TOKOCRYPTO is the largest cryptocurrency exchange in Indonesia. In 2023, its market share in the country's top three centralized cryptocurrency exchanges (CEX) was 43.0%.IndoDAX followed closely, becoming Indonesia's second largest cryptocurrency exchange with a market share of 42.0%, followed by UPBIT Indonesia with a small share of 15.0%.Surat Wealth Management

UPBIT Indonesia was the country's largest cryptocurrency exchange in 2022, and its market share in July reached 61.6%.However, TOKOCRYPTO and INDODAX performed last year more than the four months of Upbit Indonesia, and the last quarter of April and 2022 surpassed UPBIT Indonesia.At the same time, IndoDax basically maintained the position of the second largest cryptocurrency exchange during this period.

Although Upbit Indonesia once recaptured the highest monthly market share of 41.1% in March this year, it failed to maintain its performance and then re -became the smallest exchange in the top CEX.

The changes in the Indonesian CEX ranking highlight how the market share between them fluctuates within a few months and has not yet formed a dominant position.

At present, the Indonesian cryptocurrency exchanges are supervised by Bappebti (BAPPPEBTI). There are about 383 types of cryptococulating assets that allow transactions.However, as the Financial Services Authority (FSA) or OJK take over cryptocurrency supervision, Indonesia's regulatory agencies are turning to treat cryptocaries as securities.Even so, it is reported that Indonesia has been working hard to launch its own national cryptocurrency exchange.

Up to now, from January to May 2023, the total cryptocurrency transactions of the top three cryptocurrency exchanges in Indonesia were US $ 3.61 billion.This is 76.6%lower than the $ 15.41 billion cryptocurrency transaction volume recorded in the same period in 2022.In the context of the country's bear market status and supervision uncertainty, this significant decline highlights the decline in transaction volume of top -level cryptocurrency exchanges in Indonesia since last year.

Similarly, the average monthly cryptocurrency transaction volume has shrunk by more than half, shrinking from $ 2 billion in 2022 to only $ 720 million in 2023.The monthly cryptocurrency transaction volume this year reached a low of 410 million US dollars from the beginning of the year (YTD) to the present, and fell below the 2022 lows of US $ 560 million in December.The decline in total transaction volume appeared after two consecutive months, consistent with the activities of the top -level cryptocurrency exchanges in Japan.

The total transaction volume of the top -level cryptocurrency exchanges in Indonesia began to decline in early 2022 and decreased quarterly in the remaining time.After the transaction volume in the first quarter of 2022 reached US $ 10.81 billion, the second quarter of 2022 experienced a quarterly decrease of 42.7%, and the third quarter decreased by 25.3%.Although the total volume of cryptocurrencies in the first quarter of 2023 increased by 8.0% to 2.52 billion US dollars, the transaction volume in the second quarter seemed to fall below this level.

TOKOCRYPTO's market share increased from 23.4% in early 2022 to 43.0% in 2023, ranking among the top cryptocurrency exchanges in Indonesia.Tokocrypto is the country's largest cryptocurrency exchange this year, surpassing Upbit Indonesia and IndoDax.This was achieved under the strong promotion of the transaction volume, which was due to the leading global CEX Binance in December 2022 to acquire TOKOCRYPTO.

In 2022, Indonesian cryptocurrency traders traded $ 6.57 billion in TOKOCRYPTO.Last year, TOKOCRYPTO's market share in most months was at the lowest level, but from August to November, its market share increased for four consecutive months.In November, the monthly market share of Tokocrypto reached 41.4%, a new high in 2022, thanks to a transaction volume of 50.0% from the previous month to 400 million US dollars, higher than US $ 260 million in June.

Prior to this, TOKOCRYPTO briefly became the top CEX for the first time in 2022. At that time, due to the decline in transaction volume less than competitors, it occupied a 36.9% share in April.

So far, TOKOCRYPTO's market share in 2023 has remained in the range of 30.0% to 43.0%, while the market share last year was 16.7% to 41.4%.However, the average monthly cryptocurrency transaction volume of Tokocrypto has fallen to $ 260 million this year, less than half of the average monthly per month of less than $ 550 million in less than 2022.In other words, although TOKOCRYPTO has a high market share, this year's annual transaction volume will still be low.Bangalore Stock Exchange

TOKOCRYPTO was established in 2018 as the CEX service Indonesian cryptocurrency market.Pune Stock

The market share of IndoDAX in the top cryptocurrency exchanges in Indonesia has also increased, from 32.1% in early 2022 to 42.0% in 2023.INDODAX is the second largest cryptocurrency exchange and recorded the most stable market share performance. In the past two years, intermediaries are between 21.7% and 42.0%.

INDODAX is one of the oldest top cryptocurrency exchanges, which was established in 2014.Although INDODAX is the pioneer of the Indonesian cryptocurrency market, it has not been able to establish its position as a market leader.Due to the relatively stable transaction volume, IndoDax occupied the highest market share during this period only in October and December 2022.Indore Stock

In 2022, Indonesian investors traded $ 7.6 billion in cryptocurrencies on IndoDax.The average monthly cryptocurrency transaction volume recorded by IndoDAX in 2022 was US $ 630 million, which has fallen to $ 240 million since then in 2023.Jaipur Wealth Management

UPBIT Indonesia's market share in the country's top CEX has dropped from 44.5% in early 2022 to 15.0% in 2023.Therefore, Upbit Indonesia has been surpassed by TOKOCRYPTO and IndoDax.UPBIT Indonesia has the largest market share, and has fluctuated between 15.0% and 61.6% since last year.

In 2022, investors traded $ 9.8 billion in cryptocurrencies on UPBIT Indonesia.However, the average monthly cryptocurrency trading volume on the UPBIT Indonesia has dropped significantly from US $ 820 million in 2022 to US $ 220 million until 2023.Last year, the transaction volume on Upbit Indonesia fell rapidly for five consecutive months, from US $ 750 million in August to the lowest point of US $ 120 million in December.

In early 2023, the monthly transaction volume of UPBIT Indonesia has rebounded, and in March, it briefly recaptured the market leading position with a 41.1% share.But UPBIT Indonesia has not been able to maintain its performance so far, and its market share is far behind TOKOCRYPTO and IndoDax

UPBIT was launched in Indonesia in 2019. Previously, it was a South Korean cryptocurrency exchange established in 2017 and succeeded.UPBIT's international business occupies a market share of about 7.1%, which is the world's second largest cryptocurrency exchange.

As of June 2023, according to market share rankings, the top three cryptocurrency exchanges in Indonesia are as follows:

From January 2022 to May 2023, the total monthly cryptocurrency trading volume of the top three cryptocurrency exchanges in Indonesia: