Best Forex Brokers in Indonesia
Many popular international and local brokers are offering their services to Indonesian traders. To help you trade with the best, we have compared brokers in different areas like trading options, regulations, fees, added benefits, and reviews from existing customers. The following are our best picks.
Pros, cons & fees
Emarlado offers flexible trading conditions with minimal bureaucracy, making it easier for traders to start and manage their accounts without complicated processes.
With five different account types, ranging from basic to premium, traders can choose the account that best suits their skill level and trading goals.
The broker also provides a competitive leverage of up to 1: 400, giving traders the opportunity to maximize their positions, though this also carries risks.
Its trading platform options are limited, as it only provides access to WebTrader with no alternatives like MT4 or MT5.
Another limitation is that Emarlado's services are not available to U.S. citizens, which excludes a large market of potential traders.
The broker does not offer a mobile trading app, but the WebTrader app can still be used in the browser from any device
Riverquode
Investor protectionExtensive Educational ResourcesMin deposit $250Max leverage 1:400Regulated by FSCAAdd to compare list4.1 / 5Start tradingPros, cons & fees
Regulated by FSCA: Riverquode is authorized under a reputable South African regulatory body FSCA with license number 52830, providing a high level of regulatory oversight.
Fast Execution: Fast execution with low latency helps you make real-time trades without slippage.
5 Account Types for All Traders: Riverquode serves many account types for different types of traders/ From Classic to VIP, the company offers account tiers catering to beginners, pros, and all types of traders in between. There is also a free demo account to help you test new strategies.
No MT4 or MT5 Platforms: The broker currently only offers the WebTrader trading platform. More popular trading platforms like MT4 and MT5 are not available with this broker.
No Swap-Free Accounts: Riverquode does not offer swap-free/Islamic account options. However, there are swap discounts available on some account types.
Limited Leverage on Stocks & Crypto: Where leverage on forex is quite high 1:400, the leverage on equities and crypto is capped at 1:5, which is quite low compared to many other brokers.
Pros, cons & fees
Strong Regulation
User-Friendly Platform
Good Educational Resources
Limited Availability
Limited Trading Platforms
Limited Account Types
Grand CapitalBonus40% deposit bonus
Free VPS HostingMin deposit $10Max leverage 1:100Regulated by FSA, FSA (SV)Add to compare list4 / 5Start tradingPros, cons & fees
Competitive Minimum Deposit: The minimum deposit required to open an account with Grand Capital is $10, a relatively low minimum deposit in the industry.
All-Inclusive Educational Resources: Grand Capital provides educational resources for traders of all levels. The broker has webinars, video tutorials, and publications that cater to different trading needs.
Flexible Leverage: Grand Capital stands out with its flexible leverage options ranging from 1:1 to 1:2000. This flexibility allows traders to manage their risk and exposure according to their trading strategy.
Weak Regulation and Licensing: The financial market is subject to many regulatory bodies, and the more license brokers can boast of, the more credible they appear. Unfortunately, Grand Capital is not as licensed as many top brokers in the financial market.
Limited Trading Platforms: Grand Capital only has three trading platforms; MT4, MT5, and Grand Trade.
Pros, cons & fees
Exnova provides an intermediate level of educational materials and market insights, making it an excellent choice for traders looking to enhance their knowledge and skills.
The broker provides negative balance protection, ensuring traders do not lose more than their initial Deposit, enhancing risk management.
Although relatively young, Exnova has received recognition in the form of multiple industry awards, further affirming its reputation and commitment to excellence.
The inability of Exnova to provide basic information about itself on its website is seen as a critical flaw. Users have to register an account before being able to access crucial information.
Exnova lacks regulatory license from any reputable financial organization. This means the broker is not held to industry standard.
The broker currently lacks the copy trading feature. This prevents traders from enjoying following and replicating the strategies of experienced traders.
