Indodax review for IOST: a rupiah pair with very little trading

Verdict: a big name with a small IOST market

Indodax is the exchange most Indonesians have heard of. It has operated since 2014, it reports around ten million customers, and it sits inside the OJK-supervised system that has governed Indonesian crypto since January 2025. It also lists IOST directly against the rupiah, which sounds ideal on paper.

In practice the IOST/IDR market is close to empty. When we sampled exchange data, the whole day’s IOST trading on Indodax was worth only a few thousand US dollars. Thin markets mean wide gaps between buy and sell prices, and a single order can move the price. Combined with the September 2024 hack and the fact that we could not verify Indodax’s IOST fees or withdrawal network, we cannot rate it higher than 5.0. For most IOST buyers in Indonesia, we think other venues are a better fit.

Indodax at a glance

Indodax started in 2014 as PT Bitcoin Indonesia, better known as Bitcoin.co.id, and took the Indodax name in 2018. The operating company is PT Indodax Nasional Indonesia in Jakarta. Its founders are Oscar Darmawan and William Sutanto, who is now CEO. Local press estimates its market share at around 40% and says an IPO has been discussed internally without a decision.

The IOST/IDR market on Indodax

IOST is fully legal to trade in Indonesia. It appears on the official tradable asset list kept by the CFX crypto exchange under the code IOST-586, effective since 18 February 2024. Indodax offers it as a direct IOST/IDR pair, so you never need to buy crypto first. Our IOST in Indonesia page explains the wider rules.

Liquidity is the problem. Here is how the daily IOST volume compared across venues in our snapshot, scaled so that Indodax equals 1. Treat it as a rough picture: IOST volumes swing a lot from day to day, and you can check the live price in rupiah with our IOST converter.

What does that mean for a real order? Imagine you want to buy IOST for Rp 5,000,000. On a deep book that fills at close to the quoted price. On a book this thin, a market order may eat through several price levels and you pay noticeably more than the last trade. Selling later can be just as painful. Always use limit orders on Indodax’s IOST market.

Fees and tax

We could not open Indodax’s official fee page, because the site blocks automated access. Third-party sources report 0.10% for makers and 0.20% for takers on the Pro rupiah market, displayed as “all-in” fees that include tax and the CFX exchange levy. Treat those figures as indicative and confirm them in the app.

Tax is clearer. Under PMK 50/2025, in force since 1 August 2025, crypto sales through licensed domestic platforms carry a final income tax of 0.21% of the transaction value, and VAT on the crypto itself was removed. VAT still applies to platform fees. Trades on foreign platforms are taxed at 1%, which is one reason to prefer an OJK-licensed venue if you live in Indonesia.

Deposits and withdrawals

Rupiah deposits are straightforward. Indodax supports bank transfers and virtual accounts at banks such as BCA, Mandiri, BRI and BNI. Its own academy page says virtual account deposits above Rp 500,000 are free and smaller ones cost Rp 2,000, though that page is undated. E-wallets and QRIS are reported, but we could not verify them on an official page.

For IOST itself we have no confirmed details. We could not verify which network Indodax uses for IOST, whether it supports BEP-20 IOST on BNB Chain, or what the withdrawal fee is. Exchanges normally run mainnet IOST deposits through one shared account plus a personal memo per user, so expect to need a memo.

Need crypto first?

CEX.IO does not list IOST, but it sells crypto such as BNB by card in USD, EUR or GBP. You can then send them to an exchange that lists IOST. In Indonesia it is not an OJK-licensed trader, and foreign platforms carry 1% tax.

Start with crypto

Regulation and the September 2024 hack

Crypto supervision in Indonesia moved from Bappebti to OJK on 10 January 2025 under POJK 27/2024. Indodax is reported as one of the licensed digital asset traders, known as PAKD, and as a member of the CFX exchange with Indonesian custody and clearing. We could not confirm its license number. A university blog cites an OJK letter from February 2025, but we have not seen it, so look Indodax up on the OJK register before depositing.

On 11 September 2024 attackers drained about US$22 million from Indodax hot wallets. Blockchain security firm SlowMist suggested the withdrawal system had been compromised, and Cyvers said the pattern resembled Lazarus Group attacks without formally attributing it. The platform went offline for several days and reopened deposits and withdrawals in stages. Indodax said customer crypto and rupiah were “100% safe” and that the company absorbed the loss, although some users reported problems during the reopening.

US$22M gone from hot wallets!

Indodax has also claimed proof of reserves and 1:1 backing, but we could not verify it, and we found no figure for how much it keeps in cold storage. Our general IOST risk check covers the token’s own risks, which add to the exchange risk.

How to buy IOST on Indodax

Indonesian citizens verify with a KTP and a selfie. Foreigners reportedly need a passport plus a KITAS or KITAP residence permit, though we could not confirm this. Support is offered in Indonesian and English.

1. Register and verify

   Create an account and complete identity verification with your KTP (or passport and residence permit).

2. Deposit rupiah

   Use a bank transfer or a virtual account at your bank.

3. Place a limit order on IOST/IDR

   Look at the order book first. Set your price instead of using a market order on such a thin book.

4. Withdraw to your wallet

   Check the network and memo, then send a small test. See our IOST wallet guide.

For a step-by-step overview of other routes, read our how to buy IOST guide.

Pros and cons

Better IOST options in Indonesia

Indonesia has two clearly better local choices for IOST. Bittime offers its own IOST/IDR pair with roughly fifteen times the volume we saw on Indodax. Tokocrypto, owned by Binance, has no rupiah pair for IOST but offers IOST/USDT, so you buy crypto with rupiah and then trade. Upbit Indonesia lists IOST only against bitcoin, with no real trading, and Pintu does not list it.

Compare the order book first

Before you pick a venue, open the IOST market in each app and compare the best buy and sell prices. The tighter gap usually wins, even if the fee is slightly higher.

Global exchanges have far deeper IOST books; our Binance review covers the largest one. Remember that foreign platforms carry the higher 1% tax in Indonesia. The full IOST exchanges comparison lists every venue by country.