Top 13 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 2022, BAPPEBTI only regulates financial markets for commodities and futures.

Short table (more information below)

NameRegulationTrustpilot ReviewsOfficial Site
IFSC, CySECstars-3.5go to home page broker
xm brokerASIC, CySEC, IFSCstars-3Go_to_Home_Page_Button
BVI FSC, CySecstars-4.5go to home page broker
FCA, CySEC, FSCstars-3.5go to home page broker
OctaFX logoFCA, CySECstars-4.5Go_to_Home_Page_Button
eToroFCA, CySEC, ASICstars-4go to home page broker
forex.com logoFCA, IIROC, ASIC, CFTCstars-3Go_to_Home_Page_Button
Alpari logoFSC, Mauritiusstars-3go to home page broker
IG broker logoASIC, JFSA, FINMA,
Saxo Bank logoFINMA, ASIC, SFC, JFSA, MASstars-2.5go to home page broker
XTB logoFinancial Conduct Authority (FCA)stars-4Go_to_Home_Page_Button
Vantagefx logoASIC and the FCAstars-3go to home page broker
Forex Brokers in Indonesia

Review of Forex Brokers

Trading is a risky activity and no success can be guaranteed.

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 13 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

CFD Service. Your capital is at risk

Regulation: IFSC, CySEC

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

2. 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.

xm broker

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%

3. 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. Read about trading without deposit here.

InstaForex logo

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.

4. 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. 

CFD Service. Your capital is at risk

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

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


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%

6. OctaFX

OctaFX broker

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.

7. 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%

8. 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

Regulation: FCA, IIROC, ASIC, CFTC

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

9. 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.

Alpari Broker review

CFD Service. Your capital is at risk

Regulation: FSC Mauritius

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

* Amount to be credited only for a successful outcome.

10. IG


This broker is one of the oldest as it was founded in 1974. Today, it is authorized in different jurisdictions and trusted by a vast international audience. The company’s key strengths include its software tools, educational resources, and a broad range of instruments across markets.

The mark is officially licensed in 6 Tier 1 zones, it is considered a low-risk provider, even for CFDs. The company is also traded on the stock exchange. In terms of regulation, few competitors approach it. The exchange is regulated by regulators such as: the Australian Securities and Investments Commission (ASIC), the Financial Services Authority of Japan (JFSA), the Monetary Authority of Singapore (MAS), the Swiss Financial Markets Supervision Authority (FINMA), the Financial Conduct Authority (FCA) and the Commodity Futures Trading Commission (CFTC). Customers can rest easy, as they know that their supplier is responsible So why is this broker not at the top of our rating?

For a regular trader, two crucial considerations are instruments and costs. In terms of assets, everything depends on the software. You may choose between the company’s proprietary system with thousands of assets or MetaTrader 4. In the second case, the range shrinks to a meagre set of 76 instruments. It is also determined by your place of residence.

For example, traders in Indonesia will not have access to exchange-traded securities (non-CFDs), real stocks or Smart Portfolios. Only residents of the biggest EU countries like the UK or Germany have access. Cryptocurrency trading has limitations as well, as only CFDs on the coins are available.

The fee structure is the biggest downside. You will not be charged for withdrawals, and your account may remain inactive for two years. However, if you cannot fund it through bank transfer, you will need to deposit at least $300 by PayPal or credit/debit card. When trading Forex and particularly stock CFDs, you may notice your costs are higher than they could be with other brokers. 

11. SAXO Bank

Saxo Bank is a licensed European bank providing an advanced trading platform used by investment traders and retail traders. They have one of the most convenient ways to trade CFDs. Spreads are super competitive and are only 0.6 points for some major pairs. The Bank works with Tier 1 liquidity providers, ensuring fast execution of transactions at the specified price and with minor cases of slippage. They are even transparent in their performance statistics. Broker regulation at a high level by regulators such as: FINMA, ASIC, SFC, JFSA, MAS

New traders can choose from three account types: classic, platinum, and VIP. Opening a new account is quick, and the bank accepts customers from Indonesia. The only disadvantage is that the deposit amount is higher than that of most providers. 

The bank offers various tools to trade. SaxoTraderGo, the company’s proprietary trading platform, has web, mobile, and desktop versions. It has over 50 technical indicators and provides trade signals. Metatrader 4 is also supported. 

Investing through Saxo Bank affords traders access to over 19,000 stocks from about 37 exchanges around the world. Because investing can be at times very overwhelming, Saxo Bank offers its customers managed portfolios. There are over 3,000 ETFs, 250 mutual funds, and over 5,000 bonds from governments and corporations. 

Saxo Bank has operated for the last 25 years and holds a license from the Financial Conduct Authority. It has also branched from Denmark into other European countries, including the Czech Republic, Switzerland, Singapore, and the Netherlands. They now have over 660,000 customers. 

Saxo Bank logo
  • Bonus: No Welcome Bonus
  • Assets: 40,000+
  • Min. Trade: Instrument-dependent
  • Min. Deposit: Classic Accounts, £ 500 GB and $2,000 for other countries
  • Regulators: FCA, FSCA (SA) 

12. XTB

XTB might not be the largest broker, as they claim to have about 317,000 customers. However, by serving a smaller pool of customers, the company goes out of its way to extend excellent services.

