Indodax for LUNC: reviewing the only rupiah order book

Our verdict and score

Indodax is the most direct way for an Indonesian to own Terra Classic. You deposit rupiah, open the LUNC/IDR market and buy, with no detour through USDT. No other licensed exchange in the country offers that. Across Asia, only three local fiat books for LUNC exist at all: rupiah here, baht on Bitkub and lira on Binance TR.

The weak spot is depth. On the day we checked, the LUNC/IDR book turned over roughly the equivalent of a thousand US dollars in 24 hours. That is enough for a modest monthly buy, but not for anyone moving serious size. The LUNC/USDT pair on the same exchange is nearly empty. Fees are fair, the regulatory paperwork is in order, and the app is well rated. The 2024 hot-wallet hack keeps the safety score in the middle of the range.

How we got there. Liquidity scores low because the IDR book is thin and the USDT book is almost unused, with a bid-ask gap near 10% when we looked. Fees are mid-range: 0.20% taker on rupiah pairs is normal for Indonesia, but tax and levy add-ons and an unpublished LUNC withdrawal fee hold the mark back. Local funding is the standout, since rupiah goes straight into LUNC. Regulation and safety balances OJK supervision and CFX membership against the 2024 exploit. App and support reflects a strong App Store rating from tens of thousands of users and an in-app help channel.

Indodax at a glance

Indodax started in 2014 as PT Bitcoin Indonesia, better known as Bitcoin.co.id, and took its current name in 2018. It is one of the oldest crypto businesses in the country. Since January 2025 crypto supervision in Indonesia sits with OJK, which took over from Bappebti. LUNC itself is on the official tradable list kept by the CFX crypto exchange as asset LUNC-1183, "Terra Classic", effective from February 2024. So a licensed Indonesian trader is allowed to offer it. For the wider legal picture, see our Indonesia country guide.

LUNC markets and liquidity on Indodax

Indodax lists two Terra Classic markets: luncidr and luncusdt. Both were open and not in maintenance when we queried the exchange’s public API. They behave very differently. LUNC/IDR is where nearly all the activity happens. LUNC/USDT saw only a few dozen dollars of trading in a day, with a gap of about 10% between the best bid and the best ask. Buying there with a market order would mean overpaying badly.

Thin books cost money in two ways. First, a large market order walks up the book and fills at worse prices. Second, the local price can drift away from the global one. When we compared the rupiah price with Binance’s USDT price after currency conversion, LUNC on Indodax sat a few percent higher. That gap moves around, so check it yourself with our LUNC converter or the live LUNC price page before a bigger buy.

A practical rule from our team: if your order is a meaningful share of the day’s rupiah turnover, split it into several limit orders over a few hours or days. If you need size, the USDT books on Bittime or Tokocrypto are busier, though they add a rupiah-to-USDT step.

Rupiah in, LUNC out

The IDR pair saves you a currency step. It does not save you from a thin order book, so size your orders to the depth you see.

Fees and minimums

Indodax publishes its maker and taker rates for every pair through its API. For LUNC they are below. Indonesian tax and the exchange levy come on top of these rates. Under PMK 50/2025, in force from August 2025, trades on domestic licensed platforms carry a 0.21% final income tax, according to press coverage of the rule, while VAT on crypto was removed.

Worked example. If you buy Rp1,000,000 of LUNC with a market order on LUNC/IDR, the taker fee is Rp2,000. The 0.21% income tax adds about Rp2,100. Your all-in cost is around 0.4% before any slippage. If you then withdraw 1,000,000 LUNC to your own wallet, the Terra Classic chain removes about 15,000 LUNC as its 1.5% on-chain tax, and Indodax charges its own network fee on top. Indodax does not publish the LUNC withdrawal fee openly, so read it on the Withdraw screen before you confirm.

Rupiah withdrawals reportedly have a Rp100,000 minimum and a Rp10,000 fee, according to Indodax help-centre answers. Treat those figures as indicative and confirm them in the app.

