Numerous people are buying bitcoin in Indonesia. Indonesians are entirely safe when trading on a crypto exchange. Due to its crypto-friendly laws, there are several best crypto exchanges in Indonesia available for its citizens. You have many options to choose from, so selecting the suitable exchange to trade with will significantly impact your trading experience.
Some brokers stand out by supporting unique trading features, but most offer a similar range of options. The Alexandria team has compared multiple exchanges to provide a comprehensive guide of cryptocurrency exchange opportunities available to Indonesian crypto traders. Following is a list of exchanges deemed suitable.
CoinSpot is an Indonesian cryptocurrency exchange that launched in 2013. Traders new to the market as well as seasoned professionals alike enjoy using the easy-to-use interface. Many cryptos are available on the exchange, from well-known coins like Bitcoin and Ethereum to less well-known altcoins. Direct deposit and bank transfers are options available as deposit methods and PayID, BPAY, and POLIS. CoinSpot’s OTC desk is also available to institutional traders for large-volume orders.
Platform fees are slightly higher than the industry average, making it a little more expensive than other exchanges. Trading cryptocurrencies carries a 1% transaction fee. Buy limit, buy stop, and stop-loss orders incur the exact cost. In addition, to open an account, you must attach a photo of your government-issued ID to prove your address as well as a utility bill. CoinSpot is known for its exemplary customer service, thanks to its highly responsive team.
Coinbase is an extremely user-friendly platform. Users enjoy its simple and appealing mobile app interface and user experience. The platform holds the second place in the global exchange rankings on the basis of its daily volume of traded products. According to many, this is the safest platform with no major security breaches reported. Coinbase offers coinbase Pro for Australians that provides more advanced trading capabilities. As an alternative, users can transfer money directly from their credit or debit cards. It is important to note that Coinbase does not support all cryptocurrencies.
- 2. Binance
Among the top cryptocurrencies exchanges, Binance is the largest. Furthermore, Binance is the fastest exchange on the market today. The stock exchange Binance has also attracted thousands of traders worldwide despite its launch in 2017 (hence the massive trading volumes). Its headquarters were formerly in China, but the company moved to Malta, a crypto-friendly island, regarding regulatory issues.
Many cryptocurrencies are available on this exchange, making it praised for its variety. Traders who feel confident enough in their trading skills can engage in margin trading if they wish, and they can invest in some of the most obscure and potentially lucrative tokens. A few crypto exchanges are considered the most reputable for advanced traders, such as Binance, which has its native token named BNB so that traders can save on their trading fees.
Binance is a reliable exchange that takes steps to ensure that its users’ funds are protected in the best way possible. SAFU (Secure Asset Fund for Users) is the best part of this platform, operating as a vault that collects fees from all users and distributes 10% to it. A successful hack on Binance in May of 2019 allowed the exchange to reimburse users by withdrawing funds from SAFU.
- 3. Bittrex
Founded in 2014, Bitmex is a P2P cryptocurrency exchange founded by co-founders Arthur Hayes, Ben Delo, and Samuel Reed, who come from business, finance, and trading backgrounds. With its headquarters in Seychelles and operational centers in Hong Kong and the USA, HDR (Hayes, Delo, Reed) Global Trading has a global presence.
While other cryptocurrency exchanges are focused on P2P trading and traditional exchanges on blockchain technology, Bitmex specializes in crypto derivatives such as futures and margin trading. Its platform has a daily trading volume of $1 billion to $2 billion notional. The Bitmex exchange specializes in leveraged and derivative trading, so experienced traders should trade large volumes of cryptocurrency rather than beginners. There is a wide range of cryptocurrencies that Bitmex offers contracts for, including Litecoin, Qtum, Monero, Ripple, Tezos, Zcash, Dash, Ethereum, Ethereum Classic, and Ethereum.
Traders should always check the latest Bitmex contract offerings if they are interested in a particular cryptocurrency. Although Bitmex supports trading of cryptocurrency and fiat currency pairs, its primary currency is Bitcoin, and the exchange does not accept deposits or withdrawals in fiat funds withdrawals. Trading profits and losses are always expressed in Bitcoin, regardless of whether the pair consists of fiat or cryptocurrencies.
The Bitmex exchange promotes leveraged margin trading through up to x100 leverage on Bitcoin contracts. The leverage offered by Ethereum contracts can reach x50, and Monero can get x25. Perpetual contracts and futures are also provided. Bitmex is a peer-to-peer market, which means that other traders or market makers consistently fulfill contracts. There are some similarities between the platform that the hedge funds and institutional investors use and the hedge funds’ platform.
