Best BAPPEBTI Regulated Forex Brokers

logomark Filippo Ucchino calendar Last Updated: November 2021 timer 13 min read
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At InvestinGoal, we adhere to strict standards to ensure an unbiased review process. We conduct our reviews by examining each broker’s offering and performance across 4 key categories. A final rating is produced for each forex broker based on a total of 187 data points. Learn more about our review process and methodology.

Are you trading in Indonesia and looking for a broker with great regulation that is among the best forex sites in the industry? Look no further than our top ten listing of the best BAPPEBTI brokers.

Here we will guide you through exactly who they are, as well as provide all the information you need to know about the regulator.

Table of contents

What is the BAPPEBTI?

BAPPEBTI stands for “Badan Pengawas Perdagangan Berjangka Komoditi” (Commodities and Futures Trading Regulatory Agency). They are the regulatory body of Indonesia and they oversee the financial market in the country. They were established in 2005 and have provided secure and trustworthy oversight for all traders in the country since that time.

Are there BAPPEBTI regulated forex brokers?

Within Indonesia, forex trading is relatively new to retail traders, as it was previously not allowed. By the same token, BAPPEBTI is a relatively new regulator on the scene even though they have been around since 2005. The combination of these factors means that at the moment there are no directly BAPPEBTI regulated forex brokers in the market, though you can trade safely through all of the international brokers we have listed.

The regulator also keeps a very stringent control on which top brokers they will allow to operate in the country, having banned dozens of brokers from Indonesia in the past. Therefore, you can be sure of a safe, compliant trading environment from the broker you choose here.

Top 10 best BAPPEBTI Forex Brokers

Here is a closer look at the 10 best forex brokers we have chosen if you are trading under BAPPEBTI.

Visit Broker
74-89% of retail CFD accounts lose money

1. FBS

FBS are first on our list of top BAPPEBTI brokers. They are one of the top names in the industry and very well-regulated by both the IFSC and CySEC to provide one of the safest trading experiences around. They are also one of the most popular broker choices among Indonesian traders since they offer a fixed IDR-USD rate and IDR deposits via local exchanges.

The minimum deposit with FBS is also great at just $1. This keeps trading accessible to everyone, and a Shariah compliant swap-free account is also available. Trading costs at FBS are kept to a minimum with spreads starting from 0 pips and very fast execution available through their ECN accounts which start at $1,000 minimum deposit. When it comes to trading platforms, both MT4, and MT5 are offered along with a proprietary copy trading platform and a range of other bonuses and contests. These include the 100% deposit bonus, and special trading contests dedicated to Islamic traders during the Ramadan period.

80
Rated: Excellent
Security 93
Cost 86
Trading 68
Education 60

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: MIFID-ESMA, ASIC, FSCA, CYSEC, Offshore Minimum Deposit: 1
Visit Broker
61.14% of retail investor accounts lose money

2. Instaforex

Next on the list of top brokers is Instaforex. They are both well-known and respected by traders around the world, particularly in Asia. They are also extremely well-regulated by CySEC, the FCA, and offshore in the BVI (British Virgin Islands) providing great flexibility in offers.

Again, they provide a minimum deposit starting from the lowest point possible at just $1 and they are a very popular choice among new traders in the sector. ECN accounts are also available from just $1. For local traders, IDR deposits are available through the local exchangers and you will find an excellent swap-free account type also available. The award-winning broker with a total of 19 awards including a “best broker in Asia” accolade, showcase some of the reasons for their popularity with 4 great bonus offers available that include a 100% deposit bonus on the first deposit.

80
Rated: Excellent
Security 95
Cost 79
Trading 73
Education 61

Platforms: Mirror Trader, ZuluTrade, MT5 Desktop, Proprietary Web Platform Regulations: MIFID-ESMA, CYSEC, FSC (British) Minimum Deposit: 1
Visit Broker
73.57% of retail investor accounts lose money

3. XM

XM are next on the list of top BAPPEBTI brokers and of course they are a household name around the world with top-tier regulation in place throughout, and services offered in most countries. They have also received awards as the best forex broker in Australasia, and they too are highly accessible with a great value minimum deposit starting at $5.

