Indodax Exchange Review- How to trade on Indodax Exchange?

Overview

One of the most significant considerations for every cryptocurrency user is the option of choosing the right and the appropriate crypto exchange. This is very important as exchanges help to carry out trades in an efficient way.

Among the crypto exchanges to be considered, Bitstamp is one such exchange that is very much popular among the crypto members that offers great quality features.

In this article, we will provide you with the complete guide on the Indodax exchange and look into its aspects such as its features, fees, pros and cons and much more. Let us look into detail in this Indodax exchange review now,

  • Overview
  • What is Indodax?
  • Indodax Features
  • Indodax Fees and Limits
  • Indodax Supported Currencies
  • Indodax Mobile App
  • How to register on Indodax?
  • How to recover the Indodax password?
  • How to deposit on Indodax?
  • How to withdraw on Indodax? 
  • How to buy cryptocurrencies on Indodax?
  • How to sell cryptocurrencies on Indodax?
  • Indodax Pros and Cons
  • Conclusion
  • Recent Updates
  • Indodax FAQs

What is Indodax?

Indodax is an online exchange based in Indonesia where users can trade Bitcoin and other assets with Indonesian currency Rupiah. Indodax was previously known as Bitcoin Indonesia, as it changed its name in the year 2018.

Indodax is the largest Digital Asset Exchange in Indonesia and South East Asia with more than 1.6 Million registered users. It is particularly popular among the users in Indonesia but is quickly gaining popularity in the cryptocurrency community.

Indodax Features

Indodax Fees and Limits

The Indodax exchange charges no fees for the makers. However, the takers are charged a fee of 0.30% for trading. The exchange charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This fee is below the industry average

Indodax offers wire transfer and cryptocurrency as the deposit methods, but credit cards are not permitted. Online Deposit fees are not charged from Indodax. But, different fees will be charged when using the Virtual Account method.

Indodax Supported Currencies

The Indodax Exchange supports 40+ cryptocurrencies. Some of the major ones include:

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Litecoin
  • Ripple
  • Bitcoin Gold 
  • Basic Attention
  • Dash
  • Dogecoin
  • Ignis Coin
  • Stellar
  • Waves Coin
  • TRON Coin
  • Zcoin

Indodax Mobile App

There are two mobile applications available for free in the Google Play Store and the Apps Store for Android and iOS users. With these mobile applications, you can conveniently view and access your account without having to visit the website directly.

How to register on Indodax?

Navigate to the Official Website and then click on the “Register” Option.

Enter your username, email address, phone number and choose a strong password  

After entering the details you will receive an SMS verification code on your phone number

 Then you will be redirected to your account

Now go to the “Verification” page on the sidebar menu to complete the verification process.

How to recover the Indodax password?

Go to the login page and click ‘Forgot Password’ Option

Enter your e-mail address and click ‘Change Password’.

Check your email and open the instructions which are sent. Click ‘CHANGE PASSWORD’.

Now, you will be reconnected to Indodax.com. Enter your new password in the field provided. And finally click ‘Change Password’ to approve it.

How to deposit on Indodax?

Click ‘Wallet’ Option, Click ‘Deposit/Withdraw Rupiah’ and click ‘Deposit Rupiah’ menu then follow the instructions

Enter the amount of Rupiah you wish to trade to Bitcoin. Choose what kind of method of payment you want to use and then click ‘Continue’.

Enter your bank account number and click ‘Continue’. Click on the ‘choose’ button on the right side of the page for further instructions.

After you transfer your funds, fill in your ‘Deposit Confirmation’ transfer.

Now wait until the financial team validates your deposit.

How to withdraw on Indodax? 

Choose ‘Wallet’ Option. Click ‘Deposit/Withdraw Rupiah’ and click ‘Withdraw Rupiah’ menu then follow the instructions

Enter the amount of money that you want to withdraw and then click ‘Continue’.

Choose the bank that you use, and enter Google Authenticator pin or SMS pin

Now click ‘send’ Option

Then wait until the financial team verifies your withdrawal.

How to buy cryptocurrencies on Indodax?

Click the “Marketplace” menu and select Market “BTC/IDR”.

There are two choices of Purchase Order Types, Limit and Market/Instant.

Enter the amount of Rupiah and the purchase price you want, and then press the “Buy Bitcoin” button. Click the “OK” button when confirmation appears.

If the order is finished /successful, the Bitcoin balance will appear in your account balance. It can be viewed on the “Wallet” menu on the Asset Name

How to sell cryptocurrencies on Indodax?

Click the “Marketplace” menu and select Market “BTC/IDR”.

There are two choices of Sales Order Types, Limit and Market / Instant.

Enter the amount of Bitcoin you want to sell, and then press the “Sell Bitcoin” button. Click the “OK” button when confirmation appears.

If the selling order has been completed/successful, the Rupiah balance will increase in your account balance. It can be viewed in the “Wallet” menu under the name “Rupiah” Assets.

Indodax Pros and Cons

Pros

  • Large number of cryptocurrencies available for trading
  • They provide average commissions
  • Accepts deposits and withdrawals in fiat currencies

Cons

  • Mostly directed at users in Indonesia
  • It is relatively new exchange

Conclusion

Indodax is Indonesia ‘s biggest cryptocurrency trading platform. It is mainly intended for Indonesian consumers, but also extends its operations for the users across the world. The platform is user-friendly and secure.

In addition, the exchange offers large number of cryptocurrencies aside from bitcoin and also supports fiat trading. Overall, the exchange is successful and provides both online and mobile applications. 

Recent Updates

  • On Oct 07, 2020, Indodax will support Mainnet Swap GARD.

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