Best 7 Forex Brokers in Indonesia

Forex in Indonesia

So, you are interested in Forex trading in general and Forex trading in Indonesia in particular? Forex ( which stands for “foreign exchange market”) is the world’s most literal and interesting financial market. It is probably the only market whose scope makes it pretty much impossible for anyone entity such as a company, or even a government to be able to control it. Due to all of this Forex does not actually have a global centralized market. The market is open 24, Monday to Friday and in a single day can reach more than $3.5 trillion in traded assets per day. Due to the sheer trading volumes of the Forex market being three times bigger than the sum of all of the other US financial markets combined, the Forex market is currently the most liquid market in the entire World.

Top-8 best forex brokers in Indonesia

  2. IG Forex
  3. XM
  4. Saxo Bank
  5. Interactive Brokers
  7. eToro
  8. FXCM

All of the Indonesian Forex brokers are monitored and supervised by the Bank of Indonesia which means they have to comply with the rules and regulations the Bank establishes. Worth taking into account for a potential foreign Forex broker in Indonesia is that the Bank, as the main overseeing body presently, imposes a set of strict rules as well as taxes on the market in Indonesia. The Bank enforces considerable fines for breaking those laws and regulations so it is in your best interests to follow them as closely as possible.

As a rule for traders who are just starting out, it is always worth looking for a licensed reputable officially certified broker. Also worth noting that according to the ruler of Forex trading in Indonesia your broker becomes your business partner. So it is invaluable to have a good partner in dealing with your investment. The first step for any upcoming Forex trader would be finding such a broker. Brokers may offer different leverage, spreads, and minimal possible sum for the first deposit. And this list will help you make the right choice for you personally and pick the best forex broker in Indonesia.


Accepts MY residents – Yes

Average Spread EUR/USD Standard – 0.3

Minimum Deposit – $1

Overall rating – 9.6/10

Our first entry – JustForex, has been on the market for 10 years now. It is authorized by the FSA of St. Vincent and the Grenadines. Besides regular currencies, it also accepts 5 different crypto-currencies. It is a licensed forex broker in Indonesia. Its overall success can be attributed to its staff of tested professionals who have a substantial financial background, extensive experience in the field, and all the theoretical knowledge one might need for performing their task optimally and helping you succeed. JustForex’s employees are willing to help you out in any situation and do their best to make sure that the clients have the trading experience possible 24/7. Our pick for the best broker in Indonesia offers up to 170+ trading instruments and can boast an incredible 0.01 delay in carrying out the input commands(provided stable internet connection on your side). The platform offers 15 payment systems so you surely will find the one which fits all of your needs. The site also contains a separate section comprised of analytical and educational materials that will surely prove to be an indispensable asset for both: beginners and experienced traders alike. We can also say with confidence that you can trust all of your data to be safe from all unauthorized access or being misused in any way. JustForex is simply the best broker in Indonesia at the moment.

2. IG

Accepts MY residents – Yes

Minimum Deposit – £250

Average Spread EUR/USD Standard  – 0.745

Overall rating – 9.5/10

Founded in 1974 IG provides its customers with an impressive set of convenient trading and research instruments, and learning materials as well as trying its best to offer competitive prices. The site has a sizable list of tradable. IG is publicly traded at the London Stock Exchange so you can be sure of it being trustworthy. If that wasn’t enough It also runs its proprietary bank and is certified by Australian Securities & Investment Commission (ASIC), Japanese Financial Services Authority (JFSA), Monetary Authority of Singapore (MAS), Swiss Financial Market Supervisory Authority (FINMA), and lots of other tiers 2 and 3 regulators. Due to all of its credentials, IG is among the most trustworthy brokers in the world. The broker also offers MetaTrader and premium MT4 add-ons from FX Blue. It is worth noting that the site has a minimum sum for the deposit of $£250 and has no cryptocurrencies support. If you can overlook the above-mentioned barriers for entry we would highly recommend working with IG if safety and security are your highest priorities.

3. Saxo Bank

Accepts MY residents – Yes

Minimum Deposit – $10,000.00

Average Spread EUR/USD Standard  – 0.6

Overall rating – 9.3/10

Our #3 started its work in 1992. It owns multiple banking establishments and is licensed with six tier-1 regulators and one tier-2 regulator, which in turn means it is a very low-risk broker for all goals and purposes. Saxo Bank has a rather notable $10,000 minimum deposit required in order to open a Classic account. Making a bigger investment may allow you to open a VIP or a Platinum account as well. This makes it a rather big hurdle to overcome if you are just starting out and may deter those who are just looking to dip their toe in the world of Forex trading. You can, however, be sure that Saxo Bank is a very trusted forex broker in  Indonesia and provides only quality service. Being one of the leading forex brokers in Indonesia this platform provides you with access to numerous tools and grants reliable customer service 24/7 as well as offering overall great prices. If the minimum deposit requirement is not a problem we can’t recommend trying Saxo Bank as a broker enough.

