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TheTop 10 Best Forex Brokers in Indonesia revealed. We have rated and reviewed the best Forex Brokers acceptingIndonesian Traders.
This is a complete listing of The 10 Best Forex Brokers inIndonesia.In this in-depth write-up you will learn:
- Who is the Best Suited Broker forBeginner Indonesian Traders?
- Pros and Cons ofForex in Indonesia.
- Indonesian Rupiah Accountsand how they work.
- IDR (Rp)Costsof Trading Forex
and much, much more!
Indonesian Rupiah (IDR) – A Definition
The Indonesian rupiah (IDR) is the official currency of Indonesia. The Indonesian rupiah uses the currency code IDR and is controlled by the Bank of Indonesia.
10 Best Forex Brokers in Indonesia (2024) – A Comparison
| 🔎 Broker | 🤝 Accepts Indonesian Traders | 💰 Minimum Deposit (USD) | 💰 Minimum Deposit (IDR) | 🚀 Open an Account |
| 🥇 Exness | ☑️ Yes | $500 USD | Rp7438075,00 | 👉 Click Here |
| 🥈 AvaTrade | ✅ Yes | $100 USD | Rp1487615,00 | 👉 Click Here |
| 🥉 HFM | ☑️ Yes | $5 USD | Rp74380,75 | 👉 Click Here |
| 📌 XM | ✅ Yes | $5 USD | Rp74380,75 | 👉 Click Here |
| 📍 FXTM | ☑️ Yes | $10 USD | Rp148761,50 | 👉 Click Here |
| 📌 FXCM | ✅ Yes | $300 USD | Rp4462845,00 | 👉 Click Here |
| 📍 Saxo Bank | ☑️ Yes | $2000 USD | Rp29752300,00 | 👉 Click Here |
| 📌 FBS | ✅ Yes | $1 USD | Rp14732 | 👉 Click Here |
| 📍 FP Markets | ☑️ Yes | $100 USD | Rp1487615,00 | 👉 Click Here |
| 📌 HYCM | ✅ Yes | $100 USD | Rp1487615,00 | 👉 Click Here |
🏆 10 Best Rated Forex Brokers
10 Best Forex Brokers in Indonesia (2024)
- Exness –Overall, Best Broker in Indonesia
- AvaTrade – Highly-Regulated Forex Broker
- HFM – High Indonesian Trust Score
- XM – Best Overall Trading Experience
- FXTM – Low IDR Minimum Deposit
- FXCM – Excellent Customer Support
- Saxo Bank – Award-Winning Indonesian Broker
- FBS – Lowest Overall costs
- FP Markets – Lowest Overall Costs in Rp
- HYCM – Globally Regulated Forex Broker
Exness
Overall, Exness is regulated by two tier-1 regulators, two tier-2 regulators, and four tier-3 regulators respectively. It has a high trust score of 97 out of 100 and is considered low-risk. Exness offers 4 retail trading accounts.
Exness Overview
| 🔎 Broker | 🥇 Exness |
| 📝 Regulation | CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA |
| 💻 Trading Desk | MetaTrader4, MetaTrader 5 |
| 🎉 Sign Up Bonus | Standard +10% |
| ➖ Min. Deposit from | $10 USD |
| 🔁 Spreads from | 0.1 Pips |
| ➕ Max Leverage | 1:2000 |
| 💳 Commission | Yes |
| 🛑 Inactivity Fee | No |
| 🚀 Open an Account | 👉 Click Here |
Exness Pros and Cons
| ✔️ Pros | ❌ Cons |
| Secure login offered | HIgh Minimum Deposit |
| 1:500 leverage available | Off shore broker |
| Competitive spreads | |
| Copy trading functionality | |
| MT4 & MT5 trading platforms | |
| True STP pricing |
Overall Rating
- 4.9/5
Min Deposit
USD 10
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Platform
MT4, MT5
Crypto
Yes
Total Pairs
97
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Read Review
OPEN AN ACCOUNT
on Exness' website
AvaTrade
Overall, Avatrade can be summarised as a safe and trustworthy broker with a user-friendly copy trading platform. Avatrade is licensed by the FSCA. Avatrade offers 0% commission on trades and has an overalltrust rating score of 94 out of 99.
