TOP 10 Forex Brokers in Indonesia

This post is also available in: Indonesia

The republic has an ever-growing Forex trading community, as its residents are increasingly interested in the largest financial market. Finding a broker is challenging since so many companies now render diverse financial services in the country. Traders are advised to choose brands with an official license. Providers monitored by international organizations are the most reliable.

Some Indonesians interested in Forex trading hesitate to register with brokers due to legal concerns. There is nothing to worry about. Forex trading is perfectly legal in Indonesia. Learn more about the opportunities for Forex trading in the country.

In 2013, BAPPEBTI (the financial services authority of Indonesia) outlawed Forex due to a wave of scams. Back then, you were likely to end up losing your money. That ban has been lifted. Local traders are free to work through many international Forex brokers in Indonesia. In 2021, BAPPEBTI only regulates financial markets for commodities and futures.

Forex Brokers in Indonesia

Review of Forex Brokers

Any instrument can be profitable, as success is based on knowledge. Without it, Forex is a high-risk undertaking. As a rule, registration of demo investor accounts is free, and they have no expiry date.

This is an invaluable opportunity for any beginner to practice in a risk-free simulator. It imitates real market conditions, but the deposit is only virtual. To trade currency pairs in the largest financial market, you need a live account.

Trading Forex in Indonesia has the same logic as trading Forex in the West. Profit is made from long and short positions for buying and selling. Brokers in Indonesia offer dozens of Major, Minor, and Exotic combinations. The first two types of currency pairs are the most stable.

Registration procedures of different brokers in Indonesia vary. Clients trading Forex in the live mode work with real capital, so you will need to fund your account. Most commonly, Indonesian clients are required to provide the following documents for identity verification:

  • an ID (preferably passport);
  • proof of residence (alternatives include a utility bill or bank statement at the registered address).

Review of Forex Brokers

What the Best Brokers Offer

Discover the most trustworthy and experienced Forex brokers in Indonesia. These companies educate clients on the best styles and strategies and warn about the high risk associated with CFD trading. Take advantage of their resources to avoid losing your money. Most of these brands offer easy access to: 

  • fx pairs,
  • spot metals (gold, silver), and 
  • CFDs (on commodities, indices, crypto, etc). 

Forex and CFDs are not too different, as the assets follow the same logic. However, CFD trading is highly leveraged and involves high risk. Traders should follow strict risk management strategies in order not to lose money when trading. Those who trade on a hunch instead of analyzing the market have a high risk of losing their deposits.

Cent and ECN Accounts: Benefits

Cent accounts allow clients to start with very little investment and have their balance denominated in cents. On the one hand, this is a safe intermediate option between demo trading and large-volume trades. On the other hand, traders become accustomed to seeing four- or five-digit values in their accounts, which psychologically prepares them for serious Forex trading.

ECN trading is based on a commission and tight spreads. Thus, clients avoid costs included in spreads offered by market makers. This system is more transparent. 

Top 10 Best Forex Brokers in Indonesia

Learn more about the most recognized brokers and the benefits of cooperation with them.

1. FBS

This well-established brand has a number of licenses, and it is one of the most popular Forex brokers in Indonesia. It is supervised by two entities: the CySEC in Cyprus and the IFSC in Belize. Both are trustworthy watchdog organizations.

FBS tailors its financial services to the needs of Indonesian traders and educates them to help avoid the high risk of losing capital. Currently, their fixed foreign exchange rate is 10,000 IDR per 1 USD. Clients may choose between five types of retail investor accounts. 

The range includes a cent account (requiring just $1) and an ECN account. The company accepts the most popular credit cards, bank transfers, and electronic wallets. If you are using a local foreign exchange, you can make IDR deposits.

Indonesia has a significant Muslim population, and their needs are also catered to. FBS offers a swap-free system that allows its holders to comply with Sharia law. Every Forex and CFDs account may be turned swap-free if necessary.

