Guide on How to Deposit on Binance, Indodax, and 3 Other Popular Crypto Applications in Indonesia

If you want to start investing in cryptocurrency, you must first make a deposit or top-up to a crypto platform, using either fiat currency such as IDR or USD, or cryptocurrency such as SOL or ETH.

In this article, we will fully examine the methods and minimum deposits in five popular crypto applications in Indonesia, including Binance.

What currency can be used for deposits?

Here are two types of currency that you can use to deposit into crypto applications.

Fiat Currency

Fiat currency is any type of currency issued by central banks in various countries. In Indonesia, the applicable fiat currency is the Indonesian Rupiah (IDR or Rp.) which is printed by Bank Indonesia through a BUMN called Peruri. Meanwhile in the United States, the applicable fiat currency is the United States Dollar (USD or $) which is issued by Federal Reserve Systems.

Deposits using Indonesian Rupiah to sites or applications that sell crypto assets are generally made via bank transfer method, except for platforms that accept payments cash via Indomaret and Alfamart.

Crypto Currency

Cryptocurrency is a decentralized digital currency created using blockchain technology. Cryptocurrencies are not printed by specific state institutions, but are issued through a process crypto mining.

If you already have cryptocurrencies that are widely circulating on the market (for example Bitcoin or Ether), you can use them to buy other crypto assets such as cryptocurrencies or NFTs.

Binance deposit via Tokocrypto

One of the easiest crypto investments and transactions is to use the Tokocrypto application. This method is quite popular in Indonesia because it provides several benefits, namely:

1. Access to Tokocrypto: By logging into your Binance account, you can carry out crypto buying and selling transactions on Tokocrypto without creating a separate account.
2. No need to use VPN: Tokocrypto has obtained permission from the government, so
3. No debit/credit card required: Tokocrypto supports payments by other methods including e-wallet (GoPay, ShopeePay, and DANA) and bank transfer (via Bank Permata).

How to Deposit Binance on Tokocrypto

The process is quite easy and practical to do, even by beginners. Here are the steps you will go through if you want to do it deposit through Tokocrypto:

1. Log in to your Tokocrypto account.
2. On the top right side of your account page, click Wallet.
3. Select Deposit.
4. Choose Crypto or Fiat. The minimum deposit required is IDR 50,000.00.
   • For the Crypto option, select the coin to use and the network. Then send your crypto coins to the wallet address provided.
   • For the Fiat option, select from the available payment methods (as mentioned above) then transfer funds to the virtual account provided.
5. If your deposit is successful, Tokocrypto will send a confirmation notification.

Binance Deposit Fees at Tokocrypto

Please note that there are transaction fees charged based on the payment method chosen, with details as follows:

• Fiat:
  • E-wallet: 2% of total funds sent
  • Transfer from Bank Permata: Free
  • Transfer from non-Permata Bank: Based on your bank's policy
• Crypto: Determined by each network. You can check the latest Tokocrypto policy at following page.

How to Deposit via Indodax

Indodax is one of them crypto exchange the largest from Indonesia. Topping up funds to Indodax is slightly different from depositing on Binance because Indodax has a wider choice of fiat currency deposit methods than Binance and Tokocrypto.

There are two types of fund deposits that you can choose as an Indodax user:

• Open deposits: Using a static virtual account that can be used many times, specifically for bank transfers (both domestic and international)
• Closed deposits: Using changing payment codes, specifically for e-wallet and payments via retail outlets (Indomaret and Alfamart)

Even though there are two types of deposit methods, generally the Indodax deposit method will go through the following stages:

1. Log in to your Indodax account.
2. Select “Wallet”, then select the currency you want to deposit in. The minimum Indodax deposit is IDR 10,000.00, except for money transfers from abroad where the minimum is IDR 1,000,000.00.
   • For fiat, select IDR. Then choose a deposit method and continue the process.
   • For crypto, select from the list of coins provided.
3. You can check payment status periodically.

Indodax Deposit Fees

Similar to Tokocrypto, crypto deposit fees to the Indodax wallet are determined by each network used to send coins. As for rupiah deposit fees, the details are as follows:

• BCA Direct, overseas transfer (Sinarmas): Free
• Bank transfer, virtual account: IDR 2,000.00 for deposits < IDR 500,000.00, free from IDR 500,000.00 and above
• OVO E-wallet: 1,67% of total deposit
• QRIS: 0.70% of total deposits
• GoPay E-wallet: 2% of total deposit

How to Deposit to the Door

The door is a platform crypto exchange which also offers interest on crypto storage as well staking with the token Pintu Token (PTU). The door accepts deposits with crypto coins and rupiah funds. Make sure you have verified your account before starting to try to make a deposit.

