Best Forex broker in Indonesia - Pocket Option
Top Forex broker in Indonesia:
Pocket Option - Best for Social Trading (top rated service by customers)
Exness - Best raw spread account (avg. spread for major FX pairs 0.1-0.2 pips)
Eightcap - Best broker to trade directly from TradingView charts
FBS - A reliable broker with affordable offers (ASIC regulation, min. deposit 5$)
TeleTrade - Best for learning trading basics (a lot of educational and analytical materials)
Octa - Best for overnight trading (no swap fees)
In recent years, forex trading has exploded in popularity across Indonesia. To empower your trading journey, we've meticulously researched brokers that cater to Indonesian clients. This list encompasses both brokers authorized by the Financial Services Authority (OJK) and reputable international options.
By delving into this guide, you'll gain a comprehensive understanding of each top pick. Traders Union goes beyond basic licensing, meticulously comparing brokers based on safety regulations and dozens of trading conditions. This includes factors like spreads, fees, available tools, and more – everything you need to make an informed decision and select the Forex broker for your needs.
Warning:
There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The table below comprises 20 of the best Forex brokers in Indonesia, according to an analysis done by the leading Traders Union (TU) experts. Our market analysts considered the favorability of the trading conditions and the authorizations of each broker to come up with this elaborate list.
| Broker | Regulation | Working with Indonesia residents | Minimum Deposit | |
|---|---|---|---|---|
MISA |
5$ |
|||
FCA, CySEC, FSA (Seychelles), FSCA, BVI FSC, FSC (Mauritius), CBCS, and CMA |
1$ |
|||
ASIC, SCB, CySEC, FCA |
100$ |
|||
CySEC |
5$ |
|||
CySEC |
||||
FSCA, MISA, CySEC |
25$ |
|||
ASIC, FCA, FSCA, VFSC |
50$ |
|||
FCA, CYSEC, FSCA, SCB |
100$ |
|||
ASIC, CySEC, and FSA |
200$ |
|||
BVI FSC |
||||
ASIC, FSC, CySEC, DFSA |
5$ |
|||
FinaCom |
100$ |
|||
MFSA, LFSA, VFSC, BVI FSC |
5$ |
|||
FSA, LFSA, FSCA, CySEC, FCA |
100$ |
|||
1$ |
||||
BVI FSC, CySEC |
1$ |
|||
FSC |
50$ |
|||
The Financial Commission |
10$ |
|||
VFSC |
100$ |
| Pocket Option | Exness | Eightcap | FBS | TeleTrade | Octa | Vantage Markets | FxPro | FreshForex | IC Markets | |
|---|---|---|---|---|---|---|---|---|---|---|
|
Trading platform |
Pocket Option, MT5, MT4 |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, MT5 |
MT4, Mobile Trading |
MT4, MT5 |
MetaTrader4, MetaTrader5 |
MT4, MT5, WebTrader, Mobile Apps |
MT4, Mobile Trading, MT5, cTrader, FxPro Edge |
MT4, Mobile Trading |
MT4, cTrader, MT5, TradingView |
|
Min deposit |
$5 |
$10 |
$100 |
$1 |
$1 |
$25 |
$50 |
$100 |
|
$200 |
|
Leverage |
From 1:1 |
From 1:1 |
From 1:30 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
|
Trust management |
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|
Accrual of % on the balance |
|
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Spread |
From 1.2 point |
From 1 point |
From 0 points |
From 0.2 points |
From 0.8 points |
From 0.6 points |
From 0 points |
From 0 points |
From 0 points |
From 0 points |
|
Level of margin call / stop out |
30% / 50% |
|
80% / 50% |
40% / 20% |
70% / 20% |
25% / 15% |
100% / 50% |
25% / 20% |
40% / 20% |
100% / 50% |
|
Execution of orders |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
|
No deposit bonus |
|
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$5 |
|
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$30 |
|
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Cent accounts |
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Pocket Option caters to both Forex and binary options traders, offering a wide range of trading instruments, a copy trading service, and passive income opportunities.