At XM you will find a wide selection of account types available to choose from that suits all pockets. This goes as far as offering a stock brokerage account with a minimum deposit of $10,000 for the serious traders. Unfortunately here there are no IDR deposits available, though the great trading costs can go a way to making up for that. Spreads start from 0 pips and both top trading platforms MT4, and MT5 are available. The broker also offers one of the very best Islamic swap free accounts in the business, ideal for many muslim traders looking for Shariah compliant accounts.

Finally, they also offer a great range of bonuses that include a $30 bonus, 50%, and 20% deposit bonus, a great loyalty program, and many excellent trading contests in which you can participate.

77
Rated: Excellent
Security 94
Cost 74
Trading 65
Education 68

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: MIFID-ESMA, ASIC, CYSEC Minimum Deposit: 5
Visit Broker
74-89% of retail CFD accounts lose money

4. OctaFX

Another top and very well-recognized and respected broker to make our listing is OctaFX. They too offer a fantastic Islamic swap-free trading account which has won awards in the industry such as that from forextraders.com in 2015. They provide a very accessible starting point too with the minimum deposit standing at just $100.

You can also deposit IDR here which is perfect for Indonesian traders, though the minimum deposit accepted will be 50,000 IDR. The trading cost at OctaFX is also highly competitive and something that has really worked in attracting traders of all experience levels to work with this broker. Their spreads start from 0 pips and you will have access to all the most known trading platforms in the business. That is, MT4, MT5, and cTrader.

When it comes to bonuses, the broker will also not let you down. They have a huge 50% bonus on each and every deposit. This is an extra perk which you will not find with many top brokers in the industry, and makes them a very popular choice.

79
Rated: Excellent
Security 94
Cost 79
Trading 69
Education 59

Platforms: cTrader desktop, cTrader web, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: MIFID-ESMA, CYSEC Minimum Deposit: 5
Visit Broker
79% of retail investor accounts lose money

5. AvaTrade

This Irish broker which has now gone worldwide providing services in many countries as one of the most trusted brokers in the industry is next to make the list. They offer a very good value for money $100 minimum deposit which does not exclude traders of any level. They also work to offer an excellent swap-free account and are one of the very few top brokers that offer fixed spreads to their traders.

This makes them a very popular choice particularly considering that the spreads start from an excellent value point of 0.9 pips giving you plenty of room to reduce your trading costs no matter your asset choice.

Although no AvaTrade bonuses are available, you will have the choice of many top trading platforms both third-party, and proprietary. This includes both MT4 and MT5 as well as the AvaTradeGo platform, which is very intuitive and user-friendly for mobile trading, and the AvaOptions platforms which you can use if you are interested in options trading which is offered by the broker.

82
Rated: Excellent
Security 94
Cost 78
Trading 75
Education 72

Platforms: Mirror Trader, ZuluTrade, MT4 Web, MT5 Web, Proprietary Web Platform, MAC Platforms Regulations: FSA, MIFID-ESMA, ASIC, IIROC, FSCA, Offshore, FSC (British) Minimum Deposit: 100
Visit Broker
71.64% of retail investor accounts lose money

6. HotForex

HotForex is another cornerstone name in the sector to feature on our listing of the very best BAPPEBTI brokers. There is a wealth of account type choices here to greet you, with the lowest minimum deposit starting at just $5. They also make copy trading available for just $100.

You will be glad to find that you can deposit IDR here as an Indonesian trader, the minimum deposit being 200,000 IDR. For this, you will have access to 6 different account types in total and an excellent value spread on all of these, that starts from 0 pips. A great swap fee account is also available if you need to be Shariah compliant. Trading with the broker is done through MT4, MT5, and the webtrader.

