10 Best Forex Brokers in Indonesia of 2024 (Expert Picks)

Forex trading has become increasingly popular in Indonesia in recent years, with a growing number of individuals looking to profit from the fluctuations in currency exchange rates. To trade effectively, it is essential to choose a reliable and trustworthy forex broker. 

With so many options available, finding the best forex broker in Indonesia can be a daunting task. This guide provides an overview of the top forex brokers in Indonesia, highlighting their key features and benefits, to help you make an informed decision.

A list of Top Forex Broker in Indonesia

Looking for a reliable Forex broker in Indonesia can be challenging, with so many options available. To help you make an informed decision, we’ve compiled a list of the top ten Forex brokers in Indonesia.

Here is the list of top 10 forex brokers in Indonesia

• Icmarkets
• Pepperstone
• Etoro
• XM
• Exness
• Oanda
• FBS
• Hotforex 
• Eightcap
• FXTM

Comparison of Best forex Brokers in Indonesia

Best Forex Brokers in IndonesiaReviewed

ICmarkets.com – Best for Tight Spread

IC Market is a regulated broker based in Australia, established in 2017. It is best known for its tight spreads, making it an ideal choice for traders looking for cost-effective trading. IC Market offers a wide range of trading platforms, including MT4, MT5, cTrader, Web, and Mobile, giving traders the flexibility to access their accounts from anywhere. With its competitive spreads and reliable execution, IC Market is a great choice for traders of all kinds.

IC Markets is a top-tier broker, providing traders with access to more than 60 currencies, 10+ cryptos, and 1600+ CFDs. EAs and robots, scalping, and news trading are all allowed, making it a great option for any type of trader. Additionally, IC Markets also allows MAM accounts, making it easy to manage multiple accounts from one platform. Unfortunately, PAMM accounts and Zulutrade social trading are not supported.

Our Ratings

Pros

• Low spreads and competitive trading costs 
• Access to a wide range of tradable markets 
• Variety of trading platforms and tools 
• Range of account types and leverage choices 
• Excellent customer support 

Cons

• Limited educational resources 
• Not suitable for beginner traders

Pepperstone.com — For Islamic Account

Pepperstone is a regulated broker based in Australia that was established in 2010. It offers its clients access to a variety of trading platforms including MT4, MT5, cTrader, DupliTrade, and TradingView. For clients seeking Sharia-compliant trading, Pepperstone offers an Islamic account option. Pepperstone provides traders with reliable and secure trading platforms, competitive spreads, and a wide range of trading instruments. The broker’s customer service team is available 24/7 to assist clients with any trading related queries.

Pepperstone is a renowned broker for traders of all levels, offering a wide range of trading instruments such as currencies (60+ pairs), cryptos (20+ pairs) and CFDs (1200+ pairs). The broker also allows the use of Expert Advisors (EAs) and robots, as well as scalping and news trading. For those looking for additional features, Pepperstone also offers MAM accounts and PAMM accounts, as well as Copy Trading. All these features make Pepperstone an attractive choice for traders of all levels.

Our Ratings

Pros:

• Low minimum deposit requirements 
• Wide range of financial instruments available 
• Comprehensive educational materials and resources 
• Professional and reliable customer support 
• Comprehensive trading platform with advanced features 

Cons:

• Limited payment options 
• Limited access to certain markets and products

Etoro.com – Best for Social Copy Trading

eToro is an online trading platform based in the United Kingdom that was established in 2007. It is a regulated broker that is best known for its social copy trading feature. It offers users the ability to copy trades of other traders, as well as to invest in a variety of products such as stocks, commodities, indices, ETFs, and cryptocurrencies. The platform is equipped with the eToro trading platform which is designed to be user-friendly and easy to use.

Etoro is a popular broker that offers a wide variety of trading instruments, including 45+ currencies, 55+ cryptocurrencies, and 2815+ CFDs. Unfortunately, it does not allow the use of trading robots or EAs. However, it does offer the popular Copy Trading feature which allows traders to automatically copy the trades of other successful traders.

