Best FOREX Brokers In Indonesia 2024

If you are a FOREX trader who lives in Indonesia, learning about the top FOREX brokers in that country is a surefire way to improve your chances of trading success. Online trading has taken the world by storm, and it is no different in this large island nation. As such, the online broker field is becoming increasingly competitive, with new and seasoned firms competing for your business.

At Arincen, our primary goal is to simplify the trading world and make it easier to participate in and understand. For this reason, we have compiled a list of the best FOREX brokers in Indonesia after conducting a detailed review process with our team of experts. At the end of this article, we will also share our methodology, giving you the scoop on how we arrived at our rankings.

Best FOREX brokers in Indonesia in 2024

Top Tips for Choosing the Best FOREX Brokers in Indonesia

There are many excellent FOREX brokers operating in Indonesia. However, to safeguard your interests, it’s always best to work with a broker with a strong compliance record in this market. To make the right choice, you need to conduct detailed research. Here are the most important factors to consider when selecting a broker:

1. The broker must be regulated by a top-tier regulator, either a local or an international one.

2. The broker should have a competitive fee schedule.

3. The broker must offer a wide variety of financial assets for trading.

4. The broker must have a responsive customer-service team.

5. The broker should have an extensive research and educational offering.

Best FOREX brokers in Indonesia in 2024

With so many selections out there, it's hard to select the right broker. In this case, we've done the work for you. Here is a summary of each broker according to specific criteria, along with their pros and cons

• ICM Capital-91.10: Best Deposit and Withdrawal Broker

• Tradeview - 90.00: Trusted broker that offers very low trading costs as well as comprehensive financial literacy materials for its clients.

• XTB - 85.55: Best Customer Service Broker

• IG - 85.45: Best Regulations Broker plus Convenient Platform

• Saxo Bank - 80.09: Excellent Private Trading Platform

• CMC Markets - 80.07: More than 9,000 Assets

• ThinkMarkets - 80.05: Aimed at the Audience of Traders

What is FOREX, and Why Do We Need a Broker to Trade?

The foreign exchange market is a global marketplace where currencies are bought and sold. This trading is conducted electronically over the counter (OTC), meaning transactions happen via computer networks between traders worldwide instead of on a centralized exchange.

Except for international holidays, the FOREX market operates 24 hours a day, five days a week (Monday to Friday). It is the largest financial market globally. The best FOREX brokers in Indonesia play a vital role in this marketplace by allowing clients to buy and sell through a trading platform. Most trading platforms are accessible in web and mobile formats.

How to Open a Trading Account to Start Trading FOREX

Opening a FOREX trading account is a straightforward process. First, you need to choose your preferred broker and fill out an application form to initiate the account-opening process. As part of the Know Your Customer (KYC) regulations, you will be required to provide two documents - typically this would be your national identity document and proof of address. It is important to note that different brokers may have varied requirements.

Once you submit your application, it usually takes one to two days for your account to be approved. After approval, you can fund your account by making the first deposit. With your account funded, you can start trading.

What Is an Islamic Account?

Indonesia is a majority Muslim country. Traders here will need access to an Islamic account, also known as a "Shariah-compliant" or "swap-free" account. This type of trading account adheres to the principles of Islamic finance. These accounts are designed for Muslim traders who want to participate in the global financial markets without violating Shariah law, prohibiting certain financial transactions. The key features of an Islamic account include:

• no interest

• no excessive uncertainty, and 

• immediate transaction settlement

Investing in companies that deal in alcohol, pork products, or gambling is considered forbidden or "Haram" in Islamic finance. If you want to know more about the list of prohibited items, it is recommended that you seek advice from an Islamic authority. In Indonesia, many traders follow Islamic principles and can only operate through Islamic accounts due to their faith.

Is FOREX Trading Halal?

FOREX trading is widely considered permissible, or halal, in Islam but with certain conditions. Islamic scholars have debated its permissibility, as some aspects need to be adjusted to comply with Shariah law. For instance, charging interest on overnight accounts is prohibited, and excessive uncertainty is not allowed. Transactions must be settled immediately without carrying over to the next day. 

