9 Best Forex Brokers in Indonesia for 2025

Yes, Forex trading is legal in Indonesia. The Indonesian Forex trading market is monitored by the Commodity Futures Trading Regulatory Agency (BAPPEBTI). BAPPEBTI ensures that Forex brokers operate legally in Indonesia by checking international compliance with laws (such as anti-money laundering regulations) and promoting transparency in their dealings with traders.

BAPPEBTI upholds the legality of the Indonesian Forex trading market. Established under the Ministry of Trade, BAPPEBTI operates to regulate and supervise futures trading activities, including Forex. It collaborates with other financial authorities to harmonize financial Forex regulations within Indonesia’s financial markets.

The legality of Forex trading in Indonesia is governed by Law Number 10 of 2011 concerning Commodity Futures Trading, which provides the foundation for BAPPEBTI’s regulatory framework. BAPPEBTI enforces Anti-Money Laundering (AML) regulations to prevent illicit activities in the Forex market and issues guidelines on how brokers should treat their customers.

BAPPEBTI increased monitoring of fraudulent brokers activities in Indonesia since 2013, when a trader named Sugiarto Hadi reported losses of IDR 34 billion (approximately USD 2.3 million) due to fraudulent activities by brokers PT MIF and PT SAM.

It’s not possible to verify BAPPEBTI authorization for Forex Brokers in Indonesia, because BAPPEBTI does not directly regulate Forex brokers in Indonesia. Indonesian traders must verify forex brokers’ trustworthiness by checking their international regulatory status, online reviews, and the broker experience in the forex industry.

The first step to assess the forex broker trustworthiness in Indonesia is to look for forex brokers regulated by well-known authorities such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC). The local BAPPEBTI regulator monitors the Indonesian commodity and futures markets and doesn’t regulate the international forex CFD trading brokers that most Indonesian traders choose to trade on the forex market.

The second step is to search for online reviews about the forex broker. Check the forex broker reviews on reliable Forex trading forums and websites specializing in forex trading, to learn about what Indonesian forex traders and forex industry experts think about the broker.

The final step is to evaluate the broker experience. Forex brokers with many years in operation are more reliable for Indonesian traders. Look for forex brokers available in Indonesia that have been active for at least 5–10 years, as their longevity often reflects stability and trustworthiness.

The Commodity Futures Trading Regulatory Agency (BAPPEBTI) is important because it ensures oversight for Forex traders based in Indonesia. BAPPEBTI requires Forex brokers in Indonesia to treat customers fairly and provide transparent Forex trading services.

BAPPEBTI doesn’t regulate CFD and Options forex brokers, but only commodity and futures markets. BAPPEBTI does not have the power to impose rules on forex brokers, such as leverage limits, like in neighboring countries such as Singapore, but can take action by obscuring the websites of fraudulent forex brokers operating in Indonesia.

BAPPEBTI’s commitment to treating customers fairly plays an important role for Forex traders in Indonesia. Its guidelines promote transparency by ensuring traders receive clear communication and appropriate advice from their Forex brokers, as well as making sure the trading products offered perform as expected.

There are 5 factors to consider when choosing the best Forex broker in Indonesia. The factors to choose the best Forex broker in Indonesia are listed below.

1. Check the Indonesian FX broker reputation: Check if the Indonesian Forex broker has negative reviews from users on websites like Trustpilot, and verify if the broker has received complaints from Indonesian users in the past.
2. Check the spreads: Check the minimum and average spreads of the Indonesian Forex broker. The average spread in the trading industry is 1 pip calculated on a benchmark on the EUR/USD Forex pair.
3. Check technical features: Check if the Forex broker has servers located in Indonesia or neighbouring countries. Trading servers located in Indonesia help Indonesian traders to reduce latency time, improving the slippage ratio of Forex trades.
4. Check the FX broker presence in Indonesia: Check if the Forex broker has offices in Indonesia. Offices in Indonesia ensure the broker has a physical location, allowing Indonesian authorities to better oversee their financial activities.
5. Check for liquidity providers: Check the Indonesian broker’s liquidity provider and their quality. High-quality liquidity providers enable Forex brokers to offer lower and more stable spreads, even during periods of high market volatility.

