- Excellent trading platform
- Decent array of cryptocurrencies supported
- Crypto to fiat currency pairs available
- • Very low fees
- Primarily focuses on Indonesian market
- Not a regulated exchange
Indodax is an online cryptocurrency exchange where you can buy and sell various digital assets including the top cryptocurrencies, such as Bitcoin and Ethereum. Indodax was established in 2013 and is based in Bali with their headquarters located as Kantor Indodax, Jl. Nakula No.88b, Legian, Kuta, Kabupaten Badung, Bali 80361, Indonesia. The exchange is the largest cryptocurrency exchange in Indonesia with over 1.3 million registered users and a daily average trading volume of over half a billion Indonesian Rupiahs. Indodax is an international cryptocurrency exchange that accepts traders from all around the world and provides their services in both English and Indonesian.
As Indodax is a cryptocurrency exchange, they are not yet regulated. This not uncommon among cryptocurrency exchanges and it doesn’t necessarily mean they cannot be trusted. After all, Indodax has been successfully offering their users cryptocurrency exchange services since their establishment in 2013. Indodax appears to be a reputable cryptocurrency exchange, but is it really? Let’s find out in the following review, where we’ll delve deep into the aspects that make up Indodax and see what sets them apart from the competition and whether or not they can be trusted.
The trading platform provided by Indodax is a proprietary web-based trading platform that’s accessible via multiple desktop operating systems including Microsoft, Mac and Linux. The platform is very well designed and caters to both beginner and experienced cryptocurrency traders by supporting two trading methods. The first method in which is suitable for beginner traders is to buy or sell cryptocurrency directly from the Indodax exchange. This method of exchange is called the “Quick Buy” or “Quick Sell” feature and easily allows traders to buy or sell their cryptocurrency with the single click of a button and entered in amount. The trading interface is very user friendly and provides a seamless trading experience.
For more experienced traders, they have the ability to participate in the spot market trading via the same trading platform but different interface. This platform interface is accessible via a tab called “Spot Market”. On this part of the platform, traders can actual analyze the charts and place various orders to buy or sell crypto with other traders. Traders also have the ability to trade on margin with leverage of 1:1. All in all, the trading platform featured by Indodax is quite sophisticated and very user friendly.
Indodax is strictly a cryptocurrency exchange which facilitates the trading of digital assets like Bitcoin, Ethereum and Ripple. Traditional trading markets such as stocks and forex are not offered by Indodax. That being said, Indodax does offer a decent selection of some of the most popular cryptocurrencies and altcoins. The cryptocurrencies supported can be traded for either Bitcoin, Ethereum, or the Indonesian Rupiah. A minimum purchasing amount of 50,000 Rupiah is required for all transactions. See below, a list of the supported cryptos available to exchange on the Indodax exchange platform.
• Bitcoin (BTC)
• Bitcoin Cash (BCH)
• Bitcoin Gold (BTG)
• Ethereum (ETH)
• Dash (DASH)
• Doge (DOGE)
• Ethereum Classic (ETC)
• Litecoin (LTC)
• Nxt (NXT)
• Waves (WAVES)
• Ripple (XRP)
Fees and commission
Indodax employs a maker/taker pricing model for their transaction fees. This model is very popular among cryptocurrency exchanges as it attracts liquidity to the exchange. The interesting thing about the Indodax exchange is that they charge a 0% maker fee and charge a 0.3% taker fee, but only for crypto to fiat currency pairs. Trading crypto to crypto is absolutely free which is a unique aspect of the Indodax cryptocurrency exchange. Most cryptocurrency exchanges still charge trading fees for crypto to crypto trading pairs. As for deposit and withdrawal fees, all crypto deposits are free, and withdrawals vary between cryptocurrencies and are comparable with the industry standards. All in all, Indodax has very competitive and favorable fees associated with their cryptocurrency exchange services.
Security and fairness
Indodax is one of the more well established cryptocurrency exchanges as they were founded back in 2013 when cryptocurrencies were fairly new. Therefore, the exchange has a great deal of experience and has proven itself to be a safe and secure cryptocurrency exchange regardless of being unregulated. User accounts are secured by multifactor authentication including a combination of email, SMS, and Google authenticator techniques. Also, the majority of crypto funds are held offline in secure cold storage wallets.
The support provided by Indodax is available 24 hours a day, 7 days a week and can be reached via email or live chat. The support representatives offer their services in both English and Indonesian. The support has been reported by various users to be quite helpful, but at times slow with their responses. Additional methods of support include a help center with extensive information and helpful content. Users will find loads of FAQs which can be easily searched for via the categorized sections or the search bar. Another support option for traders is to reach out to Indodax on their various social media channels, as well as to view posted articles on the Indodax blog and view conversations on the community forum. All in all, the support offered by Indodax is excellent.
The Indodax cryptocurrency exchange is highly lucrative and provides traders with an array of cryptocurrency assets available to trade with very low and competitive trading fees. The exchange platform is built for both beginner and experienced traders as it has two separate interfaces for each. Indodax may not be a regulated cryptocurrency exchange, but it has been competently offering cryptocurrency trading services since 2013. All in all, Indodax is a viable crypto exchange solution, especially if you are a trader from Indonesia.
The following are the common questions that customers inquired about Indodax.
Is Indodax regulated?
No, it is not regulated.
Is Indodax a scam?
No, Indodax has been offering crypto exchange services to hundreds of thousands of people since 2013.
Where is Indodax based?
Indodax is based at Kantor Indodax, Jl. Nakula No.88b, Legian, Kuta, Kabupaten Badung, Bali 80361, Indonesia.