Bitcoin Indonesia – is scam or good cryptocurrency exchange?

Bitcoin Indonesia - is scam or good cryptocurrency exchange?

RATING: Three / Two REVIEWS

RECOMMENDED BITCOIN BROKERS

Trading accounts and conditions

Bitcoin Indonesia (Bitcoin.Co.Id) is an Indonesian cryptocurrency exchange that launched te 2013. It offers its services worldwide, but accepts deposits te Indonesian Rupiah only.

Bitcoin.Co.Id Advantages

– Indonesia&rsquo,s largest bitcoin exchange. Bitcoin.Co.Id claims to have overheen 570 000 clients and a daily volume of overheen half a billion Rupiah. There are several other cryptocurrency exchanges operating ter Indonesia, including the Local Bitcoins P2P podium. Indonesia is a considered an &ldquo,emerging economy&rdquo, and is a member of the Group of Twenty (G20) largest industrialized economies.

– Large Muziekinstrument portfolio. Bitcoin.Co.Id offers spot trading te Bitcoin, Ether, Dogecoin, Litecoin, Nubits, Paycoin, Ripple, Bitcoin Specie and DarkCoin. This is a fairly good selection of alt-coins, while some exchanges opoffering trading ter Bitcoin only.

– Reasonable trading fees. Bitcoin.Co.Id trading fees are te the average for the industry. There are, of course, exchanges that charge 0% fees, but they either opoffering worse prices of the assets or charge hefty transfer fees. There are also exchanges that have much higher trading fees, te the range 1-7%.

– No fees for trading te cryptocurrencies. The aforementioned 0.3% toverfee is for trading inbetween cryptocurrencies and fiat currency. For trading inbetween alt-coins, there is no toverfee.

– Bankgebouw wires accepted. Bitcoin.Co.Id accepts fiat currency deposits and withdrawals via bankgebouw transfer, specie and vouchers. The accepting of specie payments is fairly zonderling for cryptocurrency exchanges and wij can only think of a handful of such platforms.

– No thresholds. Bitcoin.Co.Id does not impose any boundaries on fiat currency deposits, i.e. there is no ondergrens and maximum.

– Bitcoin wallet available. Bitcoin.Co.Id offers own cryptocurrency wallet, which can be used to store alt-coins or to send them elsewhere. There is also a mobile app for it.

– Spot Bitcoin markets. Clients of the exchange can buy or sell Bitcoin for their own price, using the &ldquo,Bitcoin Spot Market&rdquo, feature. The order can be canceled at any time before being fulfilled.

– Low transaction minimums. Bitcoin.Co.Id has very low requirements for trade sizes. Te order to buy Bitcoin (well, a fraction of it), one needs IDR1000 (USD 0.07) and the ondergrens sell size is 0.001 BTC.

– Trading podium. Bitcoin.Co.Id&rsquo,s toneel is ordinary and intuitive to use, and even tho’ it does not opoffering the usual features of a fully-fledged trading verhoging, like analysis and charting instruments, has everything necessary.

– Mobile app. There are not many cryptocurrency exchanges who have a bespoke mobile trading app, but Bitcoin.Co.Id does. This is a major convenience for users who want to trade on the go or keep an eye on their transactions.

Bitcoin.Co.Id Disadvantages

– Fiat currencies. Bitcoin.Co.Id accepts the Indonesian Rupiah spil the only fiat currency. It says it also works with overseas bankgebouw accounts, but notes that the canap transfer fees can be very high. This te practice means that the service is not very lightly accessible, or to waterput it frankly, cheap for people living abroad. Either way, obviously Bitcoin.Co.Id is targeting the Indonesian market mostly.

– No credit cards, debit cards or Paypal accepted

– Withdrawal boundaries. Bitcoin.Co.Id, similarly to many other cryptocurrency exchanges, has daily withdrawal boundaries. There are also boundaries te case one is withdrawing metselspecie ter the company offices.

– Withdrawal fees. Bitcoin.Co.Id charges clients withdrawal fees, for all methods, including contant withdrawal te the company office. The fees vary greatly, depending on the type of withdrawal. There is also a withdrawal toverfee for cryptocurrencies.

– No leveraged trading ter cryptocurrencies. – Similarly to the majority of cryptocurrency exchanges, Bitcoin.Co.Id does not suggest leveraged trading. However, there are some exchanges who do, like Openbreken, GDAX (institutional), CexIo, Quoinex. There are also forex brokers who opoffering leveraged trading on cryptocurrency CFDs, even however they are very risky instruments.

– No regulation. Spil most other cryptocurrency exchanges, Bitcoin.Co.Id is not regulated. This is relative, however, spil most countries still do not have explicit legal framework and regulation requirements for cryptocurrencies and exchanges. Most of the major cryptocurrency platforms work hard for their good reputation, but spil with forex brokers, there are some that are scam. There are also the victims of hacker attacks, like the infamous Mt. Gox that went bankrupt and Bitfinex.

Conclusion

Bitcoin.Co.Id is the largest cryptocurrency exchange ter Indonesia and likes good reputation. Evidently it is targeting mostly Indonesian users, but the country is the fourth most populous ter the world, so it is a big market.

Wij like the fact that the exchange offers more than just bitcoin, but other popular cryptocurrencies spil well. Spil wij have already said, the fiat-cryptocurrency trading toverfee is ter the average for the industry and the company does not charge commission for trading inbetween cryptocurrencies.

Wij also like the fact that there is a mobile trading application, which is a major advantage before other platforms and a good convenience for users.

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