How Safe is Bitcoin Trading for Beginners in Indonesia
How Safe is Bitcoin Trading for Beginners in Indonesia
Illegal bitcoin trading in indonesia. How to do? Follow these steps - these steps.
Investments in bitcoins have been growing several times lately. The price has risen very sharply in a short time.
However, many questions still arise as to whether it is legal to play bitcoin in Indonesia.
Many are concerned that Bitcoin is illegal. Not least because of the fear of a drop in this bitcoin, including an investment surge.
To address these concerns, I reviewed and read the various terms and conditions for buying and selling bitcoin in Indonesia.
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We will discuss the details of the rules in a separate section. But in short, buying and selling bitcoins in Indonesia is legal, apart from trade that is prohibited by law - by law.
The Department of Commerce and Bappebti have issued rules allowing and regulating the trading of Bitcoin and other cryptoassets in Indonesia.
If so, how can you trade bitcoin?
How to trade bitcoin
Here are the steps - steps an investor needs to take to trade Bitcoin safely and legally in Indonesia.
Estimated cost: €
Select bitcoin exchange
To start trading bitcoin, investors must do so through the cryptocurrency exchange market, which is already registered with Bappebti.
Download the PlayStore app
Bitcoin Market app (free) must be downloaded from Google PlayStore and Apple Store.
Complete and fill in personal details to create an account on the app store.
One of Bappebti's “know your customer” clauses requires the customer to provide an identification document and a photo ID. This data will be checked by the exchange for correctness.
Securing your Bitcoin application is very important because in many hack cases, the price of Bitcoin is higher. The application provides many security features, two-factor authentication, biometrics, provides functionality for sending bitcoins, fingerprints, PIN.
To be able to buy bitcoin, an investor must first deposit with all funds into the application. Bank accounts are opened in Indonesian rupees.
Buying, selling, transferring bitcoins
Exchange apps allow investors to buy, sell, and offer bitcoins. Like money, but it is digital currency.
By using the DEPOSITI amount already available, the investor can instantly buy bitcoin on the market. Prices will be matched with the order book (sell - buy bitcoins) available on the exchange. Please note that a commission is charged on a trade.
Bitcoin provides a storage application called Wallet. Because trading is done through a market driven portfolio application. Investors in a Bitcoin portfolio driven by this market.
Crypto is another asset
Bitcoin unified assets of crypto honey. Crypto assets are offered for trading on the app market.
Bitcoin order history
The Book Ordering application provides information that shows the number of orders at the purchase price and the number of orders at the sales price. Book order is important for trading because it can show price depth.
Analysis of technical charts
Bitcoin is a chart based technical analysis. The application provides various technical information useful for making deals.
Bitcoin exchange app (registered on Bappebti)
Bitcoin Regulation in Indonesia
Legal certainty regarding the admissibility of the sale of cryptoassets and the issuance of regulations governing this issue by the Secretary of Commerce and Bappebti. The cryptocurrency is regulated in Indonesia under the oversight of the Commodity Trade Regulatory Agency (BAPPEBTI).
Regulation and purchase of Bitcoin assets Cryptocurrency is permitted as a commodity contained in
Trade Regulation No. 99 of 2018 on Government Policy Governing Trading in Futures Contracts for Cryptoassets and
Rules of the Commodity Futures Trading Supervision Agency No. 5 of 2019 on technical conditions for the sale of physical market cryptoassets (cryptoassets) on futures exchanges.
Buy and sell bitcoins and other legal digital currencies in Indonesia according to Bappebti's rules. People can buy and sell through cryptoasset dealers.
Bitcoin and other crypto assets are under close scrutiny by the Bank of Indonesia and OJK, which prohibit the use of bitcoins and other digital currencies as a form of payment as they do not come from the financial industry.
An important part of Bappebti's regulation is the exchange, the place where investors are currently selling, buying or holding (rupee or coin) and transferring crypto assets. Exchange security and regulation are very important to investors.
The Bappebti regulation states that:
First, a physical cryptoasset trader is a party that has been approved by the head of Bappebti to conduct Aspeto Crypto transactions on your behalf and / or to facilitate transactions for Crypto Asset customers.
He takes over the physical trader of cryptoassets that are currently being used by investors to buy and sell cryptoassets.
Secondly, the exchange must register Bappebti as a “potential cryptoasset trader”, complying with the following provisions:
Initial capital of Rs 100 billion
Maintain a final capital balance for RP. 80 billion.
submit the necessary documents,
Grant read-only access to the Bappebti system and
Provide periodic reports on the execution of cryptoassets.
