Indodax was founded by Oscar Darmawan and William Sutanto. The platform is ISO 9001 and ISO 27001 certified.
Fees for USDT markets are Buy Maker 0.2948%, Buy Taker 0.3248%, Sell Maker 0.2948%, and Sell Taker 0.3248%.
The minimum deposit requirement is IDR 10,000. Indodax exchange offers 10% of referred clients’ trading fees (only for the first 3 months) to its affiliates.
Indodax; Largest Crypto Exchange in Indonesia
Indodax, formerly known as Bitcoin Indonesia or Bitcoin.co.id, was founded in 2014.
The platform has over 7.2M members and supports 200+ digital assets. Key features of Indodax:
- Licensed by BAPPEBTI
- ISO certified: ISO 9001 and 27001
- Founded by Oscar Darmawan and William Sutanto
- 10M monthly visitors
Indodax Specific Features
PT Indodax Nasional Indonesia is the country’s largest Crypto exchange, enabling users to buy, sell, and trade over 200 cryptocurrencies.
Exchange | Indodax |
Launch Date | 2014 |
Levels | Regular, Priority |
Trading Fees | Variable based on your position type |
Restricted Countries | United States, Myanmar, Cote D`Ivoire, Cuba, Iran, Syrian Arab Republic, Belarus, Congo, Democratic Republic of Congo, Iraq, Liberia, Sudan, Zimbabwe, North Korea |
Supported Coins | 200+ |
Futures Trading | No |
Minimum Deposit | IDR 10,000 |
Deposit Methods | Mandiri, BRI, OVO, QRIS, Crypto, Bank Transfer |
Withdrawal Methods | Crypto, Bank Transfer |
Maximum Leverage | 1:1 |
Minimum Trade Size | IDR 10,000 |
Security Factors | Biometric Authentication, Cold Storage, 2FA |
Services | Earn, API Trading, IDR Markets |
Customer Support Ways | Email, Ticket, Live Chat, Tel |
Customer Support Hours | 24/7 |
Fiat Deposit | Yes |
Affiliate Program | Yes |
Orders Execution | Market |
Native Token | N/A |
Indodax Exchange User Levels
While the platform doesn’t offer a comprehensive user level system with fee discounts, it has implemented a two-tier membership program: Regular and Priority.
VIP service and an exclusive badge on the user’s profile are the advantages of becoming a priority member, which requires one of the following conditions:
- A trade volume of IDR 7B per month
- Total asset balance of IDR 500M
Indodax Fees Explained
In this Indodax review, we must mention that starting January 1, 2025, there is an adjustment of costs in the IDR market (0.12%) & USDT market (0.22%) due to the 12% increase in VAT (Value Added Tax).
Indodax costs include a trading fee, tax, and CFX fee. The sum is gathered in an All-in-Fee, as below:
Market | Buy | Sell | ||
Maker | Taker | Maker | Taker | |
IDR | 0.2424% | 0.3424% | 0.2224% | 0.3224% |
USDT | 0.2948% | 0.3248% | 0.2948% | 0.3248% |
Supported Digital Assets on Indodax
The platform has listed more than 200 digital assets for OTC and Spot trading in two markets: USDT and IDR. Some of the most popular cryptocurrencies available on Indodax:
- BTC
- PEPE
- ETH
- SHIB
- BONK
- LUNC
- SOL
- DOGE
- UNIX
Leveraged Trading on Indodax Exchange
As of 2024, Indodax does not offer leveraged trading or margin trading features. The exchange focuses solely on spot market trading, where users can buy and sell digital assets using their own capital.
Sign Up and Verification
To register and start trading with the platform, you must be at least 17 years old or married. We’ll go through the steps in this Indodax review:
- Navigate to the exchange’s official website;
- Click “Register”;
- Click “Create Account”;
- Fill out the registration form;
- Verify your email address and phone number;
- Undergo face detection verification;
- Upload proof of identity (e-KTP for Indonesian citizens and passport for foreigners) and proof of reserve (utility bill or bank statement).
Indodax Security & Safety
The exchange prioritizes the security of its users' funds and data, implementing various measures to protect against cyber threats. However, in 2024, Indodax was hacked, according to CoinTelegraph:
- Major hack in 2024 resulted in a loss of $22 million;
- Attacks on the platform’s hot wallets containing Bitcoin, Ethereum, TRX, MATIC, and other cryptocurrencies;
- The Indodax web platform and the mobile application went offline during the maintenance procedure.
Despite the incident, we can say in this Indodax review that the platform implements decent security measures to protect users’ funds, including:
- Two Factor Authentication (2FA)
- Cold storage
- Biometric authentication
Supported Payment Methods
Indodax exchange allows Crypto and Fiat (Indonesian Rupiah) deposits and withdrawals.
While IDR withdrawals can only be made through bank transfers, users have a wide selection of methods to charge their accounts, including:
- Bank transfers
- E-wallets: OVO
- Virtual accounts: Mandiri and BRI
- QRIS (QR code-based payments)
User Satisfaction
Despite being the largest crypto exchange in Indonesia, the platform has garnered mixed user reviews.
TrustPilot | 2.3/5 based on 35 comments |
Reviews.io | 3.3/5 based on 6 reviews |
While 48% of comments on the Indodax TrustPilot profile are positive (4-star and 5-star), 46% are negative (1-star and 2-star).
Does Indodax Offer Copy Trading or Investment Plans?
The exchange does not offer copy trading or social trading features. However, it provides a comprehensive Earn program dedicated to staking cryptocurrencies. Key features of Indodax Earn:
- Over IDR 467B total staking
- More than IDR 28B in interests
- 71,971 participants
A list of available coins in the platform’s staking service with their annual percentage yields:
Digital Asset | APY |
ETH | 3.12% |
IDRX | 3.42% |
BNB | 0.39% |
SOL | 5.40% |
DOT | 10.43% |
POL | 2.58% |
ADA | 1.76% |
Writer's opinion and conclusion
Indodax provides access to 200+ digital assets in USDT and IDR markets without leverage options. The platform supports IDR deposits through OVO, Mandiri, and BRI.
Despite implementing various security factors, such as Biometric Authentication, the Indodax exchange was hacked in 2024 and has a poor TrustPilot score of 2.3.