Indonesia’s foreign exchange market has really taken off lately. Back in 2022, they were seeing about $5 billion in forex deals every day. So, if you’re an Indonesian trader searching for a good online broker, here are a couple of the top trading websites that operate in Indonesia. You can trust these recommendations because we did the homework. Our team actually opened accounts with these brokers and checked out everything they have to offer.
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Trading leveraged product is risky
74-89% of retails CFD accounts lose money
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Forex Broker | Trustpilot Reviews | |
2,340 | ||
3,953 | ||
293 | ||
4,282 | ||
1,742 | ||
28,256 | ||
7. Tickmill | 1,078 | |
8. City Index | 391 | |
2,516 | ||
861 | ||
Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
1. Tickmill | 0.1 | 0.1 | 0.4 | 0.3 |
0.9 | 1.2 | 1.7 | 1.2 | |
1.01 avg (Classic) | 1.17 avg (Classic) | 1.29 avg (Classic) | 1.14 avg (Classic) | |
0.96 avg (Standard) | 1.47 avg (Standard) | 1.19 avg (Standard) | 1.12 avg (Standard) | |
1.2 | 0.9 | 1.0 | 1.3 | |
0.7 | 1.2 | 1.0 | 1.3 | |
0.8 | 0.8 | 1.5 | 0.8 | |
1.0 | 1.0 | 1.5 | 2.0 | |
9. City Index | 1.4 | 1.3 | 1.5 | 1.5 |
1.2 | 1.3 | 1.1 | 1.3 |
Forex Broker | Commission per lot |
$0 | |
$1 or $2 (stocks only) | |
$0 Standard Account; $18 Live Zero Fixed Spread; $10 STP/ECN Zero Spread; $6 STP/ECN Zero Spread Professional | |
$0 on forex trades; 1.8 CPS for US shares ($10 minimum); 0.08% for other shares ($10 or A$5 minimum) | |
$0 Classic Account, $4.50 round turn on Zero Account | |
$0 on Classic Account; $3 per side on Raw Account | |
$0 Standard; $6 per lot Prime; $4 per lot Institutional | |
$0 Standard Accounts; $7 round turn on Raw Accounts | |
$0 Ultra Low Micro and Ultra Low Standard Accounts; $3.50 per side XM Zero Account | |
$0 on Standard Account; $7 round trip on Pro Account |
Important Note: Since Indonesia is mostly Islamic, it has its own rules for legal forex trading. The Financial Services Authority of Indonesia (OJK) keeps an eye on how money-related businesses work, including forex brokers, to make sure everything’s done right.
If brokers want to do business in Indonesia, they need to get the thumbs-up from BAPPEBTI (that’s the Commodity Futures Trading Regulatory Agency). Want to know more about the financial rules in Indonesia? Check out the official OJK and BAPPEBTI websites.
Fusion Markets Broker Details | |
Regulators | ASIC, FSA (Seychelles), VFSC (Vanuatu) |
Min Deposit | $0 |
Trading Platforms | MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade, TradingView |
Trustpilot Rating | 4.7 out of 3,162 reviews |
Number of CFD Forex Pairs to Trade | 80+ |
Leverage | Forex & Metals CFDs: 1:30 (1:500 for forex and metals via VFSC) Index CFDs: 1:5 Cryptocurrencie CFDs: 1:2 (ASIC), 1:10 (FSA, VFSC) |
Spread | EURUSD: 1.01 avg (Classic) USDJPY: 1.17 avg (Classic) EURGBP: 1.29 avg (Classic) GBPUSD: 1.14 avg (Classic) |
Forex Commission per Lot per Trade | $0 Classic Account, $4.50 round turn on Zero Account |
Deposit Methods | Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire, ZotaPay, VNPay, DuitNow, XPay, DragonPay, VAPay, FasaPay, AstroPay, PayID, Jetonbank, Sticpay, Interac, LuqaPay, Zotapay, MiFinity |
Withdrawal Methods | Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple, MiFinity, Interac, PayPal, AstroPay, Jetonbank, DragonPay |
Fusion Markets was started back in 2017 by a group of Australian traders who really knew their stuff. Since then, it’s become a go-to choice for traders around the world. While lots of brokers talk about low spreads, Fusion Markets has actually proven it—earning the “Lowest Spread Forex Broker” award from BrokerChooser four years in a row.