Our Ratings

Pros:

• Easy to use platform with intuitive design 
• Wide range of tradable asset classes, including stocks, forex, indices, commodities, and cryptocurrencies 
• Low minimum deposit requirement 
• Variety of educational resources and tools 
• Social trading capabilities 

Cons:

• Relatively high fees for some services 
• Limited customer service options

XM.Com – For Flexible trading

XM is a regulated broker established in 2009 and based in Cyprus. It offers a variety of flexible trading options with its MT4 and MT5 platforms, both of which are renowned for their reliability and efficiency. XM provides excellent customer service and a variety of trading tools and educational resources to assist traders of all levels. With its wide range of tradable instruments, competitive spreads, and state-of-the-art platforms, XM is an ideal choice for traders looking for a reliable and trustworthy broker.

XM is a broker offering a wide variety of trading instruments, including 55+ currencies, 30+ cryptos and 940+ CFDs. It allows scalping and news trading, as well as the use of EAs and Robots. Additionally, XM also offers MAM accounts, but not PAMM accounts. For social trading, XM offers Zulutrade, making it an ideal choice for traders of all levels.

Our Ratings

Pros:

• Low Spreads: XM Forex broker offers some of the most competitive spreads in the industry, which is advantageous for traders who are looking to save on trading costs. 
• Variety of Trading Instruments: XM Forex broker offers a wide range of currency pairs, metals, CFDs and other financial instruments, ensuring that traders have access to a wide variety of trading opportunities. 
• Security: XM Forex broker is regulated by the Financial Conduct Authority (FCA), ensuring that the broker is trustworthy and reliable. 
• Leverage: XM Forex broker offers high leverage of up to 1:500, allowing traders to increase their trading capital and take advantage of potentially profitable trading opportunities. 
• Promotions: XM Forex broker regularly runs promotions and bonuses for traders, such as sign-up bonuses, deposit bonuses and more. 

Cons:

• Limited Payment Options: XM Forex broker only offers a few payment methods, such as bank transfers and credit cards. 
• Limited Research Tools: XM Forex broker does not offer a wide range of research tools, such as market analysis, news and economic calendars.

Exness.com — For Instant withdrawal

Exness is a regulated broker established in 2008 and based in Seychelles. It is best known for its instant withdrawal feature and offers access to the MT4 and MT5 trading platforms. It offers a wide range of financial instruments, including currencies, commodities, indices, stocks, and more. Its customer service is responsive and reliable, making it a great choice for traders of all levels.

Exness is a well-known broker offering a wide range of trading instruments, including 95+ currencies, 5+ cryptos, and 130+ CFDs. It allows traders to use Expert Advisors (EAs) and robots, as well as scalping and news trading. It also offers copy trading, adding to its list of services and features. With such a comprehensive range of trading options, Exness is the perfect choice for active traders.

Pros:

• Tight spreads – Exness offers some of the tightest spreads in the industry, which makes it a great option for traders who prefer to conduct their trades with minimal slippage. 
• Low minimum deposit – The minimum deposit requirement at Exness is just $1, making it an attractive option for new traders who want to test out the platform with minimal risk. 
• Variety of account types – Exness offers three different types of accounts, which allows traders to find the best one that suits their trading style and risk appetite. 
• Multiple payment methods – Exness offers multiple payment methods, including credit and debit cards, wire transfers, and e-wallets, so traders can find the most convenient option for them. 
• Excellent customer support – Exness offers excellent customer support, which is available 24/7 and can be reached through email, live chat, and telephone. 

Cons:

• Limited number of assets – Exness only offers Forex and CFD trading, which may not be suitable for traders who prefer to diversify their portfolios. 
• Limited educational resources – Exness offers some educational resources, but they are not as comprehensive as other brokers.

Oanda.com — Most Trusted

Oanda is one of the most trusted and regulated brokers in the industry. Established in 1996, it is based in the United States and offers a number of powerful trading platforms including MT4, MT5, WebTrader, NinjaTrader, MotiveWave, MultiCharts, and TradingView. Oanda is an excellent choice for those looking for a secure and reliable broker for their trading needs.

