Indodax Review

Indodax is one of the biggest crypto-trading platforms in Indonesia with more than 7 million users since its launch in 2014. That said, in this Indodax review, you can find essential information to determine if this exchange fits your needs.

This includes its core features, strengths, possible drawbacks, and, of course, fees. Compared to global big names like Binance, Kraken, and Bybit, Indodax offers tailored solutions for the Indonesian market. So, will it also answer your needs? And what about its hacking incidents?

That’s what I’m here for. Let’s dive deeper into the Indodax exchange and examine what makes it a popular choice for the Indonesian crypto market. By the end of this review, you should have a comprehensive understanding of the platform and be able to decide whether it's the right choice for you.

Verdict at a Glance: Indodax is one of the most popular crypto-trading platforms in Indonesia which offers various useful features, including a user-friendly interface, high liquidity, and a wide range of crypto options. In terms of security, it also provides decent safety features and a KYC verification process for added protection and regulatory compliance. While it has relatively higher transaction fees and occasional delays in its KYC verification, Indodax is still a solid choice for traders on any level, especially in Indonesia.

What is Indodax?

Indodax is the biggest crypto-trading platform in Indonesia established in 2014. It was initially known as Bitcoin.co.id before it rebranded to Indodax (Indonesia Digital Asset Exchange) in 2018. This shift shows the company’s vision to broaden its offerings for more digital assets besides Bitcoin. Since then, the platform has experienced significant growth.

Currently, Indodax has more than 7 million traders, making it one of the biggest crypto platforms in Southeast Asia. What makes it so popular? Don’t worry, you’ll find the answer in this Indodax review.

If you're asking, "What is Indodax's biggest strength?", my answer would be its wide range of crypto assets. At the time of writing this Indodax review, the platform supports more than 400 crypto, including Bitcoin, Ethereum, and a wide range of altcoins. This gives users the freedom to pick their favorite tokens and diversify their portfolio. Additionally, Indodax keeps updating its crypto offerings to include popular coins and answer market demands.

Moreover, the exchange doesn't stop just a that. The platform also actively educates its users and the general public about the crypto industry through the Indodax Academy. You can access numerous educational resources to help you understand topics like the basics of crypto trading, market analysis, and investment strategy.

As someone who cares deeply about blockchain and crypto education, I really like this initiative. A dedicated educational section doesn’t just attract new users to the website, but it alsohelps the local crypto ecosystem to keep growing.

While you’re searching for Indodax online, you may also wonder: “What is Indodax Mobile?”. Well, as the name suggests, it is the platform’s answer to the growing demand for crypto-trading applications.

Just like popular brands, such as Binance and Kraken, with their own respective mobile apps, Indodax also provides an intuitive solution to help its users trade and manage their crypto assets on the go. The application is available for iOS and Android devices.

Indodax keeps innovating to adapt to the dynamic market trends. For example, it often held unique and engaging projects like the “Trading Warrior” in 2024, where the platform incentivized active users with crypto prizes.

In addition to encouraging members to keep trading, the initiative helped increase the platform’s liquidity. Speaking of which, Indodax has a pretty decent trading volume with more than Rp.2 trillion monthly transactions on average.

The approval of Bitcoin ETF by the SEC in the United States is also a positive signal for the Indonesian crypto industry, including Indodax. The platform’s CEO, Oscar Darmawan, welcomed this news and stated that this could increase liquidity and adoption of crypto assets in Indonesia.

According to him, the legalization of spot Bitcoin ETFs in the US shows that regulators are starting to accept crypto as a legal and investable asset, which will certainly have a positive impact on the local crypto market.

This is further supported by the fact that there were 22.11 million registered crypto investors^[1] in Indonesia in 2024, which is a whopping 21.16% growth from the previous year. This shows how Indonesians are becoming more literate about crypto in general.

To keep up with this growth, Indodax offers additional features like the OTC desk. This feature is designed to facilitate large-scale transactions without affecting the market significantly by ensuring a stable price and faster transaction processing.

