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You'll need a Bitcoin wallet before you buy since some exchanges require one.
Don't have a wallet? Read our guide on the best Bitcoin & cryptocurrency wallets.
Luno Popular Buy Bitcoin
Luno is a universal Bitcoin platform that provides secure exchanges where people can buy/sell Bitcoin. Luno offers a unique fee structure for traders in Indonesia. Makers are rewarded a +0.2% bonus on a trade, while takers are charged -0.2%. Hence, traders are incentivised to bring their orders to Luno.
We may receive compensation when you use Luno. Please visit Luno for its exact pricing terms.
- One of the most trusted Bitcoin exchanges in Asia
- Free deposits and low withdrawal fees
- Low fees; 0% for market makers and only 0% - 1% for market takers (depending on fiat currency)
- High to infinite limits for exchange, depending on verification level
- Users should not store bitcoins in Luno's wallet service
Coinmama Popular Buy Bitcoin Read Review
Coinmama allows customers in almost every country to buy bitcoin with a credit or debit card. They charge a ~6% fee on each purchase.
Customers in Europe can also purchase bitcoins with SEPA transfer for a lower fee.
Want to buy using Coinmama? This step-by-step guide will show you how to use Coinmama.
We may receive compensation when you use Coinmama. Please visit Coinmama for its exact pricing terms.
- Works in almost all countries
- Highest limits for buying bitcoins with a credit card
- Reliable and trusted broker
- Some of the highest fees among credit/debit card bitcoin brokers
LocalBitcoins Popular Buy Bitcoin Read Review
LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. The most common method of payment for purchase is cash deposit. However, users may advertise trades for whichever payment method they prefer.
Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country.
We may receive compensation when you use LocalBitcoins. Please visit LocalBitcoins for its exact pricing terms.
- Can be private, fast and easy
- In-person trades require no personal information
- Purchases of bitcoin can be made quickly via cash deposit
- Beware of scams; always follow the rules!
- Harder to buy large amounts of bitcoins compared to large exchanges
- Slightly to significantly higher prices than regular exchanges; premium for higher privacy
bitcoin.co.id Popular Buy Bitcoin
bitcoin.co.id is Indonesia's largest Bitcoin exchange. You can buy bitcoins using cash in Jakarta or Ubud, or online via bank transfer, Alfa network, Doku, Veritrans, or EasyPay.
- Good liquidity
- Many payment methods available for deposits
- Support is available 24/7
- Bank deposits are processed instantly
- Not private since ID verification is required
- Exchange can be hard to use for new Bitcoin users; it's geared towards traders
Bitcoin ATMs Buy Bitcoin
You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.
- Our map makes it super easy to find a Bitcoin ATM near you
- Bitcoin ATMs often have 5-10% fees per purchase
VirWoX Popular Buy Bitcoin Read Review
Technically, VirWoX isn't even a Bitcoin exchange. It mainly serves as a way for people to buy Second Life Lindens, a currency used in the virtual world Second Life. You can't buy Bitcoin with PayPal directly at VirWoX, but it's possible to first buy Second Life Lindens (SLL) and then trade your SLL for Bitcoin. This process works perfectly, but in the end will cost you about 10% in fees.
This workaround/hack has made VirWoX the easiest and most popular way to buy bitcoins with PayPal.
We may receive compensation when you use VirWoX. Please visit VirWoX for its exact pricing terms.
- The easiest and basically only way to purchase bitcoins with PayPal or Skrill
- Comes with a price: it will cost around 10% in fees to buy with PayPal
Mycelium Local Trader Buy Bitcoin
Mycelium Local Trader helps you find local Bitcoin sellers. Once you locate a seller, you meet up in-person and conduct the trade. Mycelium charges absolutely no fees. While Mycelium Local Trader works great in highly-populated areas, users in low population areas will have trouble finding sellers.
- Easy and cheap way to buy bitcoins with cash
- Private way to buy bitcoins, no personal information required beyond cellphone number
- Users in sparsely populated areas will have trouble finding sellers
Changelly Buy Bitcoin
Changelly lets you buy bitcoin with Litecoin, Dogecoin, altcoins and many other digital tokens. Changelly works in nearly every country but you will need another cryptocurrency in order to purchase bitcoins. Exchanges happen almost instantly because Changelly never actually controls your tokens but just exchanges them.