The table to compare Forex Brokers in Indonesia is shown below.

brokers	Spreads from	Min. dep	Bonus	Accepts Indonesian traders
FBS	0 pips	$1	No	Yes
XM	0 pips	$5	No	Yes
OctaFX	0.5 pips	$25	No	Yes
AvaTrade	0.9 pips	$100	No	Yes
HFM	0 pips	$5	No	Yes

The table to compare Forex Brokers in Indonesia for spread is shown below.

brokers	EUR/USD avg spread	GBP/USD avg spread	USD/IDR avg spread
FBS	0.1 pips	0.2 pips	N/A
XM	0.1 pips	0.2 pips	N/A
OctaFX	0.9 pips	1.3 pips	N/A
AvaTrade	0.9 pips	2 pips	N/A
HFM	1.2 pips	1.9 pips	N/A

The table to compare Forex Brokers in Indonesia for commission is shown below.

brokers	Commission per lot traded	Inactivity fee	Currency Conversion fee
FBS	$6 round turn	No	No
XM	$7 round turn	$5/month ($15 for the first month)	No
OctaFX	No	No	No
AvaTrade	No	$50/quarter	Yes
HFM	$6 round turn	$5/month	No

The table to compare Forex Brokers in Indonesia for popularity is shown below.

brokers	Number of customers	Number of app downloads
FBS	N/A	10.000.000+
XM	N/A	1.000.000+
OctaFX	N/A	10,000,000+
AvaTrade	~300,000+	~1,000,000+
HFM	N/A	1,000,000+

The table to compare Forex Brokers in Indonesia for inactivity fee is shown below.

brokers	Inactivity fee	Inactivity fee activation time
FBS	No	No
XM	$5/month ($15 for the first month)	12 months
OctaFX	No	No
AvaTrade	$50/quarter	3 months
HFM	$5/month	$6 months

The table to compare Forex Brokers in Indonesia for currency pairs is shown below.

brokers	Number of currency pairs
FBS	72
XM	57
OctaFX	28
AvaTrade	60
HFM	51

The table to compare Forex Brokers in Indonesia for minimum deposit is shown below.

brokers	Minimum deposit
FBS	$1
XM	$5
OctaFX	$25
AvaTrade	$100
HFM	$5

The best Forex broker for beginners in Indonesia is FBS. FBS is the best Forex broker for beginners in Indonesia for its cent accounts, low minimum deposit requirement of $1 and user-friendly platform.

The alternatives to FBS as the best Forex brokers for beginners in Indonesia are XM for its comprehensive educational tools, AvaTrade for its fixed spreads policy (from 0.9 pips), and Oanda for the small minimum trade size available (from 1 unit).

Criteria for ranking Forex brokers for beginners in Indonesia are trustworthiness, ease of use, customer support, and low minimum deposit.

The best Forex broker for volume ranking in Indonesia is XM. XM is a globally recognized Forex broker with an average daily transaction volume (ADVT) of over 13.4 billion USD, meaning that XM manages approximately 4.9 trillion USD in Forex transactions on average every year.

Other Forex brokers with high ADVT popular among Indonesian traders are HFM, with an average daily transaction volume of 11.5 billion USD, Oanda with an AVDT of 10.7 billion USD, and AvaTrade, with an AVDT of 7.8 billion USD.

Criteria for ranking Forex brokers for volume in Indonesia is the average daily transaction volume (ADVT). The ADVT is a metric showcasing the total value of all Forex transactions and Forex trades processed by the servers of the Forex broker.

To open a Forex trading account with a broker in Indonesia, first go to the official website of the Indonesian Forex broker and ensure it is legitimate. Second, open a trading profile. Third, verify your identity. Fourth, make your first deposit. Finally, wait for the transaction to be processed.

The first step to open a Forex trading account as a trader in Indonesia is to visit the broker’s official website, and making sure it is regulated by regulatory bodies such as FCA, CySEC, MAS or ASIC. Make sure to check the trustworthiness of the Indonesian Forex broker before creating a demo account.

Secondly, open a trading profile. Opening a demo account in Indonesia with a Forex broker requires an email, a password, and sometimes a valid phone number.

Thirdly, verify your identity with the Forex broker. Forex brokers in Indonesia comply with international AML laws and follow Know Your Customer (KYC) guidelines, which require Forex traders based in Indonesia to submit proof of address with utility bills or bank statements, and proof of identity with an ID card or passport. The KYC verification process in Indonesia requires between 1 to 5 business days to be processed.

