What is Tokocrypto, and how does it work? A complete guide

Key takeaways

• Tokocrypto offers a range of features for beginners and advanced traders, including real-time market data, charting tools and various order types.
• The platform’s native token, TKO, provides holders with various benefits, including trading fee discounts, airdrops and access to exclusive events — while driving DeFi products like Farming Pool and NFT Arcade.
• Tokocrypto offers advanced trading tools and analytics, including customizable indicators and in-depth reports for informed trading decisions.
• The exchange features multi-layer security, a seamless registration process and 24/7 support, but lacks leveraged trading and only supports the Indonesian rupiah for fiat currency trading.

With more than 1.5 million registered users, Tokocrypto is among Indonesia’s top cryptocurrency exchanges. It’s a popular platform for trading digital assets like Bitcoin (BTC) and Ether (ETH). Introduced on Binance’s Launchpad in 2018, Tokocrypto was acquired by Binance in December 2022. What makes Tokocrypto unique is its native token, TKO, which blends features from both centralized finance (CeFi) and decentralized finance (DeFi).

This beginners’ guide covers everything you need to know about Tokocrypto and the TKO token — from setting up an account and making deposits and withdrawals to security features, referrals and how it compares to other exchanges.

Tokocrypto platform overview

Tokocrypto was founded by Pang Xue Kai, an engineer who transitioned from the oil and gas sector into the blockchain space. After exploring blockchain technology in 2015, he launched Tokocrypto in 2018. Despite initial government hesitancy, Tokocrypto was the first crypto exchange registered with Indonesia’s cryptocurrency regulator, BAPPEBTI.

BAPPEBTI, under the Ministry of Trade, regulates cryptocurrencies, futures, derivatives, and more. It works closely with other major institutions, such as the Financial Services Authority (OJK), Bank Indonesia and the Ministry of Communication and Informatics.

In 2020, Tokocrypto boosted its security and liquidity by forming a strategic alliance with Binance. By 2021, it launched the TKO token and established several new financial services.

Did you know? The cryptocurrency market is expected to have 107.3 million users by 2025, representing a market penetration rate of 7.35%. The market penetration rate measures the percentage of a company’s target market that uses its products or services.

TKO, the native token

TKO, Tokocrypto’s native token, is built on the BNB Chain. It comes with benefits for holders within the Tokocrypto ecosystem, including trading fee discounts, merchandise redemption, airdrops, access to exclusive events and more. The token was also devised to help improve financial inclusion in Indonesia. TKO powers Tokocrypto’s DeFi products, including the Farming Pool and NFT Arcade.

As of Sept. 18, 2024, TKO’s market stats are as follows:

• Price: $0.369421
• Market cap: $62.51M
• Circulating supply: 169.20M (33.84%)
• Total maximum supply: 500M

At one point, Binance and Tokocrypto launched BIDR, a stablecoin pegged to the Indonesian Rupiah, to encourage local participation in DeFi. Tokocrypto phased out BIDR in May, asking users to convert their BIDR into other cryptocurrencies.

Tokocrypto dashboard

Once you complete Know Your Customer (KYC) verification, you arrive on the Tokocrypto dashboard, which is like a central command center. It provides a real-time view of your portfolio, open orders and transaction history. You can use it to buy, sell or trade cryptocurrencies. 

How to set up an account on Tokocrypto

Creating an account on Tokocrypto is a straightforward process, similar to what you may expect on any crypto exchange. Here’s a complete guide to the process:

• Step 1 – Sign up: Visit Tokocrypto website or download the app and sign up with your email or mobile number. You may also sign in using your Binance login credentials, though Tokocrypto will ask you to set up a separate password to change your account settings later.

• Step 2 – Begin KYC verification: Whether you create separate login credentials for your Tokocrypto account or login via Binance, you need to complete KYC verification. The process begins with you selecting whether you’re an Indonesian or a foreign national.

 

• Step 3 – Face verification: The KYC process continues with face verification. With the camera on your device, Tokocrypto makes an image of your face to verify biometric data by analyzing it and comparing it with reference data. While Tokocrypto records your face, you need to remove accessories such as glasses or masks. 

• Step 4 – Upload identity and other documents: Upload a government-issued ID and any other document that the exchange requests. Fill in your information, ensuring it matches the ID you used. The exchange will process the data and inform you when it is confirmed. It may ask you to re-verify if there is an issue.

Did you know? Implementing AML compliance is expensive, regardless of the financial institution’s size. US financial services firms spend an average of $25.3 billion annually on AML compliance.

How to deposit crypto on Tokocrypto

You need to follow these steps to add crypto to your Tokocrypto wallet:

Step 1 – Go to wallet

• Tap the “Wallet" button at the bottom right corner of the homepage.
• Select “Deposit.”

Step 2: Verify deposit details

• Network: Ensure you’ve chosen the correct network for crypto transfer. For example, if you want to send BTC, you must choose Bitcoin as a network.
• Deposit address: You’ll get a unique address to which to send your cryptocurrency.

The exchange will inform you about minimum deposits and estimated arrival time.

