Review on Indodax by Joseph Bello
I Call It The Indonesian Binance
When I first heard the word Indodax, and the fact that it was created by an Indonesian, Oscar Darmawan. All my thoughts was that it would be just for Indonesians, leaving out other citizens. All my thoughts were proved wrong when I searched out the exchange platform on my Playstore and got the greatest shock of being able to make my first trade. The Indodax exchange platform is an exchange platform that was built by an Indonesian, mainly for Indonesians but still extend their services to memebers of other countries (with myself being a living proof). The exchange platform has their mobile applications versions available on Android and iOS but I had mine on an Android mobile device. What I saw as their user interface wasn't too good but is good enough for a new developer. Although not too attractive, the fact that it has the Indonesian name attached to it has made the country have the largest number of active users on their platform and to make matters better for them, the exchange platform accepts the country's currency, the Indonesian Rupiah!! What else would an Indonesian trader find in other exchanges?
The Indodax exchange platform left me in awe with their trading fees. Charging 0.3% to makers and 0.2% to takers is actually exuberant. This trading fee is considered really high to me. I guess this trading fee alone can pursue many Indonesian traders and even outsiders. I also feel the high trading fee is because of how new they are to the industry and would love to get somethings built but reducing it a bit would be better and I would recommend it to them. I significantly love something about their mobile application. Almost every single thing (if not all) was written in English language. This happens to surprise me as I was expecting to see some things in their native language. They are also yet to have their interface translated in their native language, I think having it done would be nice.
The Indodax tends to protect users privacy and works under the regulation of the government. The fact that they operate under their guideline leaves me with a fear of the exchange platform being completely owned by their government.
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Pros
- It is the largest in Indonesia
- They support the Indonesian Rupiah as the only supported fiat which implies it's sole master, Indonesians
- I was surprised to see that they accept foreign traders too, nice one
- Their interface is moderately decorated
- They have their mobile applications available on the stores
- They tend to offer their services even during holidays
Cons
- Their trading fee is really high to me and should be reduced
- They are yet to have their interface translated to their native language. I think this would show that the exchange platform was solely built for Indonesians
