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 has close to 1.6 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.
This exchange is not open to citizens or residents from the United States of America. If you are a resident or citizen of the US and you’re looking for the trading platform that is just right for you, don’t worry. Use our Exchange Finder to find an appropriate exchange accepting investors such as yourself.
Indodax Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Indodax:
Indodax also has an easier version of the trading view, which consists of a buy and sell interface. The buy & sell interface makes the experience easily understandable for new crypto investors, while it might lack some features that more experienced traders look for. The below is a picture of the buy & sell interface at Indodax:
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. Few exchanges offer no-fee trading between cryptocurrencies.
For trading between cryptocurrencies and fiat currencies, it is a fee of 0.30% for takers, but still free (0.00%) for makers. This, especially the free trading for makers, is also very competitive.
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):