How to buy and sell Bitcoin in Indonesia?
As you may know, Bitcoin acceptance rates have increased every day. Even governments around the world have been forced to see the positive side of this technology that brings the world. Indonesia is one of those countries and is gradually adopting cryptocurrencies after years of taking a cynical approach to emerging technology. Before making any purchase, it’s essential to be sure if you want to sell and buy Bitcoin in Indonesia.
Indonesia gives the green light to cryptocurrency
Indonesia has joined the list of countries that recently showed interest in cryptocurrencies. The country’s Ministry of Futures Exchange Supervisory Board, Bappebti, recently signed an agreement to allow cryptocurrency to become a tradable product on the stock market.
Contrary to Bappebti’s position, Indonesia’s Central Bank was not optimistic about the mass adoption of Bitcoin and other cryptocurrencies. The central bank emphasized that it does not see cryptocurrencies as a means of exchange and that cryptocurrencies are not suitable to become payment instruments.
Although the Central Bank has been indifferent to technology, it is essential to note that the Bank of Indonesia has not issued a ban on cryptocurrency exchanges in the country, it only warns. Investors are not allowed to buy, sell, and trade tokens.
Currently, no laws are restricting or banning the possession and trading of cryptocurrencies in Indonesia, despite certain developments in recent years because the government does not support this position.
It seems that the Indonesian government’s overall attitude towards cryptocurrencies could be negative considering its recent payment ban expressed in cryptocurrencies. However, as an Indonesian trader, you are still allowed to have your cryptocurrency assets, buy, sell, and hold them.
Buy Bitcoin in Indonesia at Luno exchange
Luno is a viral exchange, operating in many countries. This platform has meager fees for traders and has a simple, intuitive user interface.
For transaction fees, Luno charges 0% to producers (liquidity providers) and 0.2% to recipients (liquidity takers). However, if you are an Indonesian trader, you will have no problem with fees based on trading volume as in some other countries. You must verify that it is required for Indonesian investor documents, including scanned ID and proof of address.
- It is one of the most trusted Bitcoin and Ethereum exchanges in Asia.
- Low withdrawal fees and free deposits.
- Depending on the level of verification, you may be able to make increasingly high transactions as needed.
- Low privacy and users should not store Bitcoin (BTC) in Luno wallets.
Buy Bitcoin at Coinmama exchange
Coinmama is a substantial Bitcoin broker, operating in most countries. This exchange specializes in debit and credit card transactions. If you plan to use either of these two methods to buy Bitcoin or other cryptocurrencies, this could be a great option.
Due to the nature of card transactions, they incur a slightly higher fee than bank transfer. The estimated transaction fee is 5.5% when using Coinmama. One important thing to note about Coinmama is that it does not store any user funds on the exchange. Users are required to have a valid Bitcoin/cryptocurrency wallet address to send money to. As long as you have a Bitcoin wallet and a card, Coinmama is a great option.
Coinmama also has a very respectable trading limit of $ 5,000 / EUR per day, up to a limit of $ 20,000 / EUR monthly.
Buy Bitcoin in Indonesia at Indodax exchange
Indodax (formerly Bitcoin.co.id) is arguably the largest cryptocurrency exchange in Indonesia, with more than 50,000 active users. You are allowed to buy cryptocurrencies with cash, bank transfer, e-wallets, and vouchers.
Indodax also offers a store for customers who buy Bitcoin. Indodax can reward market makers with rewards up to + 0.3% for fees. Indodax Support is available at all times, and bank deposits are processed quickly. Overall, Indodax is a stable exchange for users in Indonesia.
However, the exchange also has some disadvantages, such as:
- This broker does not include privacy; deposits require ID verification.
- Indodax is not user-friendly; the platform is primarily optimized for professional traders.
Buy Bitcoin through the P2P platform LocalBitcoins
LocalBitcoins is available and used worldwide and also in Indonesia. This is a peer to peer network that facilitates meetings with buyers and sellers alike. The payment method used in LocalBitcoins is mostly cash deposits, although Moneygram and Webmoney and bank transfer are viable options.
