How To Invest in Crypto in Indonesia: A Step-by-Step Guide, You Need Your National ID Card for KYC

JAKARTADAILY.ID - According to a 2020 study by the Blockchain Association of Indonesia, there were over 1.5 million merchants in the nation, marking a 2263 percent rise since its first appearance in Indonesia in 2015.

This indicates Indonesians' deep interest in cryptocurrencies has grown in recent years.

Therefore, it should come as no surprise that there are several options available for Indonesians interested in becoming involved with Cryptocurrencies.

Purchasing cryptocurrency in Indonesia is a simple and legal process. To begin, you must register with a brokerage, app, or exchange and go through a Know Your Customer (KYC) process.

You must prepare several required documents, including a national identity card (KTP) or other acceptable ID for the KYC process; a private and secure internet connection; an account at an exchange or brokerage that is authorized to operate in Indonesia; a cell phone with a valid phone number; a bank account; and a crypto wallet.

Create an account with a trading platform

You must first register and establish an account with a cryptocurrency exchange, such as Binance, Indodax, or Upbit. The majority of exchanges in Indonesia are accessible via online or mobile applications. The latter is available for download through the Google Play Store and the Apple App Store.

The KYC verification phase

After registering for an account, you must go through KYC verification. Users cannot conduct any transactions till this step is completed. Verification failures are not infrequent. During verification, ensure that you do not already have an account on the exchange, that you submit complete and accurate personal information, and that you only upload photographs that correspond to your KTP.

A fiat deposit

After verification, the next step is to make a fiat deposit, which can then be used to purchase cryptocurrencies. In Indonesia, all regulated exchanges accept the local fiat currency, the rupiah (IDR). In general, minimum deposits range between Rp30,000 and Rp50,000. Some exchanges, however, require a minimum deposit of Rp500,000.

Buy cryptocurrency

Once your rupiah deposit has been validated, the next step is to make an order for the cryptocurrency of your choosing. The method is straightforward for the majority of exchanges. You choose the currency you wish to purchase, enter a sum in IDR, and make sure you have enough IDR in your fiat wallet. Once finished, the amount of cryptocurrency acquired will be recorded in the exchange's built-in wallet. If you like, you may then move the cryptocurrency to an external hot or cold wallet.

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