Indodax Review
One established fact in the crypto market is that most of the people coming into the market have just one mindset: to make as much profit as possible. But for them to be able to achieve such feats, they should be able to trade with a credible, reliable, and trustworthy crypto exchange. While crypto exchanges all over the world have their uniqueness, one crypto exchange that we are going to introduce to you is the Indodax crypto exchange. In this Indodax review, we will discuss how the exchange carries out its operations and things you need to know.
For new traders that are entering the market, they have to understand the way the market works. To do that, they would need to sign up on a crypto exchange that would bring all that they need in the market close to them. The crypto exchange must, in turn, need to be able to provide the clients with a feel of simplicity on how the market works. The bedrock of this shows that without crypto exchanges, traders would not be able to gain entrance into the market easily.
Noting the vital role that crypto exchanges play in their daily day-to-day trading activities, traders would be ignorant if they go-ahead to start carrying out their trading operations without the need to do some background research. In their research, the traders should be able to closely pick out the pros and cons of the crypto exchange that they intend to start trading with.
One of the reasons why traders need to carry out their due research is because most of the crypto exchanges in the market are below par exchanges. If a trader blindly falls into their trap, such trader would see his trading experience ruined from the get-go. Asides from this reason, another reason is that there are hackers who now run crypto exchanges and disguise themselves as legitimate to swindle wannabe or new traders out of their funds. This has been the reason why most would-be investors have decided to hang their boots regarding trading without getting to enjoy what trading feels like.
To Save investors from getting trapped in a situation like this, we have decided to take it upon ourselves to review the Indodax crypto trading platform. Even though this crypto is not popular like Binane and a few other crypto exchanges out there, we can assure you that it is an exchange with a top recommendation.
In this review, we will be looking at the basic things that make this crypto exchange stand out while reviewing other key factors, such as the benefits traders would enjoy when they trade with them. We will also be looking into the kind of services that they offer and the features that make up the Indodax.com crypto exchange.
| Exchange Platform | Indodax.com |
| Website | https://indodax.com |
| Makers Fee | None |
| Takers Fee | 0.30% |
| Security | 2FA, Email, SMS Verification |
| Withdrawal Fee | 0.0005 |
| Trading Assets | 40+ cryptocurrencies |
| Trading Platform | Web based and Mobile App |
| Payment Method | Cryptocurrencies, Wire Transfer |
| Support | Live Chat, Email, Phone |
Indodax crypto exchange is a crypto exchange that was founded in 2014 by the CEO of the exchange, Oscar Dharmawan. When it was initially founded, the crypto exchange was formerly called Bitcoin Indonesia but was soon changed to its current name in 2018. Since when it was founded up until this moment, the crypto exchange has always accepted deposits in the native Indonesian currency of the Rupiah.
The crypto exchange is the largest in Indonesia, with its dominance extending to cover the whole of east Asia. Over the years since its inception, the crypto exchange has been able to gather nothing less than 1.6 million registered users on its platform. Even though the crypto exchange has cemented its popularity across Indonesia and East Asia, it is widely gaining fame, with traders across the globe now making use of the platform for their activities.
Let us take a look at some of the key features that the crypto exchange boasts over other platforms.
Trading Platform
This is one of the most unique features of the crypto exchange and something that it boasts of having over other crypto exchanges across the globe. A quick look into the platform would show how unique the exchange is and how user-friendly their platform is for both old and new users. The live chart feature on the platform would make it easy for any trader to read the movement of assets anytime that they enter the platform.
Affiliate Program
Indodax crypto exchange has a very good affiliate program for its users. Users can take advantage of this feature to invite their friends to sign up on this platform. If users successfully invite their friends and family and register, they would be eligible to earn rewards of up to 25% of all trades that their friends make for the next three months.
Security
To further establish its dominance, this platform also possesses one of the most sophisticated security measures among all crypto exchanges. They possess features such as two-factor authentication (2FA) and both email and phone verification. This level of security that the platform uses is to ensure further that nobody except the owner of the account should be able to access it.
Customer Support
The platform also has a responsive team of support staff. Any user who has questions, inquiries, or wants to make a complaint can easily access the support staff and promptly get back to the user.
