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
Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.
- Very low trading fees
- Large range of coins and trading pairs
- High liquidity
- Slow account verification
- Two major hacks
Founded in 2017, KuCoin has already managed to establish itself as â€śThe Peopleâ€™s Exchange.â€ť With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.
- Vast selection of altcoins
- Ability to stake & earn crypto yields
- Robust security features
- No forced KYC checks
- No fiat currency deposits
- Trading volume is low
Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesnâ€™t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.
- Non-custodial exchange
- Great way to switch altcoins
- Doesnâ€™t require extensive KYC
- 2FA security and high exchange limit
- A high transaction fee of 0.5%
- Unclear owners
- Sometimes their service is quite slow
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