- Easiest and fastest way to buy bitcoins with altcoins
- Fees are reasonable for larger traders
- Need altcoins or other digital tokens to use
The State of Bitcoin in Indonesia
Indonesia has been known for cracking down on cryptocurrencies such as Bitcoin thanks to the retaliatory stance of Bank Indonesia, the country’s central bank. Bank Indonesia has been apprehensive of Bitcoin for several years now, but that hasn’t discouraged adoption of the cryptocurrency in the country.
A report suggests that the number of Bitcoin users in Indonesia shot up more than three-fold from 80,000 to 250,000 in 2017, clocking daily transaction volumes of $1.48 million. That’s despite the fact that Bank Indonesia has banned Bitcoin as a means of payment in the country, and it doesn’t plan to lift the ban either despite a recent regulation that could give cryptocurrencies some sort of legitimacy in the country.
A Mixed Regulatory Environment
The Indonesian Commodity Futures Trading Supervisory Agency (BAPPEBTI), which regulates the country’s commodities market under the jurisdiction of the Ministry of Trade, recently made an official announcement that gives cryptocurrencies the status of commodities. The likes of Bitcoin can be traded on Indonesia’s futures exchange after the decision is formalized, which means that Indonesia could soon get Bitcoin futures products.
The agency arrived at this decision after an intensive study of four months and decided to accord Bitcoin the status of a commodity. What’s more, the government plans to introduce more legislation to govern Indonesian cryptocurrency exchanges, as well as crypto miners and wallet providers. The government agency seems to be following a conciliatory approach toward cryptocurrency regulation as it has requested Indonesian exchanges for proposals that will be used in creating a regulatory framework.
However, that hasn’t led to a change in Bank Indonesia’s stance, which had banned Bitcoin as a means of payment and had even threatened legal action against those using the same. It has now been over a year since the cryptocurrency ban was imposed and the bank won’t overturn the same.
Additionally, the regulations brought into place by BAPPEBTI can be considered prohibitive to some extent. That’s because futures exchanges and clearing houses offering crypto futures trading will need to pay $106 million to the regulator and maintain a closing capital balance of $85 million, according to Lexology.
On the other hand, crypto futures trading platforms and wallet providers will need to maintain at least $71 million and $57 million as minimum closing balance before they can start trading in cryptocurrency futures. According to the CEO of Indonesian cryptocurrency exchange Indodax, the limits set by the agency are higher than the cost of opening banks in rural areas.
As such, it remains to be seen how the new regulations impact the adoption of Bitcoin in Indonesia because the regulatory environment doesn’t seem to be much favorable.
Buying and Spending Bitcoin in Indonesia
The unfavorable regulatory environment hasn’t stopped Indonesians from adoption Bitcoin. Recent data suggests that Bitcoin trading volumes on peer-to-peer exchange LocalBitcoins has increased big time, which means that people are still interested in the digital currency. If you are in Indonesia and want to buy Bitcoin, refer to our handy guide on Bitcoin exchanges in Indonesia.
There are quite a few options that you can tap to buy Bitcoins in the country, though you need to see which one fits your need the best depending on transaction fees, verification requirements, withdrawal limits, payment options, and security. However, some exchanges might require you to get a wallet before you can buy Bitcoin for storing the cryptocurrency.
Some people also get a wallet on their own for security reasons. In case you don’t have a Bitcoin wallet, read our guide on the Best Bitcoin & Cryptocurrency Wallets. Once you have a wallet, you can start buying Bitcoin from an exchange of your choice and store the tokens in the wallet.
People staying in Bali can buy Bitcoin from an ATM located in Kuta. The ATM doesn’t require any identity verification, gives investors a quick way to buy Bitcoin, and that too using cash. But all this convenience comes at a price as buying Bitcoin using an ATM will cost you an extra 3%.
As far as spending Bitcoin in Indonesia is concerned, there isn’t any option available given the central bank’s directive. So Bitcoin holders in Indonesia either use the currency as a means of investment or for making payments internationally.
Therefore, Indonesia isn’t a pro-Bitcoin market yet despite recent measures to legitimize futures trading of cryptocurrencies. As long as Bank Indonesia doesn’t remove its ban on using Bitcoin as a method of payment, its adoption will remain hindered.
