Crypto Market in Indonesia: Everything You Need to Know

Recently, the crypto market is showing significant growth in Indonesia. That is why Bappebti targets crypto transactions throughout 2024 to experience growth of up to Rp. 859.4 trillion. In fact, as of January 2024 alone, there are 32 official crypto exchanges ready to accommodate these transactions.

At first, experts did not expect that Indonesia would become one of the countries holding the most crypto assets in the world. However, now the crypto market in Indonesia has proven that Indonesia can be a country that can influence the volatility of crypto currencies in the world.

In this article we will provide a comprehensive analysis of the crypto market, crypto exchange applications, and various types of safe wallets for investors in Indonesia. Let's keep reading!

Crypto Market in Indonesia

The crypto market in Indonesia is one of the most dynamic crypto markets in the world. This is because public interest in crypto assets continues to increase. 

Apart from that, the development of the cryptocurrency ecosystem is also quite supportive of the crypto market situation in Indonesia. One of the key aspects that supports the cryptocurrency ecosystem in Indonesia is the presence of the crypto exchange application which has various supporting features for traders.

Best Crypto Exchange Application in Indonesia

The following is a brief review of several applications crypto exchanges the best in Indonesia.

1. Door. Founded in 2019, Pintu was developed by PT Pintu Kemana Saja. This application aims to help the younger generation and new investors to invest easily in the Indonesian crypto market, by utilizing the various crypto assets available. This goal can be seen from the user-friendly features. This application also has a referral program to invite young people to invest in crypto assets.
2. Binance. Even though it doesn't come from Indonesia, it does Binance is one of the crypto exchange applications that is widely used by investors in Indonesia. Like other applications, this application offers various features such as spot trading, futures trading, staking, and others.
3. eToro. eToro also does not originate from Indonesia. This application was released by a company from Israel. Before there were many calls to leave this application, traders in Indonesia benefited quite a lot from eToro's social trading features which can enable users to imitate the successful methods of other traders in the world.
4. KuCoin. KuCoin is a global exchange application originating from Singapore. This application offers a variety of crypto assets for trading. This application has high security features and various other important features such as spot trading, futures trading, and staking.
5. Bybit. Even though it has a name that is quite familiar to Indonesians, the Bybit application comes from Singapore. Bybit is a well-known crypto futures trading platform with a focus on trading derivatives such as futures and options. This application offers various advanced features for experienced traders. Users should not be fooled by the one letter difference in the name of this application.
6. Triv. Triv is a local Indonesian crypto exchange application that offers a variety of cryptocurrencies for trading. This application was developed by PT. Three Main Cores. Apart from crypto assets, this application also offers various other products such as shares, forex and other financial services. This application is one of the official Paypal balance exchange service solutions in Indonesia.

Comparison of Crypto Exchange Applications in Indonesia

Let's compare some platforms best crypto exchange in the Indonesian crypto market:

Binance vs eToro

1. Business Model
   • Binance is a leading crypto exchange platform that offers a variety of services including spot trading, futures trading, staking, and more. This application also has its own crypto coin, namely Binance Coin (BNB).
   • eToro is a social investment platform that focuses more on trading traditional assets such as stocks, ETFs and commodities. This app also offers crypto trading, but is more prominent in its social trading features such as copy trading and integrated news feeds.
2. Asset Collection
   • Binance offers over 1000 diverse altcoin pairs.
   • eToro offers less variety of cryptos. Usually eToro focuses more on large crypto assets such as Bitcoin, Ethereum, and several others.
3. Security
   • Binance was once a target for cybercrime and has now been improving its security features regularly. The app offers security options such as two-factor authentication (2FA) and withdrawals that require email confirmation.
   • eToro. eToro also prioritizes security and provides two-factor authentication and data encryption features.
4. Cost
   • Trading fees on Binance vary depending on the type of trade you make and the trading volume. However, the costs are generally lower than other applications.
   • eToro tends to have higher fees, especially in terms of spreads (the difference between the buy and sell price) and withdrawal fees.