Traders access over 4,000 markets through xStation, their proprietary trading software. Support is available around the clock, with a multilingual support team. XTB also holds a Financial Conduct Authority license, which regulates about 58,000 financial service firms and markets. The most popular instruments on the platform include cryptocurrencies, major financial pairs, and stocks from large companies such as Apple. 

xStation is available online via any device. It supports various chart views, indicators, plotting and is highly customizable. Mobile users also get the same experience as trading on the web portal. There are desktop applications for both Mac and Windows. Retail traders coming from platforms that use MT4 are also catered for. They provide the MT4 mobile and desktop app, but they don’t currently support the MT4 web interface. 

The news and education hub is a great place to check out after signing up. It’s regularly updated with expert content and insights from XTB customers across the globe. There is a demo account, but it expires after 30 days. 

XTB is here to stay. The polish-based company has offered trading services for over 17 years. They are also listed on the stock exchange and pay out dividends to shareholders. Being a publicly traded company also comes with a lot of oversight. Additional authorities that safeguard their operations include KNF (Financial Supervision Authority of Poland), IFSC, and Cysec. 

XTB logo
  • Bonus: Up to 50%
  • Assets: 4,000 + 
  • Min. Trade: 0.01 
  • Min. Deposit: £, €, $250 — first-time deposit 
  • Regulators: FCA, CySec, KNF

13. VantageFX

vantagefx home page

VantageFX is another reputable broker that relies on MetaTrader 4 and MetaTrader 5 in addition to its own tools. The company was founded over a decade ago — in 2009. The group includes three separate entities licensed by the CIMA, the ASIC, and the VFSC. 

All three accounts give access to the same range of assets, leverage and minimum trade size (0.01 lot). In terms of asset range, clients may choose from 300+ instruments: 44 currency pairs, 16 indices (such as SP500, DJ30 and DAX30), 19 commodities (such as COPPER-C, XAGUSD and CL-OIL) and 226 share CFDs (including Apple, Netflix, and Google). The swap-free format is also available. 

To get started in the live market, users from Indonesia deposit at least $200, so the entry threshold is relatively high. The company accepts Visa and MasterCard, e-wallets like Skrill and Thailand Instant Bank Wire Transfer.

  • The Standard STP comes with 0 commission (requires at least $200)
  • Raw ECN comes with a commission of at least $3.00/lot per side (requires at least $500)
  • Pro ECN comes with a commission of at least $2.00/lot per side (requires at least $20,000)

All clients can use an unlimited demo account. The current promotions include a reward for the first deposit (50% up to $500 + 10% for amounts over $1,000 (up to $19,500), a referral reward ($150), and the active trader program (rebates on accounts with a balance of at least $10,000). 

Some of the strengths are tight gaps between Ask and Buy (from 0.0 on the RAW ECN account), leverage of up to 500:1, and no deposit fees. The company offers software for all popular OS: Windows, Mac, iOS, and Android. 

The proprietary app gives access to all tradable assets and a range of graphic tools that enable trading on the go. The technical analysis arsenal includes Moving Averages, Bollinger Bands, and MACD. Ten timeframes provide broad flexibility, so users can use short-term and long-term strategies. 

Vantage FX has a unique desktop platform. ProTrader is powered by TradingView, a social network of 30+ million traders and investors. The software is packed with indicators and drawing tools (including 13 timeframes,  basic candlesticks, Renko, and Kagi) for profound market analysis. It facilitates all popular systems and strategies. 

Finally, clients may use the full range of MetaQuotes products: MT4 for desktop, mobile, and web-based use. The Web Trader allows them to work directly within browsers. These products are offered by an overwhelming majority of brokers in Indonesia. 

Copy trading is another feature setting VantageFX apart from the competition. The brand has embraced financial networking, the service that gave eToro a competitive advantage a few years ago. Clients may choose from three social platforms, including ZuluTrade (synchronized with MT4). These complementary systems let them mirror the decisions of seasoned experts. 

Overall, VantageFX is a reputable broker which is safe to use. It offers a broad range of software, including copy trading functionality and competitive spreads. On the downside, the deposit requirements are high in comparison with competitors like ForexTime. The capital requirements for the ECN Pro account make it suitable for serious investors only. 

  • Bonus: Up-to $19,500
  • Assets: 300+

What Trading Platform Should I Choose?

Legal status, reputation and costs of trading are important, but software can make or break any provider. To find the best Forex trading platforms in Indonesia, you should determine what digital arsenal you need. Some brokers invest in their own software development. Others stick to generic systems like MT4. 

So, what sets the best platforms apart? First, they are convenient to all groups of analysts. Whether you trade based on price charts or look at fundamentals, this data must be instantly accessible. Secondly, the range of instruments must suit your needs. 

Think ahead: if you start with currencies, you may eventually add metals or CFDs to the portfolio. Thus, choose a system that will accommodate growth. At the same time, it should not be overly complex. Finding the right button for the feature must be easy. These criteria are absolutely essential:

  • user-friendly interface
  • variety of charts and time frames
  • access to financial news
  • risk management triggers like stop loss and take profit
  • a suitable range of instruments
  • easy access to support
  • cross-platform functionality

Nobody wants to be tethered to their PC all day. As a modern trader, you need flexible access to your system. The best brokers complement their desktop software with apps. All versions connect to shared servers and exchange data all the time. This allows a quick and effortless switch from one device to another. Work on your laptop, tablet, or smartphone. You can always pick up where you left off.

This post is also available in: Indonesia


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