Last update: 9 November 2020
4 min read

Find the Best Indonesian Forex Brokers 2020

FX traders in Indonesia will be happy to learn that the country is home to some of the best forex brokers around. The sector is regulated by the OJK (Otoritas Jasa Keuangan), otherwise known as the Financial Services Authority of Indonesia, which means you can expect trustworthy services and plenty of choice.

To make choosing the best Indonesian forex broker even easier for you, our experts have created a definitive list of the best places to trade. All of the brokers listed on this page offer specific benefits for Indonesia traders so that you can rest assured you’ll receive a superior experience.

Benefits include offering good spreads on Indonesian Rupiah (IDR) pairs, providing Indonesian language customer support, and accepting payments via the country’s most popular e-wallet service, FasaPay. These sites also offer Islamic accounts, which means you can trade in a manner which complies with Sharia law.

Use our list below to register with best reputable Indonesian forex brokers today, or continue reading to learn more about forex law and regulation in Indonesia.

Our list of the best forex brokers in Indonesia are:

  • XM Group
  • FXTM
  • Alpari
  • 24Option
  • XTB
  • Instaforex

Best and most trusted forex brokers in December 2020

All the brokers below have been ranked using our tested methodology and are available in: Indonesia
Advertiser disclosure Information
94
Points
Users
Used by
100,000+ Traders
Min. Deposit
$5
Bonus
$25 Non-Deposit Bonus**
Help!
Exit tooltip
Trading Instruments
1,388
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
Market Maker
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, Mastercard, Neteller, Skrill, Bitcoin, Sofort and more
Min. Spread
1pips
Max. Leverage
1:888
Currency Pairs
57
Regulated By
FCAFCA
CySecCySec
ASICASIC
IFSCIFSC
Customer Support
24/5
96.5
Points
Users
Used by
1,800,000 Traders
Min. Deposit
$10
Bonus
Cashback (T&Cs apply) - 30% Welcome Bonus (T&Cs Apply)
Help!
Exit tooltip
Trading Instruments
250+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
Market Maker/ECN
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay and more
Min. Spread
1.2pips
Max. Leverage
1:2000
Currency Pairs
59
Regulated By
FCAFCA
CySecCySec
FSCAFSCA
FSCFSC
Customer Support
N/A
94.6
Points
Users
Used by
2,000,000+ Traders
Min. Deposit
$5
Bonus
Cashback
Help!
Exit tooltip
Trading Instruments
90+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
STP/ECN
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank TransferBank transfer, Visa, MasterCard, E-Wallets and more
Min. Spread
1.2pips
Max. Leverage
1:1000
Currency Pairs
60
Regulated By
FCAFCA
Customer Support
24/5
94.2
Points
Users
Used by
50,000+ Traders
Min. Deposit
$250
Bonus
N/A
Help!
Exit tooltip
Trading Instruments
300
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
Market Maker
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
No Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
No Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Check Private
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller and more
Min. Spread
1.1pips
Max. Leverage
250
Currency Pairs
30
Regulated By
IFSCIFSC
Customer Support
24/5
92.8
Points
Users
Used by
140,000+ Traders
Min. Deposit
$-
Bonus
No Information
Help!
Exit tooltip
Trading Instruments
1,800+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
STP/ECN
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
No Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Check Private
Deposit Methods
Bank transfer, Visa, Mastercard, E-wallets
Min. Spread
1.4pips
Max. Leverage
1:500
Currency Pairs
49
Regulated By
FCAFCA
CySecCySec
IFSCIFSC
Customer Support
24/5

The conditions for Forex trading are pretty good in Indonesia

Forex trading in Indonesia is expanding very quickly, and as we’ve already mentioned it looks set to become one of the leading Forex markets in the world. How has this happened? Initially it was because the rules and regulations were not as strict as some more developed countries, and there were very few hindrances in relation to government red tape. And while the country may still be behind such countries as Europe, or Australia, the Indonesian government seems pretty keen on stemming foreign competition and establishing more home-grown firms.
But there are other reasons for the Forex market to be gaining such a foothold in Indonesia. One of those is the country’s economy and government reliance on the Forex market for a large part of its funding. There is also a perfect Forex trading environment, with a floating foreign exchange system and a free market economy.
The Indonesian Rupiah is the official currency of Indonesia, and in the Forex market it is indicated by the letter IDR. All banknotes and coins are issued by the Bank of Indonesia. While Indonesia may still have a relatively poor economy, it has a bright future, as the Rupiah has an important role to play in the Forex market.

How Forex brokers in Indonesia are regulated

The Bank of Indonesia is responsible for the exchange rate of the Rupiah, and also the regulation of Forex brokers operating in the country. The exchange rate is based on the exchange rate of other currencies, but a number of other factors also come into play.
As the regulator of Forex brokers in Indonesia, the Bank of Indonesia is responsible for regulating and monitoring what they do. Providers of Forex services have to follow certain strict terms and conditions, and follow the rules. Otherwise, they are liable to hefty fines. Another factor that foreign brokers have to take into consideration are the country’s high taxes and strict regulations.
But don’t be disheartened if you are looking for the best Forex brokers in Indonesia, as there are plenty to choose from. As well as some of the bigger brokerage firms, there are a number of local brokers. We would, however, advise new traders to only trust licensed and regulated brokers who have all the right certification. And while it may still be a growing market, new policies introduced by the government and the fact that trading can be done online, are helping Forex to grow rather quickly.

Was the information useful?