This article will teach you everything you need to know to buy Litecoin in Indonesia and which exchanges you can use.
Litecoin was one of the first altcoin projects and was created by Charlie Lee in 2011. To this day, it is still one of the most popular cryptocurrencies as it offers cheaper transactions than Bitcoin. Having this affordable transaction fee means LTC can be used for everyday purposes.
Often referred to as the silver to Bitcoin’s gold, Litecoin has caught the attention of many investors and traders around the world. So is it time you got your hands on some LTC?
Regulation in Indonesia
Regulation surrounding cryptocurrencies in Indonesia has always been fairly murky – that is, until recently. In February 2019, Indonesia’s Futures Trading Regulatory Agency – Bappebti – authorised cryptocurrencies as a trading commodity. Currencies similar to Bitcoin are now being treated as commodities and can be traded legally in the country.
Prior to this new regulation, cryptocurrency exchanges did not exist in Indonesia, and Indonesia’s Central Bank had banned all cryptocurrencies as a payment option. Having this barrier made it extremely hard for the citizens of Indonesia to buy and sell Litecoin.
However, through the decentralisation of blockchain technology, people were still able to buy Litecoin through global exchanges. The new regulation now gives these exchanges legal certainty to operate and sell in Indonesia.
The first step when buying Litecoin in Indonesia is to choose a trusted and safe exchange. Here, we will go through three of the most reliable exchanges that can be used in Indonesia.
OKEx was founded in 2014 in China and is the second-largest cryptocurrency exchange in the world by volume. The exchange offers a wide range of trading pairs and allows users to trade directly to and from fiat currency.
Service fees on OKEx are very small for such a diverse platform – they only charge 0.1% for maker and taker fees. The exchange also promotes top security features including two-factor authentication, meaning users can be sure they will be safe from potential hackers.
OKEx also offers a wide range of payment options, from bank transfers to credit/debit cards, making this exchange great for beginners who may want to use multiple payment methods.
Founded in 2012, Hong Kong-based exchange Bitfinex has cemented itself as one of the leading exchanges in the world in terms of trading volume. It caters to both retail and institutional investors because of its impressive funding model.
Bitfinex aims to be the premier destination for experienced traders across the globe, but beginners are still able to use the exchange due to its friendly interface. Due to past experiences of hacks, the exchange prioritises security and employs many different safety features. Customer support is also 24/7 on the exchange, with the team ready to answer any questions at all times.
Based in Singapore, Huobi aims to provide users with independent crypto analysis and top customer support. It has a focus on the Asian market but is available globally.
The exchange is supported by multiple platforms including MacOS and Android. Huobi requires users to complete Anti-Money Laundering and Know-Your-Customer tests to ensure they are complying with relevant regulations and to determine how likely a user is to carry out illicit activities.
Get yourself a wallet
Whatever country you live in, it is always advised to get a cryptocurrency wallet to store your assets. Due to the number of hacks on exchanges, every cryptocurrency owner needs to keep their assets on a wallet. Some of the best Litecoin wallets include Trezor and the Ledger Nano X. All wallets have different features and security options, but always remember to keep your private address safe at all times.