4. Interactive Brokers

Accepts MY residents – Yes

Minimum Deposit – $0

Average Spread EUR/USD Standard  – N/A

Overall rating – 9.2/10

Interactive Brokers is most definitely among the best forex traders in Indonesia. Being founded in 1977 it has been on the market for more than 40 years which would be impossible to do if you were not good. Interactive Brokers is a low-risk organisation that is publicly traded and authorised by six tier-1 regulators, such as: Investment Industry Regulatory Organization of Canada (IIROC), Securities Futures Commission (SFC), Japanese Financial Services Authority (JFSA),  Financial Conduct Authority (FCA), Monetary Authority of Singapore (MAS), and the Commodity Futures Trading Commission (CFTC).

Proprietary Interactive Brokers Trader Workstation (TWS) desktop platform provides a number of advanced tools to make your life as a trader easier. However, it may prove challenging to use for beginner traders so we’d say it is more geared toward somewhat experienced users who will surely appreciate it for all the quality of life improvements it offers. Interactive Brokers Similarly also offers the IBKR Mobile application which comes with lots of useful features. But we have to say it is also pretty hard to get a hang of for a new trader. MetaTrader is not supported as an alternative so you should also take that into consideration while making your choice. Interactive Brokers also has monthly minimum activity fees, but otherwise sticks to regular pricing policy within the industry.


Accepts MY residents – Yes

Average Spread EUR/USD Standard – 1.400

Minimum Deposit – $100

Overall rating – 9.1/10 is a trusted broker in Indonesia which offers its brokering services for forex and CFDs traders. It’s a low-risk broker that is publicly traded. Even though it doesn’t operate a bank it is authorised by four tier-1 regulators: Investment Industry Regulatory Organization of Canada (IIROC), Japanese Financial Services Authority (JFSA), Financial Conduct Authority (FCA), and the Commodity Futures Trading Commission (CFTC). As for cryptocurrency trading, it is available through CFDs, but trading of the underlying assets is restricted. can offer various execution methods alongside three account types as well as transparent statistics. However, it is worth noting that services are a bit on the expensive side compared to other industry flagship companies. If you want to use MetaTrader the Standard account is, unfortunately, your only option. Also worth mentioning the spreads are higher at 1.4 pips on the EUR/USD. If you are looking for the benefits of market-maker execution and don’t mind paying a premium due to higher spread, is your choice.

6 – eToro

Accepts MY residents – Yes

Average Spread EUR/USD Standard – 1.0

Minimum Deposit – $50

Overall rating – 8.9/10

eToro is viewed as a low-risk broker. However, it is not traded publicly and does not run a bank. The platform is authorised with tier-1 regulators: Australian Securities & Exchange Commission (ASIC) and the Financial Conduct Authority (FCA). You can find more than 2000 tradable articles on eToro. Due to its multi-asset nature, eToro puts great effort into making the experience for its clients as smooth as possible. For instance, the user is able to select between CFDs and underlying asset trading right in the trade-ticket window. Small yet extremely useful. Cryptocurrency trading is allowed through CFDs and underlying assets. eToro is a market-maker broker and offers a spread of 1 pip on the EUR/USD, which is a bit higher than the industry average. The biggest selling point of eToro is undoubtedly its social copy-trading platform that merges self-directed trading and copies trading into a singular trading experience. eToro also offers VIP club accounts that come in five tiers from silver to diamond for traders with balances between $5000 -$250000. These accounts offer such benefits as a dedicated account manager or discounts on withdrawal and deposit, as well as accessing signals and exclusive assets.

7 – FXCM

Accepts MY residents – Yes

Average Spread EUR/USD Standard – 1.4

Minimum Deposit – $50

Overall rating – 8.7/10

FXCM started its work in 1999. FXCM is considered to be a low-risk Forex broker in Indonesia. Its parent company is also publicly-traded and is authorised with three tier-1 regulators: Australian Securities & Investment Commission (ASIC), Financial Conduct Authority (FCA), and via Friedberg Direct, with the Investment Industry Regulatory Organization of Canada (IIROC). FXCM deals with exchange-traded securities at 43 different exchanges in various parts of the world. AS usual for the lower entries on this list FXCM offers trading CFDs, but trading underlying assets is not possible. FXCM’s prices are above average for the industry. However, it offers an Active Trader program which has five tiers, through which, depending on the tier they are in, clients may receive a rebate from $5 per $1000000 at the lowest level to $25 per $1000000 traded for the last level. FXCM also has a “At Market” function, with potential for slippage, as well as “Market Range” orders, that allow for automatic rejection in case the requested price or stated price range is unavailable at the moment.

To Conclude

Brokers in Indonesia come in all forms and sizes, starting with small local brokers ending with worldwide companies. You can undoubtedly find the best Indonesian Forex broker that will match western brokers. Being successfully involved in Forex trading requires having emotional control and practical and theoretical knowledge of the economic system alongside the currency flows. For a beginner, it would be most wise to turn to educational resources in order to get a good idea of what Forex is about. Know that entering Forex trading in Indonesia is as risky as starting any other business venture, so be sure to come prepared. 

Disclaimer: This article contains sponsored marketing content. It is intended for promotional purposes and should not be considered as an endorsement or recommendation by our website. Readers are encouraged to conduct their own research and exercise their own judgment before making any decisions based on the information provided in this article.


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