The cryptocurrency market in Indonesia is experiencing rapid growth, which has sparked increased interest among citizens in digital assets as a means of investment or savings.
If you plan to open a business in Indonesia, having a cryptocurrency account can provide additional opportunities for financial transactions and investments. However, it's important to note that Indonesian law prohibits accepting cryptocurrency as payment for goods or services. You can learn more about cryptocurrency in Indonesia and its regulatory authorities in [this article].
To make the buying process less confusing for beginners, this guide will help you confidently start your journey into the world of crypto.
Indonesia has over 20 cryptocurrency exchanges. After researching the market, we’ve selected several popular and secure platforms that meet the requirements of BAPPEBTI (Commodity Futures Trading Regulatory Agency):
1. Indodax — The largest and most well-known exchange in Indonesia. Ideal if you want to trade using Indonesian Rupiah (IDR).
2. Zipmex — Offers limited cryptocurrencies but includes asset insurance and fiat transaction support.
3. Rekeningku — A local exchange that supports Indonesian payment methods and is tailored for domestic users.
4. Tokocrypto — Partnered with Binance, it provides high liquidity, diverse assets, loyalty programs, and staking features.
5. Pintu — A mobile app ideal for beginners, with a focus on ease of use and accessibility.
Before purchasing crypto, you need to understand that a bank account in an Indonesian bank is essential. Without it, you won’t be able to deposit to an exchange, withdraw funds, or complete verification. This is a key part of the infrastructure required to use cryptocurrency in Indonesia. Learn more about opening a personal bank account in this article.
You’ll also need the following:
• Secure internet connection
Avoid public Wi-Fi to reduce the risk of data breaches and hacking.
• Local phone number
Required for registering on crypto exchanges or apps and for two-factor authentication (2FA).
• Identity verification documents
For Indonesian citizens — the local ID (KTP). For foreigners — passport and ITAS (Temporary Stay Permit). These are required for the mandatory KYC (Know Your Customer) process.
• Crypto wallet
To store your digital assets. Most exchanges offer built-in wallets, but for greater security, consider using a cold wallet — a hardware wallet that remains offline when not in use.
Once you’ve gathered all of the above, you're ready to make your first crypto purchase in Indonesia.
1. Create an account on a crypto exchange
Choose an exchange that suits your goals. Most exchanges are accessible via their websites or mobile apps on Google Play or the App Store.
Register and open an account on platforms like Binance, Indodax, or Upbit. The process is standard: provide your name, email, agree to the platform's terms and privacy policy.
2. Complete KYC verification
As noted, you must complete the KYC verification before trading. Without it, you won’t be able to perform transactions.
Make sure you don’t already have an existing account, enter accurate personal details, and upload clear photos where your face is fully visible (no glasses or hats).
KYC verification usually takes at least one business day.
3. Make a fiat deposit
After verification, deposit funds in IDR to buy cryptocurrency. All licensed Indonesian exchanges accept deposits in rupiah.
Minimum deposits typically start from IDR 30,000–50,000, though some platforms may require IDR 500,000 or more.
Common deposit methods include:
• Bank transfer
• E-wallets (OVO, GoPay, ShopeePay)
• Electronic payment services (e.g., Alfamart)
• Credit/debit cards (on some international platforms)
4. Buy cryptocurrency
Once your deposit is confirmed, you can purchase crypto. On most exchanges, this process is simple:
Select the cryptocurrency, enter the desired amount in IDR, check the purchase price, and click Buy.
After the transaction, your crypto will appear in your exchange wallet. You may transfer it to an external hot or cold wallet for better security.
In summary, cryptocurrency is a promising financial tool that offers many opportunities. A crypto account can be particularly useful for businesses in Indonesia by expanding payment methods.
When choosing a trading platform, look for proper licensing and user reviews. Choose an exchange that meets your needs for functionality and ease of use.
Always follow essential security practices:
• Store your crypto in secure wallets
• Use two-factor authentication
• Avoid holding large amounts on exchange wallets
And remember, investing in crypto comes with risks due to high volatility and market uncertainty. By following these steps and recommendations, you can enter Indonesia’s crypto space safely and effectively.
