AuthorBy Jeffrey CammackAuthor InformationUpdated: October 29, 2020

The Commodity Futures Trading Regulatory Agency (BAPPEBTI) is the local regulator of financial institutions involved in derivative trading in Indonesia, including Forex brokers who open a dedicated brokerage in the country. Though BAPPEBTI does hold regulatory powers, these are limited when compared to major international regulators.

The Majelis Ulama Indonesia (MUI) council has issued fatwas in relation to Forex trading, but the majority of Indonesian traders do not take these too seriously. The MUI or Ulema Council has no interventive involvement whatsoever in official lawmaking.  That said, in 2015 the MUI issued a fatwa permitting Forex trading as it is not a form of gambling.

While there may seem to be an advantage of your broker being registered with BAPPEBTI, the trading conditions are typically less attractive than those offered by international brokerages. Since Indonesian residents are not legally required to trade with BAPPEBTI-registered brokers, the choice is more open, and traders can register with the broker of their choice.

Best Indonesian Broker

English

Best Forex Brokers in Indonesia 2020

Last updated on 29 Oct 2020
Updated 29 Oct 2020
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Sweden
1
IG Markets
Min. Deposit
GBP 250
4.534.53
Min. Spread
0.6 pips
Fx Pairs
93
REGULATED BY
11110.54.53/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

One of our highest rated brokers, IG Markets is a market-maker with only the single account for Forex trading, but spreads are tight and educational and analytical materials are excellent. A wide choice of platform (including MT4) is also available and customer service is world-class.

With regulation from the FCA and ASIC, and winner of the Broker of the Year 2018 (UK Forex Awards) and Best CFD Provider 2017 (Investment and Wealth Management Awards), IG Markets is an attractive choice for both beginner and experienced traders.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
Read More About IG Markets
2
Pepperstone
Min. Deposit
GBP 200
4.514.51
Min. Spread
Variable pips
Fx Pairs
80+
REGULATED BY
11110.54.51/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

Founded in 2010, Pepperstone is an Australian ECN broker known for tight spreads, ultra-fast trade execution and broad platform support. Pepperstone’s award-winning, 24-hour support provides the foundation for its excellent customer service, where personalised assistance is available via several methods.

As our highest rated pure ECN broker, if you want to pay a small commission for tighter spreads, you won’t find a better broker than Pepperstone.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • High minimum deposit
  • Limited market analysis
Read More About Pepperstone
3
InstaForex
Min. Deposit
GBP 150
3.323.32
Min. Spread
0.0 pips
Fx Pairs
110
REGULATED BY
1110.503.32/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

InstaForex is an award-winning and well-regulated broker offering a wide variety of account types with good trading conditions and a copy-trading service. With three market execution accounts, one of which is specifically built for scalping, and two instant execution accounts with no minimum deposit, InstaForex will appeal to a wide range of traders.

The market analysis and education sections feature regularly updated content for traders of all experience levels and MT4 is fully supported via download and webtrader.

Pros
  • Wide range of assets
  • Copy trading accounts
Cons
  • Limited market analysis
  • Limited education
  • Wide spreads
Read More About InstaForex
4
Exness
Min. Deposit
GBP 1
4.124.12
Min. Spread
0.1 pips
Fx Pairs
120
REGULATED BY
11110.54.12/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

Founded in 2008, Exness is a well-regulated broker with tight spreads and unlimited leverage on a specialist zero account.  With both market and instant execution methods and full support for both MT4 and MT5, there is little to find fault with here – including its well-publicised sponsorship of Real Madrid.

Exceptionally, customer service is available 24/7 and most traders will find something to like from the wide range of account types.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • 24/7 customer service
Cons
  • Limited education
  • Limited market analysis
  • Unavailable in Europe
Read More About Exness
5
FXCM
Min. Deposit
GBP 50
4.134.13
Min. Spread
Variable pips
Fx Pairs
39
REGULATED BY
11110.54.13/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

Founded in 1999, FXCM is an FCA-regulated market marker with tight spreads and support for the MT4 platform.

Though it has a strong focus on educating new traders, FXCM also offers innovative trading tools and a wide range of specialty platforms for experienced traders. Customer support is excellent and FXCM’s flagship platform, Trading Station, has won multiple awards for its intuitive layout and customisability. Traders will also benefit from FXCM’s enhanced execution model across all popular currency pairs and CFDs.

