FBS
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74-89% of retail CFD accounts lose money
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XM
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OctaFX
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AvaTrade
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HFM
Visit HFM70.51% of retail investor accounts lose money -
XTB
Visit XTB79% of retail investor accounts lose money -
eToro
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Oanda
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FXTM
Visit FXTM81% of retail investor accounts lose money
Indonesia, located in Southeast Asia, is one of the emerging market economies with a significant role in global financial markets.
The country’s official currency is the Indonesian Rupiah (IDR).
Retail forex trading activity in Indonesia is overseen by the Commodity Futures Trading Regulatory Agency, locally known as BAPPEBTI (Badan Pengawas Perdagangan Berjangka Komoditi).
In this article, we have included the best forex brokers that accept clients from Indonesia. In order to select them, we have considered the following key elements:
- An excellent forex license;
- Availability of IDR deposits;
- Broker fees and commissions;
- Overall quality of services offered.
Table of Content
What are the best forex brokers in Indonesia?
Below is our curated list of the best forex brokers for traders living in Indonesia, with details and information about the country laws, the features, and the characteristics.
Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
FBS : best cent account
- FBS is a popular broker in Indonesia thanks to the fixed exchange rate of 10,000 IDR for 1 USD.
- Indonesian traders can trade with FBS under IFSC regulation in Belize n° 60/230/TS/18.
- Indonesian traders can apply forall FBS bonuses offered such as the level-up bonus for up to $140 to your account
- Indonesian language support is available even though FBS provides no local office.
- All FBS trading accounts are only in USD or EUR but you can deposit in IDR with a wide range of Indonesian deposit options such as Fasapay, Doku or OVO.
- It is possible to unlock a swap-free feature on your FBS account.
- FBS provides access to a range of 30 forex pairs with different spread types depending on the account starting from a negative 1 pip on the EUR/USD.
- The maximum leverage available in Indonesia varies due to the FBS account and it is up to 3000:1 on forex.
XM : no requotes
- XM accepts traders from Indonesia with the global entity regulated in Belize with an FSC license n° 000261/397 and providing the Indonesian language support.
- Traders from Indonesia can claim XM deposit bonuses up to $5,000 or currency equivalent.
- XM doesn’t support IDR trading accounts even though you can easily deposit in any currency with local bank transfer in Indonesia.
- In case you need a swap-free account for religious reasons you can request it at XM and you won’t be charged any fee.
- Forex trading with XM is offered with more than 50 currency pairs with spreads from 0.6 pips on EUR/USD and a leverage on forex up to 1000:1.
OctaFX : best for algo traders
- OctaFX offers a fixed exchange rate for traders in Indonesia of 10,000 IDR for 1 USD.
- Indonesian traders can apply through the SVG regulated entity of OctaFX which holds license n° 19776 and provides Indonesian language support.
- Advantages for Indonesian traders include an OctaFX 50% deposit bonus or weekly prize giveaways.
- OctaFX provides only USD or EUR trading accounts and IDR deposits are allowed in Indonesia through local bank transfers.
- OctaFX can boast one of the best islamic accounts in the industry, having collected the “Best Islamic FX Account” award of 2020.
- Forex trading with OctaFX is on over 35 pairs with spreads from 0.2 pips on EUR/USD with leverage up to 500:1 on majors.
AvaTrade : best fixed spread trading
- AvaTrade accepts traders from Indonesia under BVI FSC license n° SIBA/L/13/1049 and provide Indonesian language support.
- IDR account currency is unavailable with AvaTrade though local deposit options in Indonesia can be used.
- AvaTrade provides Islamic accounts in Indonesia for swap-free trading with increased spread on forex pairs.
- Forex trading with AvaTrade provides more than 50 pairs with fixed spreads from 0.9 pips on EUR/USD and a leverage up to 400:1.
HFM : best trading features
- Indonesian traders can apply to HFM under SVG regulation with license n° 22747 IBC 2015 and Indonesian language support.
- Indonesia traders are eligible for several HFM bonuses such as the 100% super charged bonus up to $8000.
- Most common deposit options are available in Indonesia together with local alternatives even though HFM doesn’t offer IDR accounts.
- Islamic accounts are available for any HFM account type offering the same trading conditions and spread from 1 pip.
- HFM offers over 50 forex pairs with spreads from 0.1 pips on EUR/USD and leverage up to 1000:1 depending on the account types chosen.
XTB : best educational resources
- XTB is internationally regulated by IFSC with license n° 60/413/TS/19 and accepts traders from Indonesia.
- XTB accounts accept USD currency and you can deposit through local bank transfers in Indonesia.
- Swap-free accounts with XTB are available in Indonesia with only a slightly higher spread.
- XTB offers around 50 forex pairs with minimum spreads from 0.1 pips on EUR/USD and leverage up to 500:1.
eToro : best social trading platform
- Indonesian traders apply to eToro through the FSA regulation in the Seychelles with license n° SD076.
- eToro offers accounts in USD only and you can deposit through wire transfers, credit cards, and eWallets although there are no IDR deposit methods in Indonesia.
- eToro provides for Islamic accounts but you will need to open a real account and deposit a minimum of $1000.
- Forex trading with eToro is available on 49 currency pairs with spreads from 1 pip on EUR/USD and leverage up to 400:1 in Indonesia.
Instaforex : overall trading experience
- Indonesian traders fall under the BVI FSC regulation with license n° SIBA/L/14/1082 and have a local language support at Instaforex.
- There are many Instaforex bonuses available in Indonesia you can avail of such as the 55% bonus for any deposit.
- Instaforex accounts are only in USD or EUR, though local bank transfers in Indonesia support IDR deposits.
- Islamic accounts are available with Instaforex to any eligible trader in Indonesia.
- Instaforex offers over 300 instruments and more than 100 forex pairs.
- Trading with Instaforex charges a spread from 0.3 pips on EUR/USD and a leverage up to 1000:1 on forex.
61.14% of retail investor accounts lose money
Oanda : best for beginners
- Applicants from Indonesia have to register with OANDA Global Markets Ltd regulated in the British Virgin Islands by the FSC n° SIBA/L/20/1130.
- Indonesian language support is provided.
- Traders from Indonesia can avail of a welcome bonus with Oanda up to $1000 on their first deposit.
- The IDR currency is not supported at Oanda for account currency and deposit purposes even though local wire transfers in Indonesia are available.
- Oanda offers swap accounts in Indonesia on request though they come with higher spreads.
- Forex trading with Oanda is provided on more than 40 pairs with spreads from 0.2 pips on EUR/USD and a maximum leverage up to 200:1.
FXTM : best for professionals
- FXTM accepts traders from Indonesia through FSC regulation in Mauritius under license n° C113012295 and with Indonesian support available.
- No trading bonuses are available with FXTM.
- FXTM accounts are not available in IDR but you can use the Indonesian funding option for local transfers with Southeast Asia online banking or FasaPay.
- Islamic accounts are provided in Indonesia for each FXTM account type.
- FXTM offers over 60 forex pairs with spreads from 0 pips on EUR/USD and leverage up to 2000:1 depending on the account type selected in Indonesia.
Is forex trading legal in Indonesia?
Forex trading is legal in Indonesia.
lthough 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 lifted. 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. 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.
Whas should Indonesian traders 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 positively 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 commodities and futures. This is fine though since all of the recommended brokers are regulated by some of the foremost global authorities in the industry. 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.
10 Best Forex Brokers in Indonesia for 2023
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