KuCoin vs Bybit

1. Platform Type
   • KuCoin. KuCoin is a crypto exchange platform that offers spot trading and various additional services such as staking and futures trading.
   • Bybit. Bybit is a crypto derivatives trading platform best known for its focus on Bitcoin and Ethereum futures trading.
2. The main function
   • KuCoin. KuCoin offers various cryptocurrency pairs, staking services, referral programs, and more.
   • Bybit. Bybit primarily focuses on leveraged crypto futures trading, providing features such as perpetual swap trading and advanced risk management features.
3. Security
   • KuCoin. Like Binance, KuCoin has also experienced security attacks and now developers continue to improve its security features. This application offers security features such as 2FA and an intrusion detection system.
   • Bybit. Bybit also prioritizes security and provides advanced security systems such as cold wallets for users' crypto assets and intrusion detection systems.
4. Cost
   • KuCoin. Trading fees on KuCoin vary depending on the currency pair as well as the user's trading volume. The app also offers a loyalty program that allows users to get discounts on their trading fees.
   • Bybit. Trading fees on Bybit also vary depending on the type of trade and volume. This application offers relatively lower fees than various other crypto derivative platforms.

Crypto Wallet

One of the most important things you need to do after owning crypto assets is to decide best wallet what will you use. Currently there are two types of wallets, namely cold wallets and hot wallets.

Cold Wallets vs Hot Wallets

• Cold Wallet is a type of wallet that is not directly connected to the internet. By using this wallet, your crypto assets will be stored offline. Storing crypto assets offline makes them more difficult for unauthorized parties to access.
• Hot Wallet is a wallet that is connected online. By using this wallet, you can quickly access your crypto assets anytime, anywhere while connected to the internet.

Differences between Cold Wallets vs Hot Wallets

Although the two types of wallets are clearly different from each other, there are significant differences between them.

1. Internet connection
   • Cold Wallet works offline
   • Hot Wallet is connected online.
2. Security
   • Cold Wallets are generally safer than Hot Wallets because they are not connected to the internet.
3. Accessibility
   • Hot Wallet offers the advantage of higher accessibility because you can access it from anywhere as long as there is an internet connection.
   • Cold Wallets may require a more complicated process to access crypto assets, especially if you store the hardware in a safe place.

Best Cold Wallet in Indonesia

In the Indonesian crypto market, there are several choices best cold wallet in terms of security, reputation, and other additional features. Among them:

1. Ledger Nano S
2. Trezor
3. KeepKey

Each of these wallets has its own advantages and disadvantages, such as a high level of security and support for various crypto assets. You can buy it online through various marketplaces available on the market.

The best Hot Wallet in Indonesia

For traders who prefer easy accessibility and flexibility, hot wallets are also a reliable choice. Following best hot wallet in Indonesia:

1. MetaMask
2. Exodus
3. Trust Wallet

The above Hot Wallets offer a user-friendly UI, the ability to access crypto assets from various devices, and additional security features such as two-factor authentication.

The Best Wallet Choice for the Crypto Market in Indonesia

When managing crypto assets, it is important to choose a wallet that suits your needs and preferences. In Indonesia, several crypto wallets have become investors' favorites because of the security, ease of use, and features they offer. Here are some of the best wallet options that you can consider:

1. Trust Wallet. Trust Wallet is a crypto wallet based on Binance and has gained great popularity among crypto users in Indonesia. Known for its user-friendly interface as well as a good security system, Trust Wallet offers the ability to store a wide variety of crypto assets such as assets Optimism that you have. Apart from that, Trust Wallet also provides a staking feature for several cryptocurrencies so that investors can get returns from their crypto assets.
2. Ledger Nano X/S. Ledger Nano X/S is a cold wallet that is famous for its very strong security system. By storing private keys on hardware that is not connected to the internet, Ledger Nano X/S can provide high protection against cyber attacks and crypto asset theft. This wallet is also suitable for storing Bitcoin ETF (BTCETF) assets safely.
3. MetaMask. MetaMask is a browser-based crypto wallet that is popular among Ethereum users. With MetaMask, users can easily access decentralized applications and services (dApps) directly from their respective browsers. This wallet is a great choice for those of you who want to access the fast-growing DeFi (decentralized finance) ecosystem, as well as ERC-20 tokens and NFTs.
4. MyEtherWallet (MEW). MyEtherWallet (MEW) is a web-based crypto wallet that is still a favorite among Ethereum users. MEW provides an easy-to-use UI for managing Ethereum assets and ERC-20 tokens. With a focus on ease of use and security, MEW is a popular choice for users in Indonesia who want to manage their Ethereum portfolio securely.

