Bitcoin Halving is Getting Closer, Check Out Tips for Choosing a Crypto Broker

Posted by – The Bitcoin halving which is expected to occur in mid-April 2024 has the opportunity to increase the value of crypto assets. In line with this, investors need to have an accurate strategy in choosing a broker or crypto trading platform ahead of the Bitcoin halving.

CoFTRA Secretary Olvy Andrianita reported that the physical trading transaction value of crypto assets in February 2024 was recorded at IDR 33.69 trillion or an increase of 56.22% on a month-to-month (MtM) basis from the previous month.

Meanwhile, the number of investors as of February 2024 was 19.18 million investors. According to him, the Bitcoin halving can encourage transactions and the number of investors.

“The year 2024 is also important because it is estimated that the prices of the majority of crypto assets will rise in line with the Bitcoin halving phenomenon which encourages transactions to become more active,” said Olvy in an official statement quoted on Friday (22/3/2024).

He further said that currently there are 35 Prospective Crypto Asset Physical Trader (CPFAK) companies registered with CoFTRA and most of them are in the process of becoming Crypto Asset Physical Traders (PFAK).
The types of crypto assets that are mostly transacted based on transaction value in physical trading of crypto assets during February 2024 are Tether (USDT), Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Render Token (RNDR).

Looking at the value of crypto assets, based on Coinmarketcap data on Friday (22/3/2024) at 14.07 WIB, the crypto coin with the largest capitalization, Bitcoin, touched a level of around US$66,394 per coin. Bitcoin corrected 2.96% in trading in the week leading up to the halving.

Meanwhile, another crypto asset, namely Ethereum (ETH), fell 0.63% in one week’s trading to US$3,527 per coin. As for stable coins USDC and USDT, they are still at around the level of US$1 per coin.

Tips for Choosing a Crypto Broker

Upbit Indonesia Chief Operation Officer Resna Raniadi said that the recent momentum was that the price of Bitcoin had reached more than IDR 1 billion or the equivalent of US$69,202 in a week and became the highest price achievement in history (all time high).

According to him, in the midst of the rapid development of crypto assets, choosing a trustworthy crypto platform is a crucial step for potential investors. The reason is, one of the main aspects that must be considered when dealing with crypto is the security aspect.

“Therefore, we place security as a top priority by implementing encryption measures and multi-factor authentication to reduce the risk of hacking so that investors can have confidence in protecting their assets against cyber threats,” said Resna in his statement, Friday (22/ 3/2024).

Not only security, according to him, investors need to choose a broker or platform that has a license and complies with Know-Your-Customer (KYC) regulations and anti-money laundering, which can increase transparency and accountability in its operations.

Prospective crypto investors also need to ensure that the chosen crypto trading platform is officially registered with the Commodity Futures Trading Supervisory Agency (Bappebti) as the current regulator.

“In addition to ensuring that the crypto platform is registered, also make sure that rupiah deposits are only made to virtual accounts belonging to the user or exchanger listed, then rupiah withdrawals can be made at any time as long as it is within office operating hours or even 24 hours non-stop,” he said.

Resna said crypto platforms also need to prioritize customer service to respond to user questions, resolve problems and provide assistance when needed.

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