What really makes them stand out, though, is how affordable they are. The commission is just $2.25 per lot (that’s $4.50 for a full trade), which is great if you’re trying to keep your trading costs down.
They also take regulation seriously. Fusion Markets is licensed by a few major authorities, including ASIC in Australia (Licence No. 385620), the Seychelles FSA, and regulators in Vanuatu. If you’re trading under ASIC, you also get negative balance protection—so your losses can’t go beyond your account balance.
There’s no minimum deposit to get started, and they support popular platforms like MetaTrader 4, MetaTrader 5, and cTrader. On top of all that, they’ve got a 4.7 out of 5 rating on Trustpilot, with over 1,300 people leaving glowing reviews. Safe to say, they’ve built a solid reputation.
Global Prime Broker Details | |
Regulators | ASIC (No. 385620), VFSC (No. 40256) |
Min Deposit | $0 |
Trading Platforms | MT4, MT4 Webtrader, MT4 Android; for VFSC clients MT4, MT5, and GP Copy |
Trustpilot Rating | 4.6 out of 247 reviews |
Number of CFD Forex Pairs to Trade | 56 |
Leverage | Forex & Metals CFDs: 1:500 (1:30 for ASIC entity) Index CFDs: 1:100 (1:20 for ASIC entity) Cryptocurrencie CFDs: Up to 1:2 (ASIC); Up to 1:5 (Pro and VFSC) |
Spread | EURUSD: 0.96 avg (Standard) USDJPY: 1.47 avg (Standard) EURGBP: 1.19 avg (Standard) GBPUSD: 1.12 avg (Standard) |
Forex Commission per Lot per Trade | $0 Standard Accounts; $7 round turn on Raw Accounts |
Deposit Methods | Visa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, Fasapay, VNPay, Pagsmile, BPay, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, Crypto |
Withdrawal Methods | Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies |
Global Prime has been offering low-cost, reliable trading services since 2010. It’s regulated by financial authorities in both Australia and Vanuatu, giving traders a level of oversight that adds confidence. The broker gives access to over 150 tradable instruments, including forex, indices, commodities, bonds, cryptocurrencies, and more than 50 currency pairs. For those using a raw spread account, major forex pairs can start at 0.0 pips, and most trades are executed in around 10 milliseconds.
If you’re trading through their ASIC-regulated branch, you’ll be using MetaTrader 4. However, those under VFSC regulation also get access to MetaTrader 5—and there are plans to support TradingView soon, which is great to see.
What helps Global Prime stand out is its smooth sign-up process, zero fees for deposits and withdrawals, and reliable 24/7 support. These features have earned it a solid 4.4 out of 5 on Trustpilot. That said, there’s still room for improvement. Currently, Global Prime doesn’t offer cent accounts or swap-free (Islamic) accounts, which may be a drawback for some traders. There’s also no compensation scheme in place to protect client funds, which is another area where the broker could do better.