Pros
  • Well regulated
  • Great platform choice
  • Excellent education
  • Innovative trading tools
Cons
  • Limited demo account
Read More About FXCM
6
CMC Markets
Min. Deposit
GBP 5
4.684.68
Min. Spread
0.7 pips
Fx Pairs
330
REGULATED BY
11110.54.68/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

CMC Markets is a large, well-respected and well-regulated market maker broker operating globally from headquarters in London. Spreads and leverage are better than most other market makers and the proprietary New Generation trading platform is well-crafted and recommended for experienced and beginner traders alike. A wide asset choice and responsive customer support are complemented by an excellent education section and deep and insightful market analysis.

If you are a new trader and want a large, respectable broker with an intuitive platform and a large education section, you will do much worse than CMC Markets.

Pros
  • Well regulated
  • Tight spreads
  • Good for beginners
  • Excellent education
  • Excellent market analysis
Cons
  • No swap-free account option
Read More About CMC Markets
7
Go Markets
Min. Deposit
GBP 200
4.134.13
Min. Spread
0.2 pips
Fx Pairs
50+
REGULATED BY
11110.54.13/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

GO Markets was founded in 2006 and was the first Australian broker to use the MT4 platform. Though only two account options are available, one with a dealing desk and wider spreads and the other an ECN with tight spreads and commission, both are competitive.

GO Markets impresses with its suite of trading tools including a free VPS service, Autochartist and Trading Central. A technological innovator, GO Markets works hard to keep low-latency trading, reliable customer service and stable platforms at the core of their offering.

Pros
  • Fast and free withdrawals
  • Wide range of assets
  • Excellent market analysis
  • Innovative trading tools
Cons
  • High minimum deposit
  • No swap-free account option
Read More About Go Markets
8
Amana Capital
Min. Deposit
GBP 200
4.054.05
Min. Spread
0.1 pips
Fx Pairs
54
REGULATED BY
11110.54.05/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

Amana Capital is a very well-regulated broker with a strong focus on new traders; beginners will find a helpful and well-structured education section and relatively tight spreads on its cheapest account – though trading conditions do improve substantially on the more expensive accounts.

We also like that both MT4 and MT5 are supported and that traders have free access to both AutoChartist and Trade Captain – two excellent third-party analysis applications. 

Pros
  • Well regulated
  • Tight spreads
  • Great customer support
Cons
  • High minimum deposit
  • Limited education
Read More About Amana Capital
9
Tickmill
Min. Deposit
GBP 100
4.344.34
Min. Spread
0.0 pips
Fx Pairs
60+
REGULATED BY
11110.54.34/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

Tickmill offers low spreads and commission, fast STP execution on the MT4 platform and has an excellent reputation in the CFD trading industry.

Regulated by the FCA in the UK, CySEC in Europe, and the Seychelles FSA internationally – and a regular winner of trade execution and trading conditions awards – Tickmill has the reputation, and the performance, traders should look for in a broker.

Pros
  • Tight spreads
  • Well regulated
  • Fast and free withdrawals
  • Wide range of assets
Cons
  • MT4 only
Read More About Tickmill
10
IC Markets
Min. Deposit
GBP 200
4.264.26
Min. Spread
0.1 pips
Fx Pairs
60
REGULATED BY
11110.54.26/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

IC Markets presents itself as the best and largest true ECN broker. It is ASIC and CySEC regulated and offers the MetaTrader4, MetaTrader5 and cTrader platforms. IC Markets is highly recommended to both new and experienced traders looking for faster execution and tighter spreads.

Beginner traders will find the IC Markets account structure welcoming and simple to understand. IC Markets understands customer retention involves a combination of tighter spreads, cutting edge technology, fast trade execution and top quality customer service.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
Read More About IC Markets
11
HYCM
Min. Deposit
GBP 100
3.893.89
Min. Spread
0.2 pips
Fx Pairs
38
REGULATED BY
1110.503.89/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

HYCM’s parent company has been involved in asset trading for over 40 years and its various subsidiaries are regulated by the FCA, CySEC and the DFIC. Primarily a market-maker broker, HYCM still offers attractive trading conditions, and has a market-execution account for those who prefer commission over wider spreads.  Support for both MT4 and MT5 is offered alongside a comprehensive market education suite that will be beneficial for all traders.

