From Rupiah to Bitcoin: A Guide to the Top 6 Crypto Wallets in Indonesia

Having a crypto wallet is a step that every crypto investor should take before purchasing their first crypto asset. But what to choose a good one? While the answer to that depends on how you’re planning to use your crypto assets, you should probably know what your options are.

This article aims to help you do just that. We’re going to dive into some of the most popular crypto wallets in Indonesia. But, before we head in that direction, let’s start by laying out some of the important terms that you need to know about crypto wallets.

What Is a Crypto Wallet

desktop wallet bitcoin ethereum

Much like the physical one, a crypto wallet (dompet kripto) is a place where you can store all your cryptocurrency. The best analogy for a crypto wallet is a bank account in the fiat banking system, since much like a bank account, it allows you to do the following with crypto: store, send, and receive.

A crypto wallet consists of two essential elements: private and public keys. A public key, also known as a wallet address, is a set of randomly generated alphanumeric characters. Each cryptocurrency, such as Bitcoin and Ethereum, has a different public key from one another. You provide public keys when you want to receive crypto from another user.

Private keys, as the name implies, are not meant to be shared by another individual. This information is for your eyes only and is meant to keep your account safe, as it functions as a way to authorize transactions, including sending crypto.

Types of Crypto Wallets

Recovery untuk Dompet Digital

In general, most people classify crypto wallets into two types: hot and cold. Here’s the difference between the two:

  1. Hot wallet: These are wallets that are always online and constantly connected to the internet. They usually involve some form of 2FA. Some examples of these wallets are Chrome extension wallets and desktop-based applications.
  2. Cold wallet: Wallets of this type do not have the capability to connect to the internet. Paper wallets and hardware wallets such as USB drives are some examples of cold wallets.

The Six Most Popular Crypto Wallets in Indonesia

In Indonesia, most people still use hot wallets over the cold ones, as many of Indonesia’s most popular crypto wallets are attached to a crypto exchange platform. However, there are some hard wallets that are favored by those who prefer to keep their crypto assets in a more secure location.

Here’s the breakdown of the six most used crypto wallets in Indonesia, including their pros and cons:

Indodax Wallet (Dompet Indodax)

Dompet Indodax untuk Bitcoin dan Aset Lainnya

Type: Hot wallet, accessible via web, Android, and iOS.

As Indodax is one of the top crypto trading platforms in Indonesia, many people use its built-in online wallet to store cryptocurrencies that they purchase from the site. Since Indodax supports quite a sizeable number of crypto assets from Bitcoin to NFT, it makes sense that users choose to keep their digital assets on Indodax instead of moving them to a separate wallet.

Pros:

  • One-in-all platform, so you can buy, store, and sell Bitcoin and more of your crypto assets easily
  • No extra fees, Indodax comes included with a free account

❌ Cons:

  • Web-accessible hot wallet, making it one of the riskiest types
  • Only supports blockchain assets that are included in Bappepti’s list

TrustWallet

Dompet TrustWallet versi Desktop

Type: Hot wallet, available as a web browser extension (Chrome, Edge, Opera, and Brave) and mobile app (Android, iOS)

TrustWallet is a U.S.-based hot wallet that allows you to manage millions of cryptocurrency assets, from Bitcoin to NFTs, across 70 different types of blockchain. It is a Binance subsidiary, and is often dubbed “the official decentralized wallet of Binance”. Despite its name, TrustWallet also offers more than just a crypto wallet service; it also functions as an all-in-one gateway to access crypto trading platforms and NFT marketplaces. It also provides an in-wallet staking service for more than 23 coins.

Pros:

  • Free self-custody wallet that doesn’t charge fees for depositing funds
  • Supports a wide variety of crypto assets, including those not available on local platforms

❌ Cons:

  • May not be the best if you’re looking for a simple crypto wallet product for Bitcoin investment, as it has too many extra features

Metamask

Metamask Termasuk Daftar Wallet Terbaik

Type: Hot wallet, available on Chrome extension and mobile apps (Android and iOS)

Metamask is a U.S.-based independent self-custodial hot wallet platform. It is one of the world’s most popular hot wallets with more than 20 million downloads as of August 2023. By design, this platform is first and foremost a wallet designed to accept Ethereum (ETH) and any ETH-based token (ERC-20, ERC-721, and more). For tokens using other blockchain networks, it’s possible to use Metamask to store them but you’ll have to add it manually. One of Metamask’s selling points is its ability to operate DApps through your web browser without expending resources to host an Ethereum node on your computer.