With the help of Indodax’s team of experts, the OTC desk feature offers a secure, transparent, and efficient way to help users get the best price for their transactions. This is especially useful for institutional traders who require tailored services for their large-scale crypto transactions.

So, in essence, Indodax is a solid and reputable crypto platform with a long history. Considering its decent product offerings and innovations, it is no wonder why the exchange is one of the most prominent brands in the Indonesian crypto market.

Is Indodax Safe?

Security is an essential factor when you try to answer what Indondax is. Therefore, I’m here to help you examine the platform’s core security features and discuss its track record. So, is Indodax safe enough for your crypto-trading needs? Let’s find out!

Regulatory Compliance and Licenses

The Indodax exchange is regulated and overseen by Indonesia's Commodity Futures Trading Regulatory Agency (BAPPEBTI) and the Ministry of Communication and Digital Affairs (Komdigi). This ensures that the platform is operating in compliance with Indonesian law.

In addition to that, the platform is ISO-IEC-9001 and ISO-IEC-20071 certified, which shows that it adheres to international standards in terms of quality control and security systems.

KYC Verification and Data Encryption

A robust Know Your Customer (KYC) verification process is a fundamental security measure for any reputable cryptocurrency platform. It safeguards the exchange against illegal activities like money laundering and terrorist financing by ensuring the legitimacy of all registered users.

In general, KYC is important for building a good relationship^[2] between a business and its customers. The verification process in Indodax is practically the same as that of many other crypto platforms. You’ll have to upload personal documents like a selfie and ID card. Wait until your verification request is accepted, then, you can start trading crypto assets on the platform.

Indodax also implements encryption technology to protect users’ information. All data received or sent through the Indodax Mobile app or its website are encrypted using the SSL (Secure Socket Layer) protocol. Ensuring that any personal information and transaction data are safeguarded from illegitimate third parties.

Additional Security Measures

Indodax implemented essential user-level security measures to help you protect your account. These include:

• 2-Factor Authentication (2FA): You can enable 2FA by linking your Indodax account to apps like Google Authenticator. This adds an extra layer of security, preventing unauthorized access even if your password is compromised.
• Email and SMS Verification: Indodax sends notifications via email or SMS whenever it detects suspicious activity or significant changes to your account, ensuring that only you can authorize them.
• Secure Withdrawals: The platform employs a multi-layer verification process for every withdrawal attempt, minimizing the risk of unauthorized transactions.

These security features show that Indodax takes user protection seriously. But let’s be real—no system is 100% hack-proof. That’s why it’s just as important for you to stay alert, follow good security habits, and take charge of keeping your account safe.

Past Security Breach

Indodax undergoes regular security audits to ensure the overall safety of its system. These audits are conducted by independent third parties, who identify potential vulnerabilities and verify that all security measures function as intended.

Based on what I’ve covered so far, it’s clear that Indodax has taken significant steps to protect both its users and the platform itself. That being said, I feel like we need to address the elephant in the room.

In September 2024, Indodax suffered a security breach in which hackers stole approximately Rp300 billion (around 22 million USD) in crypto. As a result, the platform temporarily shut down to conduct a thorough security check and prevent further breaches.

Indodax completed its maintenance and security review within 80 hours of the attack. A few weeks later, CEO Oscar Darmawan issued a statement, asserting that the financial loss from the hack accounted for just 3% of Indodax’s total crypto reserves, which he disclosed to be at around Rp11 trillion at the time.

Additionally, he claimed that Indodax had successfully regained public trust, as reflected in the high trading volume recorded just days after the incident. Some Indonesian crypto analysts praised Indodax for implementing the necessary countermeasures. They also highlighted the importance of publishing proof of reserves as a key step toward greater transparency for users.

So, from my perspective, Indodax handled the situation pretty well, but let’s be honest—getting hacked is a big deal. Sure, they were transparent about the breach, acted fast, and reassured users that the financial impact was minimal.

But for anyone thinking about using Indodax, this is something to seriously consider. A security breach, no matter how well-managed, can shake people’s trust. And let’s face it—when it comes to crypto, trust is everything. Once it’s broken, it’s not easy to rebuild.