Whether FOREX trading is halal or haram is not straightforward, and scholars have different opinions based on their interpretation of Islamic laws. However, the fact that Shariah-compliant trading accounts exist implies that brokers have modified their products to be religiously acceptable. If you want to learn more about this topic, click here.

How Much Do Beginners Need to Start to Trade?

Getting started in FOREX trading is relatively straightforward and doesn't require a large initial investment. Many best FOREX brokers for beginners offer the option to begin trading with minimal amounts, sometimes as low as $1, although $50 is a more common number. 

To actively participate in trading, you must fund your account with enough money to execute trades. The specific amount you choose is flexible, but it's wise to begin with small transactions. This approach allows you to familiarize yourself with the trading platform and the nuances of the market. As you gain more confidence and experience, you can gradually increase the size of your trades.

How to Start Learning about FOREX Trading

A trading website like en.Arincen.com is a great place to start. Our extensive list of curated articles can give you all the information you need on standard FOREX trading terms, like pips, spreads, leverage, and support and resistance. We have also taken the time to prepare detailed articles on essential topics such as FOREX trading strategies. Also, once on our website, you will find helpful video courses that cover the basics of FOREX trading. With this range of knowledge, you will be well on your way to trading success.

Remember that your broker will generally have developed a detailed education and research repository. That is also an excellent place to bolster your FOREX knowledge, with the extra benefit that your broker’s information will be slanted toward their platform and resources, making it doubly useful.

Can You Trade without Prior Experience?

It is always a good idea to expand your experience in the world of trading. The Arincen network is designed for those without sufficient experience to trade independently. You can easily follow the experts on our network and apply their signals and strategies to your trading account. Additionally, you can review the experts' statistics and trading history to ensure they are suitable for trading your preferred assets. If you only want to trade in gold or any other specific group of assets, you can review the network's best gold-trading experts and traders.

How Do I Choose the Best FOREX Broker in Indonesia?

Indonesia is located in Southeast Asia, comprised of over 17,000 islands. It is not a member of the Gulf Cooperation Council (GCC), as it is geographically and politically separate from the Middle Eastern bloc. Indonesia has a diverse population of over 270 million people, making it the fourth most populous country in the world. Its GDP per capita stands at approximately $4,200, which makes it a middle-income country compared to the wealthiest global economies.

Indonesia's economy is diverse, with significant contributions from such sectors as agriculture, manufacturing, and services, although it does have considerable natural resources, including natural gas and oil. The Indonesian rupiah is the national currency, and its volatility reflects the dynamic nature of Indonesia's developing market economy. FOREX trading is legal and active in Indonesia, attracting many local and international traders.

The Commodity Futures Trading Regulatory Agency (BAPPEBTI) oversees the regulation of FOREX trading in Indonesia. BAPPEBTI regulates all non-banking financial activities. It sets strict guidelines and standards that must be met by FOREX brokers operating in Indonesia, ensuring the transparency and integrity of trading activities and safeguarding investor interests.

For those interested in FOREX trading in Indonesia, it is essential to start by understanding the regulatory landscape and registering with a broker licensed by BAPPEBTI to ensure compliance and security in trading activities.

FOREX Regulations in Indonesia

Trading FOREX in Indonesia is enjoyed by many residents. As we have said, BAPPEBTI oversees the regulation of the FOREX market in Indonesia. As part of its many responsibilities, its primary focus is on ensuring the development of Indonesia’s capital markets. Among other things, it is tasked with enacting consistent regulations and carrying out supervision to ensure fairness, efficiency, and transparency in the Indonesian capital markets.

Understanding the role of regulatory bodies like BAPPEBTI in the FOREX market is crucial if you are interested in trading. Its role is twofold: monitoring and regulating the operational environment in the FOREX market and protecting investors and their investments.

Leverage

Leverage allows you to trade with the broker’s money, meaning you can place larger orders than you would have been able to with your own funds. This is a great way to access a larger share of the market, but it also means you can lose money easily!

