Best Forex Brokers Indonesia

logomark Filippo Ucchino calendar Last Updated: November 2021 timer 13 min read
Top Rated:
Connect with us

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.

Starting your search for the top forex brokers in any place can always seem like a daunting task. This is also true if you are an Indonesian forex trader. In your mind you may think there are some other obstacles to overcome in order to get involved in the Indonesian forex market.

The fact is, this does not need to be a difficult task. We want you to find the best forex broker Indonesia has offer, and so, with that in mind, we have taken the opportunity to collect as much information as possible about forex trading in Indonesia so you can be best placed to choose a top forex broker.

Table of contents

Is Forex Trading Legal in Indonesia?

This is a common question for those who are new to forex trading in Indonesia, though the simple answer is yes, forex trading is legal.

The process of forex trading is similar to any other kind of trusted trading with forex traders speculating on two currency pairs. Although in 2013 forex trading was banned by BAPPEBTI (the Indonesian regulatory body) in the wake of some forex scam broker cases, this ban has already been listed. This means that while there are still no forex brokers directly regulated by the body, traders are free to deal with international forex brokers who respect local Indonesian laws.

How to trade forex in Indonesia

The process of opening an Indonesian forex trading account is not hampered at all by BAPPEBTI since they only regulates the commodities and futures market. Considering that then, if you are an Indonesian and looking to open a forex trading account, you should follow the rules set by your selected broker below. These will typically mean the following:

  • Having your ID (preferably passport) ready to confirm your identity
  • Having a proof of residence document or at least a utility bill or bank statement at your registered address ready.
  • Preparing some capital to fund you new forex trading account.

Top 10 Best Forex Brokers in Indonesia

Once you have completed these steps, you are ready to choose from one of the top Indonesian forex brokers that we have listed for you right here:

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

1. FBS

The first broker to be listed in our selection of top Indonesian forex brokers is FBS. They are well regulated by the very trusted CySEC in Europe and the IFSC for global markets. They are also a great broker of choice for Indonesian traders with their fixed exchange rate of 10,000 IDR for 1 USD.

You can choose between 5 account types here. Of the five, a cent account and ECN account are also available. Minimum deposits with FBS start from as little as $1 and move up to $1,000 depending on account type. Funding through wire transfer, credit cards, and eWallet methods are all accepted. This includes IDR deposits if you are using local exchangers.

Every account type can also be turned swap-free if needed and spreads start at just 0 pips across MT4 and MT5 trading platforms as well as the brokers own proprietary copy trading platform. While they do apply an admin fee on Islamic account positions open more than two days, there are also a range of bonuses including a 100% deposit bonus and other contests dedicated to Islamic traders.

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

The next top broker we have chosen is Instaforex. They have been heavily decorated over the years, particularly in Asia, having won more than 19 awards related to being the “Best Broker in Asia” in that time. They are expertly regulated around the world by the FCA, CySEC, and the BVI.

Trading with them you can look forward to a choice of 6 accounts of which 2 are cent accounts, 2 are ECN accounts, a standard account, and a scalping account. Minimum deposits on these accounts range from $1 to $1,000 depending on your choice, and funding is available through wire transfer with IDR deposits accepted through local banks.

The cent account options present the perfect choices for new traders while an Islamic account is also available with an additional fee in place of the swap. Finally, 4 bonuses are on offer, one of which is a 100% first deposit bonus to get you started.

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 is one of the most recognized forex brokers anywhere in the world. Regulated by multiple bodies including the FCA, CySEC, ASIC, and the IFSC, they have also been awarded the best forex broker in Australasia award among others.

Here you will find 6 account types to choose from. Within these you will note that minimum deposits range from $5 to $100 and you can open a shares trading account with a minimum deposit of $10,000. Funding is accepted through wire transfers, credit cards, and eWallets although no IDR deposits are directly accepted.

You can get started with a fully unlimited demo account and a great value spread from 0 pips through MT4 and MT5 is available. Micro accounts are also catered for as well as the XM Islamic account which comes with the same functions as a regular account and no additional fees for forex trading as an Islamic trader.

You can look forward to deposit bonuses of up to 50%, a dedicated loyalty program and a range of very rewarding trading contests.

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

Next on the list of top Indonesian forex brokers is OctaFX. They are another well renowned for their top class service to swap-free traders. They were in fact awarded as the best forex broker Islamic account in 2015 by Forextraders.com.

