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Best Forex Brokers in Indonesia for 2024

Steven Hatzakis

Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Joey Shadeck

April 26, 2024 has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. Here's how we test.

Trading forex (currencies) in Indonesia is popular among residents. While recommended, forex brokers are not required to become authorised by the Financial Services Authority of Indonesia to accept residents of Indonesia as customers.

The primary Indonesian financial sector regulator is the Financial Services Authority of Indonesia, also known as the Otoritas Jasa Keuangan (OJK) (on twitter at Twitter at @OJKIndonesia). Created in 2011, the OJK’s role is to supervise and regulate Indonesian financial markets, banks, and financial services firms.

Here's a link to the Financial Services Authority of Indonesia webpage on Wikipedia.

Financial Services Authority of Indonesia

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% 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.

Best Forex Brokers Indonesia

To find the best forex brokers in Indonesia, we created a list of all brokers that list Indonesia as a country they accept new customers from. We then ranked brokers by their Overall ranking.

Here is our list of the best forex brokers in Indonesia:

  • IG - Best overall broker, most trusted
  • Interactive Brokers
    - Great overall, best for professionals
  • Saxo - Best web-based trading platform
    - Excellent all-round offering
  • XTB - Great research and education
  • AvaTrade - Great for beginners and copy trading
    - Trusted broker, great research

Indonesia Forex Brokers Comparison

Compare Indonesia authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by my overall rankings of the top forex brokers.

Company Accepts ID Residents Average Spread EUR/USD - Standard Minimum Deposit Overall Rating Visit Site
IG logoIG check 0.98 info £250.00 5/5 Stars
Interactive Brokers logoInteractive Brokers check 0.63 info $0 5/5 Stars Visit Site
Saxo logoSaxo check 1.1 info $0 5/5 Stars check 1.4 info $100 5/5 Stars Visit Site
XTB logoXTB check 1.00 info $0 info 5/5 Stars
AvaTrade logoAvaTrade check 0.92 info $100 4.5/5 Stars
OANDA logoOANDA check 1.57 info $0 4.5/5 Stars Visit Site
FXCM logoFXCM check 0.78 info Starts from $50 4.5/5 Stars
Admirals logoAdmirals check 0.8 info $100 4.5/5 Stars
Pepperstone logoPepperstone check 1.10 info $0 4.5/5 Stars
XM Group logoXM Group check 1.6 info $5 4.5/5 Stars
FP Markets logoFP Markets check 1.1 info $100 AUD 4.5/5 Stars
IC Markets logoIC Markets check 0.62 info $200 4.5/5 Stars
Tickmill logoTickmill check 0.51 info $100 4.5/5 Stars
BlackBull Markets logoBlackBull Markets check 0.76 info $0 4/5 Stars
HYCM (Henyep Capital Markets) logoHYCM (Henyep Capital Markets) check 0.6 info $20 4/5 Stars
HFM logoHFM check 1.2 info $0 4/5 Stars
ActivTrades logoActivTrades check 0.98 info 0 4/5 Stars
Trade Nation logoTrade Nation check 0.6 $0 4/5 Stars
Moneta Markets logoMoneta Markets check 1.38 info $50 4/5 Stars
Eightcap logoEightcap check 1.0 info $100 4/5 Stars
ACY Securities logoACY Securities check 1.2 info $50 4/5 Stars
easyMarkets logoeasyMarkets check 0.8 info $50 4/5 Stars
Spreadex logoSpreadex check 0.81 info $0 4/5 Stars
Octa logoOcta check 0.9 info $25 4/5 Stars
Libertex (Forex Club) logoLibertex (Forex Club) check N/A info $10 3.5/5 Stars

Which forex broker is best for beginners?

IG is the number one forex broker for beginners in Indonesia in 2024. A trusted broker that is highly regulated across the globe, IG delivers well-designed, easy-to-use trading platforms that are packed with advanced trading tools and powerful features. I’ve been reviewing IG for years now, and I continue to be impressed by its dedication to forex education for beginners. IG offers a vast selection of educational resources, including a standalone educational app (the IG Academy app), forex demo accounts, and a wide range of educational content in multiple media formats, such as videos, articles, and quizzes. Learn more about why I’ve rated IG so highly by reading my review of IG.

