6 Best Forex Brokers in Indonesia
Last Update: March 20th, 2024
The 6 best Forex brokers in Indonesia revealed. We have explored and tested several prominent brokers to identify the 6 best.
In this in-depth guide you’ll learn:
- Who is the Best Suited Broker for Beginner Indonesian Traders?
- Indonesian Rupiah Accounts and how they work.
- IDR (Rp) Costs of Trading Forex
- Pros and cons of each broker
- Popular FAQs about the best Forex brokers in Indonesia
And lots more…
Let’s dive right in…
🏆 10 Best Forex Brokers
| Broker | Review | Regulators | Min Deposit | Website | |
|---|---|---|---|---|---|
| 🥇 |  | Read Review | ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA | USD 100 | Visit Broker >> |
| 🥈 |  | Read Review | FMA, FSA | USD 50 | Visit Broker >> |
| 🥉 |  | Read Review | FSCA, CySEC, DFSA, FSA, CMA | USD 0 | Visit Broker >> |
| 4 |  | Read Review | SFSA, FSCA, CySec* | USD 5 | Visit Broker >> |
| 5 |  | Read Review | FCA, CySEC, FSCA, SCB | USD 100 | Visit Broker >> |
| 6 |  | Read Review | FCA, FINMA, FSA, ASIC | USD 0 | Visit Broker >> |
| 7 |  | Read Review | CySEC, FCA, FSA, FSCA, Labuan FSA | USD 100 | Visit Broker >> |
| 8 |  | Read Review | Not Regulated | 0.001 BTC | Visit Broker >> |
| 9 |  | Read Review | ASIC, CySEC, FSCA, CMA | USD 100 | Visit Broker >> |
| 10 |  | Read Review | SVGFSA | USD 5 | Visit Broker >> |
What is a Forex broker in Indonesia?
Forex traders in Indonesia, drawn to the global markets, often opt for international brokers due to advanced trading platforms and broader asset selections. They navigate regulatory challenges with caution, seeking reliable platforms, competitive spreads, and efficient customer support. Despite regulatory nuances, these traders capitalize on global opportunities with strategic precision.
6 Best Forex Brokers in Indonesia (2024*)
- ☑️Interactive Brokers – Overall, Best Broker in Indonesia.
- ☑️AvaTrade – Highly regulated Forex Broker in Asia.
- ☑️Exness – Low IDR Minimum Deposit.
- ☑️Oanda – Excellent Customer Support.
- ☑️Pepperstone – Lowest Overall Costs in Rp.
- ☑️FP Markets – Award-Winning Indonesian Broker.
Best Forex Brokers in Indonesia
| 👥 Brokers | 👉 Open Account | 💰 Minimum Deposit | ⚖️ Regulators | 📈 Minimum Spread |
| Interactive Brokers | 👉 Open Account | There is no specific minimum deposit required | SEC, CFTC, FCA, SEBI | 0.0 pips |
| AvaTrade | 👉 Open Account | IDR1,559 or $100 | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA | From 0.0 pips |
| Exness | 👉 Open Account | Based on chosen regional deposit method | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA | From 0.0 pips |
| Oanda | 👉 Open Account | There is no specific minimum deposit required | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA, CFTC | From 0.0 pips |
| Pepperstone | 👉 Open Account | Equivalent to AU$200 | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB | 0.0 pips |
| FP Markets | 👉 Open Account | IDR1,559 or $100 | ASIC, CySEC, FSCA, FSA, FSC | From 0.0 pips |
6 Best Forex Brokers in Indonesia
Read on to discover our top picks for the 6 best Forex brokers in Indonesia.
Interactive Brokers
Overview
Interactive Brokers (IBKR) stands out as an excellent choice for traders in Indonesia seeking a sophisticated proprietary trading platform, stringent regulation, and diverse asset offerings.
Renowned for its advanced Trader Workstation (TWS) platform, IBKR provides robust tools for technical analysis, algorithmic trading, and risk management.
This platform empowers traders with customizable features, real-time data, and extensive research resources, catering to both seasoned professionals and beginners.
Moreover, IBKR’s high regulation ensures a secure trading environment, instilling confidence among Indonesian traders. Regulated by major authorities like the SEC and FCA, IBKR adheres to strict compliance standards, safeguarding clients’ funds and personal information.
Furthermore, IBKR’s extensive asset diversity allows Indonesian traders to access a wide range of global markets, including stocks, options, futures, forex, bonds, and more, enabling diversified portfolios and hedging strategies.
In essence, Interactive Brokers presents a compelling option for Indonesian traders seeking advanced technology, regulatory integrity, and comprehensive market access.
Unique Features
| Feature | Information |
| ⚖️ Regulation | SEC, CFTC, FCA, SEBI |
| 💻 Account Types | Individual, Joint, Trust, IRA. Non-Professional Advisor. Family Office. Advisor. Advisor Client (including Non-Professional Advisor and Family Office) Broker Client. EmployeeTrack. |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit | There is no specific minimum deposit required |
| 📱 Platforms Supported | IBKR |
| 📈 Range of Markets | Global stocks, options, futures, currencies, cryptocurrencies |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | Facebook YouTube |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| By providing traders with access to a wide range of international markets, such as equities, bonds, currencies, futures, and options, Interactive Brokers enables traders to diversify their portfolios across several asset classes. | It could be challenging for novice traders to understand and make use of complex trading platforms and tools. |
| Trade platforms from Interactive Brokers, including as Trader Workstation (TWS) and IBKR Mobile, provide traders with a wealth of analytical and execution tools. | Even with their low fees, some traders could find Interactive Brokers' cost structures confusing because of the different fees for different types of accounts and services. |
| For active traders, especially those with high volume, Interactive Brokers provides fair commission rates and straightforward pricing structures, which may lead to lower overall trading costs. | Compared to other brokers, Interactive Brokers has stricter minimum balance restrictions for some account types, which prevents traders with smaller account balances from using the site. |
| To assist traders in making wise investment decisions, Interactive Brokers offers a plethora of research and analytical resources, including research papers, technical analysis, market commentary, and fundamental data. | Even though Interactive Brokers provides customer care via phone, email, and live chat, some traders might feel that the level of personal attention or service is lower than at smaller brokerages. |
| Interactive Brokers provides risk management tools like as portfolio margining, risk-based margining, and real-time margin computations to help traders better manage and mitigate risk. | When compared to other brokers, Interactive Brokers might offer less tutorials and educational materials; this could lead to new traders having to look for more help and resources. |
Trust Score
Interactive Brokers has a trust score of 95%
AvaTrade
Overview
AvaTrade emerges as an excellent choice for novice traders in Indonesia primarily due to its robust account security measures. With an emphasis on client protection, AvaTrade employs stringent security protocols to safeguard traders’ funds and personal information.
The broker operates under the oversight of reputable regulatory bodies such as ASIC and CySEC, ensuring adherence to strict financial standards and providing an additional layer of security and trust.
Moreover, AvaTrade offers a user-friendly trading platform equipped with educational resources and demo accounts, catering to beginners’ needs. These features empower novice traders to learn and practice trading strategies in a risk-free environment before committing real funds.
Additionally, AvaTrade’s responsive customer support team assists beginners throughout their trading journey, addressing concerns promptly and providing guidance when needed.
