EN 
ID In line with the global surge in cryptocurrency investments, more and more people are actively engaging with Indonesian Crypto. But it's not just crypto enthusiasts keeping keen eyes on the market. Governments are also closely monitoring the subject.
To the Indonesian government's credit, the country has chosen to regulate the cryptocurrency landscape in Indonesia instead of imposing a ban on Bitcoin and other blockchain-based assets. Consequently, obtaining a license has become a prerequisite for crypto asset owners looking to participate in the local market.
To aid investors in navigating the evolving landscape, this article will introduce the top 5 legal crypto exchanges in Indonesia. Aside from fees and minimum deposits, we'll also discuss their unique selling points as well as the pros and cons.
Daftar Isi.
What Is a Crypto Exchange
A crypto exchange is a platform to sell, buy, trade, and convert cryptocurrencies (crypto currency). In the case of cryptocurrency exchanges in Indonesia, into and from traditional fiat currencies like the Indonesian Rupiah.
National regulators see Indonesian crypto exchanges as Prospective Crypto Asset Trader (Prospective Crypto Asset Trader). Legal crypto exchanges in Indonesia would carry this license currently issued by the Futures Trading Supervisory Agency aka CoFTRA (Commodity Futures Trading Regulatory Agency). Starting in 2024, FSA (Financial Services Authority) will manage the operational licensing for crypto exchanges in Indonesia.
Why You Should Use a Licensed Crypto Indonesia Exchange
It can be pretty tempting to use the crypto platforms that are popular worldwide regardless of their legal status in Indonesia. Unfortunately, even some of the world's best crypto platforms, such as Coinbase and Kraken, are not yet licensed to operate in Indonesia.
While, as of 2023, no legal violations are associated with using unlicensed crypto exchanges, you may gain extra benefits by choosing licensed Indonesian crypto exchanges. Here are some of them:
More secure transactions
Popular online crypto exchanges worldwide that do not carry a license to operate in Indonesia cannot be accessed from inside the country without a VPN. Unless you're using paid VPN services, there's always a risk of bad actors intercepting your connection to steal your private information, such as credit card numbers and crypto wallet addresses.
If you want to keep your transactions safe, it's better to opt for a legal crypto digital exchange platform.
Simplified fiat-to-crypto swaps
The problem with using unlicensed exchanges in Indonesia is that when you're trying to trade fiat money for crypto, the payment and withdrawal options are much more limited than the legal crypto exchanges.
An Indonesian citizen can only use another crypto coin, Visa/Mastercard debit, or credit card to conduct transactions. On the contrary, legal crypto exchanges such as Tokocrypto or Pintu offer more payment and withdrawal options using Indonesian Rupiah, including through e-wallets, virtual accounts, and bank transfers.
Top 5 Licensed Crypto Exchanges in Indonesia
Here are some of the most popular cryptocurrency exchanges in Indonesia that Bappebti licenses as Prospective Crypto Asset Trader, which allows them to operate in the country:
Tokocrypto: Indonesian Blockchain Ecosystem Pioneer
More than just a crypto exchange platform, Tokocrypto is also one of the first Indonesian companies to release its first token (TKO). The company has been operating since 2018 and is the first company licensed by Bappebti.
Aside from facilitating investors in Indonesia to trade, buy, and sell cryptocurrency, Tokocrypto also operates TokoMall, the first Indonesian NFT marketplace, and T-Launchpad, a platform for people based in Asia to launch and participate in initial DEX offerings.
According to several media reports, Binance acquired Tokocrypto in 2022 and operating it as one of its subsidiaries. Hence, you can use your Binance login credentials on Tokocrypto, which is available on Android, iOS, and the web.
✅ Pros:
- Easy integration with Binance, which is unavailable on other licensed platforms
- Low required minimum fiat money deposit (starting from IDR 50,000)
- Diverse trading features, including instant trade from IDR to popular assets and a trading bot.
- Offers crypto assets that aren't available on other platforms in this list (eg PSG and QUICK)
❌ Cons:
- Complex transaction and withdrawal fees on different membership tiers (non-VIP, and VIP 1 to VIP 9)
- Only accepts deposits via bank transfer to Bank Permata and no other banks
Pintu: Smart Investing, Deep Learning
Door (registered as PT. Pintu Kemana Saja) is a platform that enables users to trade, purchase, and invest in Bitcoin and other types of digital assets derived from blockchain technology. This Indonesian company has been around since 2020 and received its license from Band the Futures Trading Supervisor (Bappepti) the same year. Additional services include crypto staking (using its PTO token) and a lending program, which offers users more opportunities to earn interest from their assets.
One of the unique selling points of Pintu is its comprehensive Pintu Academy knowledge database, which is available in Indonesian and English. It allows beginner investors to learn more about their investments, including the underpinning technology behind some of the world's most popular digital assets.