A healthy bonus infrastructure is also in place here with both cash rebates and a 100% credit bonus available. Added to that, you will have access to HotForex trading contests which are sometimes run and are popular with prizes ranging from cash, to merchandise, and more. This means you do not have to be a big time trader to benefit from trading with this top broker choice.

81
Rated: Excellent
Security 94
Cost 86
Trading 69
Education 70

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web Regulations: MIFID-ESMA, CYSEC, Offshore, FSC (Mauritius) Minimum Deposit: 5
Visit Broker
73% of retail investor accounts lose money

7. XTB

XTB are next in our selection and another well-respected broker around the world. They are a top choice with new traders not only for their excellent and secure regulation that they have in place, but also as a destination for continuous learning. They provide a strong infrastructure for traders of all levels from beginners to advanced.

Another excellent and attractive point for new traders at XTB is the fact that there is no minimum deposit to worry about. This makes them an extremely accessible choice along with a spread that starts from a very low 0.2 pips on forex. Here you will have access to the broker’s own proprietary trading platform. Although no bonus infrastructure is available at XTB, they do have an excellent swap free account available on request if you require it. This alone makes them a top choice for many Indonesian traders.

82
Rated: Excellent
Security 95
Cost 76
Trading 75
Education 72

Platforms: Mirror Trader, Proprietary Desktop Platform, Proprietary Web Platform, MAC Platforms Regulations: FCA, MIFID-ESMA, FSCA, CYSEC, Offshore Minimum Deposit: 0
Visit Broker
68% of retail investor accounts lose money

8. eToro

eToro needs no introduction as one of the most recognized names in the trading world. They are by some distance the best broker when it comes to social trading, so if this is in your mind as an Indonesian trader when you are selecting a BAPPEBTI broker, then eToro is the best choice for you.

Here you will find a minimum deposit which is slightly higher but still accessible at $200. This does increase though if you wish to open an Islamic account. The minimum deposit on this account type would be $1,000 which can exclude some, though you have to remember you are dealing with one of the safest and best-known names in the world. The trading platform is one of the easiest to use that you will ever find, and although they do not have any bonus offerings in place, the spread does still begin from a competitive point at 1 pip.

If you are considering brand name recognition and ease of use in terms of a trading platform and its features, then there is little doubt that eToro must be at the top of the list when making your broker choice.

78
Rated: Excellent
Security 94
Cost 71
Trading 69
Education 63

Platforms: Proprietary Web Platform Regulations: FCA, CFTC, MIFID-ESMA, ASIC, CYSEC Minimum Deposit: 200
Visit Broker
75.54% of retail investor accounts lose money

9. FxPro

FxPro is the next broker you have to choose from when you are searching for the best BAPPEBTI broker as an Indonesian trader. Again, they are world renowned with more than 60 awards won around the world, and a trader base that covers most of the globe.

At FxPro you will find a minimum deposit accessible to most and excellent value at just $100, and a very competitive cost of trading, with limited fees, and a spread that starts from only 0.1 pips depending on your asset and account choice. You will have the freedom also to choose from all of the top trading platforms in the industry here. There are MT4, MT5, and cTrader. Although the broker offers no bonuses, they are very competitive in other areas, and also provide a great swap-free account should you need it.

All of these excellent features along with the top reputation of the broker, make them a popular choice both for Indonesian traders, and those all round the world.

80
Rated: Excellent
Security 95
Cost 58
Trading 76
Education 83

Platforms: cTrader desktop, cTrader web, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: FCA, MIFID-ESMA, FSCA, CYSEC, Offshore Minimum Deposit: 100
Visit Broker
81% of retail investor accounts lose money

10. FXTM

FXTM is last but certainly not least on our listing of the best BAPPEBTI brokers you have to choose from. They are also multi-award winning having picked up awards as the best broker in Asia for both 2017 and 2018. They are highly respected around the world and a very secure broker choice for Indonesian traders.