That said, I do appreciate that Indodax didn’t try to sweep this under the rug. They were upfront about the hack, shared proof of reserves, and took quick action to secure the platform. In the crypto world, transparency goes a long way, and exchanges that own up to their mistakes tend to earn more respect.

At the end of the day, it’s up to each user to decide whether they’re comfortable trading on a platform that’s been through a major security breach. If anything, this is a reminder that security should always be a top priority when choosing where to store your assets.

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Indodax Review: PROS

As one of the biggest crypto platforms in Indonesia, Indodax offers multiple useful features to make crypto management and investment processes easier for its users. So, let’s take a look at what piques my interest while writing this Indodax review.

A Wide Range of Supported Crypto Asset

One of the platform's main strengths, in my opinion, is its comprehensive tradable crypto offerings. At the time of writing this Indodax review, the exchange supports more than 400 coins, all of which are tradable with IDR. Of course, these include popular options like Bitcoin and Ethereum, as well as various altcoins and NFTs.

This is on par with big names like Kraken and Coinbase, which makes it a suitable option if you’re looking to diversify your portfolio. In fact, most people do this to potentially maximize the returns while minimizing the risks^[3] of their investments.

Regulatory Compliance and Security Measures

As I mentioned earlier, Indodax operates within local laws and regulations. It’s officially regulated by Indonesia’s Commodity Futures Trading Regulatory Agency (BAPPEBTI) and the Ministry of Communication and Digital Affairs (Komdigi), so it’s not just running unchecked.

On top of that, Indodax holds ISO-IEC 9001 and ISO-IEC 27001 certifications, which basically means it meets international security and quality standards. The platform also keeps a crypto asset reserve as a backup in case of major breaches and regularly publishes its proof of reserves to stay transparent with users.

Security-wise, Indodax has the essentials covered, including two-factor authentication (2FA) and a strict KYC verification process to keep accounts secure. And lastly, I have to give credit where it’s due—Indodax bounced back from the hacking incident relatively fast. That says a lot about the countermeasures they had in place and their willingness to take responsibility when things go wrong. In the crypto world, that kind of accountability matters.

User-Friendly Interface and High Liquidity

Indodax doesn’t offer anything unique in terms of user interface, but it gets the job done. You can access all the essential features easily via the user’s dashboard. These include the marketplace, integrated crypto wallet, instant buy or sell, and earn features. You can also take advantage of the interactive price chart and technical analysis tools to help you make better trading decisions.

Indodax also has high liquidity, which means that you can easily buy and sell crypto assets at competitive prices. Higher trading volume also ensures that you can find buyers or sellers for your transactions, minimizing the risks of getting stuck with illiquid assets.

Intuitive Mobile App

In the era where almost everything you need is available on your phone, having a solid mobile app is a must—and Indodax delivers on that front. Their app makes it super easy to trade crypto on the go, whether you’re checking prices, making quick trades, or managing your portfolio. It’s designed to be user-friendly, so even if you’re not a trading pro, you won’t feel lost navigating through it.

What’s great is that the app runs smoothly and includes most of the essential features you’d find on the desktop version, like real-time market updates, security settings, and deposit/withdrawal options.

Plus, with built-in 2FA and notifications for important account activity, you can stay on top of things without worrying about safety. Unfortunately, you can't transfer crypto to an external wallet or directly deposit crypto through the app at the moment. Regardless, if you prefer managing your crypto from your phone, Indodax’s mobile app is definitely a big plus.

Educational Resources and 24/7 Customer Support

Aside from being a popular trading platform in Indonesia, Indodax also actively educates the masses about the crypto world. You can find various educational resources covering topics ranging from the basics of blockchain to advanced trading strategies.

The page also includesupdates related to the platform itself, such as guides on how to use Indodax as well as newly listed tokens. This can be very helpful, not just for newcomers who want to learn about crypto, but for experienced users as well since they can keep up with the latest updates.

