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Bitcoin Indonesia Review - is it scam or safe?

Indodax - is indodax.com scam or good cryptocurrency exchange?

RATING: 2 / 2 REVIEWS ForexBrokerz Bitcoin Indonesia

RECOMMENDED BITCOIN BROKERS


Trading accounts and conditions

 

Account type Leverage Trading Fees
Standard 1:1 0.3%

 

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

 

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.

 

>> See crypto exchanges accepting cards <<

 

- 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.

 

- No credit cards, debit cards or Paypal accepted 

 

- 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.

 

>> See our list of regulated bitcoin forex brokers <<

 

- 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.

 

 

Conclusion

 

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.

 

 

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Traders` reviews for Bitcoin Indonesia

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INDODAX is best exchange in indonesia

I am an active member of Indodax since the name Bitcoin.co.id, I joined since last 2016. indodax is the best and most trusted crypto exchange in our country, they pay in full every time I make any amount withdrawal to a maximum withdrawal limit of IDR 200,000,000.00 per day or around US $ 14,000.00 per day through conventional banks in our country, of course with IDR conversion.

My advice, if you are from outside Indonesia, make sure your verification is successful first. then if you want to make a deposit, I recommend using the crypto currency that is supported by INDODAX, and making withdrawals using crypto currency.

If you want to deposit using US $, make sure you have accounts at conventional banks in Indonesia such as Bank Central Asia (BCA), Bank Negara Indonesia 46 (BNI46), Bank Rakyat Indonesia (BRI), Bank Mandiri, CIMB NIAGA Bank, etc. .

INDODAX has Live Chat and has full 24 hour support.

INDODAX also has good collaboration with some of the biggest crypto currency exchanges such as BINANCE, BITTREX, KUCOIN, etc.

Hari 05/31/2019

Answers

@rin: every exchanger has different prices for bitcoin. For example triv.co.id has lower price than indodax

@KhalidA: scan your proof of wire transfer then send it to support@bitcoin.co.id

@Ian: watch the example of the verification on youtube: https://www.youtube.com/watch?v=38vR_MlSwmY or read the guide on: https://medium.com/bitcoin-indonesia/cara-verifikasi-akun-indodax-com-vip-bitcoin-co-id-indonesia-b2e2bfbc7d92

lucky 08/13/2018

Stay away from this exchanger

their price are staged, every time its down they price will have 2% more
while when its up, the price will less up to 4%.
now will you be able to buy at bottom? no, will you able to profit? yes
will the profit worth the risk? fvcking no, why? lets say the btc been up for 10% and you able to buy at their bottom which kinda of impposibe, you will only get thje profit up to 4% while the exchanger get 7% from every completed transaction.

another thing that make you need to stay away will be their shady tricks on freezing your assets due to wallet problem, you cant cancel your withdraw, nor returning your deposit, in fact they are sometimes hold it up to 24hours or worst over 48hours, then they will release it once the price are drop.

it happened to me twice in 1month , especially for overseas people you better stay away from them..

rin 07/20/2018

Wire transfer to Bitcoin Indonesia

Hello
Thanks for sharing that but I’m a victim of this website
I have deposited to thier account on usd and they told me that we didn’t recived any money from you and your bank will automatically decline the payment which is not what’s happened cuz I did wire transfer to them stay away guys I don’t usually talk about spamming and I don’t care but just to warn you
Keep away

Khalid A 01/15/2018

Account verification

I had trouble with submitting the verification documents online. I emailed their support team at their specific verification email address, then sent a query from the website form and attached the required verification documents. I got no response. Not sure if you can trust them if they can't even help you out with verification.

Ian 12/19/2017
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