Clients can trade CFDs on currencies, cryptocurrencies, stocks, indices, and commodities with spreads starting from 1.2 pips and no additional commissions per lot. Pocket Option's unique "My Safe" service offers up to 10% annual interest on unused account balances.
While the platform excels in serving active traders, its demo accounts and referral program also offer value to beginners. However, the lack of cent accounts and ECN options could be a drawback for certain professional traders.
Exness is one of the world’s largest brokers, known for its competitive trading conditions, high security, and wide selection of assets. The company serves over 700,000 active clients and processes a monthly volume exceeding $4 trillion.
While specializing in currency pairs, Exness also offers CFDs on stocks, commodities, indices, and cryptocurrencies. The broker caters to all experience levels with various account types – from cent accounts and social trading for beginners to high leverage and Expert Advisor support for seasoned professionals.
Exness holds multiple international licenses, including the stringent FCA and CySEC, ensuring trader funds are protected.
With features like 24/7 support, fast withdrawals, and analytics tools, Exness strives to provide an optimal trading experience.
Eightcap offers more than 800 trading instruments, namely CFDs [contract for (price) differences] on currency pairs, cryptocurrencies, indices, stocks, commodities, and precious metals. The broker has a minimum deposit of $100, a free demo account, and two live account types, which differ in trading costs. One account type has standard spreads without a fee, and the other has raw spreads that carry a brokerage fee. The maximum leverage is 1:500. Traders can use any strategy with minimal restrictions. Trading is carried out through MetaTrader 4, MetaTrader 5, and TradingView. Eightcap has two main features. First, the broker has a powerful training and analytical base. Second, the platform offers a number of unique tools, for example, Capitalise.ai, which provides automated trading with minimal risk. At the same time, there are no options for passive income, not even a referral program.
FBS is an international broker with a strong presence in Asia, offering a wide range of trading instruments including Forex, stocks, indices, energies, and metals. With over 90 international awards and 27 million clients across 150 countries, FBS boasts a strong global reputation.
The company provides flexible trading conditions: leverage up to 1:3000, floating spreads from 0.7 pips, commission-free trading, and fast execution speeds starting at 0.01 seconds. FBS ensures client security with negative balance protection and offers a user-friendly experience on familiar trading platforms.
While FBS doesn't currently offer cryptocurrency trading or passive income options like PAMM accounts and copy trading, its competitive conditions and extensive educational resources make it a compelling choice for traders seeking a comprehensive and accessible experience.
TeleTrade is a global broker serving clients worldwide. They offer trading on Forex, indices, stocks, metals,cryptocurrencies, and energies. While lacking PAMM accounts and certain investment options, TeleTrade boasts a robust copy trading service, a strong affiliate program, and diverse account types (ECN, NDD, crypto). With sufficient leverage (up to 1:500) and spreads from 0 pips, the broker caters to various trading styles, including scalping, intraday trading, and medium to long-term strategies.
TeleTrade supports traders with market analytics, expert forecasts, an economic calendar, and a comprehensive education section on their website.
Octa is a broker of choice for investors worldwide who wish to trade CFDs on highly favorable conditions, including lower entry thresholds and short to medium-term trading strategies. Octa was launched in 2011, and has grown to be on the edge of the industry today. Octa offers top services for both traders who choose live trades and investors who choose copy trading. Today, Octa is proud to serve over 6.6 million customers globally as an intermediary to the financial markets. The company mainly focuses on the countries of the Asia-Pacific region, in particular India, Indonesia, Malaysia, and others. Octa is a world-known broker that has won more than 60 awards.
As an Indonesian trader, choosing a reliable and regulated broker is crucial for your trading success. Look for brokers with tier-1 regulation, such as ASIC (Australia), FCA (UK), or regulators from EU countries. These ensure the highest level of security and transparency.
Consider your trading goals when selecting a broker. For active trading, choose brokers with ECN accounts and support for scalping and bots. For beginners, consider cent accounts to gain experience with a small amount, or copy trading to learn from experienced traders.
Choose wisely and enjoy a secure and profitable trading journey!
