10 Best Forex Brokers in Indonesia (2024) | InvestinGoal (2024)

The best Forex brokers in the country of Indonesia, according to our research, are:

1. FBS
2. XM
3. OctaFX
4. AvaTrade
5. HFM
6. XTB
7. eToro
8. Instaforex
9. Oanda
10. FXTM

In order to select them, we have considered the following key elements:

• Being regulated by at least one regulatory entity;
• Availability of IDR deposits;
• Broker fees and commissions;
• Overall quality of services offered.

What are the best forex brokers in Indonesia?

Below is our curated list of the best forex brokers for traders living in Indonesia, with details and information about the country laws, the features, and the characteristics.

• FBS is a popular broker in Indonesia thanks to thefixed exchange rateof 10,000 IDR for 1 USD.
• Indonesian traders can trade with FBS underIFSC regulationin Belize n° 60/230/TS/18.
• Indonesian traders can apply forallFBS bonusesoffered such as the level-up bonus for up to $140 to your account
• Indonesian languagesupport is available even though FBS provides no local office.
• All FBS trading accounts are only in USD or EUR but you candeposit in IDRwith a wide range of Indonesian deposit options such as Fasapay, Doku or OVO.
• It is possible to unlock aswap-free featureon your FBS account.
• FBS provides access to a range of 30 forex pairs withdifferent spread typesdepending on the account starting from a negative 1 pip on the EUR/USD.
• Themaximum leverage availablein Indonesia varies due to the FBS account and it is up to 3000:1 on forex.

74-89% of retail CFD accounts lose money

• XM accepts traders from Indonesia with the global entity regulated in Belize with anFSC license n° 000261/397and providing the Indonesian language support.
• Traders from Indonesia can claimXM deposit bonusesup to $5,000 or currency equivalent.
• XM doesn’t support IDR trading accounts even though you can easily deposit in any currency withlocal bank transfer in Indonesia.
• In case you need aswap-free accountfor religious reasons you can request it at XM and you won’t be charged any fee.
• Forex trading with XM is offered with more than50 currency pairswithspreadsfrom 0.6 pips on EUR/USD and aleverageon forex up to 1000:1.

72,82% of retail investor accounts lose money

• OctaFX offers afixed exchange ratefor traders in Indonesia of 10,000 IDR for 1 USD.
• Indonesian traders can apply through theSVG regulatedentity of OctaFX which holds license n° 19776 and provides Indonesian language support.
• Advantages for Indonesian traders include an OctaFX50% deposit bonusor weekly prize giveaways.
• OctaFX provides only USD or EUR trading accounts andIDR depositsare allowed in Indonesia through local bank transfers.
• OctaFX can boastone of the best islamic accountsin the industry, having collected the “Best Islamic FX Account” award of 2020.
• Forex tradingwith OctaFX is on over 35 pairs withspreadsfrom 0.2 pips on EUR/USD withleverageup to 500:1 on majors.

74-89% of retail CFD accounts lose money

• AvaTrade accepts traders from Indonesia underBVI FSClicense n° SIBA/L/13/1049 and provide Indonesian language support.
• IDR account currency is unavailable with AvaTrade thoughlocal deposit optionsin Indonesia can be used.
• AvaTrade providesIslamic accountsin Indonesia for swap-free trading with increased spread on forex pairs.
• Forex trading with AvaTrade providesmore than 50 pairswithfixed spreadsfrom 0.9 pips on EUR/USD and aleverageup to 400:1.

76% of retail investor accounts lose money

• Indonesian traders can apply toHFM under SVG regulationwith license n° 22747 IBC 2015 and Indonesian language support.
• Indonesia traders are eligible for several HFM bonuses such as the100% super charged bonusup to $8000.
• Most common deposit options are available in Indonesia together with local alternatives even thoughHFM doesn’t offer IDR accounts.
• Islamic accountsare available for any HFM account type offering the same trading conditions and spread from 1 pip.
• HFM offersover 50 forex pairswithspreadsfrom 0.1 pips on EUR/USD andleverageup to 1000:1 depending on the account types chosen.

70.51% of retail investor accounts lose money

• XTB is internationally regulated byIFSC with license n° 60/413/TS/19and accepts traders from Indonesia.
• XTB accounts accept USD currencyand you can deposit through local bank transfers in Indonesia.
• Swap-free accountswith XTB are available in Indonesia with only a slightly higher spread.
• XTB offers around50 forex pairswith minimumspreadsfrom 0.1 pips on EUR/USD andleverageup to 500:1.

79% of retail investor accounts lose money

• Indonesian traders apply to eToro through theFSA regulationin the Seychelles with license n° SD076.
• eToro offers accounts in USD only and you can deposit through wire transfers, credit cards, and eWallets although there areno IDR deposit methods in Indonesia.
• eToro provides forIslamic accountsbut you will need to open a real account and deposit a minimum of $1000.
• Forex trading with eTorois available on 49 currency pairs with spreads from 1 pip on EUR/USD and leverage up to 400:1 in Indonesia.