When you open your OctaFX account you will find there to be a Micro, ECN, and Pro account available. You can trade forex with these accounts through MT4, cTrader, and MT5 respectively and the trading is well-regulated by both the FCA and CySEC. Each of the accounts can also be turned into an Islamic account where needed.

The minimum deposit with this forex broker starts at $100, rising to $500 for a Pro account. IDR can be deposited through local banks with a 50,000 IDR minimum. Other funding methods include Perfect Money, Neteller, and Bitcoin.

A full demo account is easily available and spreads start at 0 pips across all platforms. You will be glad to find a 50% deposit bonus on each deposit and an Islamic account with no extra mark-ups, commissions, or fees.

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 top global broker, based in Ireland are well regulated worldwide by ASIC, the FSA, and CBI and have cultivated a great reputation among Indonesian forex traders too.

When you open an account with AvaTrade you will find many options including a Retail, Standard, Options, and Spread Betting account available to some traders. The standard minimum deposit here is $100.

Your account can be funded through wire transfer, credit card, or eWallets although there are no IDR deposit methods at this time. If you are an Islamic forex trader you will be pleased to note that every account can be made swap-free although spreads which usually start from 0.9 pips across all platforms including Avatrade Go and AvaOptions, will be higher. The spread betting account is also available swap-free but since it could be considered gambling, you may be best to steer clear of it if you are an Islamic trader.

An AvaTrade demo account is available and allows for full access while deposits can be made through wire transfer, major credit cards, and eWallets like Perfect Money and Netteller. Bitcoin deposits are also accepted.

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

As far as top Indonesian forex brokers go, HotForex is certainly up there. They are astutely regulated by multiple bodies including CySEC, FCA, DFSA, and the FSA around the world and offer a variety of account type choices to forex traders.

These choices include a Zero Spread and copy trading account choice among others. The HotForex minimum deposit starts at just $5 on a standard account type and reaches $100 for the zero spread account. When it comes to copy trading, you can do it with a $100 deposit to copy others or a $500 deposit if you wish to be copied.

Accounts with spreads starting from 0 pips can be funded through wire transfers, credit cards and eWallets with IDR deposits accepted through local banks and a minimum of 20,000 IDR in place. Trading is offered through MT4 or MT5, and both demo and Islamic accounts are available.

On the Islamic accounts, an admin fee is charged o positions open more than 7 days although a strong bonus infrastructure helps negate this. Cash rebates and a 100% deposit bonus are available as well as multiple rewarding trade contests.

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 is another that has made our list of top Indonesian forex brokers. They are also well regulated by the FCA in the UK and the IFSC of Belize in global markets. One of the best things for Indonesian forex traders and others to benefit from is their extensive trading academy with lessons at all levels.

You can only opt for a standard account type when trading. It doesn’t have a minimum deposit and can be quickly funded through wire transfer, credit cards, or eWallets although there are no IDR deposit methods available.

Trading is available through their own proprietary trading platform with spreads starting from a low 0.2 pips and Islamic accounts available on request. With the Islamic accounts, the commission per lot charged ($10) is generally higher than with non-Islamic accounts ($3.50).

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

Next on the list of top Indonesian forex brokers is a household name in the form of eToro. They are regulated by the world’s best in the shape of CySEC, FCA, and ASIC and are well known as one of the best when it comes to social trading.

They offer just one account type though this can also be turned into an Islamic account if needed. The eToro minimum deposit is typically $200 but does rise to $1000 on Islamic trading accounts although all other trading conditions on the Islamic account are the same.

Spreads start from 1 pip and trading is done through the brokers own intuitive trading platform. Accounts meanwhile can be funded through wire transfers, credit cards, and eWallets although there are no IDR deposit methods.

At the moment there are also no bonuses offered by the broker but they are a trustworthy, global name in forex trading.

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
73.50% of retail investor accounts lose money

9. Oanda

Founded in the US in 1995 Oanda is one of the most respected forex brokers around. They now offer services around the world including Indonesia where, although they are not regulated by Indonesian authorities, they are allowed to operate. They have regulation in place from 6 major bodies worldwide including the FCA, ASIC, JFSA in Japan, MAS in Singapore, as well as in the US and Canada.

Being available in more than 100 countries worldwide as you would expect Oanda is a very popular broker choice. This is especially true among beginners in forex trading. They have no minimum deposit requirement, and a very low minimum lot size to start trading. You can open trades from $0.01.

Despite their accessibility to new traders, Oanda does not provide a huge range of forex trading pairs. What they do have though are very competitive spreads. These start from the industry average of 1 pip and can be as low as 0 pips but only on an Oanda Core Account, which is available under ASIC.

