4 Best Online Forex Brokers in Indonesia – In Depth Review 2023

Want to jump straight to the answer? The best forex broker for traders is Avatrade

The #1 Forex Trading Course is Asia Forex Mentor

Among all the residents in Indonesia, forex trading is prevalent. At the same time, all the more likely forex brokers aren’t required to become authorized through the Financial Services Authority of Indonesia for accepting the residents from Indonesia as Clients.

Finding the most reliable broker as an Indonesian is a complex process. You are especially getting those who accept the Indonesian traders and enable you to invest in the Indonesian rupiah. It’s okay, and you aren’t alone.

We bring to you the excellent trading sites where you can trade as an Indonesian, trade Forex, Indices, CDFs, CTFs, Binary, Stocks, Options, and cryptocurrencies such as Bitcoin and Ethereum.

If you are an Indonesian, the brokers support payment options to help you quickly withdraw profit and deposit. The fees they provide are very cheap and support MT4, MT5, and cTrader trading platforms.

The signup bonus for the newbies is also outstanding for Indonesians; moreover, it is safe, trusted, and has a long-term history in the world of Forex.

Best Online Forex Brokers in Indonesia

4 Best Online Forex Brokers in Indonesia

#1. Best Advanced for Non-US Traders: Avatrade

Avatrade came into being in 2006; it is an international forex broker and CFD broker regulated by different top financial institutes. Moreover, it has many tools and resources that will fascinate all beginners, like paper trading account and 100000 dollars of virtual funds.

Avatrade is one of the safest online brokers and is regulated by the top tier-one jurisdiction. This is the reason which makes it a trustful CFD and Forex broker. The range of marketing is great, and it should also be good for traders. Avatrade is offering its clients worthy selections for trading platforms.

Avatrade has stopped the trading platforms like mirror trader and Robox. With their dedicated web trading platforms like meta-trader and Avatrade acting as an alternative, it offers a huge variety of platforms catering to automated and manual traders.

Avatrade attracts traders with different skills and levels to offer them an adaptable trade site. There are more than 200000 registered clients with a trading volume of 2 million per month. Want more to know about this CDF and forex broker? Then continue to read about the Avatrade feature.

How does it work?

Webtrader, a default interface, can be accessed via a browser. Concerning its competitors, it lacks a few basic features and is plain, but it is intuitive and user-friendly. Clients who execute traditional fundamental or technical trading strategies can opt for the industry- newer MetaTrader 5 or even the MetaTrader 4.

Following transparency, the AvaTrade account also lists all the pertinent information in the ‘Trading info’ tab on the Avatrade website like “Stocks Earnings Releases. Moreover, the “Order Execution Policy,” “Economic calendar,” “CFD Rollover” information, and ‘holiday trading hour,’ aid the clients in the trading decision.

In addition, the forex calculator link will inform the dealers of the risk of losing money rapidly, how many trading costs, potential profits, and overnight interest calculations.

Web trading platform offers three order types. It is a simple market order and two pending orders, with an option for attaching stop loss or taking profit orders.

Pros

• Fast and effortless account opening
• Different withdrawal and deposit issues
• Excellent research tools
• Effective and reliable functioning

Cons

• Incredible inactivity fees
• Average forex fees

Price

In non-trading fees, there is no fees withdrawal or minimum deposit and no account fees. All the brokerage accounts of AvaTrade are subject to inactivity fees, which is 50 dollars.

Suppose you do not use it for three months, Followed by 100 dollars of administration fees if you stay inactive for a year. This amount is deducted from the trading account.

Typical spreads are suggestive amounts because they are largely powered by macroeconomic events and market conditions that impact markets’ financial futures association.

In terms of margin trading, the requirements for margin are the subjects to be changed based on the new release, market volatile and trade size.

#2. Best Overall Broker: Forex.com

FOREX.com provides various offerings from spread betting to CFDs across various asset classes, but every region can access all. It is considered safe due to having a long track record. The top financial tiers regulate this trading forex broker.

The parent company of this forex broker has been listed on the stock exchange. Aside from the forex market, where derives the name, FOREX.com also offers indices, commodities, ETFs, bonds, individual stocks, silver, and gold.

The Indonesian service offers clients’ accounts security like ESMA-mandated anti-guaranteed to stop losing orders and balance protection. FOREX.com is ideal for every trader who seeks exposure to a wide array of asset classes and materials.

It is a great fit for high-volume forex traders. Material offerings vary by place but still, it emphasizes reliable and fast execution, diversity of other and Forex platforms, and security accounts. In Indonesia, it’s geared to those interested in trading foreign exchange markets.

How does it work?

FOREX.com gives accessibility to more than 80 currency pairs along with a competitive spread over various types of accounts to Indonesian clients.

A navigable and well-organized website along with complete disclosure of fees and services, research, and education tools. Furthermore, multiple user interfaces are on par along with the industry’s standards and regulatory oversight place.

So it depends upon your location and the entity holding your account that what is available for you on FOREX.com. You can trade cryptocurrency using CFDs; also, underlying asset trading is not available, for instance, buying bitcoin.

The web Trading Platform of FOREX.com is recommendable for casual traders because it is simple to browse through place trades and markets and conduct searches. TradingView powers all the charts as well, as it is loaded with approximately ten chart types, 100 indicators, and 14 timeframes.

Within the forex platform, the investors can access economic calendars, positions, charts, news and order or trade history, access research reports and trade signals, and market analysis from the FOREX.com analysts.

 Pros

• A wide variety of products
• TradingView charts
• Ideal for high-volume traders
• User-friendly and reliable

Cons

• No guaranteed for Indonesian clients
• Lacks effective website maintenance

Price

The spreads vary depending upon the client that, which kind of account they choose. For instance, one pip is the least EUR/USD spread for clients from Indonesia on a ‘standard’ account. On the other hand, ‘STP Pro’ and ‘commission’ will show you spreads of 0.1 and 0.2.

Although the two that are latter have 50 dollars and 60 dollars per million commissions that are added to displayed spreads, the regions that are not in Indonesia. It provides Direct Market Access accounts for bigger account sizes like 25000+. The DMA account does not charge any commission but does not offer markup on spreads.

#3. Best for International Forex/CFD Traders: eToro

For the cryptocurrency investors in the United States, EToro has a graphics-intensive web platform. At the same time, the clients who are in Indonesia are advised to trade contracts and stocks for the difference. A key feature of such a special proprietary platform is that the client can easily implement copy trading.

The main point of your experience with eToro is the ease it provides to complete tasks and carry out basic operations. The more instruments include searching the market available, making watchlists, and directly placing trades from the watchlist.

How does it work?

EToro platform features investors who like to follow risk-control rules and want to be duplicated. The retail account holders are accessible to mimic trading strategies and trades of many successful customers in real-time and automatically.

Note that the copy trading in and itself does not hold a guarantee of losses either gains. This platform is a little pricier concerning its competitors for trading Forex and CFDs. Although the recent introduction of zero-dollars commission and cutting spreads for the Indonesian trading stock is beneficial.

All the investors on the eToro are trading manually. EToro does not permit completely trading systems like those supported by M.T. Thus, when you copy trade the etoro, it is guaranteed that every placed trade is manual.

Pros

• 15 cryptocurrencies options
• Easy-to-use website
• Great community for traders

Cons

• Broad Spreads for trading cryptocurrencies
• $25 minimum deposit

Price

The clients in Indonesia who trade cryptocurrencies have to pay 0.75 percent to 5.0 percent; this depends upon which currency you trade. In contrast, customers out of Indonesia don’t have to pay any commission to close or open a long position. Small sales invite 0.18 percent commission of the trade value.

The Indonesian clients are not charged for withdrawal of funds, except you are supposed to have a minimum withdrawal of 30 dollars. The withdrawal fee for non-Indonesian customers is 5 dollars.

