A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Indodax (previously Bitcoin Indonesia) consists of four parts: general information, fees, deposit methods and security.
Indodax (previously Bitcoin Indonesia, it changed its name on 14 March 2018) is an exchange based in Indonesia (which you might have guessed).
Indodax does not explicitly prohibit US-investors from trading on its exchange. In any event, all US-investors should still perform their own analysis of whether their home state imposes any legal obstacles to them trading at any of the top crypto exchanges that could be the best cryptocurrency exchange site for them.
Indodax has close to 1.3 million registered users at the time of this review and it is quickly gaining popularity in the cryptocurrency community. It is particularly popular among Indonesians. This might be due to the fact that deposits of Indonesian Rupiah can be executed immediately. Withdrawals takes roughly one bank day. BTC-deposits and withdrawals, however, are both executed immediately.
The support of this exchange is open 24/7. They are allegedly even open during holidays, so if you need to do some important crypto-errand during Christmas or Thanksgiving, don’t worry. Indodax has got your back.
Something we think is worth noting here is that Indodax also acts as a sponsor of a social projet called Bitisland. This is a project for making the tropical paradise of Bali a Bitcoin Island. The process of doing so is essentially to expand the number of places accepting Bitcoins as payment for goods and services, as that ultimately likely leads to even more tourists coming to Bali to spend Bitcoins. A very interesting project indeed!
Indodax Trading fees
The fees at any exchange are very important to consider. Indodax offers trading between cryptocurrencies at 0.00%. This is an amazing offer and Indodax fees are truly impressive. Maybe this condition even makes this exchange the best cryptocurrency exchange site for you?
For trading between cryptocurrencies and fiat currencies, it is a flat fee of 0.30%.
Indodax Withdrawal fees
The exchange charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This fee is below the industry average and thus constitutes a strong competitive advantage against the majority of other top crypto exchanges in the market.
Indodax offers wire transfer as a deposit method, but credit cards are not a permitted deposit method. If you are somehow bound to using your credit card, then this is a disadvantage to you. However, as the exchange at all accepts deposit of fiat currencies, it distinguishes itself from many other exchanges that only allows deposits in cryptocurrencies.
At this exchange, each account is subject to the following types of protection: 2FA (two-factor authentication), email and SMS-verification. This is to ensure that nobody other than yourself executes any transaction.
This trading platform has a security score of C+, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is in line with industry average when it comes to top crypto exchanges.
Low trading fees are indeed very important for any prospective cryptocurrency investor. All of the following exchanges also – like the above exchange – have very low trading fees (some of them don’t even charge trading fees at all):