While Bitmex offers significant leverage, traders are very anonymous when trading on the exchange, so the total exposure in the account must always be sufficient. A trade’s maintenance margin level is covered by the deposit amount falling below it, resulting in never-ending debt. Bitcoin is the only base currency on Bitmex, so there are no fees associated with making a deposit or withdrawing money.
- 4. Coinbase
Coinbase, an American brokerage firm founded in 2012, is one of the international crypto exchanges. Moreover, it has been licensed by many financial regulators and has been registered with FinCEN as a Money Services Business. Due to its user-friendly, easily navigable interface and easy user experience, Coinbase is among the most popular platforms for crypto traders worldwide.
These exchanges support several currencies, including Bitcoin Cash, Ethereum, Litecoin, and they assess each currency’s factors (liquidity, demand, market cap, velocity, etc.) before adding it to their platform. For small investments, you can use debit cards; for significant assets, you can use wire transfers, or for both, you can use a bank account. The platform charges higher commissions (1.49-3.99%) for its brokerage services while offering excellent account protection. You can choose among three types of 2FA, including withdrawal allowlists, Coinbase wallets, and vaults. Both the collected and stored data as well as the funds are stored in cold storage.
- 5. Kraken
In 2011, Kraken started as an exchange for Bitcoin and cryptocurrencies in the US. The platform has been launched in Australia, with customers able to fund an account using Australian dollars through the Australian office in Sydney.
The cryptocurrency exchange is ranked number 5 in traffic, liquidity, and volume of trades, which coin market cap rates. The Kraken platform offers over 70 crypto pair options for buying, selling, and trading, adding new assets regularly. In addition, Australians can trade cryptocurrency with their SMSFs.
Kruken is a simple and intuitive trading platform designed to connect buyers and sellers of cryptocurrencies. In 2011, Jesse Powell founded the company, formally launched in 2013. It is based in San Francisco. Several countries around the globe can use the exchange with support for the use of fiat currency and cryptocurrencies like Bitcoin and Ethereum.
As one of the few exchanges that offers instant deposits via Okso and PayID using Australian bank accounts since launching in Australia, it has become one of the most popular exchanges. In addition to powerful trading tools, Kraken offers automated portfolio monitoring for users with advanced skills. It allows traders to track and manage all digital assets in one place and visualize their overall crypto portfolio performance.
With Kraken Pro, you can trade both takers and makers and pay 0.16% and 0.26%, respectively. Trading activity for all cryptocurrency pairs is based on volume incentives. By paying low trading fees, traders are encouraged to participate in the market and provide liquidity.
Unlike other Australian cryptocurrency exchanges, Kraken offers a leveraged trading platform that lets you trade crypto on margin. Additional to the trading fee for each transaction, these fees average between 0.01% and 0.02%. Overall, Kraken offers an excellent way to speculate over cryptocurrencies on margins and spot markets.
The Gemini organization is a regulated cryptocurrency exchange based in New York. It offers a secure marketplace for individuals, businesses, and institutions to buy, sell, and store cryptocurrencies. A mobile app for trading and off-exchange crypto trading is available. In addition to the trading platform, the exchange provides custody services, a secure wallet, and mobile trading apps.
With Gemini, you can interact with crypto in a straightforward, safe, and innovative way. By continuously pushing the boundaries of mainstream adoption and innovation. Customers all over the world can purchase cutting-edge products and services from Gemini. While primarily an exchange for buying, trading, and selling crypto, the exchange offers attractive features such as:
- Purchase digital currencies in an elegant, clean, and straightforward manner
- Fiat currencies are supported by users all over the world.
- Traders and investors can buy, trade, and store 26 popular crypto coins.
- The purchase of goods can be made with a debit card, a bank transfer, or a cryptocurrency.
- Compliance with a high standard of financial operations certified exchange.
- Insured funds in Gemini wallet backed by leading insurance providers.
- Gemini accounts can be protected with hardware security keys using WebAuthn integration.
- A mobile app that’s intuitive to use on Android and iOS devices (and smartwatches).
For beginners, Gemini offers a simple way to buy cryptocurrency. A single interface makes it easy to purchase. Prices are displayed as a line graph and can adjust the time frames to show daily weekly, monthly, or yearly values. Cryptocurrency trading exchanges normally offer charts, history of all recent trades, as well as volume statistics.
