logo |


Home   >  Rankings   >  Best Forex Brokers in Indonesia for 2022

Best Forex Brokers in Indonesia for 2022

The foreign currency market in Indonesia is growing at an incredibly fast pace. Numerous industry insiders predict that it will soon become a major player in the global forex market due to its rapid expansion. In addition, the country's economy relies heavily on it, and the government relies on it for a substantial portion of its funding. Because of the country's free-market economy and free-floating currency, the foreign exchange market in Indonesia is ideal for investors. From the early 2000s to 2012, there were no effective restrictions on the local foreign exchange market. Both brokerages and investors based in the country reaped the benefits as a result. Several Forex brokers were severely punished by the Bank of Indonesia in 2013 for allegedly mistreating Indonesian customers. During this time period, dishonest brokerage tactics cost Indonesian investors millions of dollars.

In addition to the Bank of Indonesia, BAPPEBTI also supervises FX Trading, Commodities Trading, and Futures Trading. Established in 2005, BAPPEBTI is the primary body responsible for regulating all sorts of financial institutions functioning in the Indonesian financial markets.

BAPPEBTI-regulated brokers have focused on commodities and futures trading, with just a small number providing access to Forex trading products as an option for customers. With little competition in Indonesia's economy, several worldwide Forex brokers decided to set up shop there. In the years leading up to 2012, the number of Forex brokers catering specifically to the Indonesian market increased dramatically, exposing local investors to the potentially lucrative nature of the FX markets while also leading to an unprecedented number of broker scams and other forms of financial fraud. Since most Indonesian Forex traders lost money as a result of unethical practices, the country's government has taken a harsh line against the business, banning many Forex brokers and the platforms they use outright.

For your convenience, we've compiled a list of the top Indonesian forex brokers.

Top 10 Best Forex Brokers in Indonesia

A long-established Broker, Strictly Regulated by Multiple Regulatory Bodies in Various Jurisdictions, Offering Sufficient Reliability.

Over 80 Currency Tradable, Competitive Pricing Structure with Tight Spreads from 0 Pips.

Licensed & Regulated in Multiple Jurisdictions: ASIC, CYSEC, FCA, DFSA, SCB.

Super-Low 1 USD Initial Deposit Quite Friendly to Active Traders.

Strictly Regulated by ASIC and CYSEC, a Safe Broker to Trade With.

MT4 & MT5 Available, Plus Two Copy Platforms: Social Trading & Myfxbooks.


FCA-reguated broker with thousands of assets to choose from;

Offering a professional trading platform on both web and mobile devices.


One of the most trusted brokers, strictly regulated in multiple jurisdictions

Superb Trading Conditions, low forex fees.


a well-regulated and reputable forex broker with smooth account-opening process

Competitive commissions and spreads


Globally Licensed and Regulated by FCA & CYSEC, Offering Great Reliability.

Advanced Trading Platforms Offering of Ultra-Low Spreads, Starting from 0 pips.


A Stringently Regulated Broker, Reliable and Safe to Trade With, The Choice of Over 3500,000 Clients from Over 190 Countries.

Quick & Easy to Start Your Real Trading by Funding As Low As 5 USD, Lower & Friendlier Cost Structure Available, Advanced Trading Platforms & Tools Drive You Succeed into the Forex World.


A Multi-regulated Broker for you to Start Real Trading with a $1 Initial Deposit.

Incredibly Unlimited Leverage Offering for Asia, Rare Among Brokers.


A Multi-Regulated Big Player that renders you adequate Safety.

Enjoy the Ease of Withdrawal without any Additional Charges.


Comparison of the Best Forex Brokers in Indonesia

Forex Broker


Minimum spread

Maximum Leverage

Minimum Deposit



Depends on the trading commodity




0.6 pips





From 0.0 pips


100 AUD or equivalent










$/€/£ 10, ₦10,000
















Forex Trading Knowledge Questions and Answers

Is forex trading legal in Indonesia?

Indonesia has made forex trading totally legal, which is fantastic...

Indonesia has made forex trading totally legal, which is fantastic news for anybody looking to get into the market. Indonesia's securities and exchange board, as well as the Financial Services Authority of Indonesia, regulates the business, which ensures that it is both legal and legitimate.

According to reports, the business is quickly expanding in this country. It is even predicted that Indonesia would become a powerhouse in the forex sector over the next few years, ranking among the top players in terms of trading volume and regulatory compliance.

Forex Indonesia

How to find a forex broker in Indonesia?

When beginning to trade forex, finding a reliable broker is a vital step...

When beginning to trade forex, finding a reliable broker is a vital step. Online forex trading is available in Indonesia through tens of thousands of brokerage businesses. Choose the one that offers reliable service and reasonable terms. If you're trading in unfavorable conditions, even the best trades can go wrong. Large spreads (the gap between the sell and purchase prices) and commissions (the deposit/withdrawal costs) are classic examples of bad trading conditions. In addition, delays in order fulfillment might lead to the evaporation of valuable time and capital.

Furthermore, there are companies that purport to be brokers, but in reality, they are nothing more than scams. The following are things to consider while trying to find a broker:

Trading condition. You should do this before depositing any money into a trading account. On the company's official website, this information is available to the public.