Professional traders are always seeking opportunities in the currency market. A large number of supported currency pairs by the broker allows traders to profit not only from major pairs but also from numerous exotic regional currencies, which are often more volatile. Traders Union has selected the top 3 brokers with the highest number of supported currency pairs in your country.
| Broker | Supported currency pairs |
|---|---|
120 |
|
108 |
|
96 |
The bank of Indonesia has set out rules to govern forex trading in the country to provide a more elastic financial market.
Some of the critical regulations include
This regulation aims at bridging the imbalance between the forex demand and supply in the country. It also focuses on boosting the volume of derivative transactions. The bank calls on the market brokers to provide hedging trading instruments to traders to enhance risk management.
The Bank of Indonesia introduced the Code of Conduct in 2014 to strengthen discipline and integrity among the market players.
Under this regulation, the bank restricts forex transactions against Rupiah between banks and market brokers. It also stipulates the requirements for transactions above specific amounts, prohibited transactions, and required documents during forex transactions.
To verify whether the FSCA regulates a broker, head to their website (fsca.co.za) and feed in the broker's information as directed.
You only need to input the broker’s FSP number or their business name on the provided fill-in boxes to verify.
FSCA regulates financial institutions that offer financial services and products to consumers. The body aims at promoting integrity among these institutions to ensure fair treatment of the customers. FSCA oversees the operations of its registered institutions to ensure that their customers are well informed and executes its powers on any jeopardy to this mission.
When choosing the most suitable brokers to serve your trading needs, it is crucial to pay attention to safety and the current customers' experience. These, among other factors, will help you make a more analyzed decision and settle for the most suitable option.
Before opting to trade with a given broker:
Most trading brokers offer demo accounts to new traders. Use these Demo accounts to familiarize yourself with the trading software and learn how the market works. A Demo account gives you risk-free, first-hand information on whether the broker has the trading assets you prefer.
You can try out Demo accounts from different brokers, focusing on the spreads, commissions, and the general trading favorability of each.
Before you decide to trade with a particular broker, go the extra mile of verifying their license on the claimed regulator's website.
One of the key benefits of trading with regulated brokers is the safety of your investment. If the broker goes bankrupt by any chance, your money will still be safe.
Go through the positive and the negative reviews. Other users’ experiences will answer most of your questions concerning the broker. In addition, reviews will help you gauge credibility and decency by evaluating how they respond to negative reviews from various users.
Beginners and expert traders depend on proper research to make more informed trades. A broker that has made an effort to provide clients with an extensive research resource may be a better choice, as they make your trading process much more manageable.
Automated trading tools enable a trader to execute multiple strategies on multiple accounts at this time. This automation helps increase trading speed, increase trading accuracy and reduce trading costs. Traders with more effective automated trading systems are a better choice.
Forex trading is legal in Indonesia, and it is regulated by the Securities and Exchange Board of Indonesia (BAPPEBTI). The BAPPEBTI regulates all financial services in the country, including forex trading. All brokers must be registered with the BAPPEBTI before they are allowed to offer their services to Indonesian traders.
The BAPPEBTI ensures that brokers adhere to strict regulations and guidelines when it comes to providing forex trading services. This includes ensuring that all transactions are conducted in a secure and transparent manner, as well as providing protection for investors against fraud or manipulation. In addition, the BAPPEBTI also provides education and training materials to help traders understand how to trade safely and successfully.
Generally, there are few limitations on forex trading in Indonesia. The BAPPEBTI does not place restrictions on the types of currencies that can be traded or the amount of leverage available to traders. That said, it's important to note that the BAPPEBTI does place restrictions on the types of brokers that are allowed to offer their services in Indonesia.
Yes, it is perfectly legal to trade Forex in Indonesia with either local or offshore brokers. As long as you comply with the regulations set by the Commodities and Futures Trading Regulatory Agency (BAPPEBTI), you can invest with internationally regulated brokers.
However, if you decide to trade with an offshore broker, it is important to ensure they are properly regulated. The best international regulations for brokers include ASIC (Australia), FCA (UK), and CySec (Cyprus). These regulatory bodies ensure that brokers adhere to strict standards of financial security and transparency.
