Risk Warning: Your capital is at risk. Statistically, only 11-25% of traders gain profit when trading Forex and CFDs. The remaining 74-89% of customers lose their investment. Invest in capital that is willing to expose such risks.

Best Forex Brokers in Indonesia

Indonesia’s Forex market has been growing significantly over the recent years and there are speculations that it may join the ranks of the leading Forex markets globally. Indonesia’s trading environment thrives on a Forex market that relies on a floating Forex system plus the fact that it is a free market economy. For traders looking forward to entering the market, it is good news given the fact that in recent years many of the reputable brokers in the market are eager to grow their client base. It is imperative to take note of the fact that Forex trading in the country is still making baby steps and the regulatory framework of the industry is constantly being upgraded.

The main challenge facing the Forex industry in Indonesia is that there are barely any solid laws and regulations to safeguard the interests of those involved in the market more so the traders. Although the Indonesian economy is still poor the Forex market is slowly but surely making the right steps. 

Forex Brokers in Indonesia are recognized among the top operators in the international Forex market. So, a huge number of brokerage firms in Indonesia may easily puzzle a novice trader. However, you can breathe a sigh of relief because we’ve prepared a list of the best Forex brokers in Indonesia.

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Deposit bonusAccount
1XM2009
ASIC, FSC Belize
50

Payment systems

MM
5 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
2RoboMarkets2012
CySEC
60

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
3RoboForex2009
FSC Belize
97

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
-1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
4EXNESS2008
FCA, CySEC
67

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
-1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
5Alpari1998
FSC Belize, NAFD
22

Payment systems

ECN
100 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %
6FXOpen2005
ASIC, FCA
88

Payment systems

ECN, STP

Broker type

  • ECN
  • STP
  • MM
10 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1 %

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History of Forex Trading in Indonesia

The South East Asian nation’s economy recorded tremendous growth of its economy in between the 1980s and 1990s. In 1997 the Asian crisis struck the country’s economy hard putting unnecessary pressure and negating the development that had been recently recorded. As a result of the crash, Indonesia started rebuilding its damaged economy. The government focused on working on the domestic infrastructure and in 2011 rating agencies Moody’s and Fitch's credit ratings returned the title of investment grade by giving the country a stable rating.

Something else that is worth remark is that in 2013 Indonesia’s GDP was estimated at $1 trillion, which figure quickly tripled to $2.8 trillion in 2016. At the start of this decade, Indonesia was predicted to join the world’s top 10 economies by the end of the decade. The earliest firms to take their operations to Indonesia noticed the opportunities about 15 years ago and these were Russian firms InstaForex, FXOpen, MasterForex, EXNESS, Forex4You, and FBS.

In recent years the financial markets of Indonesia have become popular among FX brokerages as an important emerging market in the region. This wasn’t the case however, there having previously been a ban on operations of international brokers in the country due to the increase in scams and financial fraud. This ban was recently lifted allowing the Indonesian citizenry to choose from a wider pool of brokers regulated by FCA, CySECo, or BAPPEBTI.  In the beginning, the firms offered online and offline services from their bases in Bahasa, Indonesia. They were operating using IB hierarchies (a master IB with sub-IBs in the region) and representative offices. Eventually, they were joined by others which included FXCM and Alpari, both of which established a presence via local IBs.

Regulation on Forex Brokers In Indonesia

In Indonesia, the regulation of Forex trading activities is done by the Bank of Indonesia together with the BAPPEBTI an Indonesian regulatory agency that roughly translates to the Commodities and Futures Trading Regulatory Agency, together, these institutions regulate Forex brokers who operate in Indonesia. The exchange rate of the Rupiah depends on the exchange rate of the international Forex market. Brokers in Indonesia must abide by a strict regulatory framework, conditions, terms, and limitations put in place by the Bank. Failure to do so results in severe punishment in the form of fines.

The BAPPEBTI  which was established in 2005 is the agency in charge of regulation of the financial services in the Indonesian financial markets. BAPPEBTI is under the immediate supervision of the Ministry of Finance and is administered by a board of members consisting of industry experts appointed by the Indonesian Government. Indonesia is a greatly populous country well known for its observance of Islamic beliefs. Indonesians are highly regarded for their dedication to opening up to opportunities, which has resulted in the widespread popularity of Forex trading in the country. For this reason, the BAPPEBTI does not necessarily impose any trading conditions. However, Indonesia is a predominantly Muslim country and does follow several religious beliefs. Forex trading is not considered illegal per se, although many trading regulations may not be compatible with the Islamic rules of trading. For this reason, brokers offer customized Sharia-compliant trading accounts for Indonesian Forex. These accounts operate on rules of safe and accepted trading conditions imposed by the Sharia law.

