Indodax is a leading cryptocurrency exchange in Indonesia that offers a range of features to its users. Regarding the Indodax review, the platform has over 5 million registered members and offers over 200 cryptocurrencies to trade.
The platform’s strong emphasis on security ensures that users’ transactions and personal data remain safe from malicious activities. Additionally, Indodax’s customer support team is available 24/7 to help users navigate the site and address any issues they may encounter.
The site offers a convenient way for Indonesian residents to participate in the crypto market. In addition to accessibility, the Indodax wallet is designed to enable users to store and manage their digital assets on the site.
Using the Indodax wallet, users can quickly and easily deposit and withdraw funds from their accounts. They can also see transaction history and current balances.
If you’re interested in learning about other options for crypto trading, check out our list of top crypto exchanges.
What Is Indodax?
Indodax is Indonesia’s most significant crypto asset marketplace offering trading services for over 200 cryptocurrencies. With over 5 million members, it’s a prominent technology-based company known for connecting cryptocurrency buyers and sellers.
Founded in 2014, Indodax is registered with the Commodity Futures Trading Supervisory Agency (BAPPEBTI), and it’s the first cryptocurrency marketplace in Indonesia to receive two international certifications simultaneously.
If you want to know more about Indodax, read our comprehensive review.
How to Open an Account at Indodax
- Go to the Indodax website and click the “Login” button in the homepage’s top right corner.
- Choose a username and enter it in the designated field.
- Enter your email address and phone number in the required fields.
- Create a strong password that includes upper and lower-case letters, numbers, and symbols.
- Read and agree to the Terms & Conditions.
- Complete the verification by entering the code sent to your email or phone number.
The company also implements a KYC procedure, which can only be done using the Indodax app. You must verify the following:
- Identity – Upload the photo of your ID and select your nationality.
- Personal data – Enter the ID number, full name, birthplace, and date.
- Face detection – The company advises against wearing glasses or masks.
At Indodax, the login process is straightforward. Once you have completed these steps, your account will be created, and you can start trading cryptocurrencies on the site, including Bitcoin, Litecoin, and Ethereum.
Is Indodax Safe?
Indodax, the trading platform, has security protocols to prevent unauthorized access, changes, and disclosure of user accounts.
One of the security measures provided by Indodax is a two-step verification that adds an extra layer of protection to Verified Member accounts. This optional feature, known as Security System 2, helps prevent unauthorized access to funds and provides additional user security.
Indodax is also registered with the Commodity Futures Trading Supervisory Agency (BAPPEBTI), which provides regulatory oversight for its operations.
What Are Indodax Features?
Indodax exchange provides several features that make it a popular choice among cryptocurrency traders in Indonesia. The platform offers a user-friendly interface allowing users to trade over 200 crypto assets, including Bitcoin, Ethereum, Litecoin, and Tether.
The exchange also offers an Indodax app available for both iOS and Android devices, providing users with access to trading services on the go.
Moreover, the platform provides different features, including limit order, market order, stop limit order, stop-loss, and take profit features, which we’ll explain in more detail.
Indodax offers a market maker feature, also known as a limit order, that allows users to set a specific price at which they want to buy or sell crypto assets. The order will be executed automatically if the market reaches the specified price.
Limit orders can be used to buy at a lower price or sell at a higher price than the current market price, giving users greater control over their trades. Indodax charges 0% transaction and trading fees for limit orders, making it a cost-effective option for users who want to minimize their trading costs.
The Indodax market maker feature is valuable for traders looking to manage their trades more effectively.
Indodax’s market order feature, a market taker, allows users to buy or sell crypto at the best price in the order book. This order type is ideal for users who want to finish their trades quickly.
With market Indodax orders, the order is executed in real time as soon as the user places it, providing immediate access to the market. However, it’s essential to note that Indodax charges a transaction fee of 0.3% (+0.21% processing fee) of the total transaction amount for market orders.
Stop Limit Order
Indodax crypto offers a stop-limit order feature that allows users to set a stop price and limit price for their orders. When the stop price is met, the limit order is triggered and placed directly in the order book, helping to protect users from sudden price changes.