#4. Best for Forex Trading: HYCM

HYCM is a worldwide CFD and forex broker with an industry-leading strategy integration. The review we present covers the necessaries of HYCM trading. It includes minimum deposit requirements, deposits bonus offers, spreads, and login process.

This is an asset platform that has over 100 tradable assets. The assets that are available on HYCM include CFDs, Forex. There are also many financial assets in which HYCM trades. The assets in financial investments are assets or security, intangible or tangible, which have some financial value. It means that the CFDs, Forex are one of the financial assets.

How does it work?

When your money is deposited with HYCM, the funds are in the bank, and safe, which has capital for accomodating withdrawal wishes even if it is out of business for any reason. Hence, in conclusion, we know that HYCM is safe and secure.

HYCM provides Advanced Financial Chart tools for comparison and researched-backed analysis over financial investments and markets by top analysts.

The platform is accessible on various devices from Windows P.C. to IOS devices and online by Web Browser. Moreover, the platform is for Seasoned experts and New Traders. The users also get benefits from the use of languages.

Pros

• In the use of 10,000+ HYCM traders and users
•   Founded in 1977
• Minimum deposit by $100
• Regulated through FCA

Cons

• Not ASIC Regulated
• It doesn’t offer VPS

Price

Brokers provide state-of-the-art mobile trading apps, educational resources, financial tools, and online trading platforms. For brokerages for maintaining such services and reap revenue in the form of a company.

Brokers might cost clients multiple trading charges, which you must be aware of because they can affect the bottom line.

The withdrawal fees differ depending upon the selected payment method for withdrawing. All brokers have specific withdrawal rules on withdrawing funds from the trading account. Although, it costs fees on the inactive accounts.

An inactivity fee for the account means the price charged to a registered brokerage customer. However, there aren’t any deposit fees. But bank/3rd party trader fees can apply, and there isn’t any commission fee over CFD instruments.

How do we rank the Best Online Forex Brokers in Indonesia?

Here’s how we ranked the best Indonesian brokers!

Spreads, Costs And Trading Conditions

The most important thing to consider when you choose a broker is transaction costs and pricing. Due to the tough competition between some of the best brokers worldwide, accounts for retail investors are very tight institutional-grade charges.

Most brokers provide the traders an option of variable and fixed commission fees and spread patterns when you trade Forex.

Accounts of ECN-style with a flat-rate commission fee enable competitive spreads as minimum as 0.0 pips with the standard versions offering wider spreads. However, traders don’t face any commissions.

Customer Support

Getting in touch with the broker shall be easy and quick. As for the contact methods, hours of operation are essential to note. Most brokers provide 24/5 customer support, while a few provide customer service 24 hours every day and seven days every week.

The well-known contact methods are live chat, phone, and email. Live talks held online are immensely popular because the traders connect with the client service representatives, and their questions are also answered.

The number of assets includes

Another crucial factor to consider is the number of assets features. What does that mean? Basically, it is about things you want to trade. Whether the broker includes all the essential assets you need or not?

It will be an effortless process if you desire to get foreign currency pairs, but if you desire to trade shares and stocks, many brokers can provide you with exclusive benefits and features.

Order Execution

Execution speed is the most vital factor for picking out a broker. Inefficiently executed orders may result in traders facing vast amounts of slippage, further losing money. The table you can see below compares execution speeds among the best brokers globally.

If we take an example that the customers of Pepperstone can incur a minor slippage compared to the customers of FXTM because the orders they execute are half the time.

How to choose the Best Online Forex Brokers in Indonesia?

Do you know different options of retail CFD accounts lose money? Basically, accounts lose money when you make a purchase. CFDs are complex instruments and come with a high-risk option to offer swap-free services. Choose whether you can afford to take the risk or not. Let’s see how we can choose the best Forex broker!