HYCM offers its clients an opportunity to trade on more than 300 financial instruments including a number of currency pairs, commodities, stocks and cryptocurrencies.

Pros
  • Well regulated
  • Wide range of assets
  • Good range of accounts
  • Fast and free withdrawals
Cons
  • Limited currency pairs
Read More About HYCM
12
OctaFX
Min. Deposit
GBP 50
4.104.10
Min. Spread
0.0 pips
Fx Pairs
28
REGULATED BY
11110.54.10/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

Please note that OctaFX offers a restricted service to residents of the EU or the United Kingdom

OctaFX is an STP broker founded in 2011 that will appeal to all Forex traders, both beginners and professionals.  They have an excellent analytical section and offer a range of useful trading tools such as AutoChartist, copy trading, and an account monitoring service so you can learn anonymously from other successful traders.

Trader education for beginners is well-presented and platform support is almost unbeatable, with MT4, MT5 and cTrader all offered – but platforms are linked to account type and trading conditions.

Pros
  • Great platform choice
  • Fast and free withdrawals
  • Copy trading accounts
Cons
  • Limited education
  • Restrictive account types
Read More About OctaFX
13
FBS
Min. Deposit
GBP 1
3.773.77
Min. Spread
0.0 pips
Fx Pairs
37
REGULATED BY
1110.503.77/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

FBS offers tight spreads, a simple account structure and support for both iterations of MetaTrader; education and market analysis are both excellent and 24/7 customer service is always welcome for beginner traders.

The trading conditions on the Cent Account are exceptional for such a low minimum deposit and should ensure a steady influx of new traders, other accounts are equally impressive – with negative spreads on the ECN account for instance.

Pros
  • Tight spreads
  • Low minimum deposit
  • Excellent education
  • Excellent market analysis
Cons
  • Limited range of assets
  • Extreme leverage
Read More About FBS
14
FP Markets
Min. Deposit
GBP 100
4.074.07
Min. Spread
0.0 pips
Fx Pairs
60+
REGULATED BY
11110.54.07/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

FP Markets is an ASIC-regulated, STP broker with simple account options and an exciting set of tools for traders with higher minimum deposits. Spreads are tight, even on the Standard Account, and the lack of dealing desk intervention for all accounts removes any concern over conflict of interest.

Both the MT4 and MT5 platforms are supported and trader education and market analysis are well-presented, structured and useful. Overall, FP Markets is an excellent choice for beginner and more experienced traders alike.

Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
Cons
  • Expensive withdrawals
Read More About FP Markets
15
Admiral Markets
Min. Deposit
GBP 100
4.184.18
Min. Spread
0.1 pips
Fx Pairs
40+
REGULATED BY
11110.54.18/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

Founded in 2001, Admiral Markets is home to the MetaTrader Supreme Edition and offers reliability, market leadership and modern trading. A global presence, peerless trading education, varied account types and competitive trading conditions have attracted both beginner and experienced traders to the brand.

Additionally, most Admiral Markets customers have free access to Trading Central – providing independent market insight and technical analysis – and the company has one of the best cryptocurrency offerings on the market.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
Cons
  • Expensive withdrawals
Read More About Admiral Markets
16
Vantage FX
Min. Deposit
USD 200
3.783.78
Min. Spread
0.0 pips
Fx Pairs
40
REGULATED BY
1110.503.78/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

A well-respected broker, VantageFX is regulated by the FCA and ASIC – both of which are tier 1 regulatory organisations.  With market execution on all accounts, tight spreads, support for MT4 and MT5, and a healthy welcome bonus, VantageFX is a great place for the serious beginner. 

Customer service is available 24/5 and withdrawals are fast and free of charge, rounding off what we consider to be a solid trading experience.

Pros
  • Well regulated
  • Tight spreads
  • Fast and free withdrawals
  • Great platform choice
Cons
  • High minimum deposit
  • Limited education
Read More About Vantage FX
17
XTB
Min. Deposit
GBP 5
4.384.38
Min. Spread
0.1 pips
Fx Pairs
49
REGULATED BY
11110.54.38/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

Well-regulated, safe and award-winning, XTB is a true leader in the Forex trading industry.