Moreover, Indodax provides 24/7 customer service to help you solve any hurdles you might face when using the platform. You can reach the support team via email, phone, or the live chat feature on the Indodax Mobile app or the website.

Indodax’s platform also lets you make transactions anytime. This kind of flexibility is very fitting for most traders since the crypto market is notoriously dynamic and practically never sleeps. With no time restriction on the platform, you can take advantage of any market opportunities.

So, that’s the pros part of this Indodax review. With a wide range of supported crypto assets, 24/7 customer support, and comprehensive security measures, the platform offers a complete package for your crypto-trading needs. But obviously, this doesn’t mean that it's without any flaws.

Indodax Review: CONS

It is time to examine its negative points to help you make a more educated decision. Here are some cons that I think are worth considering before using Indodax.

Higher Trading Fees

One of Indodax's biggest drawbacks is its relatively high trading fees. While I will discuss the detailed fee schedule later in this Indodax review, let’s compare the platform to Binance for perspective.

Table: A comparison between Binance and Indodax trading fees

As you can see, Binance keeps things competitive with a low 0.1% maker/taker fee for regular users, with the potential for even lower rates as your 30-day trading volume increases. Meanwhile, Indodax applies a flat trading fee structure, which could be a key factor for users deciding whether to stick with a local exchange or opt for an international platform like Binance.

Indodax also charges withdrawal and deposit fees, which are worth considering. The rate may differ depending on the amount you want to withdraw/deposit and your preferred payment method.

Another thing to note is that at the time of writing this Indodax review, you can’t deposit funds using credit/debit cards or payment portals like PayPal. Currently, the available methods include using bank transfers or virtual accounts from local banks (Mandiri, BRI, and BCA) or using local e-wallet solutions (QRIS, OVO, and Gopay).

Occasional Delays for KYC Verification

While researching reviews of Indodax, I noticed a recurring theme: many users mentioned that the KYC verification process can sometimes be slow. This typically happens when there’s a sudden surge in new users registering on the platform. These user Indodax reviews also include complaints about how some of them are asked to provide additional documents, which prolongs the verification process.

It is important to note that this may vary for each user depending on various factors like the site’s traffic and the number of new users registering. For example, during testing, my verification process was completed in under 1 hour. Regardless, this might be something you need to consider before deciding to use Indodax as your preferred exchange.

Lack of Trading Features and Security Concerns

While Indodax offers the essential features to fulfill your basic trading needs, it still lacks advanced functions available on bigger exchanges. For example, Bybit offers features like margin trading, lending, or futures trading, catering to professional traders. Unfortunately, these are not available on Indodax.

This limitation is probably due to regulatory reasons, considering how advanced features like futures trading also come with higher risks. That being said, if you’re looking to use more complex trading methods, you may need to look for other exchanges.

In addition, I previously covered how Indodax implemented safety measures to protect users and the platform itself from potential attacks and breaches. But the September 2024 hacking incident is a testament that no platform is 100% secure.

Although the exchange has successfully recovered from the attack, it may still leave a bad taste in some people’s mouths, especially those who value security above all else. A breach of this scale can shake user confidence, and some may question whether Indodax is truly the safest option. While the platform has since strengthened its defenses, the incident serves as a reminder that security risks are always a factor in crypto trading.

Indodax Fees

This Indodax review wouldn’t be complete without discussing the platform’s fee structure. Understanding what you need to pay when using the exchange is essential to properly manage your crypto investment. Here are the associated fees you’ll need to consider when using Indodax:

Trading Fees

Indodax applies a flat trading fee schedule on its platform, meaning that no matter how much you trade within 30 days, your rate will be the same. However, the fee might differ depending on your transaction type. Take a look at this table fee schedule for the IDR market on Indodax:

Table: Indodax trading fees

These rates include the applicable 12% VAT and the 0.0222% CFX fee. In case you're wondering, the latter is charged to the Commodity Futures Exchange (CFX) members to support market regulation and transparency.

It is also worth noting that the fees are slightly higher for the USDT market. For example, the maker and taker fees for buying crypto are 0.2944% and 0.3244%, respectively.