Depending on the regulatory framework within which your broker operates, you'll encounter varying leverage rules. Several key regulators have introduced specific guidelines to safeguard retail traders.

In Indonesia, BAPPEBTI does not impose strict leverage limits. Details on leverage levels are also not widely available in the public domain, which normally means that your chosen broker will be best able to guide you on the amount of leverage they are permitted to use. 

Australian Securities and Investments Commission (ASIC) in Australia:

30:1 for major currency pairs

20:1 for non-major currency pairs, gold, and major stock-market indices

10:1 for commodities other than gold and minor stock-market indices

5:1 for equities (stocks) and other underlying assets

Swiss Financial Market Supervisory Authority (FINMA) in Switzerland:

FINMA doesn't specify leverage limits, and neither does ASIC. However, Swiss brokers must strictly adhere to robust capital and risk-management requirements, ensuring they do not offer excessively high leverage that could endanger their financial stability or their clients' funds.

Financial Conduct Authority (FCA) in the UK:

30:1 for major currency pairs

20:1 for non-major currency pairs, gold, and major indices

10:1 for commodities (excluding gold) and non-major equity indices

5:1 for individual equities and other reference values

Commissions and Fees in Indonesia

Trading fees can be tricky to track, so comparing them with industry standards is essential. Here are some costs of which to be aware:

Spreads: 

There are two main kinds of spread: fixed and variable. Generally, the spread refers to the difference between two prices, such as the bid/ask rate in a currency exchange rate. An example of a good spread is 1.4 pips for the EUR/USD (the narrower the better, which means that a spread of 1.4 pips is better than a spread of 2 pips). You can learn more about this concept in this article.

Commission: 

This is the service charge that brokers require to carry out transactions on behalf of their clients.

Rollover fees: 

When you keep a trade open overnight, your broker typically charges a rollover fee for holding your trade open during that time. This is because they take on the risk of the market changing unfavorably. As a Muslim trader, it's important to know that paying conventional rollover fees is not permissible. Therefore, you should only trade with a broker that provides Islamic swap-free trading. Keep in mind that the spreads may be wider in this case.

Withdrawal and deposit fees: 

Some platforms might charge fees for depositing or withdrawing funds. Pay attention to this. It's important to be aware of these and any associated limits or conditions.

Subscription or inactivity fees: 

It's important to note that some platforms may charge monthly fees or fees for inactive accounts. Therefore, it's essential to know these potential costs when choosing a trading platform.

To keep track of your trading expenses, you can follow these steps:

1. Research different brokers and trading platforms. 

2. Compare the fees and charges of each platform. 

3. Choose a platform that offers competitive fees and suits your trading needs. 

Remember that trading fees can significantly impact your trading profits. Thus, selecting a platform that offers competitive fees and suits your trading needs is vital.

Tradable Assets and Instruments

Retail trading offers a diverse range of financial instruments, each with its own set of opportunities and challenges. Here are the most common tradable assets and instruments. Ensure that your broker provides Shariah-compliant trading accounts to trade these financial assets. Also, for Islamic traders, remember that such standard instruments as bonds, futures, and CFDs are not open to you because the nature of these assets is to speculate on underlying assets you do not own or to receive interest, which is Haram.

FOREX:

With the largest trading volume globally, the FOREX market allows traders to speculate on the future movements of currency prices, trading pairs like EUR/USD, GBP/JPY, and many more.

Commodities:

Whether it's precious metals like gold and silver or energy commodities like oil and natural gas, commodities trading offers a chance to profit from the tangible assets that drive global economies. Be sure first to check which ones are Sharia-compliant.

Equities or Stocks:

These represent ownership in a company and constitute one of the most popular avenues for retail traders, given their potential for substantial returns and the thrill of being a part of the corporate world. Remember that, by Shariah finance laws, you cannot invest in companies that deal in gambling or alcohol.

Indices:

These are baskets of stocks representing a particular market or sector, like the S&P 500 or the Nasdaq, giving traders exposure to broader market movements.

