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Best cryptocurrency exchanges in Indonesia
Find the best crypto trading platform or app for low fees, beginners, trading features and more.
Exchanges are where you buy and sell cryptocurrencies, so they’re an integral part of the market. But no two are alike and it’s worth doing your research before picking one.
Learn more about the differences between exchanges and how to choose, or compare exchanges to see what’s out there.
How to choose the best crypto exchange in Indonesia
It's important to research a wide range of crypto platforms and compare the pros and cons of each option. The best crypto exchange for you depends on what you're looking for, so consider the following:
Using a local regulator-registered exchanges to buy cryptocurrency
There are plenty of places to buy crypto, including platforms founded here in Indonesia or based in locations all around the world. Exchanges headquartered locally are required to register with a local regulator and comply with requirements that don't apply to global platforms. Depending on your goals, this may have some benefits or drawbacks.
- Indonesia-based exchanges must comply with a local regulator's Anti-money Laundering (AML) and Counter-terrorism Financing (CTF) reporting obligations.
- You can usually buy crypto with IDR.
- Exchanges in Indonesia typically support local payment methods.
- You may be able to access local customer support.
- Subject to local laws.
- You'll need to provide your personal details and proof of ID – a disadvantage if you want to trade anonymously.
- Overseas trading platforms may provide better liquidity.
- IDR-to-crypto prices are sometimes slightly higher than USD-to-crypto prices, meaning you sometimes pay a premium for buying directly with Indonesian rupiahs.
- Some features are simply not available on a local regulator-registered exchanges. For example, margin trading, DeFi features and some altcoins.
Compare more crypto exchanges in IndonesiaUse our table to compare crypto exchanges and platforms on fees, range of cryptos, deposit methods and more. Once you've found the right fit, select Go to site to get started.
How to use a cryptocurrency exchange
For the sake of our example, let's assume that you have Rp500 that you want to use to buy Bitcoin (BTC).
- Compare cryptocurrency exchanges to find one that offers the right service for you.
- Register for an account on the platform and provide any personal details and proof of ID required.
- Navigate your way to the "Buy" screen.
- Select BTC as the cryptocurrency you want to buy.
- Select your payment currency, which in this case is IDR, and specify the amount you want to spend as Rp500.
- Select your payment method, such as a credit card payment or bank transfer.
- Enter your payment details, such as your account number if sending a bank transfer or your card number and CVV if paying by credit card.
- Review the full details of your transaction, including the fees that will apply and the amount of BTC you are purchasing.
- If you're happy to proceed, click "Buy BTC".
- Once the transaction has been processed, the BTC will be deposited into your exchange wallet. However, please note that some brokers will automatically send your purchased BTC to an external wallet address that you nominate.
How to pay for your cryptocurrency in Indonesia
Crypto exchanges in Indonesia support a range of deposit methods, including the following:
- Neteller, Skrill and other online payment services
Accepted payment methods vary between exchanges. Prior to signing up, it's worth checking that your preferred payment method is supported.
The different types of cryptocurrency exchanges
The term "exchange" may refer to a variety of cryptocurrency brokers, trading platforms and other services. Different types of exchange are often more geared toward beginners or experienced users.
- Cryptocurrency brokers (suited to beginners). Buy directly from cryptocurrency dealers for simple and quick purchases. Many beginners use brokers for their first purchase. A broker will facilitate an instant purchase of the digital asset of your choosing and will not offer spot trading.
- Cryptocurrency trading platforms (suited to beginner/intermediate users). Buy and sell cryptocurrency on an open market for competitive fees, a wide selection of cryptocurrencies and optional features like margin trading. Many exchanges now offer brokerage services to be more beginner-friendly.
- Cryptocurrency derivatives platforms (suited to advanced users). These trading platforms don't sell cryptocurrency outright. Instead, they let you trade cryptocurrency derivatives. They're for advanced traders who want high speed, high leverage and deeply liquid platforms with a full range of features
Risks of using a crypto exchange
- Cybersecurity breaches. Hacks and scams are, unfortunately, commonplace in the crypto space. Exchange-related security breaches and targeted phishing scams remain a major concern for exchanges and their customers.
- Not your keys. "Not your keys, not your crypto" is a common industry saying and refers to holding your digital assets in a wallet that another person or company controls, such as on an exchange. By storing cryptos on an exchange rather than in a non-custodial wallet, you're relinquishing full ownership of those assets and putting trust in a third party – which some may see as contradictory to the decentralised philosophy of crypto.
- Lack of consumer protection. While crypto exchanges are increasingly regulated in Indonesia and may be registered with a local regulator, they are still lacking a lot of consumer protections such as mandatory insurance or strict rules about how user assets are managed.
- Proof of reserves. Since the widely publicised collapse of FTX, many traders and investors have demanded centralised exchanges provide proof of reserves and user deposits. This may be done by a third-party auditor or through the use of on-chain data. Proof of reserves is still an evolving concept, and it's not clear yet what the best practices are or how reliable it will prove to be.
- Transaction limits. Most crypto trading platforms have daily deposit and withdrawal limits. This means that even though you may have, for example, 10,000 IDR available, you may not be able to access and withdraw the total balance. Transaction limits depend on the exchange and a local regulator stipulations and typically increase as you provide additional KYC information.