XM Group Broker Details | |
Regulators | CySEC (license no. 120/10), (ASIC) (ref. no. 443670), FSC Belize (license no. 000261/27), FSC of Mauritius (GB23202700), FSA Seychelles (SD190), DFSA (ref. no. F003484), FSCA (49976), Registrations for EU passporting: - BaFin, CNMV, MNB, CONSOB, ACPR, FIN-FSA (Finland), KNF, AFM, FI |
Min Deposit | $5 |
Trading Platforms | MetaTrader4, MetaTrader5, MT4 WebTrader, MT5 WebTrader, MT4 Multiterminal, XM App |
Trustpilot Rating | 3.8 out of 2,115 reviews |
Number of CFD Forex Pairs to Trade | 50+ |
Leverage | Forex & Metals CFDs: 1:30 Index CFDs: 1:20 Cryptocurrencie CFDs: 1:2 |
Spread | EURUSD: 0.8 USDJPY: 0.8 EURGBP: 1.5 GBPUSD: 0.8 |
Forex Commission per Lot per Trade | $0 Ultra Low Micro and Ultra Low Standard Accounts; $3.50 per side XM Zero Account |
Deposit Methods | Visa, Mastercard. Skrill, Bank Transfer, Neteller, Apple Pay, Google Pay, UnionPay, Maestro |
Withdrawal Methods | Visa, Mastercard, China Union Pay, Skrill, Neteller, Bank Transfer |
XM started back in 2009 and now has over 15 million customers because it gives online traders a great experience. People trust XM because of things like small spreads and good prices. Trading Point of Financial Instruments Ltd runs XM, and it’s watched over by big regulators like CySEC, ASIC, and FSA. Because of its CySEC license, XM can offer services in lots of EU countries, with registrations including BaFIN, CNMV, MNB, CONSOB, and KNF. XM works with MetaTrader 4 and MetaTrader 5 platforms, which you can get on the web, your computer, or your phone. They also have the XM App, which people like and you can find in the App Store and Google Play. It makes trading on your phone easy. They have different accounts like Demo, Standard, Micro, Ultra Low, Zero, Shares, and Islamic, but what’s available depends on where you are. You can trade over 1,400 things like Forex, Stock CFDs, Crypto, Commodities, and Indices. Most accounts only need $5 to start, and that’s also the least you can take out. The only exception is the XM Invest Account, where you need $10,000 to get started. It’s easy to pay because they take bank cards, e-wallets, and bank transfers to manage your XM balance.
easyMarkets Broker Details | |
Regulators | CySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), FSCA (54018), and FSC (license no. SIBA/L/20/1135) |
Min Deposit | $25 |
Trading Platforms | easyMarkets Web/Mobile, MetaTrader 4, MetaTrader 5, TradingView |
Trustpilot Rating | 4.3 out of 1,714 reviews |
Number of CFD Forex Pairs to Trade | 95+ |
Leverage | Forex & Metals CFDs: 1:30 Index CFDs: 1:20 Cryptocurrencie CFDs: 1:2 |
Spread | EURUSD: 0.7 USDJPY: 1.2 EURGBP: 1.0 GBPUSD: 1.3 |
Forex Commission per Lot per Trade | $0 |
Deposit Methods | Visa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer |
Withdrawal Methods | Visa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfe |
Since 2001, easyMarkets has grown into a top broker for all types of traders. They’re licensed in many countries and are watched closely by groups like CySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), FSCA (license no. 54018), and FSC (license no. SIBA/L/20/1135) to keep things safe. easyMarkets was among the first to offer online trading and brought innovative tools like dealCancellation, Freeze Rate, and Inside Viewer.
They provide a few platform choices: their own platform, which is easy to use but has advanced stuff for experts; MetaTrader 4 and 5; and TradingView. If you want to trade on your phone, they have the easyMarkets app for Android and iOS. Many traders are fond of easyMarkets because of its fair spreads and low fees. They have a 4.3/5 rating on Trustpilot, which shows they’re a broker with a solid reputation. You can begin trading with just $25, and they accept many payment options.