Overall, AvaTrade’s commitment to account security, regulatory compliance, and user-friendly services makes it a compelling choice for novice traders in Indonesia seeking a safe and supportive trading environment.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA |
| 💻 Account Types | Retail Account, Professional Account |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit | IDR1,559 or $100 |
| 📱 Platforms Supported | AvaTradeGO AvaOptions AvaSocial MetaTrader 4 MetaTrader 5 DupliTrade ZuluTrade |
| 📈 Range of Markets | Forex Stocks Commodities Cryptocurrencies Treasuries Bonds Indices Exchange-Traded Funds (ETFs) Options Contracts for Difference (CFDs) Precious Metals |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | Instagram YouTube |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| With its wide range of trading products, which include FX pairings, equities, commodities, indices, and cryptocurrencies, AvaTrade helps its clients build diverse investment portfolios. | AvaTrade may have wider spreads than other brokers, which could result in higher trading costs, particularly for active traders. |
| The integration of AvaTrade and ZuluTrade simplifies social trading by enabling users to analyse and replicate the tactics of profitable traders. | Furthermore, there may be limitations on the research and analytical tools that the platform offers, which may prevent certain traders from conducting in-depth market research. |
| AvaSocial and AvaTradeGo simplify social and mobile trading, respectively, while AvaProtect provides improved technical analysis and charting. | For novice traders, figuring out how to use all the features and possibilities of the platform could be quite difficult. |
| To give its customers a reliable and safe trading environment, AvaTrade complies with rules set forth by regulatory bodies such as the Financial Services Commission of the British Virgin Islands and the Central Bank of Ireland. | |
| AvaTrade provides traders with a wide array of training resources, including webinars, seminars, and market research, all aimed at enhancing their knowledge and comprehension. |
Trust Score
AvaTrade has a high trust score of 96%
Exness
Overview
Exness stands out as an optimal choice for traders in Indonesia due to its trifecta of low spreads, top-tier trading platforms, and a diverse selection of assets.
The broker’s commitment to providing competitive spreads ensures that traders can execute their strategies with minimal cost, enhancing profitability.
Moreover, Exness offers a range of advanced trading platforms, including MetaTrader 4 and MetaTrader 5, renowned for their user-friendly interfaces and comprehensive analytical tools. These platforms empower traders to conduct in-depth market analysis and execute trades efficiently.
Exness boasts a wide selection of assets, encompassing forex, commodities, indices, cryptocurrencies, and more. This diversity enables Indonesian traders to access various markets and diversify their portfolios according to their risk preferences and trading strategies.
Overall, Exness caters to the needs of Indonesian traders by offering low costs, cutting-edge technology, and a rich array of tradable instruments, making it a compelling choice for those seeking a well-rounded trading experience.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 💻 Account Types | Standard Account Standard Cent Account Raw Spread Account Zero Account Pro Account |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit | Based on chosen regional deposit method |
| 📱 Platforms Supported | MetaTrader 4 MetaTrader 5 Exness Terminal Exness Trade app |
| 📈 Range of Markets | Forex Metals Crypto Energies Indices Stocks |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | Instagram YouTube |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Any trader can adjust leverage based on their trading style and risk tolerance. | Exness operates in several different regions, each with its own set of limitations. |
| Before making actual investments, traders can open a trial account to get practice with virtual funds. | Some experts believe that although the platform offers a wide range of trading products and capabilities, it falls short of other specialised platforms. However, this number only represents a small portion of traders. |
| Exness has received praise for openly disclosing all trading terms, costs, and spreads. | Even with the best of intentions, customer service representatives may not always be available. This could lead to differences in the amount and quality of their answers. |
| Exness doesn't charge for deposits or withdrawals. | Unlike their competitors, some traders may be discouraged from using the UI due to its possible intricacy and sophistication. |
| There are local choices for deposits and withdrawals. | Exness's singular concentration on FX and CFDs may deter potential investors seeking a more varied array of investing options. |
Trust Score
Exness has a trust score of 97%
Oanda
Overview
OANDA presents itself as a favorable option for Indonesian traders seeking access to a diverse array of analytical tools and features.
With offerings such as AutoChartist and Trading Central, OANDA equips traders with advanced technical analysis capabilities, empowering them to make informed trading decisions.