Joining other leading ECN/STP brokers with unbeatable trading conditions, excellent trader education and rock-solid analysis, XTB has also developed an award-winning proprietary trading platform that goes beyond MT4 to offer clients easy-to-use functionality with fast execution speeds.

Pros
  • Well regulated
  • Tight spreads
  • Low minimum deposit
  • Good for beginners
Cons
  • Limited platform choice
Read More About XTB
18
TrioMarkets
Min. Deposit
GBP 500
3.483.48
Min. Spread
0.0 pips
Fx Pairs
63
REGULATED BY
1110.503.48/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

Triomarkets is a respected ECN/STP broker for experienced traders or serious beginners. Offering tight spreads for larger depositors, and both raw and commission-free account types, TrioMarkets continues to maintain a devoted portfolio of clients.

Supporting MT4, with fast and reliable trade execution, plus two different types of algorithmic trading, this CySEC-regulated broker should be considered by those clients who don’t mind the higher minimum deposit.

Pros
  • Tight spreads
Cons
  • High minimum deposit
  • Limited education
  • Limited market analysis
  • Expensive withdrawals
Read More About TrioMarkets
19
GKFX Prime
Min. Deposit
GBP 5
3.533.53
Min. Spread
0.0 pips
Fx Pairs
53
REGULATED BY
1110.503.53/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

GKFX Prime was founded by GKG, a Malta-based Fintech company, in 2012 and is regulated by the BVI’s Financial Services Committee. With, no required minimum deposit, a good range of account types – including fixed spread, variable spread and commission-based ECN – and a decent education section, GXFX Prime are a good choice for new traders.

A number of useful tools are also available, including AutoChartist and Trading Central – alongside ZuluTrade and Autotrade for those who prefer social trading – though support is only offered for MT4.

Pros
  • Innovative trading tools
  • Wide range of assets
  • Low minimum deposit
Cons
  • Expensive withdrawals
  • Limited education
Read More About GKFX Prime
20
Plus500
Min. Deposit
GBP 100
3.693.69
Min. Spread
Variable pips
Fx Pairs
70+
REGULATED BY
1110.503.69/ 5
AlertAll information presented is verified as of the date of the review.Most retail CFD accounts lose money. Your capital is at risk.
Show Details

With 50+ Forex CFD pairs available, tight spreads and fast execution, Plus500 is a popular broker with both its new and long-standing customers.  Even though a lot of effort has been put into creating a user-friendly platform, CFDs are complex financial products, and thus the platform is not suitable for inexperienced traders.

Award-winning customer service is available 24/7 and the Plus500 platform is web-based with no need for any downloads or setup, making this a good provider for those starting out who want to keep it simple. 

Plus500 has one account with a 100 USD minimum deposit requirement and keeps simplicity at the core of its business.

Pros
  • Well regulated
  • Wide range of assets
Cons
  • Limited education
  • Limited account options
Read More About Plus500
21
BDSwiss
Min. Deposit
GBP 100
4.224.22
Min. Spread
1.0 pips
Fx Pairs
50+
REGULATED BY
11110.54.22/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

BDSwiss is a popular and well-regulated broker, based in Cyprus and founded in 2012. It offers a wide range of account types, including a new subscription-based Raw Spread Account, which features very tight spreads and no commission in return for a monthly payment.

MT4 and MT5 are both supported and educational and analytical material are both excellent. More experienced traders will also find a lot to like with the Black Account, including free AutoChartist and one-on-one support.

Overall, BDSwiss is a good choice for all traders and we are curious to see if the low-spread subscription model catches on.

Pros
  • Tight spreads
  • Good for beginners
  • Wide range of assets
Cons
  • Expensive withdrawals
  • Limited market analysis
Read More About BDSwiss
22
Trade.com
Min. Deposit
GBP 100
3.503.50
Min. Spread
1.8 pips
Fx Pairs
55
REGULATED BY
1110.503.50/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

Trade.com is a multi-asset, market maker with MT4 support and a range of account types. Trading conditions are good, and the more expensive account types have very tight spreads. The Micro Account is excellent value and dedicated customer support is available for those with higher minimum deposits.