The spreads are competitive as they start at only 0 pips. The company has introduced a bonus system (including deposit bonuses) to keep its users inspired. Clients may choose from a range of popular terminals for trading Forex, including MetaTrader 4, MetaTrader 5, and the brand’s proprietary copy trading system.
FBS broker

Regulation: IFSC, CySEC

  • Bonus: 100%
  • Assets: 30+
  • Min. Trade: $1
  • *Payout: up to 95.22%

InstaForex

Unlike other Forex brokers, InstaForex has garnered a big number of rewards in the Asian region. It has been called the best broker for trading Forex in Asia. As a regulated provider, InstaForex is overseen by the CySEC, the FCA in the United Kingdom, and the BVI in the British Virgin Islands. 

Islamic swap-free accounts include a special fee instead of the swap. Min deposit requirements range from $1 to $1,000. The company offers six types of accounts including: 

  • two cent accounts, 
  • two ECN accounts, 
  • one standard choice, and 
  • one system for scalpers.

At the moment, the broker offers four different types of bonuses, including a 100% match bonus for the initial deposit. Live traders may fund their accounts using bank transfers. They can easily make IDR deposits through local banks.

CFD Service. Your capital is at risk

Regulation: BVI FSC, CySec

  • Bonus: Up-to $695
  • Pairs: 100+
  • *Payout: up to 89.72%

* Amount to be credited only for a successful outcome.

3. XM

Discover one of the most recognized brokers in Indonesia and worldwide. Its Forex and CFDs operations are overseen by four international monitoring bodies. In addition to the above mentioned FCA, the CySEC, and the IFSC, it is also licensed by the ASIC (in Australia). The company has received an award as the best Forex trading broker in Australasia.

There are six types of accounts, and the min deposit requirement ranges from $5 to $100. An account for stock trading requires at least $10,000 to start. Deposits are accepted via different payment methods. Unfortunately, IDR deposits may not be accepted directly. Clients use: 

  • credit cards, 
  • bank transfers, and 
  • digital wallets.

The broker offers attractive bonus conditions that include a match bonus of up to 50%. The brand has a robust loyalty program and it regularly organizes trading competitions.

The demo accounts are free and unlimited. Spreads begin from zero pips. In terms of software, clients may use MetaTrader 4 and MetaTrader 5. Islamic traders may open special accounts with no extra fees for overnight trading.

CFD Service. Your capital is at risk

Regulation: ASIC, CySEC, IFSC

  • Bonus: Up-to $1395
  • Assets: 200+
  • Min. Trade: $1
  • *Payout: up to 92.72%

4. FXTM

This giant is regulated by CySEC, FCA, and FSC. Founded in 2011, it is among veteran Forex brokers. Indonesian clients can open a cent account with just $10, and spreads begin from 0.3 pips. Over 250 instruments are offered in total. IDR deposits are accepted through FasaPay. You may also use credit cards, bank transfers, and e-wallets. 

The brand offers trading via both versions of MetaTrader and its proprietary app called the FXTM Trader. Both ECN and Standard accounts are available (seven types in total including swap-free). The brand prides itself on its vast educational services that include unlimited free demos, articles, support, and more. 

CFD Service. Your capital is at risk

Regulation: FCA, CySEC, FSC

  • Bonus: Up-to $1391
  • Pairs: 80+
  • *Payout: 92.76%

5. OctaFX

This company is among Forex brokers with high-class service for Islamic traders. In 2015, they were awarded as the best Forex broker Islamic account by Forextraders.com. Any of its accounts may be turned into a swap-free format. The company is regulated by the FCA and the CySEC.

Indonesian traders may work through Micro, ECN, and Pro accounts. Both MetaTrader 4 and MetaTrader 5 are offered, in addition to cTrader. The min deposit requirements range from $100 to $500. 

Like other strong Forex brokers, the brand offers a full unlimited demo for free, tight spreads starting at 0 pips and deposit bonuses. Those who want to make IDR deposits need to transfer at least 50,000 IDR. Traders may use a range of electronic wallets to fund their accounts, including: 

  • Bitcoin, 
  • Perfect Money, and 
  • Neteller.

6. AvaTrade

Trade with one of the best world Forex traders. This broker is based in Ireland and has operations in many countries. It is regulated by the ASIC (in Australia), and the FSA (in the UK). Unlike other Forex brokers, it is also overseen by the CBI (in Iraq).

The range of accounts includes Retail, Standard, Options, and Spread Betting. Clients need to deposit at least $100. Different payment systems are supported: credit cards, electronic wallets (including Bitcoin), and bank transfers. At the moment, IDR deposits are not possible. 