Prefer a deeper USDT book?

Some buyers fund with USDT and trade on a busier LUNC/USDT market. CEX.IO, running since 2013, sells USDT by Visa or Mastercard after verification. It does not list LUNC, and for Asian users its services come from CEX OVRS LLC in St Kitts and Nevis, with no Indonesian licence.

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How to buy LUNC on Indodax

The process takes five steps once your account is verified. The general version for every exchange is in our how to buy LUNC guide; the points below are specific to Indodax.

1. Open and verify an account

   Sign up at indodax.com or in the app and complete identity checks. Indonesian citizens use a KTP; foreign residents reportedly need a KITAS. Trading stays locked until verification is approved.

2. Deposit rupiah

   Top up IDR by bank transfer or virtual account from an account in your own name. Check the deposit screen for any fee before you send.

3. Open the LUNC/IDR market

   Search for LUNC and pick the LUNC/IDR pair. Do not open LUNA/IDR: on Indodax that is Terra 2.0, a different coin at a far higher price per unit.

4. Place a limit order

   Look at the order book first. Set a price close to the best ask and a size the book can absorb; the minimum is Rp10,000. A market order on a thin book can fill several levels up.

5. Withdraw to your own wallet

   For long-term holding, withdraw to a Terra Classic wallet. The Withdraw screen shows the exchange fee, and the chain deducts its 1.5% tax on top. Send a small test amount first.

LUNC-specific notes

Ticker trap. On Indodax, "LUNA" means Terra 2.0 and "LUNC" means Terra Classic. CoinGecko makes this worse: its Terra Classic page has at times shown an Indodax "LUNA IDR" row with a price hundreds of rupiah per coin. That row belongs to Terra 2.0, and Indodax’s own data maps it there. The quick check is price magnitude. LUNC costs around a thousand times less per coin than LUNA. Our LUNC vs LUNA explainer covers why two coins share one history.

Memo. LUNC deposits to Indodax need a memo as well as the terra1… address. Leave it out and the exchange cannot match the coins to your account. Chain tax. Every on-chain LUNC transfer pays the 1.5% tax, of which 1.2% is burned. That rate was set by governance and can change by vote. Staking. We found no LUNC staking or earn product on Indodax; its staking page lists ETH only. If you want staking rewards, you need a self-custody wallet. See LUNC staking and LUNC wallets. Burns. Indodax does not run a LUNC burn programme that we could find. Exchange fee burns are a Binance thing, covered on our Binance burn page.

Memo first!

Regulation and security record

On paper, Indodax is in good standing. It is a CFX member under SPAB-020/PFAK/CFX/10/2024, dated 10 October 2024, which we confirmed on the CFX members register. Press coverage of OJK’s December 2025 whitelist names it among the licensed digital asset traders. We could not reach the OJK register directly, so we cannot quote a licence number.

The blemish is September 2024. On 11 September that year, attackers drained Indodax hot wallets of around 22 million US dollars, according to blockchain security firms cited by the crypto press. Indodax said customer assets were fully safe and that it absorbed the loss. Deposits and withdrawals came back in stages. We found no incident in 2025 or 2026. A hack that the exchange covered is better than one it did not, but it is still a reminder that exchange balances carry custody risk. Keep only what you trade on the platform.

Alternatives to Indodax for LUNC

If you buy small amounts in rupiah, Indodax is hard to beat for convenience. If you trade larger tickets, the USDT books are where the volume is. Bittime showed the most LUNC turnover of the Indonesian apps we checked. Tokocrypto has tight spreads and Binance group links. Both need you to convert rupiah into USDT first. Pintu delisted LUNC in 2023 and converted leftover balances at Rp1 per coin; its stale price row is not a live market. Reku and Upbit Indonesia do not list LUNC. For every venue across the region, see our LUNC exchanges list.