Risks and Considerations in Transactions on Crypto Exchanges

Photo: Illustration of crypto assets (photo: Unsplash)

JAKARTA - Currently, Indonesia has its own crypto exchange. The presence of crypto asset exchanges, clearing institutions, and managers of crypto asset storage can strengthen the crypto ecosystem in Indonesia.

What should be considered when trading on crypto exchanges?

Citing from the official Indodax website, crypto is an intangible commodity in the form of a digital asset, using cryptography, peer-to-peer networks, and distributed ledgers, to manage the creation of new units, verify transactions, and secure transactions without third party interference.

However, due to high price fluctuations, crypto is often used as a medium for money laundering crimes and terrorism funding.

The presence of crypto exchanges in Indonesia can prevent crypto-related crimes. However, it is possible that there will be additional fees when transacting through exchanges, which are estimated at 0.02 percent for exchange, depository, and clearing fees.

Many exchangers, including Indodax and Tokocrypto, feel that this additional fee can certainly be burdensome for traders in Indonesia.

Therefore, Indodax themselves said that they would subsidize these additional costs so that customers would not be charged additional fees. The aim is to ensure that customers continue to transact domestically and do not run transactions overseas.

On the other hand, responding to this additional price, Tokocrypto claims that it will guarantee cheap and easy access to invest and trade crypto for everyone.