Check out a gallery of screenshots from IG's educational resources, taken by our research team during our product testing.

schoolNew to forex trading?

Check out our guide to forex trading for beginners. Our forex beginner's guide goes over some forex fundamentals for newer traders, and introduces our picks for the best forex brokers for beginners.

Which broker is best for MT4?

IC Markets stands out as the best option for traders looking to use MetaTrader 4 (MT4) in 2024. IC Markets’ competitive pricing includes low effective spreads and commissions, and a modest minimum deposit requirement. IC Markets’ range of account choices and variety of execution methods make it an excellent option for automated or algorithmic trading on MT4 and MT5. IC Markets also offers various tools and plugins for MetaTrader, and recently expanded its range of markets to offer 3,500 symbols, making it the number one choice in Indonesia.

computerLearn more about MetaTrader

Find out why MetaTrader is one of the most popular trading platforms in the world by checking out our guide to MetaTrader, or read our guide to MetaTrader 5.

What is the best broker for trading forex in Indonesia?

IG is the best broker for Indonesian traders in 2024. IG is a regulated broker that offers forex and CFD trading, and in 2024 it outclassed the competition in nearly every category. Traders in Indonesia will find that IG offers an award-winning mobile app (along with web and desktop platforms), as well as powerful trading tools, in-depth research and educational content, and a wide range of tradeable markets.

Here's a gallery of screenshots from IG's trading platforms taken by our research team during our product testing.

Which Indonesian forex broker has the best mobile app?

I've tested the best mobile trading apps and I've found that IG delivers the best mobile app for forex traders in 2024. When considering every forex broker that accepts Indonesian residents, IG’s smartphone app and overall mobile offering simply outstrips the competition. Indonesian traders that use the IG Trading app gain access to a well-designed platform loaded with sentiment readings, alerts, advanced technical analysis tools, and sophisticated charting capabilities.

Check out a gallery of screenshots from IG's mobile apps, taken by our research team during our product testing.

How to Verify FSA Authorisation

Unfortunately, the FSA does not provide a list of authorized forex brokers; however, residents can contact the FSA directly to verify authorisation.

What protection does the FSA provide forex traders?

The FSA doesn’t offer any protections for forex traders in Indonesia. This is because retail forex trading is not directly regulated in Indonesia – though there are some brokers that are regulated and licensed to offer securities and/or derivatives. Most retail forex brokers that cater to Indonesian residents are operating from outside of the country, which is why it is important to make sure that they are regulated within the countries where they operate – and preferably by trusted jurisdictions.

It’s worth noting that the FSA has released its Capital Market Roadmap for 2023 through 2027, which includes plans to improve market integrity in response to the growth in its local financial markets (it’s estimated that the number of Indonesian investors has grown to over 20 million people).

securityAbout forex regulation:

Check our our Trust Score page to learn more about why choosing a highly regulated forex broker is so important.

What is forex trading?

Forex is a common shorthand for foreign exchange, which – at its most basic – involves exchanging one currency for another. The foreign exchange market is where global currencies are traded against each other at agreed-upon exchange rates. Participants in the forex market may simply need to exchange currencies, but many forex traders are simply speculating on the price direction of currencies for investment purposes.

Every forex transaction has two sides: a buyer and a seller. If you are buying the EUR/USD pair, it’s because another party is selling to you. The symbol (or currency code) on the left side of a currency pair (EUR/USD) denotes what you are buying or selling, and the symbol on the right (EUR/USD) represents the price – or rate – at which the base currency is being bought or sold.

currency_exchangeMore on forex trading:

If you want to learn more about the largest financial market in the world – and see our picks for the best international forex brokers – check out our in-depth guide to forex trading.

Is forex trading legal in Indonesia?