AvaTrade Overview
| 🔎 Broker | 🥇 AvaTrade |
| 📜 FSCA regulated | ✅ Yes |
| 🚀Bonus | ✅ Yes |
| 🔥Trust Score | 94% |
| 🔥Live support | 24/5 |
| 📱 MetaTrader 4 (MT4) | ✅ Yes |
| 📱 MetaTrader 5 (MT5) | ✅ Yes |
| 📊Trading Islamic Account | ✅ Yes |
| 📊CFDs - Total Offered | 681 |
| 💰 Spreads | 0,9 pips |
| 💰 Withdrawal fee amount | Zero |
| 💰 Trading fees class | Very Low |
| ✔️ Scalping Allowed | ✅ Yes |
| 🚀 Open a account | 👉 Click Here |
AvaTrade Pros and Cons
| ✅Pros | ❎Cons |
| Wide range of CFDs assets to trade - 1000+ | No Stock |
| Worldwide regulated | Cryptocurrency deposit is not accepted |
| Award winner | Quarterly and annual inactivity fees |
| Multiple platform – MT4, MT5, etc | Costumer support is not available 24/7 |
| Negative balance protection | No bonus for EU based clients |
Overall Rating
- 4.8/5
Min Deposit
USD 100
Regulators
ASIC, FSA, CBI, BVI, FSCA, FRSA, ISA
Trading Platform
MT4, MT5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Read Review
OPEN AN ACCOUNT
on Avatrade's website
HFM
Overall, HFM can be summarised as a trustworthy broker that provides Contracts for Difference (CFDs) and low spreads on 100+ trading instruments. It is regulated by one tier-1 regulator (highest trust) and three tier-2 regulators (medium trust). It has a trust score of 95% out of 100.
HFM Overview
| 🔎 Brokers Name | 🥇 HFM Ltd |
| ⚖️ Regulation | CySEC, FSCA, FCA, FSA, DFSA, CMA, St. Vincent & the Grenadine |
| 💳 Minimum deposit | $0 |
| 💰 Maximum Leverage | 1:2000 |
| 🔘 Asset Types | Forex, Indices, Metals, Energies, Shares, Commodities, Bonds, ETFs, DMA Stocks, and Cryptocurrencies |
| 📊 Trading platforms | HFM APP, MT4, MT5, HFM Copy Trading |
| 💳 Supported lot | 0.01 - 500 |
| 💳 Demo | ☑️ Yes |
| 🚀 Open an Account | 👉 Click Here |
HFM Pros and Cons
| ✅ Pros | ❎ Cons |
| Swap Free Accounts | Segregates client funds |
| $0 Min. Deposit | |
| Regulated by CySEC | |
| 24/5 Online Support | |
| 1:2000 Leverage |
Overall Rating
- 4.9/5
Min Deposit
USD 0
Regulators
CySEC, FCA, FSA, DFSA, FSCA, CMA
Trading Platform
MT4, MT5, HFM APP, HFM Copy Trading
Crypto
Yes
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Read Review
OPEN AN ACCOUNT
on HFM's website
XM
Overall, XM.com isconsidered atrustworthy broker with average riskwithspreadsas low as 0.6pipsand an above-average trust score of 84 out of 99. XM Group is not a publicly-traded company but is authorized by two tier-1 regulators (high trust).
XM Overview
| 🔎 Broker | 🥇 XM.com |
| 📌 Regulation | FCA |
| 🎉 Bonus | ✅ Yes |
| 🆓 Demo Account | ☑️ Yes |
| 💵 Fees from | $ 3.5 |
| 🔁 Spreads from | 0.6 pips |
| 💳 Commission | Account depending |
| 🚩 Max Leverage | 1:888 |
| 💰 Minimum Deposit | $5 |
| 🚀 Open an Account | 👉 Click Here |
XM Pros and Cons
| ✔️ Pros | ❌ Cons |
| Low stock CFD and withdrawal fees | Limited product portfolio |
| Easy and fast account opening | No investor protection for non-EU clients |
| Great educational tools |
Overall Rating
- 4.9/5
Min Deposit
USD 5
Regulators
FSC, DFSA, CySEC, ASIC, CMA
Trading Platform
MT4, MT5, XM App
Total Pairs
55
Islamic Account
Yes
Trading Fees
No
Account Activation
24 Hours
Read Review
OPEN AN ACCOUNT
on XM's website
FXTM
Overall, FXTM can be summarized as a trustworthy broker that provides Contracts for Difference (CFDs) and trading facilities on shares, forex, commodities, cryptocurrencies, ETFs, options, and indices to a global market.