- Frozen accounts. Crypto exchanges freezing deposits and withdrawals can happen without warning. If your account is frozen, you will not be allowed to remove your funds until the exchange approves or denies your request. Precautionary measures such as only holding a trading balance on an exchange are recommended.
- Asset delistings. Centralised exchanges can opt to delist a cryptocurrency at any time. This can happen for numerous reasons, including poor asset performance, security concerns or anti-money laundering (AML) breaches. If delisting is taking place, you will be notified by the exchange and forced to sell your assets or remove them from the platform.
Is it safe to store your cryptocurrency on an exchange?
Cryptocurrency is held in digital wallets. Some exchanges will give you your own wallet that lets you hold cryptocurrency in your exchange account and then transfer it anywhere as desired.
However, once you have purchased what you consider to be a sizable amount of digital assets, you may want to consider transferring the private keys to those assets to a self-custodial wallet.
This is because the exchange controls the private key to your wallet, which means you don't have total control of your funds. And with exchanges sometimes falling victim to hackers, there is some degree of risk involved with leaving the private keys to your crypto in the hands of a centralised exchange.Learn more about cryptocurrency wallets
2023 crypto exchange industry predictions report
In the wake of FTX's implosion, trust in crypto exchanges and other centralised crypto platforms lowered. Crypto investors are waiting to see how both major crypto industry players and government regulators will react.
We polled 56 specialists in the fintech industry to get their opinion on what the future looks like for centralised crypto exchanges and what the demise of FTX means for the crypto industry.
The vast majority of our panellists (83.93%) don't think the collapse of FTX was the beginning of the end for crypto, while 8.93% think it was and 7.14% are unsure.
However, because of the FTX collapse, more than half of our panellists (58.49%) believe that crypto exchanges should be regulated just as much as other financial trading platforms.
22.64% believe that crypto exchanges should be regulated, but less so than other financial trading platforms. 15.09% don't believe that crypto exchanges should be regulated to the same degree.
"Crypto exchanges are not different from any other entities operating retail money," Yard CEO Yaroslav Shakula said. "Regulatory frameworks are well-aged and could be easily upgraded to protect the retail funds without undermining the innovation."
Over one-third of our panellists (35.19%) believe all crypto exchanges will be regulated as traditional financial institutions by 2030. A further 22.22% believe this will happen by 2025 and another 14.81% think it will happen by 2024.
"[Centralised] exchanges are vital for the growth of crypto," claimed Nisheta Sachdev, managing director at Luna PR. Sachdev thinks most crypto exchanges will be regulated by 2030 and should be regulated as much as other trading platforms.
The future of crypto exchanges
In the future, the majority of our panellists (86.79%) feel that crypto exchanges should be required to disclose both their proof of reserves (PoR) and records of their liabilities.
Dr Iwa Salami, co-director for the Centre of FinTech at the University of East London, believes that exchanges that aren't transparent are doing a great disservice to their customers.
"The absence of information fosters doubt that these exchanges are determined to be transparent and that they place investors' interest as a priority," claimed Dr Salami.
In fact, 42.31% think that more crypto exchanges will face bankruptcy as a result of a reduction in their customer base.
15.38% believe this will play out over the next 5 years while a quarter (26.92%) think it'll happen within the year. On the other hand, exactly half of our panellists (50%) do not think we will see more crypto exchanges go bankrupt as a result of losing their customers.
Despite this, more than half of our panellists (54.72%) do not think centralised crypto exchanges will cease to exist.
Dr Matthew Shillito, law lecturer at University of Liverpool, believes it will be some time before we see centralised exchanges disappear.
"In the short to medium term, exchanges are of critical importance to the viability of cryptocurrencies," claimed Shillito.
They offer familiarity and ease of use to those transitioning from traditional forms of finance. To that end, it is important that they are regulated in such a way as to remove bad actors, and assure those looking to invest in crypto."
Not all crypto exchanges are created equal and not all crypto buyers and sellers have the same trading needs. The best exchange or platform for one person might not necessarily be the right choice for someone else, so it's essential to do your own research.
Read our reviews of some of the most popular cryptocurrency exchanges in Indonesia and around the world before you decide which to use. Compare the features, fees and pros and cons of each platform and consider whether they align with your investment goals and budget.
Which crypto exchange is safest?
The safest exchanges in Indonesia have stringent security measures like Know Your Customer (KYC) registration, password protection and a 2-factor authentication (2FA) option.
Other green flags to look out for include the majority of user funds held in cold storage and a publicly available insurance policy for user deposits.
Keep in mind that all centralised cryptocurrency exchanges are vulnerable to hacking, so consider using a hardware wallet for added security.
Which crypto exchange has the lowest fees?
But, it's also important to consider deposit and withdrawal fees, possible account inactivity fees and spreads on top of this. A good place to start is by comparing fees with our table.
What is the most trustworthy crypto exchange?
Due diligence and research are incredibly important when choosing a crypto exchange you can trust.
A great way to dive deeper is by reading our extended reviews of each crypto exchange and researching customer feedback on platforms like Trustpilot as well as industry data.
Why do some crypto exchanges ask me to verify my identity?
Exchanges in Indonesia and several other countries are subject to anti-money laundering and counter-terrorism financing (AML/CTF) laws. In order to comply, exchange operators must gather certain details about their customers – which is why you may be asked to provide proof of ID. This process is typically referred to as "know your customer" or KYC.
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