This feature can be used to create take profit or stop loss limit orders, giving users greater flexibility in managing their trades. However, it’s important to note that if the volume of crypto assets available on the market is insufficient to meet the buying or selling volume, the system will automatically reject or cancel orders.
Indodax’s stop-loss feature is a valuable tool for traders who want to manage risk when trading on the platform. The stop-loss feature offers three options—normal, trailing, and guaranteed.
- Users can set a loss limit based on points, market price levels, or in rupiah with the normal feature. The trade is automatically closed when the loss amount reaches or crosses the limit the user sets.
- With the trailing feature, the loss limit follows the market price movements as long as the direction of the trade is by the market.
- The guaranteed feature is similar to the normal stop loss, except that it’s calculated in points with a minimum value and guaranteed to be closed at that level.
These stop-loss options give traders greater control over their trades and help them manage their risk when trading on Indodax.
Indodax’s take-profit feature is a helpful tool for traders looking to set a target price for both long and short trades. This feature lets users specify their take profit level in points, cost, or rupiah.
Once the take profit level is reached, the trade is automatically closed, allowing traders to lock in their profits. The take-profit feature gives users greater control over their trades and can help them achieve their trading goals.
What Are Indodax Fees?
The fees depend on the trading volume and the type of cryptocurrency. The maker and taker fees for Bitcoin that Indodax charges go from 0% to 0.51%. For other cryptocurrencies, the percentage is unavailable on the platform.
On the other hand, Indodax charges deposit and withdrawal fees that vary depending on the payment method.
It’s important to know that all deposits you make at Indodax are free. However, the platform charges withdrawal fees.
The available payment methods are:
- Bank transfer (BCA Direct, Transfer Antar Bank)
- Virtual account (VA Bri, VA Mandiri, VA Permata)
- E-wallet (OVO, QRIS, ShopeePay, LinkAja, GoPay, eMoney)
- Retail (Indomaret, Alfamart)
The minimum deposit is 10,000 IDR, and the maximum deposit varies on the payment method you choose. On the other hand, the minimum withdrawal ranges from 100,000 to 500,000,001 IDR, and the total amount is different for each banking method.
The transaction fees at Indodax are Rp 12,500 for transactions below 100,000,000 and Rp 50,000 for transactions above Rp 100,000,000.
Indodax Customer Support - Which Options Does It Offer?
Indodax exchange offers multiple customer support options to its users, including 24/7 live chat, email support, and a call center. You can message [email protected] or call the following numbers: (021) 5065 8888 and (021) 5036 8888 for priority matters.
Additionally, users can submit a support ticket for more complex issues or inquiries.
And if you want to learn more, an Indodax Academy is right up your alley. It’s a leading education platform for blockchain and Bitcoin in Indonesia.
Customer Reviews - What Do Customers Say About Indodax?
Indodax has received positive reviews from customers who appreciate the platform’s user-friendly interface, a good selection of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, and an easy sign-up process. You can become a member with a few clicks, as the login at Indodax is easy and quick.
However, some customers have noted that the platform’s security measures can be improved and should include more safety tools. Despite these drawbacks, the platform has a strong reputation for providing a reliable and accessible platform for cryptocurrency trading. Because of Indodax, Indonesia has become a synonym for crypto trading among users.
Summary of Indodax Review: Is Indodax Right for You?
If you’re looking for a reliable and user-friendly cryptocurrency exchange in Indonesia, Indodax may be a good option. Its intuitive interface offers an extensive selection of available cryptocurrencies. You’ll find BTC, ETH, and ADA at Indodax.
If you’re looking for a cryptocurrency exchange that prioritizes ultra-low fees and fast transaction processing, then Indodax may not be the best fit.
Is Indodax legit?
Indodax is a legitimate cryptocurrency exchange that has been operating since 2014.
How much does Indodax charge for fees?
The maker and taker fees on Indodax range from 0% to 0.51%. For more detailed information about prices, read our Indodax review.
How big is Indodax?
Indodax is the largest cryptocurrency exchange in Indonesia, with over 5 million registered users.
What is the meaning of Indodax?
The name Indodax combines the words “Indonesia” and “digital asset exchange,” reflecting the platform’s focus on providing a crypto marketplace in Indonesia.