76% of retail CFD accounts lose money

• Indonesian traders fall under theBVI FSC regulationwith license n° SIBA/L/14/1082 and have a local language support at Instaforex.
• There are manyInstaforex bonusesavailable in Indonesia you can avail of such as the 55% bonus for any deposit.
• Instaforex accounts are only in USD or EUR, though local bank transfers in Indonesia supportIDR deposits.
• Islamic accountsare available with Instaforex to any eligible trader in Indonesia.
• Instaforex offers over 300 instruments andmore than 100 forex pairs.
• Trading with Instaforex charges aspreadfrom 0.3 pips on EUR/USD and aleverageup to 1000:1 on forex.

61.14% of retail investor accounts lose money

• Applicants from Indonesia have to register with OANDA Global Markets Ltd regulated in the British Virgin Islands by theFSC n° SIBA/L/20/1130.
• Indonesian language support is provided.
• Traders from Indonesia can avail of awelcome bonuswith Oanda up to $1000 on their first deposit.
• TheIDR currency is not supportedat Oanda for account currency and deposit purposes even though local wire transfers in Indonesia are available.
• Oanda offersswap accountsin Indonesia on request though they come with higher spreads.
• Forex tradingwith Oanda is provided on more than 40 pairs with spreads from 0.2 pips on EUR/USD and a maximum leverage up to 200:1.

CFDs are not available to residents in the United States

• FXTM accepts traders from Indonesia throughFSCregulation in Mauritius under licensen° C113012295and with Indonesian support available.
• No trading bonusesare available with FXTM.
• FXTM accounts are not available in IDRbut you can use theIndonesian funding option for local transferswith Southeast Asia online banking or FasaPay.
• Islamic accountsare provided in Indonesia for each FXTM account type.
• FXTM offers over 60forex pairswithspreadsfrom 0 pips on EUR/USD andleverageup to 2000:1 depending on the account type selected in Indonesia.

81% of retail investor accounts lose money

Is forex trading legal in Indonesia?

Forex trading is legal in Indonesia.

lthough in 2013 forex trading was banned by BAPPEBTI (the Indonesian regulatory body) in the wake of some forex scam broker cases, this ban has already been lifted. This means that while there are still no forex brokers directly regulated by the body, traders are free to deal with international forex brokers who respect local Indonesian laws.

How to trade forex in Indonesia

The process of opening an Indonesian forex trading account is not hampered at all by BAPPEBTI since they only regulates the commodities and futures market. Considering that then, if you are an Indonesian and looking to open a forex trading account, you should follow the rules set by your selected broker. These will typically mean the following:

• Having your ID (preferably passport) ready to confirm your identity
• Having a proof of residence document or at least a utility bill or bank statement at your registered address ready.
• Preparing some capital to fund you new forex trading account.

Whas should Indonesian traders look for in a forex broker?

As an Indonesian trader the same as many others, there are a few key things to look out for particularly if you are getting involved in forex trading for the first time:

1. Look for trusted brokers in order to avoid fraudulent firms:

A trusted broker such as those listed above should always be high on the list. You should always seek out brokers regulated by one of the top bodies including CySEC, FCA, ASIC, and some others including MAS (Singapore). These bodies are stringent in ensuring compliance and it is not easy to be regulated by them. Therefore, it always reflects a positively when your forex broker is.

2. If you’re Muslim, choose the best Islamic account

In Indonesia, more than 80% of people are Muslim. This means there should be a big demand on Islamic (or swap-free) accounts. These accounts do not charge overnight fees since that is considered a form of interest and thus is Haram according to Sharia law.

Be careful to do your research and choose the best broker Islamic accounts, many of these do not charge any additional fees for Islamic trading accounts. If you would like to know more about Islamic accounts, check out our Islamic broker guide

3. Be careful when choosing a bonus:

Since bonuses are generally legal in Indonesia for brokers to offer, you may see many tempting offers pop up. Just be sure that you do not allow this temptation to cloud your vision when it comes to choosing a top forex broker.

You should select a broker based on how it fits your trading needs first and consider the bonus only as a secondary thing. That said, brokers with a no deposit bonus do offer a good chance for traders to get started risk-free.

How to verify if a forex broker is regulated in Indonesia

Within Indonesia, there is not a specific regulator to cover forex trading since BAPPEBTI only covers commodities and futures. This is fine though since all of the recommended brokers are regulated by some of the foremost global authorities in the industry. You can check some of these regulations by clicking on the following links and searching for your broker of choice.

• FCA
• ASIC
• ESMA

If you want to check ESMA regulations, you first need to know the European country the broker is registered within. This is usually CySEC but anyway, if it is regulated within Europe, it should automatically be ESMA compliant.

Is forex trading taxable in Indonesia?

Forex trading may not be directly regulated by the Indonesian regulator, but it is still taxable. This tax usually takes the form of capital gains tax which is applied at 25% if you are a resident of Indonesia or 5% if you are a non-resident.

Tax rebates on losses for a period of 5, or sometimes 10 years can be applied and taken into account when forex trading in Indonesia.

Disclaimer: we are not accountants, we have done internet research. We strongly suggest you contacting Indonesian local authorities if you’re not sure how to manage this aspect