Crypto in Applications: A Quick Glance

Crypto industry is a new type of industry in Indonesia, yet it has gained quite a bit of popularity in the last few years. With such a short time, questions such as, “How did the crypto industry gain popularity in such a short time?” And “What strategies are used by the companies that provide these services?” rise in the minds of many.

One of the many advisors of Askpert.id, Ms. NR, shared the motives as to why crypto is on the rise in Indonesia. Not only that, but she also shared some strategies used to promote and boost crypto trading to the Indonesian public.

Crypto Business is a new kind of business in Indonesia. Why do you choose to add it to your application?

The condition of cryptocurrency in Indonesia was and is outstanding, to say the least. This is achieved due to the high number of investors in Indonesia that use crypto. Also in the last year, a boom in cryptocurrency usage in Indonesia could be observed, as a lot of people participated in the many features that are included in the crypto industry such as NFTs. Blockchains are also quite popular in Indonesia. Another thing worth mentioning is that, because the system is relatively new, there is much feedback given by our users as to how we could improve the system.

The popularity of the crypto industry in Indonesia grew quite significantly thanks to the hype that was produced by influencers. Influencers talked a lot about this topic last year, thus many people started to get involved in the industry. 

Do all customers have the same profile despite them choosing different services that are included in the crypto industry?

Although users are spread across the services provided by the industry, their profiles are varied, to say the least. An example can be seen in stock trading, as new features opened, such as margin trading, we can see that the users of this feature are not beginners, and thus are quite knowledgeable regarding the industry. Common rules in certain crypto companies may include a minimum of 200 million rupiahs in a user’s starting account, and these users understand and thus comply with it.

Other users are relatively new players in the industry. Such are the users of the mutual funds, as they are observed to be beginners and adepts in the industry. This can be seen as they start in small numbers. This is considered to be the safest choice, thus should they lose something, it won’t cost them too much.

As for crypto, it is still being observed, considering that crypto is a relatively new feature.

Do people use other crypto apps or do they just use one?

Most of the customers have other apps, which then they could compare as to which app has the best feature. Features compared include customer support, but people are mostly more interested in broadcasts such as the ones on Instagram, in which advisors share the current market conditions, giving advice such as what should the customers do, perhaps just to wait and see, or if the graphs are shown, advisors could predict whether to buy more or sell some and so forth. Customers also provide feedbacks which is pivotal to improve services provided by the applications. 

Will there be stocks from other countries such as the ones from the US?

It is currently in the plans of many other companies to include these stocks, yet sadly current regulations are still not favorable for these companies to add foreign stocks. A lot of paperwork to be done, and complicated processes, are two of the many factors that “block” Indonesian companies from including foreign stocks. The best companies could provide for the time being is to offer customers future contracts for the foreign stocks, and once the conditions are more favorable and thus allowing for the easier access to include foreign stocks, these customers will get their stocks at once. 

What are the marketing strategies used by stock companies to promote their stock trade application?

Back in 2018, companies that offer the services in the field of crypto were widely unknown. Then companies started to see opportunities should they simplify the interface for their applications, as it would be favorable for early adapters and beginners in the industry. Afterward, influencers started to give financial education, and this includes the stock tradings and the crypto industry in general. During this time, companies started to contact influencers, in hopes to promote their applications and features offered. At first, they started talking about how to register, how to trade stocks, advice on how to read and assess the current stock market situation, how to assess customers' financial reports, and other general knowledge regarding the stock market. 

Companies also offer activities and engagements with customers such as bonuses will be rewarded for those who successfully persuade their friends or family members to use stock trade applications and trade stocks. Other than offering incentives, companies also engage with brand ambassadors and choose these brand ambassadors depending on what is trending among the millennials of Indonesia such as the K-Pop industries. Famous stars such as a member of a famous K-Pop girl band, Blackpink, is known to be brand ambassador of a stock trading company. 

What are the advantages of the stock trading application compared to the traditional stock trading market?

Features offered by the applications are the main advantages of these stock trading applications. User interfaces are designed to be beginner and adept-friendly, so those who are new to the industry can easily understand what exactly to do and plan ahead. Aside from user-friendly interfaces, information regarding stock trading is readily available on the applications. Users may consult with consultants regarding the next step, whether they should buy or sell their stocks. Users will also receive pivotal insights regarding the stock market, which is crucial for future planning. This is because, since COVID-19 cases exploded in Indonesia, many stock trading companies that use applications as their platform for the stock trading market started to improve their applications, since many people turned to stock trade ever since the quarantine laws were imposed. 

Contact us to explore more about the current trends of the industry and be connected with our curated advisors. 

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About Ms. NR:

Ms. NR has been in the financial services industry for more than 4 years since 2017. She is knowledgeable about financial services, particularly cryptocurrency because she has handled crypto since it started in Indonesia in the early 2017s. She previously worked as a business development manager in one company that provides digital asset exchange, such as crypto. Likewise, she had also worked closely with the government to draft a new crypto industry regulation. Her role makes her experienced in handling ISO certification, approaching tenders, maintaining government relations, and building associations with her network.