Indonesia is one of the top countries in the cryptocurrency world in Asia. The country has always introduced new regulations for crypto and trading to support investors, and this is a major reason for its success.
In Indonesia, the Future Exchange Supervisory Board, also known as Bappebti regulates cryptocurrency in the country. It oversees and issues licenses for crypto exchanges. Several notable crypto buying and exchanges have been established under the Future Exchange Supervisory Board, including Indodax and Tokocrypto.
Indonesia is among those countries that have always seen a growth in their crypto and trading graphs. According to the Financial Service Authority Indonesia (OJK), the value of crypto asset transactions in the country reached IDR 35.61 trillion. Robby, the chairman of Crypto Traders Association-Indonesian Blockchain Association, stated that:
“The rise of crypto buying and exchange in Indonesia is a positive signal for the growth of cryptocurrency in the country”.
Buying Cryptocurrency in Indonesia
If you want to buy cryptocurrency in Indonesia, there are some requirements and necessary steps that you need to be aware of.
Let’s see in detail what the requirements are and how you can buy cryptocurrency in Indonesia:
- The first requirement to buy crypto through any exchange is to complete the Know Your Customer (KYC) process. To do so, you have to register yourself with a brokerage or exchange in the country. You will also have to provide your national identity card to complete the process.
- You will need a cell phone for identity verification and for two-factor authentication to add an extra layer of security to your account.
- A bank account is needed to deposit fiat currency.
- A crypto wallet so that you can buy, purchase, store and manage cryptocurrency.
- A personal and secure Internet connection will be required. Since public Wi-Fi may pose security issues, a personal Internet connection is recommended.
Once you have completed all the requirements, you are now eligible to buy cryptocurrency in Indonesia.
Step 1: Create an Account
To buy cryptocurrency, you need an account. Create your account with any cryptocurrency exchange in Indonesia. You can use any crypto exchange commonly used in the country, i.e Indodax, Binance, etc.
You will have to provide the following details to register your account:
- First Name
- Last Name
- E-mail Address
Along with this, you have to accept the Terms and Conditions of that particular exchange platform.
You can register your account through the website or mobile app of the exchange platform. To register your account through the app, you just need to download the app from the Google Play Store or Apple App Store and then go ahead with the crypto buying process.
Step 2:Complete the KYC Process
After you have registered for an account, you have to complete the KYC process. This step is essential to enable transitions in your account.
This step involves:
- Provide your national identity proof.
- Providing proof of your address.
- Providing your real photo.
The verification may fail sometimes; to avoid this, ensure that you don’t have any existing accounts with the same exchange. Make sure that you have provided the correct and real details, and your photo on your identity proof matches the one you are uploading on the account. While taking the picture, ensure that your face is clearly visible and you are not wearing glasses or a hat.
This verification and data processing step usually takes 1-2 working days.
Step 3:Deposit Local Currency
In this step, you have to make a fiat deposit so that you can buy cryptocurrency. Every exchange platform has a specific fiat wallet. The deposited fiat money is sent to the wallet in your account, which you can use later to buy cryptocurrency.
All the crypto platforms in Indonesia accept the local currency, the Rupiah, as a deposit. The deposit amount varies among different exchange platforms. Mostly, you have to deposit an amount between IDR 30,000 and IDR 50,000 to get started. But for some exchange platforms, you have to make a minimum deposit of IDR 50,000.
You can use the following methods to make a fiat deposit:
- Bank Transfer
- Digital Wallets/E-Wallets
- PPOB
- Credit Card or Debit cared for overseas exchange
Step 4:Buy the Cryptocurrency
Deposit is confirmed, sufficient balance in your fiat wallet… now you are all set to buy cryptocurrency in Indonesia.
In this step, you have:
- To place the order for the cryptocurrency you want to buy.
- Select the coins you want to buy.
- Input the amount in IDR (how much cryptocurrency you want to buy).
- Preview and check if you have entered the correct amount.
- Click buy to complete the transition.
When the transition process is completed, the amount of crypto you have purchased will be shown in your exchange’s in-built wallet.
If you want to buy other cryptocurrency in Indonesia, e.g Bitcoin, Ether, the process is the same as the above-mentioned. Almost every exchange platform in Indonesia supports the buying and selling of different types of cryptocurrencies.
If you want to buy cryptocurrency in Indonesia, then this is a simple and easy guide for you to know about the process in detail. If you still have some doubts or have any queries in this regard, then we are here to help you.