Regulated by CySEC and the FSCA, Trade.com has committed to a secure system for managing client funds and protecting the brokerage from illegal activity.

Pros
  • Well regulated
  • Wide range of assets
Cons
  • Limited education
  • Wide spreads
Read More About Trade.com
23
IronFX
Min. Deposit
GBP 100
4.194.19
Min. Spread
0.0 pips
Fx Pairs
85
REGULATED BY
11110.54.19/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

With a huge range of account types, a good micro account and over 80 tradeable currency pairs, IronFX has something for everyone. A globally recognised Forex broker with award-winning education and market analysis, IronFX has also recently introduced market execution accounts with ultra-low spreads.

For beginners who want to learn to trade on the MT4 platform, and experienced traders looking for strong international regulation, IronFX is an excellent choice in a broker.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
Cons
  • Expensive withdrawals
Read More About IronFX
24
eToro
Min. Deposit
GBP 200
3.333.33
Min. Spread
1.0 pips
Fx Pairs
47
REGULATED BY
1110.503.33/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

eToro pioneered social trading in 2012 and has been widely recognised for making the social trading experience as smooth and engaging as possible. It has since grown to become one of the largest Forex brokers in the world, and its success has made it clear that many traders view an active and helpful community as an essential part of their trading strategy.

eToro has won multiple awards for innovation, and as cryptocurrencies have become more popular, has introduced a wide variety of cryptocurrency CFDs to traders.

eToro’s trading model is quite different from most other brokers and may take some time to get accustomed to, but if you are looking for a fun and simple social trading experience, then eToro is the broker for you.

Pros
  • Well regulated
  • Good for beginners
  • Innovative trading tools
Cons
  • Limited education
  • Wide spreads
Read More About eToro
25
easyMarkets
Min. Deposit
GBP 100
4.244.24
Min. Spread
0.9 pips
Fx Pairs
103
REGULATED BY
11110.54.24/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

Founded in 2001, easyMarkets has always innovated, introducing tools like negative balance protection and guaranteed stop-loss before anyone else. This innovation has continued with its unique easyTrade, Freeze Rate and dealCancellation tools, all intended to assist new traders and keep trading transparent and simple.

easyMarkets still provides the strong basic services expected from a broker while constantly innovating to meet the greater expectations of the client base.  With simple account types, a strong variety of platforms to support traders, and a 50% deposit bonus for new traders, easyMarkets is easy to recommend.

Pros
  • Well regulated
  • Wide range of assets
  • Innovative trading tools
Cons
  • Limited platform choice
  • Limited account options
Read More About easyMarkets
26
HotForex
Min. Deposit
GBP 5
4.294.29
Min. Spread
0.0 pips
Fx Pairs
51
REGULATED BY
11110.54.29/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

An ECN/STP broker regulated by multiple major authorities including the FCA and CySEC, HotForex has built a reputation among traders for its stable, fair, secure and transparent trading environment. Excellent educational and analytical material is available for both visitors and clients, and customer service is world-class.

Listed as one the Top 100 Companies by World Finance Magazine and with an award for Business Excellence 2015 (World Confederation of Businesses), HotForex is not just celebrated by their industry peers, but also by the financial industry as a whole.

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
Read More About HotForex
27
XM
Min. Deposit
GBP 5
4.384.38
Min. Spread
0.6 pips
Fx Pairs
57
REGULATED BY
11110.54.38/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

XM Group has achieved substantial growth since opening in 2009, earning 1.5 million clients in 196 countries. XM’s operational philosophy is aimed at client satisfaction and low client turnover; they earn client loyalty through award-winning 24/5 personal customer service, varied account types and competitive trading conditions.

Regulated the FCA, CySEC and ASIC and the recipient of many industry awards, XM Group stands out from a crowded field of market maker brokers for their customer service and educational support.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • Dealing desk
Read More About XM
28
MarketsX
Min. Deposit
GBP 250
4.394.39
Min. Spread
0.6 pips
Fx Pairs
50+
REGULATED BY
11110.54.39/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

Marketsx is a premium trading platform. It’s operated by Markets.com and offers traders fast, low-cost trading on over 2,200 financial instruments. Marketsx provides CFD trading on global stock, forex, commodity, indices, cryptocurrency, ETF and bond markets. Clients in the UK can also use spread bets on applicable instruments.