Fourth, deposit money into your account. Forex brokers in Indonesia require traders to meet the first minimum deposit amount required to set up a Forex account. The minimum deposit in Indonesia is often expressed in USD, which means traders have to calculate the amount of Indonesian Rupiah (IDR) to deposit to meet the minimum USD requirement once the money reaches the trading account.

Finally, wait for the deposit to be processed. The deposit processing time with Indonesian Forex brokers varies between a few hours and a couple of days, depending on the method chosen.

The amount of money needed to start a Forex trading account in Indonesia ranges from $1 to $500. The minimum amount to open a Forex trading account in Indonesia is $1 with most trading account types, increasing to $500 for traders wanting to trade with more advanced account types.

The minimum amount needed to open a Forex trading account in Indonesia is $1 with brokers like FBS. Forex trading brokers in Indonesia offer very low minimum deposit requirements, such as $10 or less, and high leverage availability allow traders to open forex trading positions with $1 or less.

The minimum amount required to trade on Advanced Forex trading accounts such as ECN forex accounts with an Indonesian broker is approximately $200. The minimum deposit for forex trading accounts in Indonesia depend on the broker, and are usually set between $200 and $1000.

The payment options accepted by Forex brokers in Indonesia are listed below.

• Local Bank Wire Transfers: Local bank wire transfers are widely available with Indonesian Forex brokers. Local Bank Transfers are one of the most common and reliable deposit methods for traders based in Indonesia, as they allow deposits and withdrawals in Indonesian Rupiah (IDR) through local banks like Bank Central Asia (BCA), Bank Mandiri, Bank Negara Indonesia (BNI), and Bank Rakyat Indonesia (BRI).
• Credit Cards: Credit cards are a fast method to deposit money with Indonesian Forex brokers. Indonesian Forex traders can choose between Visa and Mastercard credit card deposits.
• Debit Cards: Debit cards offer a flexible deposit method in Indonesia as they allow traders to deposit and withdraw any amount of money. Debit card deposits are available with Visa and Mastercard in Indonesia.
• E-wallets: E-wallet Forex trading deposits in Indonesia are available in the form of Skrill, Neteller, and PayPal, as well as local e-wallets like GoPay, OVO, and DANA.
• Online Payment Systems: Systems like Fasapay and Perfect Money are also popular among Indonesian Forex traders, offering fast and convenient deposit and withdrawal options.

Wire transfers in Indonesia require traders to send money abroad to their segregated bank account set up by their forex broker. International wire transfers may charge international wire transfer fees, because there are currently no forex brokers with an agreement with a local Indonesian bank. Wire transfers are considered international when processed outside the region or the country where the Forex broker operates. For instance, an Indonesian trader may be charged international wire transfer fees when opening an account with a Forex broker based in Australia.

Debit card deposits are a flexible and fast deposit method in Indonesia, usually processing instantly or within a few hours. They often come with low fees, making them a popular choice among traders. The main difference between depositing with credit cards and debit cards in Indonesia is that credit card deposits may require traders to comply with additional withdrawal rules.

E-wallets and online payment systems are the fastest deposit methods to process in Indonesia, often providing instant transactions. However, compared to bank transfers and debit/credit cards, they may come with higher fees ranging between 1-3% of the deposit amount.

The disadvantages of Forex brokers in Indonesia are listed below.

• Higher fees for deposits and withdrawals: Indonesian traders may incur higher fees when depositing or withdrawing funds, especially when transactions involve currency conversion from Indonesian Rupiah (IDR) to other currencies like USD.
• Higher risks due to high leverage: Forex brokers in Indonesia offer high leverage ratios to Indonesian traders, sometimes up to 1:1000 or more.
• Lack of strong local regulation: BAPPEBTI does not regulate all Forex brokers operating in Indonesia. Some forex brokers in Indonesia may operate without proper oversight, exposing traders to potential fraud, unethical practices, or insolvency. The lack of clear forex trading regulations in Indonesia make it difficult for traders to resolve disputes or recover funds in case of broker misconduct.

Yes, Forex traders pay taxes in Indonesia. Forex trading taxes in Indonesia are treated as income tax (Pajak Penghasilan) for individual traders or as corporate income tax if treated as a business activity.

The Forex Income Tax in Indonesia is progressive, with rates ranging from 5% to 30%, depending on the trader’s total income. For instance, if an individual trader earns a total annual income of IDR 100 million, the tax is calculated as 5% for the first IDR 60 million and 15% on the remaining IDR 40 million, resulting in a total tax of IDR 9 million.

