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Hello, friends from Indonesia.
You’re here to learn how to purchase Bitcoin in Indonesia.
We’re here to help.
While the country has had a mixed regulatory stance to Bitcoin and other cryptocurrencies in the country, they’ve made it widely available through several methods.
Back in 2017, the Indonesian government banned Bitcoin as a means of payment.
This being said, Indonesia’s Commodity Futures Trading Regulatory Agency, also known as Bappeti, recognized Bitcoin as a trading commodity in early 2019.
Overall, Bitcoin is still completely legal in the country, and available on local Indonesian exchanges as well as some other global options.
The Bitpremier team has done research on the best Indonesian exchanges, and the top five are:
If you’d like to keep learning about these exchanges, as well as view buying tutorials for each mentioned exchange, keep reading!
Luno is one of the most popular Bitcoin and cryptocurrency exchanges, and for good reason. It allows for the buying and selling of Bitcoin and Ethereum against several fiat currencies. Luno's fees are extremely low compared to the competition, with a 0%-1% trading fee that scales based on trading volume.
Overall, Luno is a reliable option for anyone trying to purchase cryptocurrency. Their user interface isn't as intuitive as some of the other options, but once you learn how to use it, it might just be the best option on this list.Visit Luno Read Review
Coinmama is another beginner-friendly cryptocurrency brokerage that focuses on credit and debit card purchases. They offer instant delivery and sell Bitcoin, Ethereum, Ripple, Litecoin, and more to 46 US States, and most countries.
Coinmama doesn’t provide its users with a wallet on the exchange. Instead, users are asked to provide a wallet address to send the purchased cryptocurrency to. As long as you have your own wallet, this shouldn’t be an issue!
Coinmama charges a fee of around 5% for credit and debit purchases with instant delivery and high purchasing limits of a max of $5,000 daily and $20,000 monthly.
Click here to see a step by step guide on how to purchase Bitcoin on Coinmama.Visit Coinmama Read Review
Kraken is another popular exchange based in the United States that's been around since 2011. When it comes to currencies, Kraken supports dozens of cryptocurrencies and fiat currencies such as USD, GBP, and EUR.
Fees on the exchange can range from 0%-.26% depending on the type of order and your trading volume. For funding options, Kraken offers deposits in USD (FedWire), EUR (SEPA), and CAD(Wire & EFT).Visit Kraken Read Review
Indodax (formerly Bitcoin.co.id) is arguably the largest cryptocurrency exchange in Indonesia, boasting more than 50000 active users. You are allowed to buy cryptos by cash, bank transfers, e-wallets, and vouchers.
Indodax also offers a physical store for customers who purchase bitcoins. Indodax can award market makers with a bonus of up to +0.3% on fees. Indodax Support is readily available at all times and bank deposits are processed swiftly.
Overall Indodax is a great exchange for users in Indonesia. Some downsides of the exchange include:
As of this time, there is only one Bitcoin ATM available in Indonesia, and you would find it in Bali. CoinRadar is a site that lists ATMs around the world, so double check there to see if anything has changed.
This might be a quick and easy alternative for investors staying in Bali.
The Bitcoin ATM available in Bali is provided by Indodax, and as the ATM works, you are allowed to make purchases without any identity verifications.
However, the purchase fees are higher when using an ATM as you are required to pay an extra 3 percent.
Like most places in the world, yes. We’re unable to find the exact information about the tax law in Indonesia, but it is subject to the same taxation as commodities. We recommend speaking with a tax professional specific to your situation.
For more info on software that helps with cryptocurrency tax, check out our list of the best cryptocurrency tax software options.
Before making any purchase, it’s important to bee sure if buying and selling of cryptocurrencies are legal in your country.
As it stands now, there is no law restricting or banning the ownership and trade of cryptocurrencies in Indonesia, although there have been certain developments in recent years by the government which hasn’t been as supportive of a stance.
It also looks like the overall attitude of the Indonesian government towards cryptocurrencies might be negative considering their recent ban on payments expressed in cryptocurrencies. However as an Indonesian trader, you are still very much permitted to have your own crypto assets; buy, sell, and hold them.
Now that you have some background on the legality of Bitcoin in Indonesia as well as your best options for purchasing Bitcoin in the country, you should be ready to pick an exchange. To view an in-depth tutorial on how to buy Bitcoin on that exchange, go to that exchanges review.
In summary, the best ways to buy Bitcoin in Indonesia are: