Indodax Review – Fees, Supported Coins & Countries, KYC, Payment Methods
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Indodax Overview
We all know that the crypto market is growing and this has become a usual point of view for all people even slightly involved in the industry. Did you know that there are nearly 7 million people involved in crypto in Indonesia?
The number is remarkable, especially if we know that Indonesia’s National Ulema Council has banned cryptocurrencies as the Rupiah is the only legal tender in the whole country. In this article, we will take a close look at the biggest and most popular crypto exchange in Indonesia – Indodax.
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 14th of 2018, it changed its name to Indodax. The reason behind changing the name was quite simple actually, the crypto market has grown to the point where “Bitcoin” in the name was a too narrow thing. At the time of writing (December 2021), Indodax has more than 1.5 million users.
The exchange is, as you might guess, particularly popular among traders from Indonesia. Indodax is considered Indonesia’s largest crypto asset marketplace.
Indodex offers a referral program to its users. When you go through the registration and verification process, you will be granted a referral link that you can send to your friends, colleagues, etc. Each person who registers with your link will become your referral and you will earn 10% of their trading commission.
Indodex currently supports three languages – Indonesian, English, and Chinese.
Indodex offers a variety of features and services to its users. So, without further ado, let’s jump into details.
Services & Features
Indodax’s interface looks pretty well organized. When you go through the registration process (which will be explained later in the article), you are directed to their homepage. On the left side of the homepage, you will see different sections – Marketplace, Wallet, Voucher, Buy and Sell Bitcoin instantly, Account verification, Google Authenticator, and Information.
So, let me briefly explain each important section.
Marketplace
In the marketplace section, you will see various crypto assets, their price against IDR (Indonesian rupiah), and volume and % price change in the last 24 hours. You can select your favorite assets, and go through different subsections – IDR Market, USDT Market (where coin prices are compared against USDT), Derivate, StableCoins, and DeFi.
The platform has a standard TradingView terminal. Moreover, there is also an opportunity for mobile trading.
Wallet
Indodax offers a crypto wallet to its users where you can hold IDR or any kind of crypto supported by the exchange. In the Wallet section, you will see asset name, balance, frozen balance, and action (deposit/withdrawals).
Buy & Sell Bitcoin Instantly
One of the focal features of the exchange based on which it gained the big popularity it has. Indodex was the first exchange based in Indonesia that allowed instant buying and selling of Bitcoin. When you open this section, you will see your Bitcoin and IDR balance, and a few easy steps to buy or sell Bitcoin:
- Input (enter the amount of Bitcoin you would like to buy or sell)
- Confirm
- Result
Please note that the minimum amount for buying Bitcoin is 10,000 IDR and the minimum selling order is 0.00001435 BTC.
Indodax supported coins
Indodax was at the beginning of its journey focused mainly on Bitcoin, but in time, the exchange started supporting various altcoins. Today, Indodax 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 & withdrawals
Indodax 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 US dollar.
Deposits are available not only in IGR but in cryptocurrencies as well, with the help of digital wallets.
When it comes to withdrawals, the platform offers fiat and crypto withdrawals. Again, same as with deposits, the only fiat currency available for withdrawals is IGR.
Indodax deposits & withdrawals fees
If you deposit crypto to your Indodax account, there is no deposit fee, or in other words, it is cost-free. However, if you deposit fiat currency IGR, then the deposit is 1%.
The fiat withdrawal fee is 25,000 IDR for transactions that are less than 100,000,000 IDR. If the withdrawal amount is more than 100,000,000 IDR, the withdrawal fee is 100,000 IDR.
When it comes to crypto withdrawal fees, it varies from asset to asset. For instance, the fee for withdrawing Cardano is always 1 ADA, for withdrawing Bitcoin Cash it is ₿0.0005, for withdrawing BitTorrent is 100 BTT.
₿0.0005 fee is around the market’s average (~₿0.0006). To conclude, deposit and withdrawal fees on Indodax are neither low nor high, I would describe them as a medium.