As I mentioned in the CONS chapter, these fees are relatively higher compared to bigger names like Binance and Bybit, which charge 0.1% maker/taker fees for their regular users. However, these rates are pretty competitive if we exclusively compare Indodax’s trading fees with other Indonesian-based exchanges.

Withdrawal Fees

The withdrawal fee on Indodax is easy to understand. This is a good point, but can be a negative considering this is because the only available withdrawal method is via bank transfer. Regardless, take a look at this table for more details:

Table: Indodax withdrawal fees

For less than $1, I think the fee is manageable. But again, the only downside is the limited withdrawal method Indodax offers to its users. I wish they would add other methods like PayPal to facilitate international users.

Currently, your option is to transfer your coins to external wallets like Ledger and Coinbase Wallet and cash it out from there. The fee associated with crypto transfers will differ depending on your chosen asset and network. Keep in mind that there will be an additional charge of Rp1,000 if you choose to activate the SMS OTP verification for your withdrawals.

Deposit Fees

Fortunately, Indodax supports more payment methods for depositing funds. These include bank transfers, virtual accounts, and e-wallets. Another good news is that Indodax will charge no fees for deposits, except for certain deposit amounts and payment methods. Take a look at this table for more details:

Table: Indodax deposit fees

When we compare these rates to Binance’s IDR deposit fees, they are actually quite competitive. For reference, Binance charges Rp10,000 for deposits via online banking and a flat 2.2% for e-wallets. Additionally, Indodax doesn’t charge any fees for crypto deposits. However, network fees may apply depending on your chosen blockchain network.

Keep in mind that these fees may change over time. So, I recommend checking the official fee schedule page on Indodax’s website regularly if you plan on using the platform.

Indodax Features

Indodax offers two main ways to access its platform: through its website or the mobile app. Both methods practically provide the same functions with slight differences. So, to keep things simple, I will focus on the Indodax Mobile app in this section.

Account Modes: Indodax Pro and Indodax Lite

The Indodax Mobile app offers two account modes: the Pro and Lite version. You can switch between them easily using the switch on the app’s homepage.

• Indodax Lite: This mode is designed for beginners and those who want a more streamlined version of the app. In the Lite mode, you can instantly buy or sell crypto and set a schedule for recurring purchases. You can also set an alarm for your favorite coins based on a specific target price.
• Indodax Pro: The Pro mode is intended for expert traders. It offers more complex and comprehensive price charts with various customizable indicators. Indodax Pro also includes more order types, including market, limit, and stop limit. These give you the flexibility to adjust your trading strategies.

If you noticed, this is a similar approach to what Kraken does to its platform. Grouping features into separate modes lets Indodax streamline its interface and avoids overwhelming users with tools they wouldn’t use.

Overall, I think this is a pretty neat approach. I just wish Indodax would also implement this approach to its web platform because for now, the option to switch the Pro mode there is kind of hidden.

Trading Features With Integrated Crypto Wallet

The trading features on the Indodax Mobile app are designed to give users flexibility and streamline their transaction processes. By going to the [Trade] menu in the Pro mode, you can access the spot trading tool and choose your preferred order type.

At the time of writing this Indodax review, the platform offers limit, market, and stop-limit orders. You can also find your preferred trading pair easily on the [Market] page. Indodax lets you sort the market list with various filters like Meme or Layer 1&2 to narrow down your search.

In addition, the app shows you the latest price for each coin in real time. So, you can be sure that you’ll get the latest update about your favorite crypto.

Now, the Indodax Mobile app also includes an integrated crypto wallet where you can store and manage your digital assets. You can check your balance and deposit or withdraw funds, as well as stake crypto via the [Earn] menu.

Unfortunately, at the time of writing this review, there is no option to transfer your asset to an external wallet using the Indodax Mobile app. To do this, you’ll have to use the web platform. But, on the bright side, the app supports transfers to many local banks for fiat withdrawal. Making it a great choice for Indonesian traders who want flexibility when cashing out their crypto investments.