For rupiah funds, Pintu supports payments using the following methods:

• Virtual accounts: Bank Mandiri, Bank Permata, and Bank Neo Commerce
• E-wallets: OVO, JeniusPay, GoPay, DANA, ShopeePay, and LinkAja

Pintu does not require a minimum deposit of a certain number, but uses a minimum transfer value set by each payment method above. Here are the steps for depositing rupiah to the door:

1. Login to your Pintu account.
2. Go to Home page.
3. Click 'Deposit'.
4. Select your preferred payment method.
5. If the funds transfer is successful, a notification will appear in your Pintu application.

Door Deposit Fee

Pintu does not charge a deposit fee for the bank transfer method, however for payments using e-wallet, there are transaction fees charged to users:

• GoPay: 2% of total funds
• OVO: 1,65% of total funds
• FUNDS: 1,65% of total funds
• ShopeePay: 1.5% of total funds

How to Deposit to Nanovest

Making a deposit to Nanovest is not completely the same as depositing on Binance. The Nanovest type of platform not only sells crypto assets, but also other assets such as gold and shares from the United States.

However, the choice of deposit methods at Nanovest also includes the use of crypto and fiat, with the following details:

• Crypto: Only IDDR via BEP20
• Fiat: Virtual account (Bank Sinarmas, BCA, Bank Mandiri, BRI, BNI, Bank Permata, Bank Neo Commerce), e-wallet (OVO, DANA, Shopeepay, GoPay), and gift cards (Lazada, Blibli)

Similar to Pintu, Nanovest does not have a minimum deposit limit and uses the minimum transfer for each payment method as a reference.

Here are the initial steps you need to take to make a deposit:

1. Open the Nanovest application, then log in.
2. Click on the 'Wallet' option on Home.
3. Click 'Top Up'.
4. Select the deposit method you want.
5. Follow the deposit instructions provided on the next page.

Nanovest Deposit Fees

There are no deposit fees charged when you transfer crypto assets that you already own to the Nanovest wallet. However, for rupiah deposits there are fees that apply, namely:

• Bank transfer, virtual account: According to each bank's policy, it can be free or paid at 2,000-6,500.
• Debit card: 2,65% of total deposit + IDR 2,000.00
• E-wallet: 2% of the amount you top-up

How to Deposit to Pluang

Similar to Nanovest, Pluang is also an application that offers various types of investment assets, including crypto. However, the assets offered by Pluang are more varied because they also include Indonesian mutual funds.

Pluang accepts deposits using fiat and crypto, as long as you have completed the verification process (KYC). The details of accepted payment methods are as follows:

• Fiat: Virtual account (Bank Mandiri, BNI, BRI, Bank Permata, and BCA) and e-wallet (DANA, ShopeePay, GoPay, and LinkAja). Deposits to wallets with USD are available exclusively for Pluang Plus members.
• Crypto: All supported coins, below the list.

The following is the deposit process to the Pluang wallet:

1. Login to Pluang.
2. Select the 'Balance' menu on your Home page.
3. Select 'Top Up' in the 'IDR Balance' menu or the crypto coin balance of your choice.
4. Determine your preferred payment method and enter the desired amount. For bank transfers via virtual account, the minimum deposit is IDR 10,000.00.
5. Information regarding your payment status will appear via notification in your application.

Pluang Deposit Fee

Pluang does not charge fees for crypto deposits into users' Pluang wallets, and uniquely, for fiat money top-ups, almost the majority of payment options do not incur any deposit or administration fees, both e-wallet and virtual accounts. The top-up method that has a deposit fee is a transfer to BRI and Pluang users are charged IDR 3,000.00 every time they make a deposit.

Currency Deposit FAQs to Crypto Apps

Can Binance be cashed out?

To make it easier, you can cash out all types of cryptocurrencies that you buy on Binance via Tokocrypto.

Is Binance blocked in Indonesia?

Yes, Binance is blocked in Indonesia because it doesn't have permission from CoFTRA. However, Tokocrypto is a subsidiary of Binance, so you can log into your Binance account via Tokocrypto.

Can Indodax be a wallet?

Can. Indodax, Pintu, and applications crypto exchange others can function as hot wallets.

is hot wallets safe?

Hot wallets generally safe as long as your chosen crypto application has the required security certification. Although there are still risks in transactions via the internet like other financial transactions, crypto wallets have lower risks because of their security design. If you need extra security, use a more secure type of crypto wallet, such as cold wallets, which is not connected to the internet at all.

Can I use cash to deposit to Binance?

No, currently various platforms do not support payments cash for Binance.