Oanda is a broker offering a wide range of trading instruments, including 70+ currencies, 4 cryptos, and 50+ CFDs. They offer competitive trading conditions, allowing traders to use EAs or robots, scalping, and news trading. They also have additional facilities such as ZuluTrade, allowing traders to copy the strategies of other successful traders.

Our Ratings

Pros:

• Low Fees and Tight Spreads: Oanda offers competitive spreads and low trading fees to help traders maximize their profits. 
• Seamless Trading Experience: Oanda has a user-friendly trading platform that is easy to navigate and offers a great trading experience. 
• Security: Oanda is a regulated broker and offers a secure trading environment for traders. 
• Variety of Trading Instruments: Oanda offers a wide range of trading instruments, including currency pairs, commodities, indices, and more. 
• Education & Support: Oanda offers educational resources and support to help traders succeed in the forex market. 

Cons:

• Limited Leverage: Oanda only offers a limited leverage of up to 50:1, which is lower than other forex brokers. 
• Limited Account Types: Oanda only offers a single account type, which may not be suitable for all types of traders.

FBS.com —- For High Leverage

FBS is a regulated broker based in Belize that offers its traders a wide range of services in forex trading. It is best known for its high leverage, which allows traders to take bigger positions with less capital. FBS supports a variety of trading platforms, including MT4, MT5, and FBS Trader. The broker also provides its traders with a range of educational materials and tools to help them make informed decisions. FBS is a reliable and secure broker that provides its customers with a safe and secure trading environment.

FBS is a well-established online broker, founded in 2009, and is known for offering a wide range of trading instruments. These include 3 CFDs and more than 35 different currency pairs. Furthermore, FBS offers its clients the ability to use scalping, robots, and news trading strategies. This makes FBS a great choice for traders who are looking for a reliable and trustworthy broker.

Our Ratings

Pros:

• FBS is regulated by the IFSC, CySEC, and the FCA. 
• FBS offers low spreads and fast executions.
• FBS provides a variety of account types to suit different trading styles. 
• The broker offers a wide range of investment instruments such as currencies, stocks, indices, commodities, and cryptocurrencies. 
• FBS has a multilingual customer support team that is available 24/7. 

Cons:

• FBS does not offer any bonuses or promotions. 
• The broker does not accept US traders.

Hotforex.com — For Trading instruments

Hotforex is a regulated broker established in 2010 that offers trading instruments through its MT4 and MT5 platforms. It is based in Saint Vincent and Grenadines and provides a secure trading environment for its customers. Hotforex has a wide range of products and services for its traders, enabling them to trade currencies, stocks and commodities with confidence. The broker also provides support for automated and manual trading, as well as educational materials for beginners. In addition, Hotforex offers a variety of trading tools and bonuses, making it a great choice for experienced and new traders alike.

Hotforex is a well-established broker, founded in 2010, that offers a wide range of trading instruments, such as 5+ Cryptos, 45+ Currencies, and 5+ CFDs. Additionally, Hotforex also allows features such as EAs or robots, scalping, and news trading, as well as offering a MAM Account for traders. Hotforex provides a comprehensive trading experience for all types of traders, no matter what their trading preferences may be.

Our Ratings

Pros:

• Low minimum deposit requirement of $5. 
• Wide range of trading instruments and assets. 
• Variety of account types to choose from. 
• Offers generous leverages up to 1:1000. 
• Robust customer support and educational resources. 

Cons:

• Limited payment options. 
• Limited regulation and no license from major financial authorities.

Eightcap.com — Best for Trading Support

Eightcap is a regulated broker based in Australia that offers a range of trading support services. The broker provides access to the world’s most popular trading platforms, including MT4, MT5, and TradingView. Eightcap is the perfect choice for traders who are looking for a reliable and secure broker to provide them with the best trading experience. The broker is committed to providing the best services and support to its clients, making it a great choice for those who are seeking to make the most out of their trading journey.

Eightcap is a broker established in 2009 which offers a variety of trading instruments such as CFDs, cryptos, and currencies. They allow the use of EAs and robots, and they also allow scalping. Additional facilities such as PAMM accounts are also allowed at Eightcap. With 300+ cryptos, 800+ CFDs, and 45+ currencies, traders are provided with ample opportunity to diversify their portfolios. Moreover, Eightcap also allows MAM accounts, making it a great broker for traders of all experience levels.