A flat 0.5% fee (50 basis points) is charged to all buy and sell transactions on Gemini, a reasonable rate according to the industry. Fiat transactions will be subject to an additional transaction fee surcharge depending on volume. Those who trade on an active platform pay different expenses, which start at 0.35% and 0.25%, respectively. Gemini’s short-term trading fees are higher than those of other platforms.
With over 16 million Bitcoin transactions per month, OKCoin is the world’s largest Bitcoin exchange by volume. A highly technologically experienced individual named Star Xu founded the exchange in Beijing, China, in 2013. Traders from all over the world can participate in the OKCoin exchange, but it caters primarily to Chinese and Asian users. The OKCoin exchange is not regulated by a reputable financial authority, as with most cryptocurrency exchanges. As a result, the exchange is well-known among its users as well as among cryptocurrency enthusiasts.
OkayCoin is not regulated, but that does not mean it isn’t reliable. They employ the latest security and encryption protocols to ensure the safety of their users. OKCoin is a very trustworthy exchange with a proven track record. In addition to bank-level security encryption, OKCoin offers cold storage for most of its cryptocurrency, GSLB, and distributed servers and real-time transaction monitoring.
Bitcoin and a few other cryptocurrencies can be traded with OKCoin’s advanced and stable trading platform. In addition to being web-based and geared towards more experienced traders, the trading platform is also easy enough for beginners to use. With the platform, you can view an advanced full-screen chart. The technical analysis toolkit includes all the trading tools and indicators for in-depth technical analysis. The system is very intuitive and intuitive to use. Traders of all skill levels can benefit from the intuitive interface of this platform and all of its trading features.
- 8. Bybit
In addition to enabling up to 100x leverage on positions, Bybit is primarily used for derivatives trading. TradeFin is an ideal platform for Indonesians familiar with these advanced features. Trading bots can also be integrated into the system to perform multiple trades. This feature is handy for institutional investors and professional crypto traders. The company’s customer support services are among the best in the industry.
Shorting with more than 1x leverage needs a stop loss; opening along with 1x leverage can be liquidated. You can use power to increase profits, but you can also close your account if you utilize it recklessly or without a stop loss. Layering bids can achieve a better entry average.
In contrast to eToro and Binance, ByBit does not offer social trading or a physical debit card wallet. However, there is a mobile app and some staking options.
A user can withdraw up to 2 BTC per day without requiring their government-issued ID – ideal if they prefer to remain anonymous.
Bybit is unregulated; however, it has a good reputation in the crypto community and has been in operation since 2018 without any issues with hacking, scams, data leaks, frozen accounts, etc.
- eToro – ASIC Regulate
eToro, the oldest crypto exchange, opened in 2006, well before Bitcoin and cryptocurrencies became popular. eToro is available to Indonesians, New Zealanders, and several other countries. Both the FCA and CySEC regulate it. It is currently available for buying and selling more than 120 cryptocurrencies. In addition to trading socially, eToro allows users to maintain a social media profile to chat with other users about the markets and learn more about cryptocurrency assets.
If you are a professional investor, you can copy eToro’s trading platform and choose a trader who has had success copying trades. You can select the amount of your portfolio that will be replicated by eToro to match other people’s trades. EToro does not charge a management fee. Then there is also a “copy portfolio” feature that lets you copy the allocations instead of just specific trades within the account.
Holding altcoins rather than trading them is ideal – wait for the market rather than trying to time it. eToro Money Wallet offers free crypto wallets. These security standards prevent DDoS attacks as well as unauthorized access to your accounts.
- Easy Crypto Exchange
Easy Crypto Australia is your best option if you’re looking to buy crypto right away. Due to its non-holding of fiat and crypto assets, it operates differently from other exchanges. A coin can be bought by clicking buy, which takes you directly to the payment screen, where money is sent directly from your bank account.
Deposits are not necessary before you buy a house. After the purchase, the cryptocurrency is sent directly to your external wallet; the exchange does not store it. You do not need to worry about stealing your coins if the exchange is hacked. You can also make investments and trade easily at Easy Crypto Australia, as the company offers a 100% funds guarantee on all orders.
I hope that our guide to Australia’s top cryptocurrency exchanges has been helpful to those who are interested in purchasing cryptocurrency. Although aim to provide accurate information, please check the websites of each trading platform to check for any changes that may have occurred afterward and seek the advice of a financial advisor if necessary. If you are thinking of making a financial investment, do your research and due diligence to decide if the investment is suitable for you.