FXTM Overview
| 🔎 Broker | 🥇 FXTM |
| 📝 Regulation | FCA / FSCA |
| 💰 Min. Deposit | $10 USD |
| ☪️ Islamic Account | ☑️ Yes |
| 🆓 Demo Account | ☑️ Yes |
| 📈 Max Leverage | 1:2000 |
FXTM Pros and Cons
| ✅ Pros | ❌ Cons |
| Excellent Customer Service | High Stock CFD Fees |
| Great Educational Tools | Inactivity Fee |
| No Deposit Fee | No Price Alert |
Overall Rating
- 4.6/5
Min Deposit
USD 10
Regulators
FCA, CySEC
Trading Platform
MT4, MT5
Crypto
No
Total Pairs
63+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Read Review
OPEN AN ACCOUNT
on FXTM's website
FXCM
Overall,FXCMisconsidered a low-risk and can be summarised as trustworthy and reliable. In terms of trading conditions,FXCMoffers a user-friendly trading environment with low spreads and high leverage. The company has an overall trust score of 92 out of 99.
FXCM Overview
| 🔎 Broker | 🥇 FXCM |
| 📝 Regulation | FCA |
| 💰 Min. Deposit | $50 USD |
| 🔁 Spread from | 1.4 |
| 📈 Tradeable Symbols | 276 |
| ✅ Forex Pairs | 42 |
| 📌 Crypto | ❌ No |
| 💻 Trading Platform | MT4 |
| 🚀 Open an Account | 👉 Click Here |
FXCM Pros and Cons
| ✅ Pros | ❌ Cons |
| User Friendly | Limited Product Portfolio |
| Good Technical Tools | High Fees |
Overall Rating
- 4.6/5
Min Deposit
USD 50
Regulators
FCA, ASIC, FSCA, CySEC
Trading Platform
MT4
Crypto
Yes
Total Pairs
42
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Read Review
OPEN AN ACCOUNT
on FXCM's website
Saxo Bank
Overall, Saxo Bank can be summarised as a credible and trustworthy broker and is considered low-risk with competitive tradingfeesandspreads. Saxo Bank has an overall trust score of 80 out of 99. Offers traders 60,000+ instruments on selected accounts
Saxo Bank Overview
| 🔎 Broker | 🥇 Saxo Bank |
| 💵 Min. Deposit | $2000 USD |
| ✋ Inactivity Fee | ☑️ Yes |
| 🆓 Demo Account | ☑️ Yes |
| ✒️ Regulation | FSA / FCA |
| 🚀 Open an Account | 👉 Click Here |
Saxo Bank Pros and Cons
| ✅ Pros | ❎ Cons |
| Great trading platform | High bond, options and futures fees |
| Excellent Research | High minimum deposit |
| Extensive product portfolio | Lacks Customer Support options |
Overall Rating
- 4.7/5
Min Deposit
USD 2,000
Regulators
FSA, FCA
Trading Platform
SaxoTraderGO, SaxoTraderPRO
Crypto
No
Total Pairs
190
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Read Review
OPEN AN ACCOUNT
on Saxo Bank's website
FBS
FBS is an international broker with thousands of traders in 150 countries across the globe. FBS comes with a low $1 USD minimum deposit, Spreads from 0 Pips, split-second execution, and leverage of up to 1:3000.
FBS Overview
| 🔎 Broker | 🥇 FBS |
| 💰 Minimum Deposit | $5 USD |
| 📝 Regulation | FSCA, CySEC |
| 🎉 Welcome Bonus | ✅ Yes |
| ☪️ Islamic Account | ✅ Yes |
| 🆓 Demo Account | ✅ Yes |
| ➕ Max Leverage | 1:3000 |
| 🔁 Spreads from | 0 Pips |
| ☑️ Spread Type | Fixed, Floating |
| 📈 Copy Trading | ✅ Yes |
| 🛑 Inactivity Fee | None |
| 💻 Trading Platforms | MetaTrader4, MetaTrader5. FBS Trader App, WebTrader |
| ⚙️ Trading Instruments | 100+ |
| 🚀 Open an Account | 👉 Click Here |
FBS Pros and Cons
| ✅ Pros | ❎ Cons |
| Negative Balance Protection | Limited Tradable assets |
| Excellent Regulation | Limited Trading Platforms |
Overall Rating
- 4.9/5
Min Deposit
USD 5
Regulators
FSC, FSCA, ASIC, CySEC
Trading Platform
MT4, MT5, FBS Trader App, WebTrader
Crypto
Yes
Total Pairs
250
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
FP Markets
Overall, FP Markets can be summarised as a safe broker that provides competitive spreads on Contracts for Difference (CFDs). It offers 8000+ tradable symbols with a trust score of 94 out of 100. FP Markets is fully regulated by one tier-1 regulator (highest trust score in the industry).