Although the platform is quite popular and used worldwide, Indonesian traders use LocalBitcoins very little. This is probably due to adverse developments targeting cryptocurrencies in Indonesia.
Because two-factor authentication, also known as 2FA, is the only security premise available, security may be a possible concern. IDR payments are allowed depending on the conditions set by the seller.
Verification works the same way and only depends on the requirements given by the seller.
LocalBitcoins fee is low, only 1%. However, some sellers may have a premium due to the new private P2P transaction price. LocalBitcoins are fast, private, and relatively easy to use.
Buy Bitcoin in Indonesia at Changelly
Changelly allows you to buy Bitcoin with Litecoin, Dogecoin, and many other digital tokens. Changelly works in almost every country, but you’ll need another cryptocurrency to buy Bitcoin. Exchanges happen practically immediately because Changelly never controls your tokens, only exchanges them.
This is considered the easiest and fastest way to buy Bitcoin with Altcoin. The transaction fee is quite reasonable for big traders. However, you need to use Altcoin or other digital tokens to use Changelly.
Buy Bitcoin at MyCelium Local Trader
A MyCelium is an excellent option for traders in urban and densely populated areas. This is because Mycelium works by finding the nearest local Bitcoin seller or investor and buying or selling from a currency of your choice. Mycelium does not charge any fees, and you can meet directly with your investors and make your trades.
The platform does not require any verification process and is relatively easy and cheap. Mycelium wallet provides a private key and is considered one of the safest places to store one’s Bitcoin. However, MyCelium is only available on mobile platforms.
In addition to the methods proposed in this guide, there are other forms of exchange available in Indonesia, such as Shapeshift and Quoine. However, you should be accurate and cautious in choosing your preferred digital currency exchange and try to keep an eye out for scams.
Headquartered in Jakarta, Huobi Indonesia is a digital asset exchange platform based on Huobi Cloud technology. It currently offers trading and investment of 100+ digital asset pairs, including fiat-crypto trading, crypto-crypto trading. It shares Huobi’s trading depth.
- Wide selection: Huobi offers a wide range of coins.
- Good liquidity: As a large and well-known exchange, Huobi has deeper liquidity than many other exchanges.
- Feature-filled: Huobi offers a range of features such as margin trading, fiat currency order books, and more.
- Loosely regulated: Trading on Huobi is mainly done at your own risk.
- Not ideal for beginners: The wide range of features and limited regulatory protections mean Huobi may not be a perfect choice for beginners.
Upbit is a cryptocurrency exchange based in South Korea that was launched in October 2017 with the help of Bittrex – one of their partners. An Upbit exchange review shows that they serve the crypto space via no less than 303 active markets and provide access to 180 cryptocurrencies and digital assets (crypto assets).
Their website is available in more than one language, including English. For example, a pop-up message makes it clear that Upbit can be used in English and allows for easy navigation to the English version of their website. An Upbit exchange review also reveals that they make use of a firewall system and monitor security 24/7 in real-time. While they seem to be on the ball in terms of customer service, this is, according to them, the result of years of experience in operating a stock trading system on a massive scale.
The exchange does not charge fees for deposits and offers a flat trading fee of 0.15%. This is lower than the global industry average of 0.25%, which could, in turn, enable higher liquidity due to the appeal of the low fees. Withdrawal fees average to around 0.0005 BTC, which is slightly below the industry average.
Buy Bitcoin in Indonesia at Bitcoin ATMs
Previously, there was only one Bitcoin ATM available in Indonesia, and you would find it in Bali. Indodax provides Bitcoin ATMs open in Bali, and when ATMs operate, you are allowed to make purchases without any identity verification; The purchase fee is higher when using ATM because you have to pay 3% more.
However, according to statistics site CoinRadar, it seems that there is no Bitcoin ATMs in Indonesia right now.