Chatroom

Looking to interact with other traders and have a discussion about the current market conditions? Then you’re lucky because the Indodax Mobile app includes a chatroom feature that lets users communicate in real time.

Currently, there is only one room available, and most chats are in Indonesian. So, if you don’t speak the language, then you’re out of luck. But hopefully, Indodax will add the option to switch to a language-specific room when it decides to expand its offering to more international users.

How to Use Indodax

Now that I’ve covered basically everything you need to know about the Indodax exchange, it is time to learn how to actually trade crypto on the platform. You can create an account on either the website or mobile app. But, to make it simpler, I will use the mobile app for the examples.

With that being said, here is a simple step-by-step guide on how to use Indodax:

Step 1: Create and Verify Your Account

First, download the Indodax Mobile app from your preferred platform. Open it and choose [Register] on the initial page. Enter a valid email address and create a strong password for your account. Verify the account by clicking the link sent to you via email.

Step 2: Complete the KYC process

Log in to the app using your credentials. Input the necessary information when prompted. This includes your full name, phone number, and other personal details. After that, you’ll have to upload the required documents like your ID card and selfie.

Step 3: Deposit Your Funds

You can deposit IDR to your Indodax account via multiple payment methods, including bank transfers or e-wallets. Tap the [Add Balance] button on the app's homepage and enter your preferred method then enter the amount you wish to deposit. Currently, you can’t deposit crypto directly using the mobile app.

Step 4: Start Trading

If you are in the Lite mode, you can buy your first coin by going to the [Market] page and choosing your preferred crypto. Click [Buy] and enter your desired amount to purchase. Alternatively, you can switch to the Pro mode and buy crypto using the spot trading interface.

Step 5: Monitor Your Transaction

You can monitor your latest order using the [History] menu. Here, you can see your transaction history, including the most recent deposits and withdrawals you made.

Step 6: Withdraw, Hold, or Stake Your Assets

Depending on your choice, you can withdraw or simply hold your crypto assets. To cash out your crypto, navigate to [Wallet] > [Withdraw], then choose your preferred bank. Enter the amount and tap [Continue]. Alternatively, you can stake your assets by going to [Wallet] > [Earn]. Choose your crypto asset, enter the amount, and confirm your stake.

As you can see, using the Indodax Mobile app is pretty easy. Although some functions like crypto transfers and deposits are not available on the app, it is still a decent tool to trade and manage your crypto assets.

Pros

• Secure and reliable
• Low fees
• A good amount of fiat currencies accepted

Main Features

• Reputable exchange
• Multiple fiat currencies are accepted
• Relatively low trading fees

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Pros

• Fiat currencies - accepted
• Simple to use
• Accepts only the most trustworthy cryptocurrencies

Main Features

• A leading cryptocurrency exchange platform
• Best for beginner investors
• Accepts fiat currencies

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Pros

• Fully reserved and transparent
• Multiple tradable asset classes
• Early new token support

Main Features

• 265 supports cryptocurrencies
• Secure & transparent
• Fully reserved

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Conclusions

As I conclude my review for Indodax, I can say that the platform can be a good option especially if you are an Indonesian trader. It offers all the essential features like spot trading and staking. The mobile app also makes it easier for users to access and manage their digital assets on the go.

Obviously, there is the hacking case that should be a major security consideration before you decide to use this exchange. However, Indodax has shown that it can recover from the attack rather quickly and restore its reputation.

In some aspects, I’d say Indodax can even compete with bigger names like Binance, Kraken, and Bybit. Plus, it is a more tailored solution for Indonesian crypto traders. So, if you’re looking for a reputable exchange to grow your crypto investment, Indodax can be a good choice.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Indonesia Crypto Network: 'Indonesia's 2024 Crypto & Web3 Report';

2. Mansoor N., Antora F. K., Deb P., Arman T. A., Manaf A. A., Zareei M.: 'A Review of Blockchain Approaches for KYC';

3. Osman M. B., Galariotis E., Guesmi K., Hamdi H., Naoui K.: 'Diversification in Financial and Crypto Markets'.