Islamic traders choose the swap-free arrangement. This system eliminates overnight fees from Forex brokers. However, this increases spreads that generally begin from 0.9 pips. It is also important to know that trading with a spread betting account is often interpreted as gambling, so it is a controversial choice for Muslim traders.

In terms of software, clients may use a range of generic trading platforms and proprietary solutions — Avatrade Go and AvaOptions. Like all reputable Forex brokers, the company offers unlimited free demos. 

Regulation: MiFiD, CBI, FSA, ASIC, SFB, BVI, FSCL

  • Bonus: Up-to 100%
  • Assets: 60+
  • Min. Trade: $1
  • Min. Dep: $100

7. HotForex

This broker complies with all standards imposed by the CySEC, the FCA, the FSA, and the DFSA (in Dubai). It has a broad range of currency pairs, account types, and other competitive conditions that make it one of the best Forex brokers in the region. 

Importantly, clients may open Zero Spread and copy trading accounts. The latter allows them to delegate financial decisions to experienced traders and to those who invest a portion of their balance for a fee (if profit is made). 

The minimum deposit requirements range from $5 to $100. Those who want to connect to the copy trading network need to deposit at least $100. If they want to become strategy managers, the threshold rises to $500.

Competitive spreads are a major selling point for Forex brokers. Here, they start from 0 pips. Both versions of the MetaTrader software are used. In terms of payment methods, the choice is convenient - Indonesians may fund their accounts using bank transfers, credit cards, and digital wallets. Importantly, they can make IDR deposits through local banks as long as they transfer at least 20,000 IDR.

Muslim traders may open Islamic swap-free accounts. However, unlike other Forex brokers, HotForex charges an admin fee on any position that remains open longer than seven days. On the plus side, the broker offers subtractive bonus conditions including cash rebates and a 100% match bonus for the first deposit. Forex trading competitions are also held regularly.

8. eToro

EToro is a household name in Forex trading. This Israel-based broker is regulated by the CySEC, the FCA, and the ASIC. It mostly focuses on social trading through its proprietary trading platform.

Unlike other popular Forex brokers, eToro has only one account type, and it requires at least $200 to begin. Those who need an Islamic swap-free account may convert it to the desired system, but the deposit threshold, in this case, rises to $1,000. However, all the conditions for swap-free trading are met. 

Spreads may be as low as 1 pip. Deposits are accepted through credit cards, electronic wallets, and bank transfers. Unfortunately, there is no opportunity to make IDR deposits at the moment. The broker does not offer bonuses either. However, it is one of the best Forex brokers worldwide.

CFD Service. Your capital is at risk

Regulation: FCA, CySEC, ASIC

  • Assets: 250+
  • Min. Trade: $1
  • Trading: CFD, Forex,Copy trading
  • *Payout: up to 95%

9. Forex.com

Unlike other Forex brokers on the list, this company is licensed by the CIMA in the Cayman Islands. It offers swap-free Forex trading in addition to many other options. Clients may choose between Standard, Commission, and Direct Market Access accounts. They may use MetaTrader systems or the proprietary trading platform.

The minimum deposit requirement is $100, although $1,000 is recommended for maximized flexibility and better risk management. Spreads may be as low as 0.8 pips. 

In terms of payment methods, clients may use credit cards, debit cards, and bank transfers. At the moment, IDR deposits are not accepted.

CFD Service. Your capital is at risk

  • Bonus: Up-to $1000
  • Pairs: 90+
  • Payout: 92.76%

10. Alpari

This world-famous brand is currently regulated by FSC in Mauritius. Founded in 1998, it is one of the first Forex brokers to enter the market. Clients may register Standard and ECN accounts (including swap-free) to work through MetaTrader. 

Spreads begin from 0 pips, and you can start with as little as $5. IDR deposits are accepted through FasaPay. Payments are also accepted via credit cards, bank wires, and e-wallets.

Regulation: FSC Mauritius

  • Pairs: 60+
  • Min. Trade: $1
  • 250+ instruments
  • *Payout: up to 95%

* Amount to be credited only for a successful outcome.

This post is also available in: Indonesia

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