Bappebti has awarded 13 companies the Trademark Potential Physical Traders of Cryptoassets. We only recommend cryptocurrency transactions in Indonesia from 13 regulated companies.
Third, Bappebti has introduced a maximum of one year since the listing was granted to each company as “cryptoasset candidates for physical traders” to become a “physical cryptoasset trader” by fulfilling a number of requirements.
One of the special needs to become a “physical trader of cryptoassets” is that the capital must increase to Rs 1 trillion from the previous Rs 100 billion. Capital expenditures have increased tenfold.
Fourth, if within one year “potential physical traders of cryptoassets” do not comply with the bappebti provisions, then the bankrupt company must be dissolved and the assets transferred to other companies.
The following quotes are taken from the BAPPEBTI ruling "Deregistration of Crypto Assets That May Be Physical Traders":
Cryptoassets transform clients, funds and cryptoassets owned by clients of cryptoassets into candidates for physical traders Listed cryptoassets or physical trader for approved cryptoassets; or
Returns funds and / or offers cryptoassets that belong to managed client cryptocurrency assets and which are prohibited from receiving new Asset Crypto clients. "
From this Bappebti rule, investors can see that all crypto assets that have been registered are still “potential traders”. In another year, it remains to be seen whether these companies will be able to qualify for the Crypto Asset Dealer program.
Bitcoin is an attractive investment. Only investors should be careful with every investment.
Some tips for investing in bitcoin.
a. portfolio diversification
Portfolio diversification is a step to take. It has become the standard that you should not invest all your money in one instrument, especially those with very high risk.
Bitcoin is very attractive as an investment vehicle. High profitability, excellent liquidity, ease of trading and great popularity.
However, the risk is also great. Bitcoin price fluctuations can be very severe.
Our caveat is not to invest all your money in bitcoins. Put as much as we can lose.
In other words, invest "cold money" in bitcoin. Be prepared to lose this money.
NS. diversification of exchange
The purchase and sale of cryptoassets is carried out not on one exchange, but on several exchanges, so that in the event of a problem, others will remain.
Moreover, when the owned bitcoins are stored in the wallet of the exchange. We really need to make sure the exchange wallet is secure.
The number of failed exchanges reminds us that while there are many measures to protect the exchange from hacker attacks, burglary still occurs. The list of canceled exchanges is endless, from 2011 to 2020 something happened.
One way to overcome this is to invest bitcoin on multiple exchanges. Not tied to only one exchange.
One way to choose an exchange is to look at the exchange rating on the coinmarketcap website. The higher the rating, the more active the exchange and the higher the potential for cash flow, so that in the event of a problem they will have enough capital to overcome problems such as hacking.
Get to know cryptocurrencies well, especially how they work and the risks that may arise. Understanding this well, we can assess whether this tool is compatible with our willingness to take risks.
One of them that is important is the issue of wallet security. The place where the owner stores the bitcoin.
What type of wallet is right for our needs. Investigate and decide which type of wallet to use.
D- officially registered
Use an exchange that already has a registered CoFTRA trademark. It is clear that the listed companies are companies with sufficient capital that have been carefully selected.
In fact, some of the largest bitcoin exchanges in the world are not listed with CoFTRA. These foreign exchanges can be selected, but you need to make sure they have clear regulatory approvals.
E. Good bitcoin storage is good
The owner will store the bitcoins in the wallet, either on the exchange or in their own wallet. The wallet will store the private key to unlock Bitcoin, without which Bitcoin becomes useless.
The problem arises when people forget the password to access their wallet. This usually happens when people keep their own wallets (not on exchanges), and often it happens when the value of bitcoins is high, as people want to keep their own wallets because they are considered to be more secure.
People store bitcoins on USB devices that are not connected to the Internet, so they cannot be hacked. However, it will be useless if you forget the USB password.
Be sure to save passwords or access as much as possible. Not only in order not to be hacked by other people, but also in order not to forget the group.
Many cases, especially - the key is not lost, it is very reliable, but the owner forgets about the combination. It's like having a safe for storing valuables, the combination lock of the safe is forgotten, so it cannot be opened.
How to trade bitcoin is very simple and it is indeed legal in Indonesia. But before delving into this, I advise you to study this financial instrument well.
Hope this is helpful!