eToro Broker Details | |
Regulators | FCA, CySEC, ASIC, MFSA, FSRA, FSA, FINRA/FinCEN, AMF, SEC, GFSC |
Min Deposit | $50 or $100 based on country ($10 for the UK, $1 in the US) |
Trading Platforms | eToro Investing, eToro App, TradingView, eToro CopyTrader, Proprietary |
Trustpilot Rating | 4.2 out of 27,550 reviews |
Number of CFD Forex Pairs to Trade | 55 |
Leverage | Forex & Metals CFDs: 1:30 (1:400 advanced leverage at Seychelles entity) Index CFDs: 1:20 (1:100 advanced leverage at Seychelles entity) Cryptocurrencie CFDs: 1:2 (UK, CySEC, ASIC), 1:5 (Seychelles) |
Spread | EURUSD: 1.0 USDJPY: 1.0 EURGBP: 1.5 GBPUSD: 2.0 |
Forex Commission per Lot per Trade | $1 or $2 (stocks only) |
Deposit Methods | eToro Money, Visa, Mastercard, Neteller, PayPal, Skrill, iDeal, Klarna, Bank Transfer, Trustly, Przelewy24 |
Withdrawal Methods | PayPal, Skrill, Visa, Mastercard, Neteller, Trustly, Bank Transfer |
eToro started back in 2007 and now has over 30 million users all over the world. They’re regulated by some of the top financial bodies, such as CySEC, ASIC, and FCA. You can trade all sorts of things there, like 55 currency pairs, over 40 commodities, 20+ stock market indexes, and thousands of stocks. You can even trade crypto, ETFs, and NFTs. If you’re into forex, you’ll like that spreads can be super tight, like just one pip on popular pairs such as EUR/USD. Unlike many others, eToro doesn’t charge commissions on currency trades; it’s all included in the spread. Their own platform is easy to use, whether you’re just starting out or know your way around. Also, eToro stands out because of its social and copy trading platform, which is way better than what other brokers offer.
Tickmill Broker Details | |
Supports Indonesian | Yes |
Indonesian Currency (IDR) | Yes |
Regulators | CySEC (No. 278/15), FCA (733772), CONSOB (No.4310), BaFin (No.146511), ACPR (No.75473), CNVM (No.4082), FSA Seychelles (SD 008), FSCA (FSP 49464), DFSA (F007663) |
Min Deposit | $100 |
Trading Platforms | MT4, MT5, WebTrader, ZuluTrade, TradingView |
Trustpilot Rating | 4.2 out of 1,076 reviews |
Number of CFD Forex Pairs to Trade | 62 |
Leverage | Forex & Metals CFDs: 1:30 Index CFDs: 1:20 Cryptocurrencie CFDs: 1:2 |
Spread | EURUSD: 0.1 USDJPY: 0.1 EURGBP: 0.4 GBPUSD: 0.3 |
Forex Commission per Lot per Trade | $0 on Classic Account; $3 per side on Raw Account |
Deposit Methods | Bank Transfer, Skrill, Mastercard, Visa, PayPal, Przelewy24, Neteller, Trustly |
Withdrawal Methods | Mastercard, Visa, Skrill, Neteller, Przelewy24, PayPal, Bank Transfer |
BlackBull Markets Broker Details | |
Regulators | FSA (Seychelles) (No. SD045), FMA (No. FSP403326) |
Min Deposit | $0 (Standard) $2,000 (Prime) $20,000 (Institutional) |
Trading Platforms | MetaTrader4, MetaTrader5, TradingView, cTrader, MT WebTrader, BlackBull Shares, BlackBull CopyTrader, BlackBull Trade, BlackBull Invest, ZuluTrade |
Trustpilot Rating | 4.8 out of 1,876 reviews |
Number of CFD Forex Pairs to Trade | 70+ |
Leverage | Forex & Metals CFDs: 1:500 Index CFDs: 1:500 Cryptocurrencie CFDs: 1:500 |
Spread | EURUSD: 0.9 USDJPY: 1.2 EURGBP: 1.7 GBPUSD: 1.2 |
Forex Commission per Lot per Trade | $0 Standard; $6 per lot Prime; $4 per lot Institutional |
Deposit Methods | Visa, Mastercard, Neteller, Airtm, Skrill, Bank Transfer, HexoPay, American Express, POLi, Payment Asia, Help2Pay, FXPay, Fasapay, China Union Pay, Boleto, AstroPay, Beeteller, Bitcoin, Ethereum, Tether, Ripple, Litecoin, Bitcoin Cash, Chainlink, USD Coin, Stellar |
Withdrawal Methods | Visa, Mastercard, Bank Transfer, Airtm, Skrill, Neteller, American Express, POLi, HexoPay, Payment Asia, Help2Pay, FXPay, China Union Pay, Boleto, Fasapay, Beeteller, AstroPay, Bitcoin, Litecoin, Bitcoin Cash, Tether, Ripple, Stellar, Chainlink, Ethereum, USD Coin |
BlackBull Markets started back in 2014 and is a big player because they have tons of stuff to trade—around 26,000 different things! If you’re into forex, they’ve got you covered with over 70 currency pairs, from the majors to the more unusual ones. You can trade these using one of their three ECN account types: Standard, Prime, and Institutional. Plus, you can trade other things like commodities, stocks, indices, and futures there, too. This brokerage has licenses from the FSA (Seychelles) and the FMA. Their trading terms are not too bad, but what you pay depends on the account you choose. If you don’t want to pay any commission, go for the ECN Standard account. Spreads usually start around 0.8 pips, and there’s no minimum to deposit. Now, the ECN Prime and ECN Institutional accounts are better if you know your stuff and trade big volumes. Just a heads up, they charge higher commissions per lot on these accounts. If you’ve got a live account, you can add funds using cards, digital wallets, online banking, bank transfers, or even cryptocurrencies. Putting money in is free, but this brokerage is based in New Zealand and they charge a $5 fee for every withdrawal, no matter how you do it.