How to withdraw crypto on Tokocrypto

Here’s the process to withdraw crypto on Tokocrypto:

Step 1 – Navigate to wallet

• Tap the “Wallet" button at the bottom right corner of the homepage.
• Select “Withdraw.”
• Choose the cryptocurrency you want to withdraw (e.g., BTC, ETH.)

Step 2: Verify withdrawal details

• Network: Select the correct network for crypto transfer. 
• Withdrawal address: Enter the unique address where you can send your cryptocurrency.
• Confirm withdrawal: Check all the details and confirm withdrawal.

Did you know? The number of registered cryptocurrency investors in Indonesia reached 18.51 million by the end of 2023.

How to deposit IDR in Tokocrypto

Tokocrypto uses the Blu payment method of BCA Digital to deposit Indonesian rupiah (IDR). You don’t need to switch between apps, and you can complete the process on Tokocrypto.

Here’s the process to complete the transaction:

• Open an account with BCA Digital.
• Link Tokocrypto with BCA Digital
• Click “Wallet” on the homepage. On the menu, Click “Deposit.”

• Select Blu by BCA Digital as the payment method.
• Enter the amount you want to deposit/top up (min. Rp 50,000 and max. Rp 100,000,000).
• Enter your Blu PIN to authorize the payment.
• You can check your balance in “Fiat Deposit History.”

How to buy TKO on Binance

Here’s how you can buy TKO on Tokocrypto:

• Sign in: Sign in to Tokocrypto using the username and password created on the exchange, or using Binance login credentials.
• Deposit funds: Go to the “Wallet” section and deposit funds. 
• Search for TKO: Click “Markets” in the top menu to reach the Markets section. Search for the “TKO/IDR” pair using the search bar if you’ve deposited funds in IDR. If you’ve deposited funds in some cryptocurrency such as BTC or ETH, you’ll need to search for TKO/BTC or TKO/ETH. 

• Place an order: Click on the pair to find the order book. Choose between a “Market” or “Limit” order. For instant purchase, select a market order, enter the amount, and confirm the trade. If you want to purchase at a predetermined price, go for a limit order.

• Store safely: When your purchase is complete, transfer your TKO to a secure wallet. Leave TKO in your Tokocrypto wallet if you’re actively trading.

Referrals

When your friends trade on Tokocrypto, you can make a commission, thanks to the referral program. Here are some features of Tokocrypto’s referral program:

• Eligibility: You must have completed KYC verification to participate.
• Commission: You can get a commission of up to 20% on trades your friends make.
• Commission rate: You can increase your commission rate to 50%.
• Commission payment: Commissions are calculated and deposited into your account every hour.

Account security in Tokocrypto

In collaboration with Binance, TokoCrypto offers a multilayer account security system that includes two-factor authentication (2FA), device management, anti-phishing code, suspicious account activity insight, address management and resetting of passwords:

• 2FA: Tokocrypto allows you to set up Google authentication, SMS authentication, and email verification. If you’ve enabled 2FA, a hacker won’t be able to access your account even if they somehow find your password.
• Device management: You can actively manage which devices can access your account.
• Anti-phishing code: Setting up an anti-phishing code will help you identify whether notification emails are from Tokocrypto or a phishing scam.
• Account activity: Tokocrypto informs you when you last signed in. If you find this suspicious, you can disable the account.
• Address management: Address management lets you save and add notes to your withdrawal addresses. The optional whitelist feature enhances security by restricting withdrawals to approved addresses only.
• Reset password: You can reset your password to boost security.

Did you know? The Chainalysis Crypto Crime 2023 Report revealed that about 48.3% of ransomware funds flow into centralized exchanges. Only a small portion, 6.7%, end up on high-risk exchanges, while 15% go through mixers.

Trading tools and analytics

Tokocrypto offers a string of trading tools and analytics to help beginners and advanced traders make informed decisions. The platform provides real-time market data, advanced charting tools and customizable indicators to track price movements and trends. These tools enable you to access historical data, analyze trading volumes and set up alerts for specific market conditions. 

The exchange supports limit and stop orders, allowing you to execute your strategies precisely. You also get in-depth market insights and reports, helping you stay informed about the latest trends and opportunities in the crypto market.

Advantages of Tokocrypto

Some advantages Tokocrypto offers are:

• The exchange has multilayer security, and client funds are stored in cold wallets.
• The ability to use a variety of trading strategies, both active and passive.
• Easy registration process with quick verification.
• 24/7 support via online chat and popular messaging apps.
• An affiliate program, along with regular discounts, bonuses and contests for existing customers.

Disadvantages of Tokocrypto

Some disadvantages of Tokocrypto:

• Tokocrypto does not currently offer leveraged trading.
• Only the Indonesian rupiah is available for fiat currency trading.
• To reduce exchange fees, you must maintain a trading turnover of at least 0.5 BTC.

Future prospects

As of Nov. 10, 2023, Tokocrypto occupied the top position as Indonesia’s largest crypto exchange, with a 43% market share among the top three CEXs. Indodax followed closely with a 42% share, while Upbit Indonesia held a 15% share.

Tokocrypto is poised for continued growth, with plans to expand its DeFi offerings, enhance its educational platform, and explore strategic partnerships both locally and internationally. The exchange aims to innovate further in user experience and security to maintain its market leadership.