SwissquoteBonus€100 cashbackBest Secure BrokerRegulated by FINMAAdd to compare list3.9 / 5Start tradingPros, cons & fees
Regulated and licensed by multiple financial authorities
Offers a wide range of assets for trading
Provides advanced trading tools and platforms
Does not accept clients from some countries, including the United States
Has high minimum deposit requirements
Has limited leverage compared to some other brokers
TickmillBonusWelcome Account by TickmillBest For High Balance TradersRegulated by FCA, FSAAdd to compare list3.9 / 5Start tradingPros, cons & fees
Regulated by multiple authorities, including FCA and CySEC
Low minimum deposit requirement
Offers a wide range of trading instruments, including cryptocurrencies
No social trading platform or copy trading feature
No fixed spreads are available
Limited options for account funding and withdrawal
HotForexBonusRefer a Friend Program by HotForexBest For Biggest Offering of CFDsRegulated by CySEC, FIUAdd to compare list3.9 / 5Start tradingPros, cons & fees
Multiple regulatory bodies regulate it.
Low spreads starting from 0.1 pips.
High leverage of up to 1: 1000 for professional clients.
Does not accept clients from the USA, Canada, Sudan, Syria, and North Korea.
Hot Forex's trading fees are slightly higher than average industry rates.
HFcopy requires a minimum investment of 300 EUR, often considered steep.
xChief (ex. ForexChief)BonusNo-Deposit Bonus by xChiefBest For Contract TradingRegulated by VFSC, ASIC, MISAAdd to compare list3.9 / 5Start tradingPros, cons & fees
Low minimum deposit requirement of $10 across all account types.
Beneficial trading terms such as low trade volume, starting at 0.01 lots, and tight spreads, starting from 0 pips.
Availability of multiple payment methods for deposits and withdrawals without any fees from the Broker's end.
Non-compliance with ESMA leverage capping may not be suitable for traders looking for low-risk options.
Unclear compensation levels in case of any mishap, with each case being reviewed separately.
Pros, cons & fees
Thorough Regulation and License: markets.com is licensed and regulated by 5 reputable watchdogs. This further strengthens the broker's credibility as a financial service provider.
Markets.com is not your regular broker, with its blend and IPO offerings. These additional offerings put the broker in a league of its own.
Sleek Proprietary Trading Platform: Besides its MT4 and MT5 trading platforms, the broker has its own customized trading platforms, which excel in every regard as the more popular trading platforms.
Inactivity Charges: Traders must pay a fee of $10 per month after 90 days of no trading inactivity on markets.com.
No Customer Support Service on Weekends: Since trading is 24/7, it's only ideal that the customer support service is also available 24/7 so clients can resolve their complaints quickly.
Our ranking methodology and selection process
Is Forex Trading Legal in Indonesia?
Yes, forex trading is legal in Indonesia and is gaining popularity. However, the regulatory framework is quite intricate as the brokers locally regulated have to follow very strict conditions compared to international ones. Local regulatory bodies prevent fraud but also limit payment options to local bank transfers and limit leverage. Consequently, local Indonesian brokers have higher fees and it is more convenient to trade with international brokers for traders. Therefore, many traders opt for reputed international brokers instead.
What Forex Trading Platforms are Regulated in Indonesia?
Indonesia’s forex regulatory bodies are OJK (Otoritas Jasa Keuangan) and BAPPEBTI (Badan Pengawas Perdagangan Berjangka Komoditi) but these are not considered top tier regulators. Therefore, choosing international brokers with top tier regulators can be better alternatives. Some great brokers available in Indonesia are XM, Axi, and IC Markets among others. To only see regulated brokers, you can use the regulated filter on this page.
How to Start Forex Trading in Indonesia?
Trading is both challenging and risky especially for inexperienced traders. As you can see on our risk warnings, most traders lose money while trading. In order to increase your chances of success at making profits, it is important to understand the basics of trading. To start trading in Indonesia, you can take the following steps:
- Learn the basics of forex trading. You can start with exploring resources on our Forex Basics and Forex for Beginners blog categories. There are offline and online resources you can use.
- Find a suitable broker from this listing (all brokers in this listing accept traders from Indonesia).
- Create a demo account. A demo account can be a great tool to test your strategies with no financial losses.
- Start with small investments on actual trading and then eventually scale.