Axi Broker Details | |
Regulators | ASIC, FCA, CySEC, DFSA, FSA (Saint Vincent and the Grenadines), FMA |
Min Deposit | $0; $5 (EU and UK) |
Trading Platforms | MetaTrader4, MT4 WebTrader, Axi Mobile |
Trustpilot Rating | 4.5 out of 3,793 reviews |
Number of CFD Forex Pairs to Trade | 80 |
Leverage | Forex & Metals CFDs: 1:30 Index CFDs: 1:20 Cryptocurrencie CFDs: 1:2 |
Spread | EURUSD: 1.2 USDJPY: 1.3 EURGBP: 1.1 GBPUSD: 1.3 |
Forex Commission per Lot per Trade | $0 on Standard Account; $7 round trip on Pro Account |
Deposit Methods | Visa, Mastercard, Bank Transfer, Neteller, Skrill, AstroPay, Fasapay, Przelewy24, Boleto, Pix, Bitcoin, Ethereum, Ripple, Litecoin, Tether, Stellar, POLi, iDEAL, Sofort, Giropay |
Withdrawal Methods | Mastercard, Visa, Bank Transfer, Przelewy24, Fasapay, Skrill, AstroPay, Pix, Boleto, Neteller, Bitcoin, Ripple, Ethereum, Litecoin, Tether, Stellar |
Since 2007, Axi has helped 60,000 traders from over 100 countries by offering cheap trading on 290+ instruments in five asset classes. They’re licensed by ASIC (Australia), FMA (New Zealand), and FCA (UK). In Europe, they’re good to go because of a CySEC license. Plus, they’ve got licenses from DFSA (Dubai) and FSA (St. Vincent & the Grenadines), so they’re pretty global. Traders worldwide seem to like them, and there haven’t been any scandals. This broker, based in Sydney, gives customers access to 70+ currency pairs and doesn’t charge commissions on standard accounts for currency trades. Pro and Elite accounts have commissions, but they’re about average for the industry. You can also trade hard and soft commodities, stock indices, cryptos, and stocks at good prices on the MT4 platform. How much you can borrow varies depending on where you live, but some customers can get up to 1:500 leverage. They offer several base currencies for accounts to help traders save on conversion fees. Axi also supports its international customers with a lot of payment options. Just keep in mind that some, like Fasapay and Boleto, are only for certain regions.