Moreover, OANDA provides a comprehensive suite of analytical tools beyond these, including customizable charts, technical indicators, and economic calendars. These features offer Indonesian traders valuable insights into market trends, price movements, and potential trading opportunities.
Furthermore, OANDA’s user-friendly platforms, such as the proprietary OANDA Trade web and mobile platforms, ensure accessibility and ease of use for traders of all levels.
Coupled with competitive spreads and reliable execution, OANDA emerges as a compelling choice for Indonesian traders seeking a platform rich in analytical tools and features to enhance their trading experience and decision-making process.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA, CFTC |
| 💻 Account Types | Standard Account Core Account Swap-Free Account Demo Account |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit | There is no specific minimum deposit required |
| 📱 Platforms Supported | MetaTrader 4 OANDA Platform TradingView |
| 📈 Range of Markets | Index CFDs Forex Metals Commodity CFDs Bonds CFDs Precious Metals Real-time Rates |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | Facebook YouTube |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Because OANDA lets users to trade positions of any size, it can accommodate traders with varying capital amounts and allows for appropriate risk management. | OANDA provides a large assortment of currency pairs; however, compared to other brokers, its range of other financial assets, such as stocks and commodities, may be somewhat limited. This could limit the trading options that certain investors have access to. |
| Because OANDA lets users to trade positions of any size, it can accommodate traders with varying capital amounts and allows for appropriate risk management. | For some instruments, OANDA has minimum trade sizes that may be greater than those offered by other brokers. This may limit the flexibility available to traders with smaller trading accounts. |
| The 'Core Pricing + Commission' methodology of OANDA ensures traders of transparent pricing by using transactional commissions and keeping spreads extremely small. This arrangement ensures that traders are completely aware of the costs involved in their transactions. | Even though OANDA offers basic research and analysis tools, its selection may be quite narrow in comparison to other brokers, which can deter traders from seeking deeper market insights and analysis. |
| Trailing stops and guaranteed stop-loss orders are two of OANDA's risk management tools that help traders protect profits and avert losses. | OANDA's spreads have the capacity to widen during times of notable market volatility, which could lead to higher trading costs for traders. |
| OANDA's proprietary trading platform, fxTrade, has won numerous awards for its user-friendly layout, advanced charting features, and adaptable options, all of which enhance the trading experience for customers. | Even while OANDA offers customer service through a variety of channels (such as phone and email), there might not be as much support available on weekends or outside of trading hours, which could cause delays in the delivery of help. |
Pepperstone
Overview
Pepperstone emerges as an excellent choice for traders in Indonesia due to its combination of competitive pricing, robust trading infrastructure, and comprehensive support. The broker offers tight spreads, low commissions, and rapid execution speeds, optimizing trading conditions and maximizing profitability for Indonesian traders.
Moreover, Pepperstone provides access to a wide range of trading instruments, including forex, commodities, cryptocurrencies, and global indices, allowing traders to diversify their portfolios and capitalize on various market opportunities.
Additionally, Pepperstone’s user-friendly trading platforms, including MetaTrader 4 and MetaTrader 5, offer advanced charting tools, technical indicators, and expert advisors, facilitating effective analysis and strategy implementation.
Furthermore, the broker offers dedicated customer support in multiple languages, ensuring Indonesian traders receive prompt assistance whenever needed.
