Indodax Exchange Review
6 min readTable of Contents
Overview
| Legal Name | Indodax Exchange |
| Headquarters | Jakarta, Indonesia |
| CEO | Oscar Dharmawan |
| Year Founded | 2014 |
| Exchange Type | Centralized |
| Trading Fees | Maker: 0.00%/ Taker: 0.30% |
| Deposit Methods | Wire Transfer and Cryptocurrency |
| Supported Cryptos | 40+ supported cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and more |
| Fiat | Indonesian Rupiah (IDR) |
| Customer Service | Email, Phone |
| Trading Options | Spot Trading, Margin Trading |
One of the most significant considerations for every cryptocurrency user is the option of choosing the right and the appropriate crypto exchange. This is very important as exchanges help to carry out trades in an efficient way.
Among the crypto exchanges to be considered, Bitstamp is one such exchange that is very much popular among the crypto members that offers great quality features.
In this article, we will provide you with the complete guide on the Indodax exchange and look into its aspects such as its features, fees, pros and cons and much more. Let us look into detail in this Indodax exchange review now,
What is Indodax?
Indodax is an online exchange based in Indonesia where users can trade Bitcoin and other assets with Indonesian currency Rupiah. Indodax was previously known as Bitcoin Indonesia, as it changed its name in the year 2018.
Indodax is the largest Digital Asset Exchange in Indonesia and South East Asia with more than 1.6 Million registered users. It is particularly popular among the users in Indonesia but is quickly gaining popularity in the cryptocurrency community.
Indodax Features
- User Interface: The exchange provides a very unique and a user friendly platform for its users. They can check the Live Chart feature to read the volatility within any specified period of time.
- Indodax Affiliate Program: The exchange provides an affiliate program. The users can refer to the platform among their friends through this program. The users will get a 25% commission from their referral’s trading fees for 3 months.
- Security: The exchange employs some of the excellent security measures such as: 2FA (two-factor authentication), email and SMS-verification. This is to ensure that nobody other than the user executes any transaction.
- Customer Support: The exchange has a responsive support team. You can reach them through the phone and email regarding any of the questions, critics or suggestions.
- Indodax mobile app: The exchange is also mobile-optimized so if you prefer to do some trading on the go. They provide two apps in Google play store and apps store for the users to download.
Indodax Fees and Limits
The Indodax exchange charges no fees for the makers. However, the takers are charged a fee of 0.30% for trading. The exchange charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This fee is below the industry average
Indodax offers wire transfer and cryptocurrency as the deposit methods, but credit cards are not permitted. Online Deposit fees are not charged from Indodax. But, different fees will be charged when using the Virtual Account method.
Indodax Supported Currencies
The Indodax Exchange supports 40+ cryptocurrencies. Some of the major ones include:
- Bitcoin
- Bitcoin Cash
- Ethereum
- Litecoin
- Ripple
- Bitcoin Gold
- Basic Attention
- Dash
- Dogecoin
- Ignis Coin
- Stellar
- Waves Coin
- TRON Coin
- Zcoin
Indodax Mobile App
There are two mobile applications available for free in the Google Play Store and the Apps Store for Android and iOS users. With these mobile applications, you can conveniently view and access your account without having to visit the website directly.
- Dompet Bitcoin Indonesia: This app helps you to quickly exchange, create / redeem vouchers, deposit or withdraw your Rupiah balance or any other feature in a simple and effective manner.
- Indodax App (Trading App): This mobile app is primarily developed and designed to address the needs of consumers for crypto asset trading.
How to register on Indodax?
- Step 1:
Navigate to the Official Website and then click on the “Register” Option.
- Step 2:
Enter your username, email address, phone number and choose a strong password
- Step 3:
After entering the details you will receive an SMS verification code on your phone number
- Step 4:
Then you will be redirected to your account
- Step 5:
Now go to the “Verification” page on the sidebar menu to complete the verification process.
How to recover the Indodax password?
- Step 1:
Go to the login page and click ‘Forgot Password’ Option
- Step 2:
Enter your e-mail address and click ‘Change Password’.
- Step 3:
Check your email and open the instructions which are sent. Click ‘CHANGE PASSWORD’.