Pintu is available on Google Playstore and App Store.
✅ Pros:
- Streamlined transaction fees, included in the final price
- No minimum nor maximum IDR deposit (Pintu only follows the regulations set by each payment method provider, such as DANA and BCA bank transfer)
- Diverse payment options are available for deposits, including e-wallets (OVO and DANA) and virtual accounts (Bank Mandiri, Bank Neo Commerce, etc).
- Very beginner-friendly, more straightforward processes than its competitors
❌ Cons:
- Fewer crypto assets are available for trading compared to Tokocrypto and Indodax.
Indodax: Among the First and Largest Crypto Exchanges
Indodax (registered as PT. Indodax Nasional Indonesia) launched in 2014, predating Ethereum's pilot release. It is one of the most well-known and largest crypto exchanges licensed by Futures Trading Regulatory Agency (Bappepti) in 2020.
Indodax boasts over 300 crypto asset options across categories such as USDT and IDRT markets, DeFi, Metaverse, and more. Like other platforms, it also offers OTC services for large transactions that exceed the maximum transaction limit. You can start investing here by registering on their app or signing up on their website.
✅ Pros:
- Provides the most varied payment options that you can use to deposit IDR to your account, including e-wallets such as GoPay and DANA, as well as over-the-counter payments through Indomaret and Alfamart
- Diverse crypto digital asset options available for trading
- No initial fees, and there are withdrawal options that do not incur any fees (withdrawal as phone credits)
❌ Cons:
- Limited features focus only on trading and staking
Luno: Local Access to the Global Cryptocurrency Marketplace
Looking for a global yet legal top crypto exchange as an alternative to Binance or Coinbase? You can consider Luno. Headquartered in the UK and operating in more than 40 countries, Luno has been licensed in Indonesia since 2020 and has a local office presence in Jakarta.
In Indonesia, Luno also offers a Luno Wallet to send and receive crypto assets without buying or selling anything on their exchange. Luno is also notable in the cryptocurrency market for its compliance-first approach; it performs due diligence on all assets offered on its platform, focusing more on the quality of the crypto assets rather than the quantity.
✅ Pros:
- Good security; unlike most web-based crypto platforms, more than 90% of Luno's users' data is in “deep freeze” storage or not on its cloud server
- Low minimum deposit, only IDR 50,000
- Provides a crypto knowledge database that users can leverage to understand their asset management better
❌ Cons:
- Highest transaction fees amongst other platforms on this list (at 1.10%)
- Buy and sell order limit is IDR 120,000,000 per transaction, the lowest of all the local platforms
- As of December 2023, only 25 popular crypto asset pairs are available (BTC/IDR, ADA/BTC, and ETH/USDT)
Triv: More Than Just Crypto
Triv is another crypto exchange since 2015. It received its license from Futures Trading Regulatory Agency (Bappepti) in 2020. While Triv is primarily a platform for users to purchase and sell crypto assets, including Bitcoin, the company also provides access to the US stock market.
Other crypto-adjacent services that Triv offers include crypto staking. You can start being an investor on Triv by logging into their web, iOS, or Android app.
✅ Pros:
- Allows asset diversification by investing in US stocks and PayPal
- One of the few local crypto exchanges whose funds are insured by Bitgo
- Offers 200 crypto pairs, including BLZ/BTC and ELF/ETH
❌ Cons:
- Steep learning curve – UI/UX isn't the easiest to navigate for beginners
- Highest minimum deposit at IDR 100,000
Conclusion
So, which crypto exchange platform should you choose? Depending on your different needs and circumstances, here are our recommendations:
- For beginners: Door, Luno
- For experienced investors: Indodax, Tokocrypto, and Triv
Cryptocurrency FAQ in Indonesia
Are cryptocurrencies legal in Indonesia?
Yes, but cryptocurrencies are legally categorized as investment products. This means that you're not allowed to purchase goods and services in Indonesia using digital currencies (digital money) such as crypto.
It's illegal to use any other currencies except the Indonesian Rupiah, including fiat money such as USD and EUR, for local transactions.
Is crypto trading legal in Indonesia?
Yes, since 2018. You can trade crypto using the platforms that we've mentioned above, or others that also carry the Prospective Crypto Asset Trader license issued by Bappebti.
Are cryptocurrencies considered investments?
Yes, in Indonesia and worldwide, an investor can buy and keep cryptocurrencies as digital assets.
What's the most popular cryptocurrency?
The two most popular cryptocurrencies (crypto currency) are Bitcoin and Ethereum. Check out websites such as CoinMarketCap to see what's the most popular crypto asset at any given time.
Can a non-Indonesian citizen use Indonesian crypto exchanges?
Yes. You can use your passport to register in any of the Indonesian-based crypto exchanges.