Our Ratings

Pros

• Low minimum deposit requirements 
• Tight spreads and competitive fees 
• Reliable customer service 
• Comprehensive trading platform 
• Multiple account types 

Cons

• Limited range of trading instruments 
• Lack of research and educational resources

FXTM.com — Best For Trading Conditions

FXTM is a regulated broker based in Mauritius that is best known for its favorable trading conditions. It provides traders with access to the MT4, MT5, and WebTrader trading platforms, offering them a wide range of tools and features to access the markets. FXTM also provides its clients with an array of education and trading resources, as well as customer support, that can help them reach their trading goals.

FXTM is a reliable broker established in 2011, offering a wide range of trading instruments such as 55+ currencies, 4+ cryptos, and 190+ CFDs. It allows traders to use EAs or robots, scalping and news trading strategies. Additionally, it also provides a MAM account to its users, allowing them to manage multiple accounts from one account. With its advanced trading platform, tight spreads and fast execution, FXTM is an ideal broker for both beginners and experienced traders.

Our Ratings

Pros:

• Regulated by multiple financial authorities 
• Low minimum deposits 
• Wide range of tradable instruments 
• Variety of account types 
• Competitive spreads 

Cons:

• Limited range of platforms 
• Limited educational resources

What is a Forex Broker?

A Forex broker is a specialized financial intermediary crucial for individuals and businesses participating in currency trading within the vast global foreign exchange market. Serving as a vital link between traders and the dynamic realm of forex, these brokers provide online platforms for buying and selling various currencies. Opting for a reputable and regulated Forex broker is paramount to ensuring a secure and efficient trading experience, complemented by essential tools and analysis to navigate the intricacies of currency transactions within the expansive forex landscape.

Read More : What is a Forex Broker? A Quick and Simple Guide

What are the Most Trusted Forex Brokers in Indonesia ?

According to our research and broker ratings, Pepperstone, IC Markets, XM, and FBS emerge as the most reliable forex brokers for trading in Indonesia . These brokers are highly regulated by top regulators including FCA, ASIC, CySEC, BaFIN, DFSA, SCB and so on.  They also offer segregated client fund accounts with tire 1 banks. for example. Here are our trust score for the following brokers 

• Pepperstone : 9.4 
• IC Markets    : 9.3
• XM                : 9.3 
• FBS              : 9

What is the No 1 Forex Brokers in Indonesia

Based on our in-depth research and ratings, Pepperstone is the number 1 forex broker in Indonesia . The broker is not only popular in Indonesia  but also globally. Additionally, the broker is regulated under top-tier regulators worldwide, including FCA, ASIC, CySEC, and others. Pepperstone secures a score of 9.4 out of 10, the highest in our research

What are the Best MT4 Forex Brokers in Indonesia ?

Based on our in-depth research and test results, the best MT4 forex brokers in Indonesia are:

• IC Markets
• Pepperstone
• Eightcap
• Tickmill
• XM
• FBS

They offer thousands of trading instruments, including forex, crypto CFDs, stock CFDs, and indices.

What are the Best MT5 Forex Brokers in Indonesia ?

MT5 a multi-asset trading platform by MetaQuotes. It is second most popular forex trading platform in the world. Most of the forex brokers in Indonesia  offer MT5 Trading Platforms. According to our brokers research and ratings, the best MT5 Forex Brokers in the UK are 

• Pepperstone
• IC Markets 
• FBS 

MT5 perform allows traders to perform  technical analysis and trading operations in the Forex market

What are the Best ECN Forex Brokers in Indonesia?

Our findings and broker ratings show that the best ECN Forex brokers in Indonesia are 

•  Pepperstone 
•  IC Markets 
•  XM
•  FXTM 
•  Hotforex 

These brokers offer low trading fees. They also offer seamless deposit and withdrawal processing. Among the brokers, Pepperstone we ranked Pepperstone as No 1 forex brokers in the world

Which Forex Brokers are Best for Beginners in Indonesia ?