- Step 4:
Now, you will be reconnected to Indodax.com. Enter your new password in the field provided. And finally click ‘Change Password’ to approve it.
How to deposit on Indodax?
- Step 1:
Click ‘Wallet’ Option, Click ‘Deposit/Withdraw Rupiah’ and click ‘Deposit Rupiah’ menu then follow the instructions
- Step 2:
Enter the amount of Rupiah you wish to trade to Bitcoin. Choose what kind of method of payment you want to use and then click ‘Continue’.
- Step 3:
Enter your bank account number and click ‘Continue’. Click on the ‘choose’ button on the right side of the page for further instructions.
- Step 4:
After you transfer your funds, fill in your ‘Deposit Confirmation’ transfer.
- Step 5:
Now wait until the financial team validates your deposit.
How to withdraw on Indodax?
- Step 1:
Choose ‘Wallet’ Option. Click ‘Deposit/Withdraw Rupiah’ and click ‘Withdraw Rupiah’ menu then follow the instructions
- Step 2:
Enter the amount of money that you want to withdraw and then click ‘Continue’.
- Step 3:
Choose the bank that you use, and enter Google Authenticator pin or SMS pin
- Step 4:
Now click ‘send’ Option
- Step 5:
Then wait until the financial team verifies your withdrawal.
How to buy cryptocurrencies on Indodax?
- Step 1:
Click the “Marketplace” menu and select Market “BTC/IDR”.
- Step 2:
There are two choices of Purchase Order Types, Limit and Market/Instant.
- Step 3:
Enter the amount of Rupiah and the purchase price you want, and then press the “Buy Bitcoin” button. Click the “OK” button when confirmation appears.
- Step 4:
If the order is finished /successful, the Bitcoin balance will appear in your account balance. It can be viewed on the “Wallet” menu on the Asset Name
How to sell cryptocurrencies on Indodax?
- Step 1:
Click the “Marketplace” menu and select Market “BTC/IDR”.
- Step 2:
There are two choices of Sales Order Types, Limit and Market / Instant.
- Step 3:
Enter the amount of Bitcoin you want to sell, and then press the “Sell Bitcoin” button. Click the “OK” button when confirmation appears.
- Step 4:
If the selling order has been completed/successful, the Rupiah balance will increase in your account balance. It can be viewed in the “Wallet” menu under the name “Rupiah” Assets.
Indodax Pros and Cons
Pros
- Large number of cryptocurrencies available for trading
- They provide average commissions
- Accepts deposits and withdrawals in fiat currencies
Cons
- Mostly directed at users in Indonesia
- It is relatively new exchange
Conclusion
Indodax is Indonesia ‘s biggest cryptocurrency trading platform. It is mainly intended for Indonesian consumers, but also extends its operations for the users across the world. The platform is user-friendly and secure.
In addition, the exchange offers large number of cryptocurrencies aside from bitcoin and also supports fiat trading. Overall, the exchange is successful and provides both online and mobile applications.
Recent Updates
- On Oct 07, 2020, Indodax will support Mainnet Swap GARD.
- On Oct 07, 2020, Indodax now appears with a New look that makes it easier for you to transact crypto assets on Indodax.
- On Oct 06, 2020, it announced new Crypto Asset that will be added to the Indodax marketplace, DOT Polkadot
- On Oct 06, 2020, it announced new Crypto Asset CKB Nervos Network will be added to the Indodax marketplace
Indodax FAQs
- Is Indodax open to the US citizens?
No, The Indodax exchange is not open to citizens or residents from the United States of America.
- What are the Indodax trading fees?
The Indodax exchange charges no fees for the makers. However, the takers are charged a fee of 0.30% for trading.
- Is there an Indodax mobile app available?
There are two mobile applications available for free in the Google Play Store and the Apps Store for Android and iOS users.
- Is the Indodax exchange safe?
Yes, The exchange is comparatively safe as it employs some of the excellent security measures such as: 2FA (two-factor authentication), email and SMS-verification.
Indodax is an online exchange based in Indonesia where users can trade Bitcoin and other assets with Indonesian currency Rupiah.
