Review on Indodax by Fajar Purnama
I'm an Indonesian who often used Indodax.
It's currently the most popular custodial exchange I know in Indonesia and one of the earliest. If you are an Indonesian, currently living in Indonesia, or have a bank account in Indonesia, then registering to Indodax is highly recommended. In my book "Cryptocurrency 101 for Users", I recommend Indodax for Indonesians starting in cryptocurrency.
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Pros
- Easy and simple KYC for Indonesian and fast response.
- Web based and smartphone application available.
- Indonesian banks and digital wallets deposit.
- Fast Indonesian banks and digital wallets withdrawal where last time it took less then an hour to withdraw ~$1000.
- Good enough liquidity.
- Good number of coins available.
- 0% maker fee.
- Essential securities: email verification, password, SMS, and 2FA.
- Sufficient English and Indonesian documentation.
Cons
- High bank withdrawal fees compared to other Indonesian exchanges which is 1%.
- Not enough liquidity for high frequency trading unlike Binance.
- Smartphone app price chart cannot show more than 24 hours and web based does provide a single list of open orders.
- Only spot trading and exchange currently (no margin, futures, dex, etc).
- Requires KYC even to trade between coins.
New products
Comments (1)
September 15, 2020
Indodax exchange is one of the exchange that is easy to use and secure exchange. You can access the exchange wherever you go because it support mobile device and web. If you looking for exchange that does not mandate KYC this exchange is not your choice because the exchange mandate it user to do KYC.