Cryptocurrencies:

Digital coins like Bitcoin, Ethereum, and countless altcoins offer both high rewards and volatility.

Payments, Deposits, and Withdrawals in Indonesia

Indonesia's payment deposit and withdrawal process is generally uncomplicated and convenient. The country has a modern financial infrastructure and an advanced banking system, which makes transactions, including withdrawals from brokerage accounts, relatively straightforward for its residents. However, the convenience of conducting withdrawals from your brokerage account in Indonesia depends on several factors. Choosing a broker regulated by a reputable authority, whether in Indonesia or another jurisdiction, is crucial. Regulated brokers tend to have clear procedures for withdrawals that protect both the broker and the client.
Most brokerages offer multiple withdrawal methods, including bank wire transfers, credit/debit card transactions, and even online payment systems. However, the efficiency of these methods can vary, with wire transfers to Indonesian banks typically taking several business days.

FOREX Trading Customer Service

Choosing a brokerage firm that offers excellent customer support 24/7 is important. This includes having easily accessible and knowledgeable representatives who can assist you whenever you need help. The best FOREX brokers in Indonesia for beginners should provide the following services:

• Quick resolution of issues

• Educational support

• Assistance with queries during volatile markets

• Account Security

• Customized advice (although not all customer service desks offer this)

• Technical assistance

• Regulatory compliance queries

Ask Other Traders on Our Network

Arincen has gone to extensive lengths to create an enabling environment of networks, where traders of all backgrounds can take part in a vibrant trading space. After all, Arincen’s goal is to simplify the world of trading. Our website provides an unrivaled slate of tools, like our market-leading signals, rolling news, and a thriving community where traders of all levels of experience can learn and profit from each other.

Technical Aspects of the Broker’s Website

When you share sensitive personal information online, like your credit card details, it's imperative to prioritize cyber security. To ensure your safety, always check for SSL certification and enable two-factor authentication, mainly when signing up for a new website. Additionally, always remember to create a strong password.

What Trading Platforms, Tools, and Features Should a Broker Offer?

When choosing a trading platform, you should consider a range of features that cater to both novice and seasoned traders. Here are some elements to keep in mind:

Shariah-compliant accounts: You should be able to access a swap-free account that complies with Shariah financial law.

Platform accessibility: A top-notch trading platform should offer flexibility in terms of access, whether it's web-based or a downloadable application.

Risk-management tools: Trading inherently involves risks, and a high-quality platform should provide instruments that allow traders to set stop losses, take profits, and other crucial order types.

Technical analysis tools: The platform should have robust technical indicators to help traders make informed decisions.

Customization and user interface: Traders should be able to customize the platform according to their preferences, allowing them to set up their trading environment precisely how they want. We find that the products from the MetaTrader suite, especially MT4, offer excellent features for this purpose.

Performance and reliability: Beginner traders especially need a platform that operates seamlessly with minimal downtimes or glitches. This ensures a smooth trading journey, allowing them to focus on market movements rather than technical hiccups.

Learning and educational resources: The best brokers will offer platforms that are intuitive and come with tutorials, guides, and responsive customer support to assist traders in navigating any challenges they might face.

To choose the perfect trading platform, here’s some solid advice:

• Determine your trading style and needs.

• Research different platforms and compare their features.

• Test the platforms with a demo account to see which one suits you best.

• Choose a platform that offers the features you need and is user-friendly.

• Ensure that the platform is reliable and has a good reputation in the industry.

Remember that the trading platform you choose can significantly impact your trading success, so it's essential to choose wisely.

Which Indonesian FOREX Broker Has the Best Platform?

Many FOREX traders worldwide have become used to MetaTrader’s solid and dependable MT4 platform, which is well-liked with good cause. To learn more about this critical platform, visit our explainer article. However, if you want to try something new that pushes the boundaries of what we accept as possible with a trading platform, you may consider a proprietary platform. We encourage you to try Saxo Bank for its advanced trading features, high-performance tools, and extensive market analysis.

Which Indonesian FOREX Broker Charges the Lowest Fees?