Plus500 Broker Details | |
Supports German | Yes |
Germany Currency (EUR) | Yes |
Regulators | FSA (No.4.1-1/18), FCA (No. FRN 509909), CySEC (No.250/14), FMA (No.47546), SFSA (No. SD039), MAS (No. CMS100648), DFSA (No. F005651), ASIC (No. 417727), BaFin registration, SCB (SIA-F250) |
Min Deposit | $100 |
Trading Platforms | Proprietary, desktop and mobile platforms |
Trustpilot Rating | 4.1 out of 15,556 reviews |
Number of CFD Forex Pairs to Trade | 60+ |
Leverage | Forex & Metals CFDs: 1:30 Index CFDs: 1:20 Cryptocurrencie CFDs: 1:2 |
Spread | EURUSD: 1.4 USDJPY: 2.2 EURGBP: 1.5 GBPUSD: 1.9 |
Forex Commission per Lot per Trade | $0 |
Deposit Methods | Debit Visa/Mastercard, Wire transfer, Apple Pay, Google Pay |
Withdrawal Methods | Debit Visa/Mastercard, Wire transfer, Apple Pay, Google Pay |
Plus500 is a well-known trading platform, used by over 25 million people in around 50 countries. They’re watched over by strict financial groups like the FCA, ASIC, and CySEC, so they’re reliable. What’s more, their main company is on the London Stock Exchange, which makes them even more trustworthy. They mainly do CFD trading, with a lot of choices—over 2,800, Like forex, stocks, indices, commodities, crypto, options, and ETFs. The site is clear and simple to use, so trading is easy. Spreads are tight, and forex trades don’t have extra fees. You can add money using cards, transfers, or e-wallets, and you need a minimum of $100 to begin. Putting in and taking out money is free, but if you don’t use your account for three months, they’ll charge a bit.
ActivTrades Broker Details | |
Regulators | FCA (UK), CMVM (Portugal), CVM (Brazil), SCB (Bahamas), FSC (Mauritius) |
Min Deposit | $0 |
Trading Platforms | ActivTrader, TradingView, MT4, MT5 |
Trustpilot Rating | 4.5 out of 1,460 reviews |
Number of CFD Forex Pairs to Trade | 56 |
Leverage | Forex & Metals CFDs: 1:30 (1:400 Bahamas) Index CFDs: 1:20 (1:200 Bahamas) Cryptocurrencie CFDs: 1:2 (1:20 Bahamas) |
Spread | EURUSD: 0.50 USDJPY: 0.50 EURGBP: 0.80 GBPUSD: 0.80 |
Forex Commission per Lot per Trade | $0 |
Deposit Methods | Visa, Mastercard, PayPal, Apple Pay, Google Pay, Skrill, Neteller, Bank Transfer, Cryptocurrencies |
Withdrawal Methods | Visa, Mastercard, PayPal, Skrill, Neteller, Bank Transfer, Cryptocurrencies |
ActivTrades is a broker that’s been around for more than 23 years. They’re watched over by the FCA, FSC, SCB, CVM, and CMVM. They focus on keeping things secure and prices clear, plus they have small spreads on over 1,100 trading options in six groups. You can trade stuff like shares, indexes, commodities, ETFs, and bonds aside from just forex. You can open accounts in pounds and trade without commissions in all markets. The most leverage for regular customers is 1:30, but those who qualify for professional accounts can get up to 1:400. ActivTrades tries to help its customers by protecting them from going into a negative balance and insuring funds up to $1 million. Actually, ActivTrades was the first UK broker to offer extra insurance beyond the standard $50,000 per client back in 2013. To add money to your account, you can use cards, bank transfers, and e-wallets like PayPal. There’s no minimum to deposit, but there’s a 1.5% charge if you use a credit or debit card.
Okay, so unlike Europe, Asia doesn’t have a lot of places where forex trading is legal and well-organized. Forex trading is kind of new in Indonesia, but it’s getting more popular. But, the rules around it can be confusing, and because of local rules, many traders might pick to invest with brokers in other countries.
Forex trading is legal in Indonesia, but only if it’s done under certain rules. Most Indonesians are Muslims, so trading is only okay if traders use special Islamic accounts.
Traders in Indonesia can make accounts with brokers that are watched over by the OJK and BAPPEBTI. They can also sign up with brokers in other countries, but these brokers have to follow Indonesian rules too. To work with Indonesian traders, these brokers need to offer Islamic or swap-free accounts that don’t charge interest on positions held overnight.
Indonesian regulators make sure forex trading is safe and fair for traders in Indonesia. They have rules to lower the risks of trading, but this can sometimes limit what products and markets you can access. That’s why many Indonesian traders go with brokers in other countries that might have a wider variety of markets and trading choices.