From our research, analysis, testing, and experience; XM, hotforex, FBS, and Exness are the best brokers for beginners in Indonesia . They all provide comprehensive training resources for newbies and also demo accounts for practice. When the newbies are ready for live trading, these brokers offer micro accounts which they can use to start experimenting with live trades at very little risk.

Which Forex Brokers Offer Copy Trading Platforms in Indonesia ?

The best forex brokers offering copy trading platforms in Indonesia include eToro, Pepperstone, IC Markets, and FBS, among others. Among these, eToro is renowned for its social copy trading. Moreover, you can use almost all forex brokers for copy trading purposes if they allow EA trading

Which Forex Brokers offer High Leverage in Indonesia ?

FBS is one of the highest-leverage forex brokers that offers services worldwide, including in Indonesia. FBS provides a 1:3000 leverage, allowing for up to $3000 in trading capital for every $1 risked. However, the leverage in the EU and the USA is fixed. In the EU and Australia, retail traders can take up to a 1:30 leverage, while US regulators allow a maximum 1:50 leverage for retail forex traders. Many brokers have multiple entities for traders in different countries. Here is a list of the highest-leverage forex brokers:

FBS.com : 1:3000

Exness.com : 1:2000

Hotforex : 1:1000 

How Can I Trade Forex in Indonesia ?

Learn the Basics of Forex Trading:

Before you start trading, it’s essential to have a basic understanding of how forex trading works. You can find various educational resources, including books, online courses, and webinars, to learn about forex trading.

Choose a Reliable Forex Broker:

Select a reputable and trustworthy forex broker that is regulated by the Indonesia Financial Services Authority (OJK). Consider factors such as trading fees, leverage, customer support, trading platforms, and available trading instruments.

Open a Trading Account:

 Once you’ve selected a forex broker, you can open a trading account by filling out an application form and providing the necessary documentation, including a government-issued ID and proof of address.

Fund Your Account:

You’ll need to deposit funds into your trading account before you can start trading. Most forex brokers offer a range of deposit options, including bank transfer, credit/debit card, and e-wallets.

Choose Your Trading Platform:

Select a trading platform that suits your trading style and preferences. Most forex brokers offer popular trading platforms like MetaTrader 4 and 5, as well as their proprietary trading platforms.

Start Trading:

Once you’ve funded your account and selected your trading platform, you can start trading forex. Choose a currency pair you want to trade, set your trading parameters, and place your trade.

Monitor Your Trades:

Keep a close eye on your trades and adjust your trading parameters as necessary. It’s also essential to keep up with the latest market news and events that may impact your trades.

Withdraw Your Profits:

Once you’ve made some profits, you can withdraw your funds from your trading account. Most forex brokers offer a range of withdrawal options, including bank transfer, credit/debit card, and e-wallets.

Different Types of Forex Brokers in Indonesia ?

There are two main types of forex brokers in Indonesia: Dealing Desk and No Dealing Desk brokers.

Dealing Desk Brokers:

Dealing Desk brokers are also known as market makers. These brokers provide liquidity to their clients by creating their own prices and acting as the counterparty to their clients’ trades. Dealing Desk brokers typically earn revenue from the difference between the bid and ask prices, which is known as the “spread.”

No Dealing Desk Brokers:

No Dealing Desk brokers are brokers that do not act as the counterparty to their clients’ trades. Instead, they pass on their clients’ trades directly to liquidity providers, such as banks or other brokers. No Dealing Desk brokers offer clients two main options:

• ECN (Electronic Communication Network) brokers: ECN brokers offer clients direct access to the interbank market, where they can trade with other market participants. ECN brokers typically charge a commission on each trade, in addition to the spread.
• STP (Straight Through Processing) brokers: STP brokers also pass on their clients’ trades to liquidity providers but typically do not charge a commission. Instead, they earn revenue from the spread.

Types of Trading Platforms in Indonesia ?

MetaTrader 4 (MT4):

MT4 is a popular and widely used trading platform in Indonesia. It offers advanced charting tools, technical analysis indicators, and automated trading options. MT4 also supports various order types, including market orders, limit orders, and stop orders.