FP Markets Overview
| 🔎 Broker | 🥇 FP Markets |
| 📍 Regulation | CySEC, ASIC, FSCA, CMA |
| 💰 Min Deposit | $100 USD |
| 💻 MT4 | ☑️ Yes |
| 🖥️ MT5 | ✅ Yes |
| 🖥️ cTrader | ✅ Yes |
| ☪️ Islamic Account | ☑️ Yes |
| 🆓 Demo Account | ✅ Yes |
| 🔁 Segregated Accounts | ☑️ Yes |
| 🚀 Open an Account | 👉 Click Here |
FP Markets Pros and Cons
| ✅ Pros | ❎ Cons |
| Low forex fees | Limited product portfolio |
| Easy account opening | Outdated web platform |
| Fast Funding | Outdated desktop platform |
Overall Rating Min Deposit USD 100 Regulators ASIC, CySEC, FSCA, CMA Trading Platform MT4, MT5, cTrader Crypto Yes Total Pairs 70+ Islamic Account Yes Trading Fees Low Account Activation 24 Hours Read Review OPEN AN ACCOUNT on FP Markets' website
HYCM
Overall,HYCM can be summarized as a trustworthy broker that offers excellent customer support, a wide selection of market instruments, and technologically advanced programs to assist traders with maximizing funds and developing trading skills.
HYCM Overview
| 🔎 Broker | 🥇 HYCM |
| 📝 Regulation | FCA, CySEC, DIFC, DFSA, CIMA |
| ☪️ Islamic Account | ✅ Yes |
| 🆓 Demo Account | ☑️ Yes |
| 📈 Institutional Accounts | ✅ Yes |
| 📉 Managed Accounts | ☑️ Yes |
| 📊 Maximum Leverage | 1:30 |
| 💻 Trading Platforms | MT4 / MT5 |
| 🤝 Customer Service | 24/5 |
| 🚀 Open a account | 👉 Click Here |
HYCM Pros and Cons
| ✔️ Pros | ❌ Cons |
| Segregates client funds | Doesn’t offer VPS |
| Established in 1977 | Inactivity Fee |
| Regulated by FCA | Limited range of instruments |
| Minimum deposit from$1 | Not ASIC Regulated |
Overall Rating
- 4.5/5
Min Deposit
USD 20
Regulators
FCA
Trading Platform
MT4, MT5
Crypto
Yes
Total Pairs
69
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Read Review
OPEN AN ACCOUNT
on HYCM's website
Conclusion
👉 Now it is your turn to participate:
➡️ Which Indonesian broker from this list do you intend to test out?
➡️ What was the determining factor in your decision to engage with a particular broker?
➡️ Was it because of the IDR (Rp)minimum deposit or the Pros and Cons?
👉 Regardless, please share your thoughts in the comments below.
You might also like: Exness Review
You might also like: XM Review
You might also like: AvaTrade Review
You might also like: HFM Markets Review
Disclaimer
Traders need to understand and remember that CFDs are leveraged, complex products that may be accompanied by the risk of incurring losses that may exceed the initial deposit of the trader.
Traders need to ensure that they understand their risk exposure and determine whether the risk involved is suited to them before making trading decisions that could result in loss of capital.
Frequently Asked Questions
Is forex trading legal in Indonesia?
Yes. Forex Trading is 100% legal in Indonesia.
Which is the most used forex broker in Indonesia?
According to research, Exness is the most popular broker choice in Indonesia.
How many forex traders are currently active in Indonesia?
The rough estimate is approximately 50 000 active Indonesian traders per month.
Can you make money with forex trading in Indonesia?
Yes. However, according to research, approximately 75% of all traders lose money due to a wide number of factors.
Who regulates Forex Trading in Indonesia?
Forex trading in Indonesia falls under the regulatory authority of both the Otoritas Jasa Keuangan (OJK) and the Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI).
Louis Schoeman
Featured Forex and Stocks writer
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