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How to Trade Bitcoin Legally in Indonesia

How to Trade Bitcoin Legally in Indonesia - The government through the Commodity Futures Trading Regulatory Agency (CoFTRA) officially allows the trading of digital currencies or cryptocurrencies on futures exchanges. CoFTRA has identified hundreds of digital currencies including Bitcoin. This means that Bitcoin trading is officially allowed in Indonesia.

CoFTRA's license in connection with cryptocurrency activities is written in CFTC Regulation No. 7 relating to the List of Tradable Crypto Assets. This regulation is effective as of December 17, 2020.

People can now trade Bitcoin officially. Here is how to trade bitcoin legally in Indonesia.

How to Trade Bitcoin Legally in Indonesia

1. Choose Bitcoin Exchange

To make a Bitcoin buy and sell, you have to use a cryptocurrency exchange or exchange service also known as Bitcoin Exchange.

Bitcoin Exchange is a platform that brings together Bitcoin buyers and sellers directly. Choose the Bitcoin Exchange you are trading Bitcoin with. There are 13 Bitcoin exchange companies recognized by CoFTRA with which you can choose to trade Bitcoin.

2. Set up a private Bitcoin wallet

The next process after choosing a Bitcoin Exchange is to create a private Bitcoin wallet or digital wallet to store your purchased Bitcoins. Choose a digital wallet with the best security to keep your money safe, especially from hacking.

There are many forms of digital wallets that can be used.

Desktop digital wallet

As the name suggests, this wallet is software that can be downloaded and installed on a computer or laptop.

digital mobile wallet

This digital wallet can be used on mobile phones. In the mobile-type wallet, users can make transactions via QR code or NFC scanning.

Web Digital Wallet

This type of wallet is more flexible because it can be accessed from a browser or a mobile phone. The only drawback of this wallet is its security. Because the key to your digital wallet is generated online.

digital wallet for devices

Hardware wallets are also known as physical wallets but they are generally not physical wallets. This wallet is in the form of a flash disk. This type of wallet is claimed to be the most secure digital wallet. Immune to viruses and intrusion attempts. You have to spend deeply to get it, the price of this type of wallet ranges from $100 to $200.

3. Registration

Before starting trading, you must first register with the Bitcoin Exchange. The registration process includes filling in personal data. After filling in the data, carefully read the privacy policy and the agreement concluded by the company.

After registration, you will be asked to verify data that is intended to prevent money laundering practices. After passing the verification, you can make Bitcoin purchase transactions. Choose the easiest and most convenient payment system for you.

After a successful transaction, you can store the digital money in the dedicated Bitcoin wallet. This is the legal way to trade bitcoin in Indonesia. 

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