For corporate entities engaged in Forex trading, the corporate income tax rate is generally 22%. This applies to businesses where Forex trading constitutes a primary revenue source or operational activity.

Individual Indonesian traders are entitled to a basic tax-exempt income threshold (Penghasilan Tidak Kena Pajak or PTKP), which depends on their marital and family status. For single individuals, the PTKP is IDR 54 million annually, meaning profits below this amount may not be taxable.

The table with the best MetaTrader brokers in Indonesia is shown below.

brokers	MT4 availability	MT5 availability	Premium tools for MetaTrader	MetaTrader demo	Minimum deposit
FBS	Yes	Yes	No	Yes	$1
XM	Yes	Yes	No	Yes	$5
OctaFX	Yes	Yes	No	Yes	$25
AvaTrade	Yes	Yes	No	Yes	$100
HFM	Yes	Yes	No	Yes	$5

MetaTrader, developed by MetaQuotes, is a widely used trading platform among Forex brokers in Indonesia. MetaQuotes offers two versions: MetaTrader 4 (MT4) and MetaTrader 5 (MT5), both accessible to Indonesian Forex traders.

The Forex trading statistics for Indonesia are listed below.

• Daily Average Transaction Volume: The average daily transaction volume (ADTV) in Indonesia in June 2024, was approximately worth 86.78 million USD.
• Indonesia’s Share in Global Forex Turnover: Indonesia accounted for 0.1% of the global foreign exchange turnover in 2022, with the Indonesian rupiah (IDR) involved in 0.4% of all forex transactions.
• Indonesia’s Forex Market Growth: Indonesia’s forex market has expanded rapidly over the past decade, with average daily turnover of the Indonesian rupiah increasing from USD 4 billion to USD 27 billion.

The terms of Indonesian-specific Forex Terminology traders should learn are listed below.

• BAPPEBTI (Badan Pengawas Perdagangan Berjangka Komoditi): BAPPEBTI refers to Indonesia’s Commodity Futures Trading Regulatory Agency. It is the regulatory body that oversees Forex Futures brokers and ensures they comply with strict standards to protect traders.
• JISDOR (Jakarta Interbank Spot Dollar Rate): JISDOR is the official reference rate for the Indonesian Rupiah against the US Dollar, published daily by Bank Indonesia. Traders use this rate as a benchmark for currency valuations.
• Swap-free Forex Accounts: Swap free Forex Accounts are Sharia-compliant trading accounts offered in Indonesia that adhere to Islamic finance principles by amending interests fees.
• Bank Indonesia (BI) Rate: The BI Rate is a benchmark interest rate set by Bank Indonesia. Changes in the BI Rate can significantly impact the strength of the Rupiah and influence Forex market movements.
• IDR Cross Rates: IDR Cross Rates are currency pairs involving the Indonesian Rupiah and other currencies, such as USD/IDR, EUR/IDR, and JPY/IDR. Traders should be familiar with these pairs when trading the Rupiah.

Yes, Indonesian Forex traders can use a variety of trading strategies, including scalping, day trading, swing trading, and position trading.

Forex traders based in Indonesia should verify with their broker if they allow specific types of trading strategies. Some Forex brokers operating in Indonesia may not permit strategies like scalping or hedging-based strategies.

Indonesian Forex traders should monitor economic news related to Indonesia to assess the impact of geopolitical and economic events on currency pairs involving the Indonesian Rupiah (IDR), such as USD/IDR, and adjust their trading strategies accordingly.

The countries similar to Indonesia for Forex trading are Malaysia and Vietnam, considering factors such as regulatory environment, forex trading popularity, swap-free account availability and fx trading deposit/withdrawal fees.

The most similar countries to Indonesia for Forex trading are listed below.

1. Malaysia: The most similar country to Indonesia for Forex trading is Malaysia. Forex brokers in Malaysia and Indonesia operate under similar regulatory conditions, with both countries having regulatory bodies overseeing the financial markets, but not specifically the forex brokers. Indonesia and Malaysia share a significant interest in Sharia-compliant trading accounts due to their majority Muslim populations.
2. Vietnam: Vietnam is similar to Indonesia in terms of the popularity of Forex trading and money transfer challenges. Both Vietnamese and Indonesian traders may face higher international wire transfer fees when depositing or withdrawing funds with international forex brokers.