 Quickly, brokers in Indonesia capitalized on the popularity by offering numerous Forex trading products and services from both local as well as international platforms. Bona fide BAPPEBTI-regulated brokers majored in commodities and futures trading, initially few of them offered access to proper Forex trading products. The absence of serious competition in the Indonesian market resulted in many global Forex brokers establishing a significant presence in Indonesia. By 2012, Indonesia saw a great increase in the number of Forex brokers offering services exclusively for the Indonesian market. This exposed Indonesian investors to the lucrative nature of the FX markets but unfortunately increased broker scams and financial malpractices as well.

The Bank of Indonesia has not been assisting traders to handle and prosecute financial scams because the legal framework of the country is still underdeveloped. Government authorities are preparing to put in place reforms to the BAPPEBTI framework to include Forex broker regulation into its list of responsibilities. The BAPPEBTI is trying to do a fairly good job in regulating and licensing all financial entities that deal in the commodities and futures market of the Indonesian economy. It will be only a matter of time before Indonesian authorities put in place a statutory and regulatory framework to handle and take care of Forex broker regulation. In 2013 however, a sizable majority of Indonesian Forex traders lost a lot of money due to scams and financial malpractices, and consequently, the Indonesian Government cracked a whip on the Forex trading industry by outright banning many of the Forex international brokers plus their affiliated platforms.

Features of Forex Brokers in Indonesia

 

Customer Service and Support

Good Forex brokers in Indonesia will surely provide good customer support given the environment’s reputation for financial scams and malpractices. Brokers ideally have in place customer support available in many languages to cater to foreign investors. as well as locals. Top-notch global brokerages, such as FxPro, XM, FXCM, and FXTM have web pages in Indonesian and Bahasa-speaking customer support. Ideally, support staff have a respond-quickly policy to avoid making the customers wait too long and this harms the broker’s reputation. Reputable broker firms provide enough training for their staff to meet even the highest demands of customers with a smile.

Deposits and Withdrawal / Payment Methods

Forex trading clients in Indonesia prefer quick payouts when they gain certain amounts of profit and need to make withdrawals. Good brokers never delay the payout. Most of the international brokers operating in Indonesia allow several deposits and withdrawals especially the popular credit and debit cards such as Visa, Visa Electron, MasterCard, Maestro, Neteller, Skrill, and WebMoney or wire transfers for deposits and payments. Some brokers require fees to be paid for every transaction, including withdrawals, but very few seem to mention that at the beginning. It is important to inquire about fees and commissions to not get ripped off. Besides, FXTM and FxPro offer local bank transfers to Indonesian clients, and XM and FxPro support the most popular local e-wallet – FasaPay.

Educational Materials and Demo Trading Accounts

The reputable Indonesian Forex brokering firms usually provide all information, a beginner guide, and educational resources to help and equip the trader with the necessary skills for the tough market conditions in their territory.  Free Demo Accounts are a prerequisite and it allows the novice trader to trade before actually depositing any money after registering with a broker. This option allows them to choose whether to stay on the website or to move to another one. One can trade as many times as they want or for a limited period depending on the broker and assess the worthiness of the broker.

Alternatives To Local Indonesian Forex Brokers

There aren’t many local or homegrown Indonesian brokers today. This can be attributed to high tax rates and strict regulations based on Shariah Laws. However, there are still many local and foreign-based brokers operating in the market to choose from. It is advisable to go for a licensed and regulated broker. Indonesia has recently grown in popularity in the global Forex radar among international brokering firms, especially the FX firms, and is considered an important emerging market in the South-East Asia region. Before, the country had banned several firms from operating in their country due to rife scamming and financial malpractices. The ban has since been lifted and now local traders have diverse options ranging from among FCA UK, CySeC, and local BAPPEBTI-regulated brokers.

 

Popular Forex Brokers in Indonesia

Java

Java Global Futures (JavaGM) is a broker based in Jakarta which specifically trades in 24 Currency Pairs in the Forex market on both Meta Trader 4 and M. The mother company behind the Java trademark is PT. Java Global Futures is an authorized company operating under the licensing of BAPPEBTI and is also a registered member of the Jakarta Futures Exchange (JFX), the Indonesian Derivatives Clearing House (IDCH), and the Indonesia Futures Association (ASPEBTINDO).

Java is compliant with regulations and standards, including capital adequacy requirements. Java segregates clients’ trading capital from their funds in separate bank accounts. Traders using the platform are ensured of protection under an Investors Compensation Fund (ICF).

 

ASKAP Social

Askap Social is a pioneer Indonesian firm that has operated since the early 2000s. This may not seem like a lot in comparison to other renowned brokerages. But for a local broker, given the number of newly created companies, its history gives it a reputation. Askap Futures is a fully regulated broker licensed under BAPPEBTI and the Indonesian Derivatives Clearing House (ICDX). Askap is also a member of the Jakarta Futures Exchange (BBJ).  Although this may not be interesting to a foreign trader, when it comes to the local financial sector, they abide by the rules.


Risk Warning: Your capital is at risk. Statistically, only 11-25% of traders gain profit when trading Forex and CFDs. The remaining 74-89% of customers lose their investment. Invest in capital that is willing to expose such risks.