Indodax review: the PAXG/IDR order book explained

Verdict: a proper order book, but a quiet one

Indodax is a long-running Indonesian exchange that lists PAX Gold (PAXG) against the rupiah. On 12 October 2026 both CoinGecko and CoinPaprika showed a live PAXG/IDR market there, with roughly $5,500 traded over 24 hours. Indodax’s own API sent our checker an HTML page rather than data, so this is aggregator evidence, which is normally reliable for listed pairs.

What Indodax offers over a simple buy button is control. You see bids and asks and you set your own price. On a market this thin, that matters. The downsides are the low volume, a fee schedule we could not open, and a security history we could not verify from an official Indodax statement during this review. We score it a little below Pintu for that reason.

“Security” is below neutral not because we found a problem, but because we could not confirm the record either way and this is a large, long-lived target. Please read Indodax’s own announcements before you hold a big balance there. “Usability” reflects a trader-style interface that is less friendly for first-time buyers than app-first rivals.

Indodax at a glance

The PAXG/IDR market on Indodax

PAXG is issued by Paxos Trust Company, N.A., which has operated as a national trust bank under the Office of the Comptroller of the Currency (OCC) since 12 December 2025. Each token represents one fine troy ounce of London Good Delivery gold in LBMA vaults in London, with monthly attestations by KPMG LLP. Our gold backing guide explains how to check those reports.

On Indodax the token trades only against rupiah. A volume of about $5,500 a day on 12 October 2026 is a little over one token. For context, aggregator data showed about $14,000 on Bittime’s PAXG/IDR book that day. Pintu’s own API confirmed its PAXG/IDR market, but our data has no volume figure for it. None of these is deep. They are fine for buying a few grams, and a stretch for several ounces.

Thin books create two effects you should plan for. The spread between best bid and best ask can be wide, and a market order can “walk the book”, filling at worse and worse prices. The fix is simple: use limit orders and buy in parts. Our PAXG trading guide explains spreads and order types in more detail, and the gold calculator converts the IDR price into grams so you can compare it with Antam.

Maker, taker and tax

Indodax runs an order book, so its fee schedule normally separates makers, who add orders to the book, from takers, who fill existing orders. We tried to read Indodax’s fee page on 12 October 2026 and got an access error. We are therefore not printing maker or taker rates. Open the fee page linked from indodax.com and note three numbers: the maker fee, the taker fee on IDR markets and the PAXG withdrawal fee.

On a quiet pair, being a maker is usually the better role anyway. A resting limit order often gets a better price and may pay a lower fee. Here is an illustration with invented numbers: a taker who pays 0.3% and crosses a 0.8% spread spends about 1.1%. A maker who waits at the mid price and pays 0.2% spends far less, at the cost of time.

Tax is set by PMK 50/2025, effective 1 August 2025. A sale through a licensed domestic platform such as Indodax carries a final PPh 22 of 0.21% of the transaction value, versus 1% through offshore platforms. There is no VAT on the crypto itself. Check the rules with DJP; this is not tax advice. Paxos’s own fees, which apply only to direct Paxos customers, are on our fees page.

Rupiah funding and withdrawals

Indodax is a rupiah exchange, so you fund and withdraw in IDR through the channels shown in your account. We could not open the fee page, so we do not list methods or charges; check them in the deposit and withdrawal screens. Send only from a bank account in your own name.

If you want to move PAXG into self-custody, start with our wallet guide. The token’s main contract is on Ethereum, and since 25 June 2026 there is also an official Solana version. Exchanges usually support one network for withdrawals. Our networks page shows how to verify the contract before you send anything.

OJK status and security record

Since January 2025 crypto trading in Indonesia has been supervised by OJK, which took over from Bappebti under the P2SK Law (UU 4/2023). POJK 27/2024 sets the rules. Licensed traders, known as PAKD, may only offer assets on the list set by a licensed crypto exchange such as CFX. Press reports put Indodax among the PAKD, with licence reference S-18/D.07/2025 dated 1 February 2025. Reports in mid-2026 counted 26 licensed traders in total.

Is PAXG on the official asset list? It is strongly implied, because several PAKD including Indodax trade it openly, but we did not find it directly on the 130-page CFX list. If you need certainty, search the CFX crypto asset list.

On security, we could not open an official Indodax statement or a primary news source about its incident history during this review, so we make no claims about past events. We recommend reading Indodax’s own announcements before depositing and, for long-term holdings, keeping only what you trade on the exchange. Our safety guide separates exchange risk from the risks that sit with Paxos, such as its power to freeze tokens.

How to buy PAXG on Indodax

1. Register and verify

   Sign up at the official Indodax site and complete identity verification.

2. Deposit rupiah

   Pick a deposit channel in your account and send IDR from your own bank account.

3. Open the PAXG/IDR market

   Check the order book: best bid, best ask and how much sits at each level.

4. Place a limit buy

   Set a price at or just below the best ask. Split larger orders.

5. Hold or withdraw

   Leave PAXG on Indodax for trading, or withdraw to a wallet on the supported network. See our buying guide.

Pros and cons

Indodax vs Pintu and other options

Pintu is the closest alternative: same currency, same regulator, simpler app. Our Pintu review scores it a little higher for beginners. Bittime showed more PAXG/IDR volume on our snapshot day, and Tokocrypto offers PAXG against stablecoins. The Indonesia country guide puts all of this next to Antam bars and Pegadaian savings.