Indodax Cryptocurrency Exchange Review : Pros & Cons

About Indodax

Indodax (formerly known as bitcoin.co.id) claims to be the largest marketplace platform to buy and sell digital assets (e.g. Bitcoin, Ethereum, Ripple) in Indonesia. As of Nov 2019, the exchange has more than 64 coins listed and 75 trading pairs. INDODAX claims to have more than 2 million registered members. As a customer-centric company, INDODAX aims to offer features that promote ease of use. The team claims that users can purchase digital assets with IDR within an hour.

Information Table

How To Register At Indodax Exchange ?

To register on Indodax, click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

How To Verify Your Indodax Cryptocurrency Account ?

There is no mandatory verification at Indodax, but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of 0.0005 BTC.. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the Indodax, Revolut platforms.

How To Buy Crypto Or Deposit Crypto At Indodax Crypto Exchange?

There are two main options for topping up your balance on Kraken. Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From Indodax Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your Indodax Account ?

Also remember to go to the Security tab and activate two-factor authentication using the Google Authenticator app – this is the most reliable way to prevent unauthorized access to your account.

Fees

Indodax charges fees for its trading services. The exact fees will depend on the type of trade, but typically the fees are as follows:

1. Trading fees: Indodax charges a trading fee for every trade made on the platform. The trading fee ranges from 0.25% to 0.3% depending on the volume of the trade.
2. Withdrawal fees: Indodax also charges a fee for withdrawals, which will depend on the cryptocurrency being withdrawn. For example, the withdrawal fee for Bitcoin is 0.0005 BTC.
3. Deposit fees: There are no deposit fees for most payment methods.

It is important to note that the fees may change from time to time and it is advisable to check the latest fees on the Indodax website before making any trades. Additionally, it is important to consider the fees when evaluating the cost of trading on the platform.

Features Of Indodax Crypto Exchange

Available At Android & IOS Store

Indodax Cryptocurrency Exchange exchange application available on both world famous mobile store google play store and iOS store . You Can download App and start trading .

Wide range of cryptocurrencies

Indodax supports a variety of cryptocurrencies, including Bitcoin, Ethereum, Ripple, and many more.

Low fees

The platform has low trading fees, making it a cost-effective option for trading and investing in cryptocurrencies.

Local payment options

Indodax supports local payment methods, such as bank transfers and mobile payments, making it accessible to a wider range of users.

User-friendly interface

The platform has a user-friendly interface that is intuitive and easy to navigate, even for beginner traders.

Strong security measures

Indodax implements strong security measures, such as two-factor authentication and SSL encryption, to protect user accounts and assets.

Mobile App

Indodax has a mobile app available for Android and iOS devices, allowing users to access their accounts and trade on the go.

Indonesian Language Support

The platform provides support in Indonesian, making it more accessible for local users.

Multiple Order Types

Indodax supports multiple order types, including limit and market orders, providing users with flexible trading options.

24/7 Live Chat

If you’re awake, they are too. When you need help, your team of experts will work with you via 24/7 live chat to reach a quick and efficient resolution.

Indodax Conclusion

Indodax is a cryptocurrency exchange platform based in Indonesia. It is one of the largest exchanges in Southeast Asia and offers a wide range of cryptocurrencies for trading. Indodax is known for its low fees, local payment options, and strong security measures. The platform also has a user-friendly interface, making it accessible for both beginner and experienced traders. However, Indodax has limited customer support and the verification process can be slow, and like all cryptocurrency exchanges, it is subject to market volatility and the value of your investments can fluctuate rapidly. Before using Indodax, it is important to do your own research and assess the risks involved.