80
Rated: Excellent
Security 94
Cost 70
Trading 71
Education 80

Platforms: MT4 Dekstop, MT5 Desktop, MT5 Web, Proprietary Desktop Platform, Proprietary Web Platform, MAC Platforms Regulations: FSA, MAS, FCA, CFTC, MIFID-ESMA, ASIC, IIROC Minimum Deposit: 0
Visit Broker
81% of retail investor accounts lose money

10. FXTM

Finally in our collection of top Indonesian brokers we have FXTM. They are winners of the best broker in Asia award for 2017 and 2018 and offer 6 account types that are well-regulated by CySEC, the FCA, and FSB.

With these accounts, 3 are ECN type accounts and the others are standard types. A cent and shares account are both also available with deposits starting at $10.

The broker in fact does also support IDR funding through local and online bank transfer and once registered you can look forward to 0 pips spreads and trading through MT4. Both demo and Islamic accounts are available though a fee may be applied to Islamic trades depending on the assets involved.

While there is no fixed bonus offering in place, a rewarding loyalty program to help reduce trading costs is offered.

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

Indonesian trader? Here’s what to look for in a forex broker

As an Indonesian trader the same as many others, there are a few key things to look out for particularly if you are getting involved in forex trading for the first time:

1. Look for trusted brokers in order to avoid fraudulent firms:

A trusted broker such as those listed above should always be high on the list. You should always seek out brokers regulated by one of the top bodies including CySEC, FCA, ASIC, and some others including MAS (Singapore). These bodies are stringent in ensuring compliance and it is not easy to be regulated by them. Therefore, it always reflects a positive sign when your forex broker is.

2. If you’re Muslim, choose the best Islamic Account

In Indonesia, more than 80% of people are muslim. This means there should be a big demand on Islamic (or swap-free) accounts. These accounts do not charge overnight fees since that is considered a form of interest and thus is Haram according to Sharia law.

Be careful to do your research and choose the best broker Islamic accounts, many of these do not charge any additional fees for Islamic trading accounts. If you would like to know more about islamic accounts, check out our Islamic broker guide

3. Be careful when choosing a bonus:

Since bonuses are generally legal in Indonesia for brokers to offer, you may see many tempting offers pop up. Just be sure that you do not allow this temptation to cloud your vision when it comes to choosing a top forex broker.

You should select a broker based on how it fits your trading needs first and consider the bonus only as a secondary thing. That said, brokers with a no deposit bonus do offer a good chance for traders to get started risk-free.

How to verify if a forex broker is regulated in Indonesia

Within Indonesia, there is not a specific regulator to cover forex trading since BAPPEBTI only covers forex and futures. This is fine though since all of the recommended brokers are regulated by some of the foremost global authorities in regulation. You can check some of these regulations by clicking on the following links and searching for your broker of choice.

If you want to check ESMA regulations, you first need to know the European country the broker is registered within. This is usually CySEC but anyway, if it is regulated within Europe, it should automatically be ESMA compliant.

Is forex trading taxable in Indonesia?

Forex trading may not be directly regulated by the Indonesian regulator, but it is still taxable. This tax usually takes the form of capital gains tax which is applied at 25% if you are a resident of Indonesia or 5% if you are a non-resident.

Tax rebates on losses for a period of 5, or sometimes 10 years can be applied and taken into account when forex trading in Indonesia.

  • [Disclaimer: we are not accountants, we have done internet research. We strongly suggest you contacting Indonesian local authorities if you’re not sure how to manage this aspect]

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Keeping you better informed

Find and compare the best
Online brokers for you

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk. The present page is intended for teaching purposes only. It shall not be intended as operational advice for investments, nor as an invitation to public savings raising. Any real or simulated result shall represent no warranty as to possible future performances. The speculative activity in forex market, as well as in other markets, implies considerable economic risks; anyone who carries out speculative activity does it on its own responsibility.
ADVERTISER DISCLOSURE: InvestinGoal is completely free to use for all. Though we may receive a commission from brokers we feature, this does not impact the results of our reviews or rankings which are conducted with complete independence and objectivity, following our own impartial methodology. Help us continue to provide the best free broker reviews by opening your account with our links. Please read our Advertiser Disclosure to learn more.
Copyright © 2021 InvestinGoal.com – All rights reserved. / Privacy and Cookie Policy / Basic Terms of Use / Sitemap