit resets again or resets to 0 (zero) every 00:00 West Indonesia Time (WIB).

Indodax Trading Fees

Spot Trading Fees

The first thing traders analyze about the exchange is their trading fees. Every exchange has maker and taker fees. For those unfamiliar with these terms, make fees are the fees paid by the traders who make a new trade entry in the order book. Taker fees are charged to traders who want to get in at the best entry price available.

Indodax crypto exchange does not charge a maker fee, it is always 0.00%. The take fee is 0.3% (about the market average).

Does Indodax require KYC?

Yes, Indodax has a required KYC (Know Your Customer) verification system. The exchange wants to protect its users from fraud. To complete the verification, you need to provide two documents:

  • Scan or photo of an ID card
  • A picture of yourself is the same as the picture in Indodax’s guide

Indodax ensures that the entire process is completed within 24 hours, which seems pretty fair.

Countries supported by Indodax

Indodax is currently available in more than 40 countries or the following: Austria, Australia, Bangladesh, Belgium, Brazil, Bulgaria, Cambodia, Canada, China, Colombia, Croatia, Egypt, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Netherlands, New Zealand, Nigeria, Pakistan, Philippines, Poland, Qatar, Romania, Russia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, Timor-Leste, Turkey, Ukraine, United Arab Emirates, United Kingdom, and Vietnam.

Are US investors allowed on Indodax?

Unfortunately, US investors are not allowed on the Indodax crypto exchange. It is always a negative side when the exchange does not allow US investors as the US market is still the largest crypto market in the world.

How do I get started with Indodax? (Steps like registration, activation, verification, etc.)

The registration process at Indodax is fairly standard and straightforward. You need to provide a username (think something unique as the exchange doesn’t accept the same one twice), email, password, and phone number. The phone number must be in one of the countries supported by the operator.

Once you are done with the registration process, the platform will ask you to go through the mandatory KYC (Know Your Customer) verification system.

Does Indodax have a native token?

No, as far as I’ve seen, the Indodax crypto exchange doesn’t have a native token. Furthermore, I didn’t find any plans to launch a native token on Indodax’s website in the future.

For those wondering why this is becoming a common thing, a crypto exchange may release its token for a variety of reasons, and exchange owners often give users tokens as an incentive and urge them to own them. Additionally, most exchange tokens are designed to increase an exchange’s liquidity, incentivize trading activity, or facilitate an exchange’s community governance process.

Is Indodax Legit and Safe?

Yes, I would say that Indodax is a completely legit and safe platform mainly because of the number of users it has. However, please note that there is very limited information available on the internet regarding the safety of Indodax. This is never a good sign, but there are no bad user experiences either.

Is Indodax regulated?

Yes, we can call Indodax a regulated cryptocurrency exchange. The exchange operates transparently under Indonesian financial legislation and there are also international regulatory bodies.

However, I have found some accusations from users that the platform is pretty much regulated, which is a bit worrying. This is never a good sign.

Conclusion

Indodax crypto exchange is the largest crypto exchange in Indonesia and is widely considered to be the largest bitcoin platform in that country. This is imposed. Additionally, the platform supports fiat deposits (though only in IDR), making it suitable for complete beginners who don’t own crypto yet.


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2 responses to “Indodax crypto exchange review and features”

  1. Yanga Jili says:

    Good to know though

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