Pros:

  • Open-source design and code are constantly reviewed for vulnerabilities, making it a stronger hot wallet than most
  • Can be used in tandem with various types of hardware wallets. Currently supports integration only with extension (Trezor, Ledger, Lattice, and AirGap Vault) and both mobile application and extension (Keystone)

❌ Cons:

  • Natively only supports ETH tokens; requires some technical skills if you want to add tokens from other networks, including Bitcoin and BNB-based ones.

Ledger

Platform untuk Investasi Bitcoin dan Sebagainya

Type: Cold wallet, available in USB drive and touchscreen device

Ledger is a brand of hardware wallet from France that is widely considered to be one of the best in its category. In Indonesia, this platform can be bought at popular online marketplaces such as Tokopedia and Shopee, with the Nano X series being its best-selling product. It is also one of its main product offerings in 2023 and boasts features such as Bluetooth data transfer and BOLOS OS. More products currently offered by the platform include Ledger Stax and Ledger Nano S Plus.

Pros:

  • Best-in-class products, with detailed security specifications and support
  • Optional digital hot wallet and trading platform access comes included without additional fee

❌ Cons:

  • Expensive; Nano X series starting price is IDR 2,621,000 on its official site (as of Dec 21st, 2023)

Trezor

Type: Cold wallet, available in the form of USB drives and a touchscreen device

Trezor is a the world’s first hardware wallet company that operates as part of SatoshiLabs Group. It’s current product line-up consists of the following: Trezor Safe 3, Trezor Model T, and Trezor Model One. Of the three, the most popular product in Indonesian online marketplaces is the Model One series. It is first released in 2014, and supports more than 8,000+ crypto assets, including Bitcoin and Ethereum.

Pros:

  • Provides one of the most affordable hardware wallets, at less than IDR 1,000,000, without compromising on quality.
  • Also provides a hot wallet called Trezor Suite, available on desktop, mobile, and web app

❌ Cons:

  • Does not support withdrawal option natively (must deposit crypto asset to exchange first)

Tokocrypto

Dompet Digital untuk Investasi Bitcoin dan Sebagainya

Type: Hot wallet, accessible via web, Android, and iOS

The great part about the Tokocrypto platform is that you can use Binance login credentials to access the website, which means that if you already have a Binance wallet, you can transfer your assets to Tokocrypto without paying any transaction fees. If you already have Binance as one of your primary wallets, connecting it to Tokocrypto makes the most sense if you’re based in Indonesia, since Binance is blocked in Indonesia.

Pros:

  • It is free as a complimentary product when you open an account at Tokocrypto to start trading
  • Can easily be connected to Binance

❌ Cons:

  • Tiered KYC processes (Level 1-3) that are quite complex, with the highest level requiring private information including your bank statement; access to Tokocrypto services, including their wallet service, will be limited based on your KYC level

FAQ Best Cryptocurrency Wallet in Indonesia

Dompet Digital Terbaik untuk Aset Kripto

How do you make a Bitcoin wallet?

Making a Bitcoin wallet can be as simple as writing down your private key and wallet address on a piece of paper, or as complicated as designing your own USB drive. It all depends on your level of comfort with blockchain technology.

Are hot wallets safe?

It depends. Before saving crypto assets such as Bitcoin and Ethereum long-term, it’s better to check that your hot wallets follow certain security standards for crypto wallets, such as SOC 2.

Are e-wallets the same as crypto wallets?

In Indonesia, no. E-wallets refer to digital payment methods such as GoPay, OVO, ShopeePay, DANA, and more, which carry Indonesian Rupiah balances. Crypto wallets store digital crypto assets, such as Bitcoin and Ethereum.

What is a hard wallet for crypto?

Hard wallet is sometimes used to refer to hardware wallets.

Why do you need a crypto wallet, anyway?

If you keep all your crypto assets in a crypto exchange, you may have trouble withdrawing them (or even lose them) if a crypto exchange faces liquidity issues in the future, which has happened to several global crypto platforms, with the most recent case being FTX.

Can you exchange Bitcoin into Rupiah?

Yes, you can. Some wallets natively support withdrawal to Indonesian Rupiah, while others might require you to deposit your Bitcoin to a crypto exchange.

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