When choosing a broker, it is important to make sure they accept Indonesian clients. Some international brokers do not offer services to Indonesian traders due to the country’s regulatory environment. However, there are some excellent options available such as FBS, AvaTrade, and Admiral Markets, which offer Indonesian clients exceptional trading conditions.
Generally speaking, if you are a resident of Indonesia, then you are subject to taxation on your worldwide income, including any profits made from Forex trading.
In terms of taxation levels, gains on the sale of shares listed on the Indonesia Stock Exchange are subject to a final tax of 0.1 percent of the transaction value. For day traders, tax rates can range from between 0 and 30 percent, based on total earnings.
Forex brokers do not report to the local tax authority, and it is up to traders themselves to report their own profits and losses from trading activities. It is important that all traders understand their obligations when it comes to taxation in order to avoid any potential penalties or fines for non-compliance with local laws and regulations.
Global forex trading hours span the entire world, which means traders in Indonesia can easily access the markets during their local trading hours. Markets are open 24 hours a day, five days a week. The local Jakarta Stock Exchange (JSX) operates from Monday to Friday, with the first session starting from 9:00 am to 11:30 am West Indonesia Time. It then resumes at 1:30 and closes at 3:00 pm. That means there are four forex trading hours in Indonesia per day for those who want to trade the JSX.
The Asia session starts at 6:00 am and closes at 2:00 pm, West Indonesia Time. The London session forex time in Indonesia is between 3:00 pm and 11:00 pm, while the New York session forex time in Indonesia lasts between 8:00 pm and 4:00 am.
The permissibility of Forex trading in Islamic law is a topic of discussion that has seen varied opinions among Islamic scholars. Let's delve into the arguments and prevailing views on this matter.
Forex trading, in principle, can align with the tenets of Islamic finance when approached with discipline and rationale. Essential elements include thorough market analysis and the application of robust risk management practices, ensuring trading doesn't mirror gambling.
Islam unequivocally prohibits engaging in usury (interest) or gambling activities. Issues arise in Forex trading when:
Traders borrow money accruing interest.
Trading becomes speculative without in-depth analysis, bordering on gambling.
To navigate these challenges and maintain compliance with Shariah law, a unique Forex trading model exists: the Islamic or swap-free account. This account type eliminates overnight swaps (interest fees) and aligns with the principles that prohibit interest in Islamic finance.
Thus, for Muslim traders seeking a halal approach to Forex trading, opting for an Islamic swap-free account and trading with knowledge and caution is the recommended path. However, consulting with knowledgeable Islamic scholars on individual circumstances is always advisable.
To come up with this extensive list of the most suitable brokers to trade within Indonesia, our team of experts considered various factors, including
We analyzed the experiences shared by many users and how they rated each broker to determine the most suitable brokers to recommend. We aimed at making a compilation that reflected the views and experiences of both Indonesian and international traders.
Understanding that the primary goal of each trader is to realize a maximum profit, we took keen considerations of the deductions imposed on traders by each broker. We considered the fees and commissions charged on various platforms as one of our criteria to pick the most favorable brokers.
The recommended brokers stood out in the quality of their research features. They have dependable research tools, including essential news and technical analysis reports, highly resourceful in extensive trade analysis.
Our team has also tested each broker's platform with a live account to ensure it is easy to use, visually appealing, and provides all the tools required to make profitable trades.
Which Forex broker is best for beginners in Indonesia?
Most top-rated forex brokers offer excellent educational resources and platforms suitable for traders in India. However, AvaTrade is especially suitable for traders starting out, thanks to its AvaSocial platform that allows newbies to learn from seasoned professionals.
Any broker that is regulated by a trusted international regulator, such as ASIC, FCA, or CySEC, is legal in Indonesia.
Yes. All income, including profits from Forex trading, must be reported to the tax authorities in Indonesia.
Weekdays between 7 pm to 10 pm.
Although the forex market operates round the clock, it is better to trade with the most
volatile market prices. The market tends to be most active in the evening (Indonesian
time).
The most crucial step in forex trading is picking the right broker. This broker will be your investment partner, and thus careful considerations are essential.
Any law does not forbid forex trading in Indonesia. You can trade with any forex broker, either local or foreign, as long as they are licensed and adequately meet your trading needs.
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).
