Reku crypto exchange began operations as Rekeningku.com crypto exchange in 2017. In October 2022, the exchange rebranded to Reku after getting an injection of series A investment funds of $11 million dollars, or 163 billion Rupiah, from AC Ventures, Coinbase Ventures, and Skystar Capital. The platform is developed with Indonesian cryptocurrency investors and traders in mind, and it accepts the Indonesian Rupiah as the only fiat currency on the platform.
The platform is currently restricted to the Indonesian market, and as such, all users must be either Indonesian or living in Indonesia. They must be comfortable with using the IDR to trade as well. As far as KYC requirements go, all users must verify their identity using their email addresses, phone numbers, utility bills, a government-issued identity document, and a selfie. All these are put in place to prevent bad actors from gaining access to the platform and carrying out fraudulent and malicious activities.
Markets
The major market available on the platform is the IDR market. As such, the Reku cryptocurrency exchange is predominantly a fiat-to-crypto and a crypto-to-fiat platform. There are 41 Reku trading pairs as of writing this article. The platform does not support margin or leverage trading but that may change in the future, as the Reku trade volume increases. For now, the Reku spot is the only trading option available.
There are several methods of depositing IDR in Reku, such as bank transfers, virtual accounts, and e-wallets (OVO, Shopee Pay, and DANA). IDR deposits using e-wallets cost 1.65% of the total deposit. In terms of withdrawals, the minimum amount of withdrawal in Reku is 30,000 IDR and the maximum limit of IDR is 500,000,000 per day. The Reku exchange fee for IDR withdrawals is 6,500 IDR.
The Reku crypto fee for trading is 0.1% of the traded amount on both maker and taker trades. Additionally, there is a minimum amount that can be traded per transaction and it is 30,000 IDR per order. Reku crypto price for crypto withdrawals is dependent on the crypto asset being transferred. However, transfers of crypto assets to other users within the Reku platform are free of charge.
About the Company
Reku crypto exchange was founded by Sumardi Fung. Fung comes from a rich background in finance, futures trading, and software development. The platform is compliant with Indonesia's commodities future trading agency (BAPPEBTI) and emphasizes user safety by enabling the trading of well-established cryptocurrencies like Bitcoin and Ethereum. Reku cryptocurrency exchange generated $3 billion in transactions in 2021. Furthermore, Jesse Choi, a private equity investor at Bain Capital, is Reku's COO. Jesse is a tech veteran who brings his wealth of experience to expand the platform.
In December 2022, the 24-hour Reku volume stood at around $11 million. This was equivalent to 719 BTC.