Customer feedback. A good experience can't always be guaranteed but reading real customer reviews can help you get an idea of what to expect when you do decide to purchase something. Check out independent review sites to see what other people are saying.

Providing assistance. If you have a query or a problem, don't be afraid to ask for help. 24/7 customer service would be ideal.

How much does a trader need to start forex trading?

With forex, you don't need much to get started; as little as $1 can get you started. A large number of forex brokers in Indonesia allow their customers to open Cent Accounts, which means they can trade with very little money. It's important to note that the goal of this account is not to make money, but rather to assist you to learn. In order to make a big amount of money in forex, one must trade significantly larger sums. Do not put all of your savings at risk before you are sure of your abilities. Investing in proportion to your knowledge is the only sensible plan.

How to get started with forex trading in Indonesia?

Trading in foreign currencies has become a lot more accessible since domestic and international internet brokers...

Trading in foreign currencies has become a lot more accessible since domestic and international internet brokers began catering to Indonesian traders. To open a forex account, follow these simple instructions.

A steady internet connection is essential. Forex trading necessitates a fast and dependable internet connection. Be sure to obtain a device with a reliable internet connection and service before continuing any more work.

Open a trading account. In Indonesia, you cannot buy or sell currencies directly. Rather, you'll have to go through a forex broker, who will execute your trades for a little commission.

Install the appropriate software on your computer. Some brokers need you to use an additional trading application like MetaTrader 4 or 5, which you can get from third-party vendors. Your platform of choice should be compatible with your broker before you download the software for it.

Fill in your account information. To begin trading, you will need to fund your brokerage account. To fund your account, most Indonesian brokers let you to use electronic bank transfers and digital wallets such as Perfect Money.

Place your first order. It's time to begin trading currencies once your funds have cleared and your account has been fully opened.

As a Muslim, you may want to avoid "swap-free" accounts if possible. Overnight interest is not accrued in these accounts, in accordance with Sharia Law. As 87 percent of Indonesians are Muslim, all brokers in the country are required by law to provide swap-free accounts.

What is the trading strategy for forex in Indonesia?

Building your approach from the ground up can be challenging if you're just starting out...

Building your approach from the ground up can be challenging if you're just starting out. With our daily analytics subscription, you can trade on your demo or actual account while testing out our suggestions. Professional traders who spend days studying financial markets and significant data releases provide daily updates in the newsletters on the latest market happenings and possible scenarios of future price behavior.

What is the trading strategy for forex in Indonesia?

Using support and resistance levels as a starting point is a good way to get started in trading. There are two price points where the price tends to halt and advance in the opposite direction, known as support and resistance. The lower limit of a price range is represented by the support line, while the upper limit of a price range is represented by the resistance line. When the price of a currency pair drops below a certain level, it is possible to make a profit by entering a purchase order. On the other hand, it is advisable to sell when the price is nearing the resistance level and is about to collapse. Once you learn to identify the two levels, the approach is straightforward and easy to master.

Do Indonesian brokers charge commissions for Forex trading?

Forex trading at brokerages that cater to Indonesian investors, as opposed to stock market trading, typically does not require a commission. This is unnecessary because the expenses have already been factored into the spreads, which indicate the difference between the bid and ask prices on the exchange market. The spreads vary depending on the broker and the currency, but for prominent pairs such as the EUR/USD, they typically run between one and three pips.

Do Indonesian brokers charge commissions for Forex trading?

What payment methods are supported by forex brokers in Indonesia?

As far as deposit options go, Visa and Mastercard are the most popular, but China UnionPay...

As far as deposit options go, Visa and Mastercard are the most popular, but China UnionPay isn't nearly as regularly used. Locals can apply for UnionPay debit cards from Bank Sinarmas, one of Indonesia's leading financial organizations. Bank transfers are also widely accepted, but they typically take two to five business days to complete the transfer process. Using their bank's e-banking facilities, many customers prefer to pay for items by credit card or other electronic means.

Indonesian traders are increasingly using online payment service providers like Perfect Money to process their transactions. You can use this digital wallet to make secure and time-efficient money transfers over the internet. Brokers that cater to Indonesian customers may offer the FasaPay payment system, which is available in both Indonesia and Malaysia. To begin using FasaPay, you must first create an account and add money to it. Bank transfers, SMS banking, and ATM transfers are all viable options.

What is the best time to trade forex in Indonesia?

Foreign exchange trading is vital due to its high liquidity and 24-hour activity...

Foreign exchange trading is vital due to its high liquidity and 24-hour activity.. However, the optimal time to trade is dependent on the volatility and activity in the market. Forex trading will become more liquid as the number of participants increases around the world. A trader's chances of success increase when the trading spread (the difference between the asking and the bid price) becomes more condensed.

On five days a week, forex traders from all corners of the globe are able to transact at any time. To be more precise, the time frame is from 5 a.m. WIB on Sunday to 3 a.m. WIB on Friday. There are hundreds of thousands of people who can take advantage of this chance because it is available. A full- or part-time employment is entirely your decision. Here are the four major currency markets and their working hours.

What is the best time to trade forex in Indonesia?

Risk Warning

The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.

Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.