Methods
Indodax supports wire transfers, but not credit cards deposits. The same goes for withdrawals. You can also deposit and withdrawal using your digital wallet.
Limits
It is not clear based on Indodax’s help center how many withdrawal limits are, but each user agrees to comply with these limits for both the Digital and Rupiah Assets that apply to the Member/Verified Member Account. The withdrawal limit is reset again or returns 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 its trading fees. Each exchange has maker and taker fees. For those not familiar with these terms, maker 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 enter at the best available entry price.
Indodax does not charge a maker fee, it is always 0.00%. Take fee is 0.3% (around the market’s average).
Does Indodax require KYC?
Yes, Indodax does have a required KYC (Know Your Customer) verification system. The exchange wants to protect its users from fraud. To finish the verification, you have to provide two documents:
- Scan or Photo of an identity document
- A picture of yourself is the same as the picture in Indodax’s guide
Indodax ensures that the whole process will be done within 24 hours which seems pretty fair.
Indodax supported countries
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 (yes, what a surprise!), Ireland, Israel, Italy, Japan, Malaysia, Netherland, New Zeland, 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 Indodax. It is always a negative side when the exchange does not allow US investors since the US market is still the biggest crypto market in the world.
How to start with Indodax? (steps like registration, activation, verification, etc)
The registration process is fairly standard and straightforward on Indodax. You have to provide a username (think of something unique since the exchange does not accept the same one twice), email, password, and phone number. The phone number needs to be based in some of the countries supported by the exchange (complete list provided above).
Once you are done with the registration process, the platform will prompt you to go through the mandatory KYC (Know Your Customer) verification system.
Does Indodax have a Native Token?
No, as far as I saw, Indodax does not have a native token. Moreover, I have not found any plans to launch a native token in the future on Indodax’s website.
For those wondering why this is becoming a common thing, a crypto exchange can launch its own token for various reasons, and exchange owners often give tokens to users as incentives and urge them to own it. Furthermore, 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 keep in mind there is very limited info that can be found on the internet regarding Indodax’s safety and security. This is never a good sign, but there aren’t any bad users’ experiences either.
Is Indodax Regulated?
Yes, we can describe Indodax as a regulated cryptocurrency exchange. The exchange operates transparently following the financial legislation of Indonesia, and there are international regulators, too.
However, I did find some accusations from users that the platform is all but regulated which is a bit worrying. In fact, this is never a good sign.
Conclusion
Indodax is the biggest crypto exchange in Indonesia and is widely considered the biggest Bitcoin platform in that country. This is imposed. At the time of writing (December 2021), Indodax has more than 1.5 million registered users. Moreover, the platform supports fiat deposits (only in IDR though), so it is suitable for complete beginners who do not own any crypto yet.
Keep in mind that these are only my opinions based on my thorough investigation of the exchange. Please do your own research before deciding whether you want to use the Indodax exchange or not.
At this point, it is good to note that all opinions and suggestions written in this article are not considered financial advice.
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FAQs
Let’s look at some of the frequently asked questions when it comes to Indodax exchange.
What fiat currencies does Indodax support?
As far as I saw, Indodax supports only IGR (Indonesian Rupiah) as fiat currency.
Does Indodax have Fiat Deposit?
Yes, Indodax does have fiat deposits, but only in IGR (Indonesian Rupiah).
Can I trade with leverage on Indodax?
No, as far as I saw, Indodax does not offer leverage trading. This feature is particularly useful for experienced and advanced traders.
Where is Indodax exchange based?
Indodax is an exchange based in Indonesia, as the name suggests. The name of the exchange was previously Bitcoin Indonesia, but it changed its name on 14 March 2018.
How do I get crypto on Indodax?
Indodax offers an easy way to buy crypto. When you log in to your account, go to the “Marketplace” section. You will see the full list of cryptocurrencies supported by the exchange. When you tap on an asset, you will be directed to a new page where buying is done with a few clicks, as seen below. Keep in mind that the only fiat currency you can use to buy crypto is IDR.
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