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Buy Bitcoin In Indonesia

how to buy bitcoin in indonesiaWe know why you’re here.

You want to purchase Bitcoin in Indonesia.

But…

Buying Bitcoin can be a difficult process for a cryptocurrency newbie.

Luckily, this guide covers the entire process of purchasing Bitcoin in Indonesia.

Below you’ll find a list of top and popular cryptocurrency exchanges in Indonesia.

Luno

Luno Exchange Review

Luno is a very popular exchange available in several countries. They feature extremely low fees for traders and have a simple and intuitive user interface. 

For fees, Luno charges 0% for a maker (someone that offers liquidity) and .2% for a taker (someone who takes liquidity).

Luckily for Indonesian traders, there is no difference in fees based on trading volume like there is for several other countries.

It’s important to know that verification is required for Indonesian investors’ documents, which includes a scanned ID and proof of address.

Why choose Luno?

  • It is one of the most reliable Bitcoin and Ethereum exchanges in Asia
  • Withdrawal fees are low, and deposits are free
  • Depending on verification level, you can make increasingly high transactions if needed.
  • Privacy is low and users should not store Bitcoins (BTC) in Luno wallet.

Visit Luno

Coinmama

Coinmama Review

Coinmama is a great Bitcoin brokerage that is available in almost all countries. It specializes in debit and credit card transactions. If you plan on using either of these methods to purchase Bitcoin or other cryptocurrencies, then this could be a great option.

Due to the nature of card transactions, they incur slightly higher fees than bank transfers. Expect 5.5% fees when Coinmama is used.

An important thing to note about Coinmama is that it doesn’t store any user funds on the exchange. Users are required to have a valid Bitcoin/crypto wallet address to send funds to. As long as you have a Bitcoin wallet and a card, Coinmama is a great option.

Coinmama also has very respectable trading limits of $5,000 USD/EUR daily, up to a limit of $20,000 USD/EUR monthly.

Visit Coinmama

 

Indodax

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:

  • It is not private, deposits require ID verification
  • Not new-user friendly. Mostly optimized for established traders.

Visit Indodax

LocalBitcoins

LocalBitcoins is available and used all over the world and also in Indonesia. It is an escrow peer to peer network which facilitates meetings with buyers and sellers alike.

Payment methods used in LocalBitcoins are mostly cash deposits, although Moneygram and Webmoney and also bank transfers are viable options.

Although the platform is quite popular and used around the world, Indonesian traders using LocalBitcoins are substantially few. This is probably owed to the unfavorable developments targeted at cryptocurrencies in Indonesia.

Since two-factor authentication, also called 2FA is the only safety premise available, security might be a possible concern. IDR payments are allowed depending on the conditions set by the seller.

Verification works similarly too and is solely dependent on the requirements postulated by the sellers.

LocalBitcoins fees are low, at only 1%. However, some sellers may have a premium on price due to the additional privacy P2P transactions offer. LocalBitcoins is quite fast, private and also relatively easy to use.

Visit LocalBitcoins

Bitcoin ATMs

Bitcoin ATM

As of this time, there is only one Bitcoin ATM available in Indonesia, and you would find it at 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.

Changelly

changelly usd

Changelly is a popular cryptocurrency exchange that allows users to exchange other cryptocurrencies with Bitcoin for a low fee of .5%. If fiat currency is used, the fees are much higher at 5%.

Changelly swaps input and output currencies in one quick swap making it one of the faster options for purchasing Bitcoin in Indonesia.

Visit Changelly

ArtaBit

**At the time of this writing Artabit is temporarily offline**

ArtaBit claims it is the leading exchange offering bitcoin in rupiah in Indonesia. Purchase systems available and accepted on ArtaBit include bank transfers, cash transfers and also wallet services. 

You are also permitted to use IDR cash as a form of payment, but you have a limited cap of 100.000 IDR if your account has not been verified. You can achieve higher limits and better incentives by submitting a scanned ID and passport for verification.

Bitcoin-OTC

Newbies and new users on bitcoin-OTC might not find the platform friendly. Using an over-the-counter strategy (full meaning of OTC), the marketplace facilitates the P2P exchange of bitcoin.

On Bitcoin-OTC, it is very possible and relatively easy to make a large trade, as the platform does not require identity verification.

How does it work? A user or investor would have to create ads and post offers while she looks for possible buyers.

Although it seems to be a bit difficult to use, it is a wonderful alternative for countries that are short on available channels of exchange.

Bitcoin-OTC is a good alternative when no other options work for you.

There is always the possibility of fraud and scams and you might need to develop a reliable trust for your account before you are permitted to trade in large quantities.

MyCelium Local Trader

Mycelium local bitcoin trader

MyCelium would only be great for traders in urban and densely-populated areas. This is because Mycelium works by finding the nearest local Bitcoin seller or investor and buy or sell from at a fiat currency of your own choosing.