Evaluate Trading Conditions 

An effective forex broker should include consistent and smooth execution with high-grade support to provide good trading conditions. Do you know trading is the most reliable and most accessible to offer exclusive options and reliability?

Comprehensive Tools

If you are an experienced forex trader, it is preferable to pick the broker that provides an alternative to implement a strategy for trading. The feature means that you shall be asking for different tools such as complex live chats, an economic calendar, and a calendar for commodity futures trading commission.

Ease of Trading Platform Use

Whether you focus on social trading or develop complicated algorithmic ways, it’s paramount to choose a trading platform that offers market access and tools for trading needed for achieving investment objectives.

It is vital to rely upon the confidence given by the broker’s trading platform. Due to this, most of the traders pick the brokers that provide third-party platforms along with an established community to trade and a massive range of tools to deal with.

Range of instruments

We ranked the Forex traders regarding the range of products it offers. The Forex brokers varied and mentioned a broker that includes a broad range of offerings, currency pairs, shares, commodities, and other cryptocurrencies to get the beneficial advantage.

Account Types

Different account types include:

• Variable Spread Account Types: fluctuates with the demands conditions.
•   Commission Accounts: ECN-style accounts that have low spreads with commission fees of flat-rate.
• No Commission Standard Accounts: There are no commission charges on the top of spreads.
• Fixed Spread Accounts(micro accounts): Fixed spreads are predetermined and remain the same regardless of the situations in the market.

All these factors are essential to consider when choosing the best forex brokers in Indonesia. The Financial Conduct Authority regulates trading in Indonesia. It also reduces the high risk of losing money.

Conclusion: Best Online Forex Brokers in Indonesia

It is a daunting task to start a search for a top forex broker anywhere. It is confirmed if you are a forex trader from Indonesia. Your imagination may say that there are also other obstacles that you have to overcome, getting involved in the forex market in Indonesia.

As a fact, it’s not required to be a challenging task. We want our customers to find themselves excellent Indonesian brokers. Therefore, we took the chance, collect the information regarding trading forex in Indonesia for you to pick a broker.

BAPPEBTI doesn’t hinder opening an account in Indonesian forex trading because they regulate the futures market. These brokers provide additional excess to experts and the market analysis to aid you in choosing the beneficial trading options.

Avatrade gives average-to-competitive spreads, depending upon your type of account, along with adequate educational resources. The low account minimum deposits make it best for the undercapitalized and new traders who seek to make limited skill sets.

Best Online Forex Brokers in Indonesia FAQs

Is Forex trading legal in Indonesia?

Before you choose the best Indonesian Forex brokers, it is essential to know whether these regulated brokers are legal or not. Any broker will make Forex trading legal as it involves money when trading CFDs and other financial services. The brokers in Indonesia are well authorized and offer a web platform for assistance.

Moreover, Forex trading is legal in Indonesia. The Financial Conduct Authority FCA offers trading strategies and assistance with the trading account with a minimum initial deposit and trading costs. The best Indonesian Forex brokers provide a legitimate trading market and major currencies for trading.

What are retail investor accounts?

Let’s consider retail investor accounts! Basically, a retail investor is a non-professional investor and an individual investor as it can increase market impact. Different providers have a percentage of retail investor accounts to take the high risk of losing your money.

A retail investor will sell or buy the securities through firms and brokerages such as 401(k)s. Moreover, the investors will not use their own money but invest in other people’s money. That’s how these retail investor accounts lose money within the trading accounts.

Does forex broker lose money?

The market is undoubtedly a high risk. However, the financial services compensation scheme still reduces the risk of losing money rapidly as any regulated broker will offer assisted services. Well, traders go through an intermediary for executing trades. At the same time, some brokers might make hidden fees with gains and losses.

Do you know it’s common to lose money when trading even with the best forex trading platform? Some require a minimum deposit with the currency pair, and the financial conduct authority ensures to save from circumstances. You will not lose money when trading CFDs and get the maximum advantage.