The proprietary Marketx trading platform is packed full of features and trading tools and is optimised for lightning execution. As well as in-depth charting and asset comparison tools, Marketsx also gives traders a wealth of decision-supporting data with sentiment tools, tutorials, and regular live-streamed, expert analysis.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • High minimum deposit
Read More About MarketsX
29
AvaTrade
Min. Deposit
GBP 100
4.184.18
Min. Spread
0.9 pips
Fx Pairs
50+
REGULATED BY
11110.54.18/ 5
AlertAccepts UK Clients. Average spread EUR/USD 0.9 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA. 79% of retail investor accounts lose money when trading CFDs with this provider of retail investor accounts lose money when trading CFDs with this provider.
Show Details

Good value, beginner-friendly and hugely respected all over the world, AvaTrade is one of the most reputable brokers in the industry. With support for the leading trading platforms and top-quality multilingual support, AvaTrade has built a brand on a solid reputation and continues to add to that reputation with the recent addition of AvaProtect – an automated loss-protection tool – to its product lineup.

AvaTrade offers trading in Forex, commodities, cryptocurrencies, exchange-traded funds, options, bonds, and equities and is a good choice for any type of forex trader ranging from beginners to scalpers and intraday traders to long-term traders.

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited education
Read More About AvaTrade

Forex Trading in Indonesia

Like many countries in the region, Indonesia is a relatively new market for Forex CFD trading. That is not to say that Forex trading is not very popular, because it is one of the fastest-growing centres for retail Forex trading in Asia.

Indonesians are legally allowed to trade with both internationally regulated brokers and locally regulated brokers, though locally regulated brokers do have to follow shariah law and are subject to much closer scrutiny by the local regulator.

If you do not want to trade with a locally regulated broker, we always recommend trading with a broker regulated by one of the three major international regulators, these are:

Be aware that many unregulated brokers still operate in Indonesia, so always check your broker’s regulatory status before you make any kind of a financial transaction with a company.

Forex Trading Regulation in Indonesia

The local regulator in Indonesia is called Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI), or the Indonesian Commodities and Futures Trading Regulatory Authority. It was established in 2005 but only started taking steps to regulate Forex trading in 2013, when its powers were expanded and regulatory enforcement became more commonplace.

Following the regulatory overhaul in 2013, internationally regulated Forex brokers were given permission to operate legally in Indonesia, but the government still recommends trading only with those that hold BAPPEBTI licences. International brokers are still expected to follow Indonesian financial law, however.

As the regulator of the derivative sector, BAPPEBTI issues business licenses for all financial bodies involved in derivative trading, investigates license holders suspected of violating financial law, and provides advice on resolving conflicts between client and broker.

BAPPEBTI’s overarching goal is to protect Indonesian citizens from fraudulent activities and provide financial education for potential customers. In order to achieve this goal, broker auditing is carried out during the licence registration process and further inspections are conducted periodically to ensure broker compliance.

All BAPPEBTI registered Forex brokers must operate in accordance with Sharia law. This means that several common aspects of traditional Forex trading are strictly prohibited:

  • No interest or riba to be earned or paid by client or broker
  • No excessive risk or gharar can be taken by the client (as this in direct violation of shariah business practices)
  • No speculation or gambling (as gambling is considered haram under shariah)

While BAPPEBTI does require a licenced broker to have a clear complaints procedure, it does fall short of other regulators when it comes to assisting clients who have been defrauded by criminal brokers. As it stands, there is no avenue for victims of broker scams to reclaim their lost funds, though criminal brokers will be investigated, prosecuted and banned.

While over 60 brokers now hold BAPPEBTI licences, most the larger international brokers have decided against creating local subsidiaries and remain regulated offshore. This is due to the unstable business backdrop in Indonesia and high taxes on local companies, making it a poor cost/value proposition for foreign brokers. As the Indonesian market continues to grow and the government continues to modernise its financial laws, we expect this to change and more international brokers to gain BAPPEBTI regulation.

 

Resources

Featured Brokers

Close
>