Yes, forex trading is legal in Indonesia. However, there is no regulation of forex trading for local brokers in Indonesia. As a result, much of the forex trading that takes place in Indonesia is provided by international forex brokers that provide their services to Indonesian residents. For this reason, Indonesian residents that are looking to trade forex should always make sure to use a trusted forex broker that is properly licensed in reputable jurisdictions.

Regulation in Indonesia

The regulation of Indonesian financial markets stems from Law No. 8 of 1995 on Capital Markets which pertains to the stock market and securities dealers and does not reference forex brokers. While commodity futures rules are based on the Law No. 10 of 2011 (which amends Law No. 32 of 1997), it neglects to mention forex or CFD trading. The definition of securities excludes derivatives on forex but not derivatives on securities (like share CFDs, for example).

Article 103 under Chapter 15 of the law states that carrying out activities without a permit in the capital markets in Indonesia can result in up to 5 years in jail and a maximum fine of 5 billion Indonesian rupiahs (INR). That said, given the lack of guidelines for forex, many brokers regulated outside of Indonesia continue to accept Indonesian clients.

Only the physical exchange of actual currency is regulated under 23/5/PBI/2021 by Bank Indonesia, as of June 2, 2021. Retail spot forex and CFD trading from a margin account are not formally defined by OJK, with the exception of share CFDs (derivatives on securities). However, the OJK continues to put out public broker warnings from time to time urging the public not to invest with brokers that are not licensed by the OJK in Indonesia.

In addition, the Indonesian Commodity Futures Trading Supervisory Agency, or the Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI), operates under Indonesia’s Ministry of Trade. BAPPEBTI regulates and supervises the rules and regulations of the Futures Exchange and any commodity futures-related activity.

securityWhy regulation is important

Choosing a reputable, well-regulated forex broker is a crucial step towards avoiding forex scams. My educational series dedicated to forex scams shows you how to identify common forex scams and provides helpful information about what to do if you've been scammed. I also explain how crypto enthusiasts and bitcoin traders can spot common crypto scams.

Indonesia’s financial markets

Forex traders might be familiar with the Indonesian rupiah (IDR) – Indonesia’s national currency. The rupiah is divided into 100 units known as sen, although no coins or banknotes currently use that smaller denomination.

Indonesia’s principal stock market – originally the Jakarta Stock Exchange (JSX) – dates back to 1912, established by the Dutch East India Company. In 2007, the JSX merged with the Surabaya Stock Exchange (SSX) to become the Indonesia Stock Exchange (IDX), located in Jakarta.

The IDX exchange lists stocks and equity derivatives among its products, in addition to providing a listing service for bonds, mutual funds, and exchange-traded funds (ETFs).

Bank Indonesia, the Indonesian central bank, regulates and supervises the macroprudential (overall system-wide) health of the financial services sector, and regulates the licensing of banks and payment processors.

What brokers are legal in Indonesia?

Brokers (or, securities companies) that are licensed by Indonesia’s financial markets regulator, the FSA, include stock brokers and banks. These institutions provide capital markets and banking services to Indonesian residents.

It’s important to note that the applicable Indonesian law titled “No.8 of 1995 on Capital Markets” makes no mention of forex or CFD trading, which is why most brokers that offer forex in Indonesia are not regulated by the FSA.

If you reside in Indonesia and choose to trade forex with a broker that is not regulated by the FSA, it’s important to choose a broker that holds multiple regulatory licenses in other trusted jurisdictions to reduce your risk of dealing with a scam broker.

Article Resources

OJK Website, FSA Wikipedia, FSA Contact

Compare Indonesia Brokers

Popular Forex Guides

More Forex Guides

Find the best forex brokers in the Asia-Pacific region



2024 Review Methodology

At, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).

Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.

We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.

Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s overall Trust Score.

All content on is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Generative AI tools are not a part of our content creation or product testing processes. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. Read our Generative AI policy to learn more.

Read our full explanation and accounting of our research and testing process to learn more about how we test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.

About the Editorial Team

Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

John Bringans
John Bringans

John Bringans is the Senior Editor of An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.

Joey Shadeck
Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.