Crypto Investment and Trading

The Best Trading Application in Indonesia

In the Indonesian crypto market, there are several best crypto trading app that you can try. Here are some crypto trading applications that are usually recommended:

Indodax

Indodax is a pillar in the Indonesian crypto industry since its founding on February 15 2014 by PT Indodax Nasional Indonesia. With years of experience, Indodax offers various services, including spot trading, futures trading, and crypto mutual fund investment programs.

With an unmatched commitment to user security and safety, Indodax continues to be the top choice for crypto investors in Indonesia. Apart from that, Indodax always provides the latest innovations that continue to develop.

Tokocrypto

Tokocrypto, founded in 2017 by PT. Blessing Digital Assets has emerged as one of the leading crypto trading platforms in Indonesia. This application offers various kinds of crypto assets that can be traded.

Several interesting features, such as spot trading, staking and lending, show its commitment to providing a variety of services that meet the needs of crypto users in Indonesia. With a focus on ease of use and a wide selection of crypto assets, Tokocrypto continues to develop as the main destination for crypto investors and traders in Indonesia.

Binance

Although Binance is a global crypto trading application, it also has a large user base in Indonesia. Binance offers a variety of crypto trading pairs as well as a variety of services including spot trading, futures trading, staking and more.

Known for its high liquidity and wide range of features on offer, Binance is the top choice for many crypto users in Indonesia who are looking for easy access and a variety of trading options.

Luno

Even though it was founded in 2013, Luno is not an original application from Indonesia. This application comes from Singapore which previously had the trade name BitX. Luno is a crypto exchange platform that provides services in various countries including Indonesia. This application offers spot trading and crypto wallet services with a user-friendly UI.

Zipmex

Zipmex is a crypto trading platform that is growing rapidly in Southeast Asia, including Indonesia. The app offers a variety of crypto asset pairs and various services such as spot trading, staking, and loyalty programs. Zipmex is known for its focus on security and the wide range of features it offers to users.

Conclusion

The Crypto market in Indonesia continues to grow and offers various opportunities for investors and traders. With various crypto shop leading, secure crypto wallets and innovative trading applications, the crypto market is becoming increasingly attractive to the public. The future prospects for the crypto market in Indonesia also look bright, with the potential for continued development. Therefore, we invite readers to continue to explore further the opportunities of the Indonesian crypto market and continue to follow developments in this industry.

Still hesitant about investing in the Indonesian Crypto Market?

Hesitation shows that you are starting to understand the world of crypto. No need to rush. As a beginner, you also need to learn a lot about the ins and outs of crypto. There are many sources of information that you can read on our site. Learn a lot, don't fail on your first portfolio!

FAQs

Why is the crypto market in Indonesia growing?

The growth of the crypto market in Indonesia is reflected in the increase in the number of investors and the ecosystem that supports it, such as crypto exchange applications and blockchain startups.

What makes Indonesia one of the countries holding the most crypto assets in the world?

Indonesian people's interest in crypto assets continues to increase. Apart from that, the development of the cryptocurrency ecosystem, including the presence of crypto exchange applications, also supports the growth of the crypto market in Indonesia.

What is the best crypto exchange application in Indonesia?

Some of the best crypto exchange applications in Indonesia include Pintu, Indodax, Tokocrypto, and Triv.

What is the difference between Binance and eToro?

Binance is a leading crypto exchange platform that offers a variety of crypto trading services, while eToro focuses more on trading traditional assets such as stocks and ETFs although it also offers crypto trading.

What are cold wallets vs hot wallets?

Cold wallets are a type of crypto wallet that is stored offline, while hot wallets are connected online.

What is the most recommended crypto wallet for traders in Indonesia?

For traders in Indonesia, some of the most recommended wallets are Trust Wallet, Ledger Nano X/S, MetaMask, and MyEtherWallet.