Indodax is an Indonesian centralized cryptocurrency exchange (CEX). Formerly known as Bitcoin Indonesia, it’s considered one of the biggest bitcoin exchanges in the country. The Indodax crypto exchange offers spot, derivatives, and over-the-counter (OTC) trading.
Indodax is KYC-compliant and requires users to verify their identity before accessing financial services. It’s available in more than 80 countries. Services are restricted to citizens from several countries, including Belarus, Russia, and the USA.
Indodax is a regulated platform, meaning that it lists fewer digital assets compared to other exchanges. In total, there are more than 240 Indodax trading pairs and over 230 assets listed.
The Indodax spot market supports both crypto-crypto and crypto-fiat transactions. The Indonesian rupiah (IDR) is the main fiat currency on the platform. Additionally, stablecoins like Tether (USDT) are listed.
There are four main markets on the Indodax crypto exchange:
The derivatives market handles perpetual futures contracts. The listed Indonax trading pairs for futures traders are IDR- and USDT-margined. Customers can trade in the derivatives market with up to 3x leverage.
Users that need to handle larger trades can join the high-liquidity over-the-counter (OTC) trading service. The minimum Indodax volume required for OTC transactions is 1 billion IDR. Customers that require OTC services can receive a personalized quote based on their needs.
Indodax exchange fees are fixed at 0.51% for instant trading. Due to strict regulations in Indonesia, many of the listed assets cannot be bought or sold using USDT. Market makers are not charged a fee.
All crypto deposits on the exchange are free. Some assets, including Bitcoin (BTC), Cardano (ADA), and Ethereum (ETH), have a fixed Indodax crypto price that has to be paid for each withdrawal. Otherwise, the withdrawal fees are dynamic and depend on factors like market conditions and network congestion.
Users that wish to deposit Indonesian rupiah on the exchange may be subject to additional Indodax crypto fees. Deposits via bank branch offices incur a 1% fee. The maximum fee cannot exceed 1 million IDR. Digital wallet deposits may charge dynamic fees.
About the Company
The Indodax cryptocurrency exchange was co-founded as Bitcoin Indonesia by Oscar Darmawan and William Sutanto in February 2014. In 2018, the company rebranded to Indodax. The headquarters are located in Jakarta, Indonesia.
Although Indodax is one of the longest-running crypto exchanges in Indonesia, it did not receive regulatory licensing until 2020. The organization is officially licensed by Indonesia’s Commodity Futures Trading Regulatory Agency (BAPPEBTI).
In February 2022, following the Indodax crypto exchange’s 8th anniversary, it was reported that the platform has more than 5 million registered users. The average monthly Indodax trade volume exceeds 3 trillion Indonesian rupiahs.
Oscar Darmawan is the CEO of the Indodax cryptocurrency exchange. He’s an entrepreneur and an author focused on the history of Bitcoin. Before founding Indodax, Darmawan was the Managing Director of PT Bumi IntermediaPT, an IT consulting services company in Southeast Asia.
William Sutanto is the CTO of Indodax. He was formerly the director of Operations at one of the biggest business communities in Indonesia, PT. Adsindo Lingkar MediaPT. Alongside Darmawan, Sutanto worked at PT Bumi IntermediaPT as the Chief Financial and Technology Officer before founding the Indodax crypto exchange.