Our research shows that FXDD’s ECN account offers entry-level and elite traders the lowest fees.

Which Indonesian FOREX Broker Offers the Most CFDs?

As a Muslim trader, don't forget that you cannot trade in CFDs because, according to Islamic law, you do not have a substantial enough stake in the transaction if you do not own the underlying assets. But it's good to know how different brokers compare concerning CFD coverage, which can be a proxy for their overall performance. For brokers that deal in the most CFDs, look no further than CMC Markets and IG, which offer extensive CFD selections.

Which Indonesian FOREX Broker Offers the Most Assets?

According to Arincen’s research, CMC Markets and IG are the FOREX brokers that offer the broadest and most comprehensive range of financial assets.

Which Indonesian FOREX Broker is Best for Professionals?

Professional traders are primarily clear about their requirements. They usually won’t settle for a substandard platform or experience. They are also searching for a platform with in-depth market analysis and advanced indicators to help them make better decisions. In this case, you should look to brokers that use MT4, an industry stalwart that offers all of the above.

FOREX Trading Scams and How to Avoid Them

BAPPEBTI has implemented several measures to protect traders from scams in retail trading:

The regulator ensures that only the best FOREX brokers can operate in its market. It does this by mandating that brokers meet minimum capital, manpower, and technical requirements. Brokers must also submit daily, monthly, quarterly, and annual transaction reports to BAPPEBTI for supervision.

Any changes to systems, processes, or trading rules must be approved by BAPPEBTI. Brokers must organize seminars, workshops, and training on trading, with materials submitted to BAPPEBTI for approval.  This is most relevant to crypto but can also apply to FOREX.
Brokers failing to comply with BAPPEBTI's obligations can face such sanctions as written warnings, fines, suspension of activities, or revocation of registration. By implementing these measures, BAPPEBTI aims to protect traders from unethical practices, fraud, market manipulation, and other scams in the Indonesian trading markets.

Who Is Arincen and What Do We Do?

Arincen is a social networking platform that connects traders and experts worldwide, facilitating the exchange of expertise and ideas. We offer a comprehensive suite of services and tools to evaluate the best FOREX companies, which can be accessed via a computer or mobile app. The platform is designed to be user-friendly and allows you to create your own private portfolio of traders and experts whose recommendations and investment sentiments you can follow.         

Further, thanks to Arincen, users can watch market-price developments and the latest news. They can also benefit from the network’s educational courses and exciting webinars—all done in a modern and fast-paced work environment. Get all that you need in one place. Our motto: We Meet to Simplify the Trading World.

Conclusion

Starting your FOREX trading journey can be an exciting experience. However, it's important to prioritize your safety by ensuring that the best FOREX broker in Indonesia you choose is legally licensed and well-regulated.

Also, it's crucial to thoroughly evaluate the broker's tools, platforms, and reputation. You should also verify if the broker can provide customer service in your local language, especially when needed. If you're unsure what steps to take while selecting the best online brokers in Indonesia, refer to this and our other articles for guidance.

Arincen’s Review Methodology

The team at Arincen collected more than 120 pieces of data covering more than 100 licensed FOREX companies. Data collection was done in three ways:

1. Companies’ websites.

2. Other websites that have ranked FOREX companies.

3. A survey questionnaire (Survey “1”) was sent to the companies invited to participate in the exercise. We identified 13 criteria for our assessment, each containing several aspects and carrying its own weight. These include licensing, deposits and withdrawals, and the number of assets.    

Afterward, we validated the data by:

1. Registering with FOREX companies as a secret shopper and/or as Arincen.

2. Survey number “2,” in which we asked these companies’ customers for meaningful feedback and experience.

The next step was to evaluate and rank each company, relying on the demanding work of 15 Arincen employees. We carefully ensured the most accurate assessment possible, including considering different languages and the various mobile app operating systems, e.g., Apple, Samsung, etc.
To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies to evaluate our research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept the margin of error to a minimum, a measly 1%. Please click here to learn more about how we came up with the evaluation.