Mycelium does not charge any fee, and you can actually meet up in person with your investor and make your trade.

The platform does not require any verification process and is quite easy and cheap.

The Mycelium wallet provides private keys and is widely seen as one of the safest places to store one’s bitcoins. However, MyCelium is only available on the mobile platform.

Apart from the suggested methods in this guide, there are other forms of exchanges available in Indonesia like Shapeshift and Quoine.

You are however advised to be precise, and deliberate in choosing your preferred way of exchanging digital currencies and try to keep an eye out for scams.

Bitcoin in Indonesia

Indonesia is Gradually Adopting Bitcoin

As you probably know, the rate of Bitcoin adoption has been increasing every day. Even governments around the world have been forced to see the upside this technology brings to the world.

Indonesia is one of those countries and is gradually adopting cryptocurrency after years of having a skeptic approach towards emerging technology.

Indonesia Gives the Green Light to Crypto

Indonesia joined the list of countries that recently showed interest in cryptocurrency, the country’s Ministry’s Futures Exchange Supervisory Board, Bappebti, recently signed an agreement to officially allow the virtual currency to be a tradable product on a stock market.

Dharma Yoga, head of market supervision and development bureau at Bappebti, was more than confident that the decision to permit Bitcoin, Ethereum and other altcoins in the stock market was not rushed.

Yoga went on to say that a period of over four months was devoted to study and research into the industry before the decision was made.

With the rate at which things were going, stakeholders would be left with no choice than to come together to build a framework for the emerging sector.

Financial giants in the country such as the Financial Services Authority (OJK), Taxation Directorate General, the Financial Transaction Reports and Analysis Centre (PPATK), the Central Bank, and the police counterterrorism sector were all concerned bodies on the project that wanted to ensure a balanced framework for the Indonesian digital currency sector.

Indonesian Apex Bank Yet to Accept Crypto

In contrast to Bappebti’s stance, the Central Bank of Indonesia has not been as optimistic about the mass adoption of Bitcoin and other cryptocurrency tokens. The central bank insisted that it does not consider cryptocurrency as a medium of exchange and that virtual currencies are not fit to be payment instrument.

This further caused confusion and uncertainty among crypto enthusiasts and traders in the country as Bappebti’s position appeared to be in sharp contrast with that of the central bank as the former recognizes the importance of virtual currencies.

In an attempt to influence the Indonesian apex bank’s stance on cryptocurrency, many stakeholders in the country made a request to the central bank to consider creating a crypto exchange for the country.

Chatib Basri, who was the former minister of finance in the country, advised the central bank to embrace crypto and adopt its bedrock technology to improve the financial service system in the country’s financial sector.

It must be pointed out that the lack of an enabling environment for crypto firms had an adverse effect on the activities of the emerging sector.

Two crypto exchange platforms in the country closed up in January because apex bank had proceeded to issue a notice to discourage all citizens from the use of bitcoins and other digital tokens.

Bitcoin Thrives in Indonesia Despite Central Bank Warning

While the Central Bank has shown indifference to the technology, it’s important to note that the Bank of Indonesia did not place a ban on crypto trading platforms in the country, it only warned investors to refrain from acquiring, selling and trading tokens.

Chief Executive Officer of the Indonesian Digital Asset Exchange, Oscar Darmawan, stated that the platform is currently aiming at doubling its daily volume from an average 100 billion rupiah ($7.3 million) a day. 

Indonesia Cryptocurrency Investors Might Outnumber Counterparts in Stock Market

As it stands in Indonesia, it can be rightly pointed out that the biggest Indonesian platform to buy and sell cryptocurrency may soon have more participants than the country’s conventional stock exchange market.

According to Oscar Darmawan, Indonesia Digital Asset Exchange formerly known as Bitcoin.co.id will have nothing less than 1.5 million members buying and selling Bitcoin and other cryptocurrencies before the end of the year.

While the Indonesia Stock Exchange, which offers stocks, futures, and options as well as exchange-traded funds, accounts for only 1.18 million participants. Darmawan further stated that;

“We are seeing almost 3,000 new members signing up every day.” “Most people are trading in bitcoins though transactions in Ethereum has increased significantly of late.”

Bitcoin on the Street of Indonesia

Getting Bitcoin and altcoins on the street of Indonesia appears to be as easy as shopping for groceries in a store, seekers can buy popular digital tokens through exchanges, peer to peer agreement, debit or credit card.

Buyers also use the bitcoin ATMs as they are readily available in the country. Also, local traders are also readily available for buyers and sellers. If you’re still not sure which exchanges to use, reference our guide above on the top exchanges in the country.

Are Cryptocurrency exchanges legal in Indonesia?

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 of 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.

Is Bitcoin popular in Indonesia?

Absolutely! The country has great support for the currency and has a few native exchanges. Bank Indonesia official has made a few comments on it but nothing significant.