How to Buy Cryptocurrency in Indonesia
Buying cryptocurrency in Indonesia
Indonesia has been adamant about cracking down on cryptocurrencies like Bitcoin because of the stance of the country’s central bank, Bank Indonesia. The bank has been skeptical of cryptocurrencies for a long time. This did not, however, discourage their adoption in Indonesia. According to a report, the number of Bitcoin users in 2017 skyrocketed from 80,000 to 250,000, making $1.48 million in daily transaction volumes. All this despite the bank’s placing a ban on Bitcoin as a means of payment in Indonesia, without intentions of lifting it and even disregarding recent regulation which could grant cryptocurrencies legal status. Nevertheless, recent research shows that trading volumes of Bitcoins on the LocalBitcoins peer-to-peer exchange has increased, meaning that the cryptocurrency still remains popular in Indonesia. Because of this, it is rather unfortunate that Bitcoin ATMs no longer exist in Indonesia. There was one in Bali but it was removed in September 2020.
As of 20/03/2021
These exchanges all accept customers from Indonesia. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options