BAPPEBTI used to be the main group watching over commodity futures trading, which included forex and crypto. But things changed in early January 2025. The OJK officially grabbed the reins for keeping an eye on crypto and its derivatives, taking over from BAPPEBTI.
Now, the OJK watches over outfits offering financial services in Indonesia. But here’s a thing: forex brokers still need a BAPPEBTI license if they wanna offer trading to Indonesians. To get that, businesses need to tick a few boxes, proving they’re following local rules and have a financial setup that plays nice with Sharia Law.
Folks applying for a license gotta show they’re financially solid, meeting a minimum capital thing to keep clients safe. How much capital they need depends on what services they’re offering and how much the brokerage is trading.
When applying for a BAPPEBTI license, companies need to send in papers about their structure, a business plan that goes into detail, risk management plans, and how they’ll stick to the rules. Once a company sends in its application, the regulator checks everything super carefully. This makes sure only legit forex brokers get to play in the Indonesian market.
To make sure an Indonesian broker is legit, it’s easy to check their license. Usually, you can find this info at the bottom of their website. If BAPPEBTI licenses them, their logo and license number should be there.
Also, since the OJK keeps an eye on trading in Indonesia, the broker should say they’re OJK-approved. You can double-check by visiting BAPPEBTI’s official site and searching their list of licensed Indonesian companies that offer forex trading and other financial stuff. If you’re using a broker licensed outside Indonesia, you can check the regulatory body that oversees them.
If you’re wondering if trading with Indonesian brokers is safe, relax. If Indonesian trading sites are regulated, they treat your money carefully. Local authorities have rules about what companies must do to get permission to work in Indonesia.
Like I said, companies need a certain amount of money to run their business. This makes sure your money is safe. Also, the OJK says brokers must keep your funds separate. This means you can always get to the money you put in and earned.
Licensed companies also must have strong ways to stop money laundering and terrorist funding. A Know Your Customer thing is often used by Indonesian brokers to stop identity theft.
Right now, only some banks and registered security companies can give forex trading services in Indonesia. This shows your money’s with solid companies. Indonesian regulators don’t have investor compensation plans like the EU and UK do for retail forex traders.
Besides the security steps for Indonesian traders, brokers here must protect you from falling into negative balances. Even if you use brokers regulated elsewhere, they still have to follow Indonesian rules. So, Indonesian traders usually get this balance protection no matter who they trade with.
This protection keeps you from losing more money than you have in your account, so you don’t end up owing the broker money. This is really helpful if you’re new to trading and are unsure about the risks of using high leverage with currency pairs. Basically, it stops your losses from going over what you’ve put in.
Yep, forex trading’s legal in Indonesia, so if you make money trading currencies, it’s taxable. You gotta file your taxes and pay up on those profits. The tax rate changes based on how much you trade and earn.
Right now, individual income tax goes from 5% to 35%, depending on your income level. It works like this: 5% if you earn up to Rp 60 million. Then it jumps to 15% for earnings between Rp 60 million and Rp 250 million. After that, it’s 25% from Rp 250 million to Rp 500 million, and 30% from Rp 500 million to Rp 5 billion. If you’re pulling in over Rp 5 billion, that’s taxed at 35%.
To keep things straight with the tax rules, it’s smart to talk to a local tax pro. Just so you know, dodging taxes on your forex earnings is a crime here. You could get fined 200% of what you owe, plus up to six years in jail. You can file your tax returns online using the Indonesian Tax Office (ITO) platform.
When trading currencies, most traders think about how much leverage they can use. Usually, the most leverage you can get on currencies relies on rules from local regulators, which are there to try and make trading safer. Some folks want bigger returns and try to use leverage to get them, but lots of traders actually lose a ton of money really fast because of high leverage. That’s why some regulators have cut back on leverage, especially for those harder-to-trade currency pairs.
In Indonesia, the rules say that forex brokers can’t offer more than 1:100 leverage on main currency pairs. But for those other pairs, they can’t go over 1:20. Compared to other places, Indonesia lets you use a lot more leverage on major pairs. But when it comes to those odd pairs, the leverage is about the same as what many brokers outside the country offer.