Here you will find an extremely competitive minimum deposit that starts at just $10 with ECN accounts and the associated fast execution available from $200 which still represents good value in the sector. The spreads too reflect this great value starting at 0 pips depending on your account type choice. All trading here is done through the popular and trusted MT4 trading platform and while there are no bonuses directly made available, there is a very rewarding loyalty program which benefits you over time through greatly reducing your trading costs. An excellent value Islamic account is also available should you require it, making FXTM another top BAPPEBTI broker choice to round out our list.

80
Rated: Excellent
Security 94
Cost 71
Trading 71
Education 80

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, Proprietary Web Platform Regulations: FCA, MIFID-ESMA, FSCA, CYSEC, FSC (Mauritius) Minimum Deposit: 10

How the BAPPEBTI works

BAPPEBTI has oversight within the Indonesian financial markets. Essentially what this means is that they provide the framework and guidelines which financial firms, including the forex brokers mentioned, must follow. They will also ensure that these guidelines are adhered to by following up with brokers and firms to make sure they are in compliance with the guidelines.

The bottom line is that the job of this, and any other regulator is to provide a safe, secure trading environment for you, the trader.

Characteristics and benefits of BAPPEBTI

Since BAPPEBTI do not directly regulate any forex broker, each is free to offer the type of service that they wish. This means that brokers are offered complete flexibility in terms of leverage, bonus offerings, and customer protection standards. This can sometimes work out to your benefit as a trader. The only thing they must ensure is that they respect local laws and any other guidelines set out by the regulator at all times.

Prohibitions with BAPPEBTI

Since BAPPEBTI do not directly regulate the forex market, they do not have any direct prohibitions to add other than what is already illegal according to the laws of the country. The only exception here is that if you are a muslim trader, you should be compliant with Shariah law. This means you should open a swap free account with your broker.

Spread betting is also seen as a form of gambling here, and so, it is illegal under Shariah law and not permitted within many regulatory bodies.

Differences between BAPPEBTI Regulated and BAPPEBTI Licensed Brokers

With every broker, there is a difference between being regulated and being licensed. Being regulated means the broker has passed through the full registration process which can be both long and expensive. Being licensed on the other hand means that a broker has not passed through this process but is still allowed to offer services in that country.

At the moment, since BAPPEBTI does not directly regulate any forex brokers, they are simply allowed to operate in Indonesia if they are following local laws, though this may change to require a full regulation in the future.

How to check if a broker is BAPPEBTI regulated

It is always a good idea to double check the regulatory status of your broker. Since Forex brokers are not directly regulated by BAPPEBTI, if you want to check if a broker is trustworthy or not, you can check out the following links to the various regulatory bodies around the world and click the one which corresponds to your broker.

In order to check the ESMA status, you will need to know which European country your broker is regulated under, though most register through CySEC in Cyprus, and regardless of country, every broker registered in Europe is ESMA compliant.

How BAPPEBTI intervene in case of financial abuse?

BAPPEBTI is an independent regulatory body. Therefore, they have widespread powers of discretion to intervene in cases where they feel a broker has acted inappropriately. This is a role they take very seriously and they do have a reputation as a regulator who takes action. They have the power to ban brokers from operating in the country and they have done so on many occasions.

How BAPPEBTI can help you

Since forex brokers are not regulated directly by BAPPEBTI, there is not a whole lot that the body can do to regulate their behavior. Having said that though, as mentioned above, they are not shy about banning brokers from offering services in Indonesia. This is something they can do. So, if you do encounter any actions that you think are wrong in any way, you can report them through the regulators official website, and after the investigation, they will decide if taking action against the broker or not.

With that in mind though, the brokers we have featured here are among the best regulated and most respected in the world, so you should really have no cause for concern.


About the Author

Filippo Ucchino

Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.

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