10 Best Forex Brokers in indonesia for 2024

A forex broker is a financial intermediary that facilitates the buying and selling of currencies in the forex market. These brokers provide traders with access to platforms where traders can execute trades, track market movements, and manage their portfolios. With so many options available, finding the right forex broker in Indonesia can be challenging, particularly for retail traders who look for  transparency, competitive pricing, and strong regulatory oversight.

To find the best forex brokers in Indonesia, we have analyzed and tested over 100 forex brokers based on various factors, including regulation, trading fees, spreads, account types, platform performance, execution speed, and customer support. We also considered additional factors such as deposit and withdrawal options, educational resources, and local support to ensure that traders have the guidance they need in their trading journey.

Based on our extensive research and comparison, we have selected the top 10 forex brokers for Indonesian traders. These brokers offer  a secure trading environment, safety of client funds, user-friendly platforms, and access to a wide  range of trading instruments and tools. In this article, we have compiled a list of the best forex brokers in Indonesia to help you find reliable partners that align with your trading strategies, ensuring a smooth, efficient, and secure trading experience in the forex market.

A List of Top Forex Brokers in Indonesia

• Pepperstone: Best Overall Forex Broker
• IC Markets: Best for Low Spreads
• Exness: Best for High Leverage
• ActivTrades: UK Based Brokers Offering Services Globally 
• XM: Best for Multi-Asset Platform
• Eightcap: Best for Smart Trading Tools
• Avatrade: Best for Auto Trading 
• AxiTrader: Best for Trading Instruments 
• FBS: Best for Beginners 
• BlackBull Markets: Best Broker For Free TradingView

Best Forex Brokers in Indonesia ( Compared and Reviewed)

Can I trust these online brokers in Indonesia?

Yes, you can trust these brokers. Brokersway recommends brokers based on facts and findings. We evaluate brokers based on 170 data points grouped into 6 macro categories including regulations and security, fees, Trading experience, trading tools, customer support, and trading education. Multiple regulatory authorities regulate these brokers. So they are legit and trusted. Here are the regulation of these brokers

• Pepperstone: Regulated by 7 regulatory authorities including FCA, ASIC, CySEC, BaFin, DFSA, CMA, and SCB
• IC Markets: Regulated by 3 Regulatory Authorities including FCA, CySEC, and ASIC
• Exness: Regulated by 8 Regulatory Authorities including CySEC, FCA, CMA, FSCA,  FSA in Seychelles, CBCS, FSC (Mauritius), and FSC (BVI)
• ActivTrades: Regulated by 5 Regulatory Authorities including SCB, FCA, CMVM, BACEN, and CVM
• XM: Regulated by 5 Regulatory Authorities including ASIC, CySEC, DFSA, FSCA, FSC in Belize (Global)
• Eighcap: Regulated by 5 Regulatory Authorities including ASIC, FCA, CySEC, SCB, and FSASVG
• AvaTrade: Regulated by 9 Regulatory Authorities including ASIC, JFSA, FSA, FSCA, ADGM, CBI, ISA, KNF, IIROC
• Axitrader is Regulated by 5 Regulatory Authorities including ASIC, SVG, FSA, DFSA, FCA
• FBS: Regulated by 3 Regulatory Authorities including Cysec, ASIC, FSC-Belize
• BlackBull: Regulated by 2 Regulatory Authorities including FMA, FSA-S

How Did We Select the Best Forex Brokers in Indonesia?

Research

To identify the best forex brokers in Indonesia, we conducted extensive research, focusing on the features, services, and regulations associated with each broker. We analyzed market trends, broker offerings, and user feedback to understand what traders value most. This comprehensive approach allowed us to build a solid foundation for our evaluations.

Data Collection

We gathered data from a variety of reliable sources, including official regulatory bodies, broker websites, and reputable financial news platforms. This data encompassed key metrics such as trading fees, available assets, leverage options, and client support services. Additionally, we considered user reviews and testimonials to gauge trader satisfaction and experiences.

Verification

After collecting data, we verified the information to ensure accuracy and reliability. This step involved cross-referencing details from multiple sources, including regulatory websites and independent reviews. By ensuring that our data is accurate, we aim to present an honest assessment of each broker’s strengths and weaknesses.

Live Testing

To provide a real-world perspective, we conducted live testing of the shortlisted brokers. This involved opening demo accounts and executing trades to evaluate the trading platforms, order execution speed, and customer service responsiveness. Our live testing process allowed us to assess each broker’s performance under actual market conditions, providing valuable insights into their functionality.

Scoring

Finally, we scored each broker based on a set of criteria, including regulatory compliance, trading costs, platform usability, available trading instruments, customer support, and overall user experience. Each category was assigned a specific weight, reflecting its importance in the trading process. The scores helped us rank the brokers, ensuring that our recommendations align with the needs and preferences of traders in Indonesia.

Things We Considered:

Regulation: We ensure the broker is regulated by trusted authorities like FCA, CySEC, or ASIC for client safety and fund protection.

Fees and Costs: We compare spreads, commissions, withdrawal fees, and swap charges to assess overall trading costs.

Trading Platform: We test platforms for features, usability, charting tools, and mobile compatibility to ensure a smooth experience.

Market Availability: We review the broker’s range of instruments, including forex pairs, CFDs, and cryptocurrencies, to offer diverse trading opportunities.

Customer Support: We evaluate the quality and availability of customer support, including live chat, email, and multilingual options.

Educational Resources: We check for comprehensive learning tools such as webinars, tutorials, and strategy guides to support trader development.

Final Verdict

Based on our research and broker ratings, the best overall forex broker in Indonesia is Pepperstone. The broker is globally recognized for its regulation by ASIC, FCA, and CySEC, offering low spreads, fast execution, and multiple trading platforms such as MT4, MT5, cTrader, and TradingView. Pepperstone provides access to a wide range of instruments, including forex, CFDs, cryptocurrencies, and stocks, making it a reliable choice for Indonesian traders.

eToro is known for its social trading platform, ideal for beginners looking to copy expert traders. Exness offers instant deposits and withdrawals and provides 24/7 customer service. XM is recognized for its deposit bonus of up to $5,000 and negative balance protection. FBS attracts traders with leverage up to 1:3000, making it appealing to experienced traders who are looking for higher leverage options.

Our Methodology:

Our team developed over 170 data points grouped into 6 macro areas for assessing the performance of forex brokers. They are as follows:

• Regulation and Security
• Fees and Commissions
• Trading
• Trading tools
• Customer Support
• Trading Education

Our team collated information from various sources and verified them before assessment and rating. We tested the services offered by the brokers using various devices, software, and strategies. Final fact-checking, evaluation, and editing were done and the best brokers were selected. To find out more, read our methodology.