Mobile App
Coupled with the feel of trading on their web-based platform, the platform also allows the users to trade on the go through their mobile apps. Like most crypto exchanges that have crypto trading apps, Indodax has made provision for their trading apps for their users who are both on Android and iPhone. Android users can head over to the play store to download the app, while iPhone users can head over to their App store to download the trading app.
The crypto exchange also has two varieties of apps for both Android and iPhone users for them to carry out all their trading operations conveniently. They are:
- Dompet Bitcoin Indonesia
This app that users on the platform used for most of their basic activities on the platform, such as exchanging, depositing, and withdrawing. They can also use this app to create vouchers and also redeem them when they want to. A feature in the app can also allow them to view their account balance in Rupiah or any other way that they want to.
- Indodax App
This app was majorly designed for the user’s trading needs. They use the app to trade all kinds of digital assets supported by the platform.
Fees And Commission
Indodax makes sure that its clients get the best offers when it comes to fees and commissions. With this, the crypto exchange does not levy a makers fee on its users while it charges a small takers fee for just 0.30% when they trade.
Withdrawal
To withdraw Bitcoin, the crypto exchange charges below the amount that the industry charges. To process a Bitcoin withdrawal on the crypto exchange, Indodax charges its users a small fee of 0.0005 BTC.
Deposit
To deposit funds on the crypto exchange platform, Indodax makes use of just two methods of deposit which are deposits via wire transfer and through the use of digital assets. Notably, the crypto exchange does not allow users to deposit funds into their trading account through credit cards. Indodax does not charge fees upon deposits except for users who want to deposit on the platform using virtual accounts.
Supported Cryptocurrencies
Indodax crypto exchange supports more than 40 digital assets, with the major ones including digital assets such as Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Basic Attention Token, Dash, Waves Coin, Litecoin, Tron, Ripple, and Ignis Coin.
Registering On Indodax
1. Navigate your browser to indodax.com and hit the Register option.
2. Fill the fields on the registration page promptly by entering your email, phone number, and a very strong password that only you know.
3. After clicking the register button, you will be sent a code that you will enter in a box on the site.
4. After successfully registering, you will be automatically redirected to your account.
5. After registration, you will be required to verify your account from an option on the menu on the sidebar.
Depositing on Indodax
1. After finalizing your registration, you will be required to click on the wallet and deposit/withdraw Rupiah to begin the process of depositing.
2. After that, you will be required to input your preferred amount of deposit and the payment method you want to use.
3. After finalizing the transfer of funds into your account, you will then be required to fill in a form that confirms your deposit.
4. At this point, you will wait until the team in charge of financials validates and confirm your deposit.
Withdrawing on Indodax
1. To Withdraw funds from your account, you will be required to go back to the wallet option and click on Withdraw Rupiah.
2. You will then be expected to enter the amount you want to withdraw and hit the continue button.
3. After that, you will be required to enter your bank details and validate your withdrawals with a pin that will be sent to your phone or using the authenticator app.
4. You will then be required to hit the send button, after which the financial team would work on your withdrawal and send it to the provided account.
Pros
1. Large crypto trading option: While most crypto exchanges boast of a relatively small number of crypto on their platform, Indodax crypto exchange provides its users with a massive number of crypto. With the crypto exchange supporting 40+ cryptos, it makes it one of a number of crypto exchanges supporting that much crypto.
2. Commission: Other crypto exchanges across the crypto ecosystem makes use of the commission opportunity to charge their client’s outrageous fees. Indodax has the best of its users at heart and has reduced their commissions so they can trade with ease.
3. Fiat Deposits: Most crypto exchanges would prefer that their users deposit on their platforms using digital assets while leaving space for a relatively small fiat option. Indodax allows users to deposit and withdraw using a huge number of fiat options across different countries.
Cons
1. Indonesia Directed: Even though this exchange has space for users across the globe, most users have complained that most of their services are directed at Indonesians. For example, a look at their homepage shows that most things would need to be interpreted from the Indonesian official language before reading in English.
2. Age of the exchange: Most users have also complained about the time the crypto exchanger has spent. While they were initially created in 2014, the crypto exchange had to wait till 2018 before gaining popularity.
Conclusion
Without a doubt, indodax is the biggest crypto exchange in Indonesia, but the crypto exchange needs to do better in serving its clients around the globe. Overall, the platform has excellent security and a very friendly interface. In our opinion, we feel that the crypto exchange is very good, and users should give it a trial. And if you want to know more about them, you can head on to their official website.
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