Boasting over 1.5 million registered customers, Tokocrypto is a leading crypto exchange in Indonesia. It rose to fame in December 2022 after the world’s largest exchange, Binance, acquired it. This guide covers every detail you need to know about the Tokocrypto exchange and its native token, TKO. Read on to learn more.
Tokocrypto’s Brief History
Launched in 2018, Tokocrypto is the brainchild of software engineer Pang Xue Kai. It was the first cryptocurrency exchange to secure a license from Indonesia’s financial watchdog, BAPPEBTI, which regulates futures, cryptocurrencies, and derivatives.
During its early stages, Tokocrypto experienced insufficient liquidity, making it difficult for users to execute trades effectively. To address the problem, the exchange partnered with Binance in 2020. The following year, the TKO token entered the market.
The TKO Coin
Deployed on the BNB Chain, TKO is native to Tokocrypto. Its holders enjoy numerous benefits, including airdrops, merchandise redemption, early access to new services, and trading fee discounts. The TKO token powers the DeFi products offered by Tokocrypto, which include NFT Arcade and Farming Pool.
The coin has a total maximum supply of 500 million tokens. As of October 2024, over 170 million TKO tokens are in circulation, boasting a market capitalization of $62 million.
How to Create an Exchange Account on Tokocrypto
Do you wish to trade cryptocurrencies on Tokocrypto? Well, you need an account. Here is how you can create one:
Step 1: Download the Tokocrypto Mobile App
The Tokocrypto mobile app is available on the App Store and Google Store. Once you download it, click the ‘Sign Up’ button and enter your phone number or email address. It is worth mentioning that you can use your Binance login details to sign in if Tokocrypto operates in your region.
Step 2: Complete KYC Verification
After creating a Tokocrypto account, the next step is to complete the (Know Your Customer) process, which basically means verifying your identity by providing proof of residence and a government-issued identification document.
Step 3: Complete Face Verification
Tokocrypto will require you to take a selfie to verify your biometric data before you are allowed to use its services. Before taking a selfie, remove any accessories like masks or glasses.
After completing these steps, Tokocrypto will begin processing the submitted data. You will be notified whether your account has been verified within 24 hours.
How to Deposit Cryptocurrency on Tokocrypto
Once you have a verified Tokocrypto account, you can make your first deposit. But how do you do this? You only need to follow these simple steps:
1. On the Tokocrypto app, click ‘Wallet’ and select the ‘Deposit’ option.
2. Next, pick the right network depending on the crypto asset you want to deposit. For example, if you want to fund your account with BTC, select the Bitcoin network.
A unique deposit address will be generated after choosing the network. Next, copy and paste it on the source of funds, then enter the amount of crypto you want to deposit and initiate the transaction.
How to Deposit IDR in Your Tokocrypto Account
Tokocrypto isn’t a crypto-only platform. Instead, it supports fiat currencies, including the IDR (Indonesian rupiah). The exchange utilizes BCA Digital’s Blu payment system to facilitate fiat currency deposits.
To deposit IDR in your Tokocrypto account, you must first create a BCA Digital account within the exchange. After that, link the account with your Tokocrypto account. Next, go to ‘Wallet’ and press ‘Deposit.’ Choose ‘Blu’ as your preferred payment option and enter a deposit amount of at least Rp 50,000. Now, authorize the transaction by entering your Blu PIN. To view your IDR balance, go to ‘Fiat Deposit History.’
Trading Tools on Tokocrypto
Tokocrypto has a wide range of advanced charting tools that allow both experienced and beginner traders to make informed trading decisions. Furthermore, the exchange offers helpful analytical tools that enable users to analyze trading volumes of various cryptocurrencies. It also gives access to real-time crypto news, thus keeping users well-informed.