MetaTrader 5 (MT5):

MT5 is the successor to MT4 and offers similar features and functionalities. However, it provides additional features such as a multi-asset trading platform, a built-in economic calendar, and more advanced charting tools.

cTrader:

cTrader is a trading platform developed by Spotware that offers advanced charting tools, automated trading options, and multiple order types. It also provides a comprehensive suite of technical analysis indicators and features a customizable interface.

TradingView:

TradingView is a web-based trading platform that offers charting tools, technical analysis indicators, and social trading features. It also provides a community-driven platform where traders can share trading ideas, collaborate, and learn from each other.

NinjaTrader:

NinjaTrader is a platform that provides advanced charting and analysis tools, automated trading options, and a wide range of order types. It’s popular among professional traders in Indonesia due to its advanced features and customizable interface.

How to Choose the Best Forex Brokers in Indonesia ?

To choose the best forex broker in Indonesia, you should consider the following factors:

Regulation: Ensure that the broker is regulated by a reputable regulatory body such as the Indonesia Commodity and Derivatives Exchange (BAPPEBTI) or the Financial Services Authority (OJK). This will give you peace of mind knowing that your funds are protected and that the broker operates in a transparent manner.

Trading conditions:

Look for a broker that offers competitive spreads, low transaction fees, and fast execution speeds. Consider their leverage options, as well as their available trading platforms and instruments.

Customer support:

Good customer support is crucial in forex trading, as you may need help at any time. Look for a broker that offers 24/7 support and multiple communication channels, such as live chat, phone, and email.

Safety of funds:

Ensure that the broker has robust security measures in place to protect your funds. This includes SSL encryption, secure servers, and segregated accounts.

Reputation:

Read reviews and gather information from other traders to determine the broker’s reputation in the industry. Look for a broker with a proven track record and positive feedback from its clients.

Bonuses and promotions:

Some brokers offer bonuses and promotions to attract new clients. While these can be attractive, it’s important to thoroughly research the terms and conditions of such offers and to make sure they align with your trading strategy.

By considering these factors, you can find a forex broker in Indonesia that best fits your needs and helps you reach your trading goals.

Frequently Asked Question (FAQs)

Is Forex Trading Legal in Indonesia ?

Yes, it is legal to use Forex brokers in Indonesia. The country’s regulatory body, the Indonesian Commodity Futures Trading Regulatory Agency (BAPPEBTI), regulates and oversees the forex market to ensure a fair and transparent trading environment for investors.

What should I look for in a Forex broker in Indonesia?

When choosing a Forex broker in Indonesia, you should consider factors such as regulation, trading conditions, customer support, safety of funds, reputation, and bonuses and promotions.

Can I trade Forex with an offshore broker from Indonesia?

While it is technically possible to trade Forex with an offshore broker from Indonesia, it is recommended to choose a broker that is regulated by a reputable Indonesian regulatory body for increased protection and peace of mind.

How can I ensure the safety of my funds with a Forex broker in Indonesia?

To ensure the safety of your funds, it’s important to choose a broker that has robust security measures in place, such as SSL encryption, secure servers, and segregated accounts. Additionally, you should choose a broker that is regulated by a reputable Indonesian regulatory body.

What is the difference between BAPPEBTI and OJK regulation in Indonesia?

BAPPEBTI is the regulatory body for commodities and derivatives trading in Indonesia, while OJK is the financial services authority. Both regulate Forex brokers operating in Indonesia, with BAPPEBTI focusing on commodity and derivatives trading and OJK overseeing the financial services sector.

Conclusion

Forex trading has become a popular investment opportunity in Indonesia, with a growing number of traders looking to profit from currency exchange rate fluctuations. To succeed in Forex trading, it is essential to choose a reliable and trustworthy Forex broker. When choosing a broker, consider factors such as regulation, trading conditions, customer support, safety of funds, reputation, and bonuses and promotions. By taking the time to thoroughly research and compare your options, you can find the best Forex broker in Indonesia for your specific needs and reach your trading goals.