Overall, Pepperstone’s combination of competitive pricing, diverse trading offerings, advanced technology, and reliable customer support makes it a compelling choice for traders in Indonesia seeking a robust and comprehensive trading experience.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB |
| 💻 Account Types | Standard Account Razor Account Professional Account Demo Account Islamic Account |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit | Equivalent to AU$200 |
| 📱 Platforms Supported | MetaTrader 4 MetaTrader 5 cTrader TradingView Myfxbook Duplitrade |
| 📈 Range of Markets | Forex Indices Shares Commodities Cryptocurrencies Futures Options |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | LinkedIn YouTube |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Pepperstone Markets is a leading provider of specialised services for trading FX and CFDs, a type of financial instrument. | There are no fixed spreads available, thus pricing can be dynamic and adjusted to the state of the market. |
| Pepperstone prioritises the security and interests of its customers, upholding strict standards to guarantee the protection of client cash and investments. | Additional fees may apply to the Islamic Account to maintain adherence to Islamic financial standards. |
| By providing local deposit and withdrawal alternatives, Pepperstone Markets improves accessibility and convenience for its traders. | As per regional requirements, traders must provide documentary proof of their residency when converting to an Islamic account. |
| Trailing stops and guaranteed stop-loss orders are two of OANDA's risk management tools that help traders protect profits and avert losses. | |
| Pepperstone Markets is subject to stringent regulatory control in multiple worldwide jurisdictions, ensuring that it operates under close observation to maintain compliance and regulatory standards. |
Trust Score
Pepperstone has a high trust score of 92%
FP Markets
Overview
FP Markets proves advantageous for traders in Indonesia due to its combination of competitive pricing, extensive market access, and reliable execution.
The broker offers tight spreads, low commissions, and rapid trade execution, enhancing trading efficiency and profitability. Additionally, FP Markets provides access to a wide range of financial instruments, including forex, stocks, commodities, and indices, allowing Indonesian traders to diversify their portfolios and capitalize on global market opportunities.
With a commitment to transparency, advanced technology, and responsive customer support, FP Markets stands as a solid choice for traders in Indonesia seeking a trustworthy and comprehensive trading solution.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, CySEC, FSCA, FSA, FSC |
| 💻 Account Types | MT4/5 Standard Account, an MT4/5 Raw Account, an MT4/5 Islamic Standard Account, and an MT 4/5 Islamic Raw Account |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit | IDR1,559 or $100 |
| 📱 Platforms Supported | MetaTrader 4 MetaTrader 5 IRESS cTrader FP Markets App |
| 📈 Range of Markets | Forex Shares Metals Commodities Indices Cryptocurrencies Bonds ETFs |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | LinkedIn YouTube |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Because of its advanced technical infrastructure, which also increases efficiency and reliability, FP Markets provides traders with an even better trading experience. | Because FP Markets is a global marketplace, certain payment methods may not always be prioritised above others. |
| One advantage that traders enjoy is having access to extensive and competent customer service, which guarantees quick assistance and resolution of inquiries. |
Trust Score
FP Markets has a high trust score of 87%
Conclusion
Overall, selecting the best Forex brokers is paramount for successful trading in Indonesia. Opting for reputable brokers ensures access to competitive pricing, diverse assets, advanced trading tools, and reliable support. By choosing wisely, Indonesian traders can navigate the global markets with confidence and maximize their trading potential.
Frequently Asked Questions?
Are there any specific cultural or legal considerations Indonesian traders should be aware of?
Yes, Indonesian traders adhering to Sharia principles should ensure their trading activities comply with Islamic finance laws.
How can Indonesian traders mitigate risks associated with Forex trading?
Indonesian traders can mitigate risks by diversifying their portfolios across different currency pairs, using risk management tools like stop-loss orders, staying informed about global economic developments, and keeping abreast of geopolitical events that may affect currency markets.
What are some common Forex trading strategies that work well in the Indonesian market?
Common Forex trading strategies in Indonesia include trend following, range trading, and breakout trading.
What are the best ways to manage emotions while Forex trading?
Emotional discipline is crucial for successful Forex trading in Indonesia. Traders should develop a trading plan with clear entry and exit rules and stick to it consistently.
How can Indonesian traders differentiate between legitimate Forex brokers and scams?
Indonesian traders should verify a broker’s regulatory status, reputation, and client reviews before opening an account. Avoid brokers that promise unrealistic returns or pressure traders to deposit large sums of money. Conducting due diligence and exercising caution can help Indonesian traders avoid falling victim to Forex scams.
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