indodax Review 2024

Our veredict

Indodax is a well-established cryptocurrency exchange in Indonesia, known for its ease of use, security features, and extensive list of supported cryptocurrencies. Founded in 2014 as Bitcoin Indonesia, it rebranded in 2018 to reflect its broader range of digital assets. Indodax boasts a user-friendly platform, making it ideal for beginners, and supports over 300 cryptocurrencies, including Bitcoin, Ethereum, and Binance Coin. The exchange is particularly popular among Indonesian users due to its seamless integration with the local fiat currency, IDR. With competitive fees and 24/7 customer support, Indodax is a reliable choice for those new to cryptocurrency trading. However, it is not available to U.S. investors and has limited international access.

While Indodax excels in providing a secure and user-friendly experience, it does have some drawbacks. The platform supports only one fiat currency, IDR, which might be limiting for international users. Additionally, despite its extensive customer support, some users have reported issues with response times. Indodax’s interface, though excellent for beginners, might not satisfy more experienced traders looking for advanced features. Overall, Indodax is a solid choice for Indonesian users and beginners in the crypto space, but it may fall short for international and advanced traders.

Pros

Low Trading Fees: Indodax offers low trading fees, with a 0% fee for makers and a 0.3% fee for takers, making it an attractive option for frequent traders.
24/7 Customer Support: Indodax provides round-the-clock customer support, ensuring users can get assistance whenever needed, even during holidays.
Wide Variety of Coins: The platform supports over 150 cryptocurrencies, including popular coins like Bitcoin, Ethereum, and Tether, providing users with a diverse range of trading options.

Cons

3,5

Threenvest Score

Fees

0.30% per transaction

U.S Legal

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Why choose indodax?

Indodax is an excellent choice for those looking to venture into the world of cryptocurrencies, especially if they are based in Indonesia. With its robust security features, including two-factor authentication, SSL encryption, and cold storage, users can trade with confidence knowing their assets are well protected. The platform’s long history, established in 2014, further adds to its credibility and reliability in the market.

One of the standout features of Indodax is its user-friendly interface, making it an ideal platform for beginners. The exchange supports over 300 cryptocurrencies, offering a broad range of trading options. Additionally, Indodax’s low trading fees, particularly the 0% maker fees and 0.3% taker fees, make it a cost-effective choice for traders. The seamless integration with Indonesian Rupiah (IDR) is particularly beneficial for local users, allowing for quick and easy deposits and withdrawals.

Another compelling reason to choose Indodax is its strong community support and involvement in social projects like Bitisland, aimed at promoting Bitcoin usage in Bali. With 24/7 customer support, including during holidays, Indodax ensures that help is always available when needed. This comprehensive support, combined with its competitive fees and extensive range of supported cryptocurrencies, makes Indodax a highly attractive option for both new and experienced traders.

Xavier Tarrasó

EIP and Cryptocurrency Investor

As an experienced cryptocurrency trader, I find Indodax to be a highly reliable and user-friendly platform, especially for beginners. The exchange offers an impressive selection of over 300 cryptocurrencies, which provides ample opportunities for diversifying your portfolio. One of its key strengths is the competitive fee structure, with 0% maker fees and low taker fees, making it a cost-effective option for trading. Additionally, the platform’s strong security measures and 24/7 customer support ensure that your trading experience is safe and smooth. For anyone starting out in the crypto world or looking for a trusted exchange in Indonesia, Indodax is a solid choice.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.