If you check out brokers in Europe, they can only give you 1:30 leverage on main pairs and 1:20 on the others. In the US, brokers can offer 1:50 on major pairs. But, they’re also allowed to give you even less leverage if they want to make trading even safer.
That 1:1,100 leverage in Indonesia might seem super high, but some regulators like the FSA let you go even higher. For example, brokers in the Seychelles can offer up to 1:5,000 leverage on major pairs. And some brokers outside the main countries go even higher than that. Always remember that trading with super high leverage can be seriously risky, and you could lose a lot of money fast.
Traders who like bigger trades and more action might want higher leverage and better conditions. If that’s you, forex brokers might let you open a pro account. But, you gotta show you’re up to it. What you need to do and what papers you need depend on where the broker is regulated.
Usually, they want to see you’ve been around the block – that you know your stuff about the markets and that you have enough money to handle the bigger trades. To prove it, they might ask for stuff like proof you’ve worked in finance for at least a year. There might also be a rule about how many big trades you’ve made in the last year to show you know what you’re doing. And, of course, you might need to show you have a certain amount of money in your investment portfolio.
Each broker is different, but they’ll want things like bank statements, letters from past jobs, and other stuff that proves you’re ready for a pro account.
Which trading platforms you can use depends on the brokerage you pick for forex. Brokers decide what platforms they’ll use. Most Indonesian brokers go with the big names these days. Some brokerages even have their own platform made just for their customers.
MT4 is more suitable for inexperienced traders as it comes with a simpler interface and fewer features. It was specifically developed for FX trading, although other asset classes like shares, commodities, and equity indices are also supported.
MT4’s successor, MT5, gives you access to more tradable instruments, including cryptocurrencies, and is richer in features. It has improved charting capabilities and offers more technical indicators, timeframes, and order types. MT5 generally appeals to seasoned Aussie traders as these additional features come at the expense of reduced user-friendliness.
Many brokers catering to customers from the country also work with cTrader, a third-party platform that delivers a superior copy trading experience to Aussies looking to replicate the strategies of top-performing investors from around the world. Previously known as cMirror, the platform is ideal for novice and well-versed traders alike as it offers advanced order types and great charting tools, among other useful features.
MT4 is more suitable for inexperienced traders as it comes with a simpler interface and fewer features. It was specifically developed for FX trading, although other asset classes like shares, commodities, and equity indices are also supported.
Want to know more about Indonesia’s forex rules? Check out the links below for details. Keeping an eye on the local regulator’s website will keep you current with any changes in the country.
BAPPEBTI issues licenses to forex brokers targeting traders in Indonesia and monitors their operations. The regulator’s website is available only in Indonesian.
The Financial Services Authority (OJK) oversees the local financial industry, works to maintain its stability, and safeguards consumer interests.
The official BAPPEBTI register lists all market players authorized to operate in Indonesia, including futures and forex brokers. It contains license numbers, registered addresses and other contact information of locally licensed entities.
Conversely, you can contact BAPPEBTI to inquire about the regulatory status of a forex broker you are interested in. Several communication channels are available, including email (humas.bappebti@kemendag.go.id), telephone (021 2301 665, 2301 663, 2301 654, 2301 645), and instant messaging through WhatsApp (0811-1109-901).
Indonesian traders can submit complaints quickly and efficiently by using the designated complaints portal of BAPPEBTI. Using the portal requires registration, however.
You can also follow BAPPEBTI on social media platforms like X, Instagram, and Facebook to keep abreast of the latest announcements published by the regulator.
Some forex brokers accept Indonesian customers with licenses issued by offshore regulators like the Seychelles Financial Services Authority (FSA), the Belize International Financial Services Commission (IFSC), the Securities Commission of the Bahamas (SCB), or the Vanuatu Financial Services Commission (VFSC).
Think Forex Brokers provides independent comparisons of regulated brokers across forex, stocks, and crypto. Information is for educational purposes only and should not be taken as financial advice. Always verify broker regulation before trading
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