| Updated: May 15, 2024If you are on the search for the best web-based broker catering to Indonesian traders, we would like to present you with some of the best trading websites operating in Indonesia. The reason why you can trust us is the thorough research our team of experts has done, opening real-money accounts with each of the brands below and exploring the full range of possibilities traders can enjoy while trading with any of these brokers.
Fusion Markets74-89% of retail CFD accounts lose money
easyMarkets71% of retail investor accounts lose money
eToro51% of retail investor accounts lose money
City Index69% of retail investor accounts lose money
Global Prime74-89% of retail CFD accounts lose money
BlackBull Markets
Tickmill70% of retail investor accounts lose money
AxiThe vast majority of retail client accounts lose money
XM Group72.82% of retail investor accounts lose money
Iron FX67.62% of retail investor accounts lose moneyIndonesian Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. Fusion Markets | 1409 | 4.8 ⭐ |
| 2. easyMarkets | 1618 | 4.5 ⭐ |
| 3. eToro | 22902 | 4.2 ⭐ |
| 4. City Index | 314 | 4.2 ⭐ |
| 5. Global Prime | 100 | 4.1 ⭐ |
| 6. BlackBull Markets | 34 | 3.6 ⭐ |
| 7. Tickmill | 525 | 3.4 ⭐ |
| 8. Axi | 1436 | 3.3 ⭐ |
| 9. XM Group | 561 | 2.7 ⭐ |
| 10. Iron FX | 0 | N/A ⭐ |
Indonesian Forex Brokers Ranked by Spread Commission
| Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
|---|---|---|---|---|
| 1. Tickmill | 0.1 | 0.1 | 0.4 | 0.3 |
| 2. BlackBull Markets | 0.1 | 0.2 | 0.7 | 0.4 |
| 3. Fusion Markets | 0.11 | 0.13 | 0.15 | 0.11 |
| 4. Global Prime | 0.13 | 0.28 | 0.28 | 0.22 |
| 5. Iron FX | 0.7 | 0.4 | 0.9 | 0.8 |
| 6. easyMarkets | 0.7 | 1.0 | 1.0 | 0.9 |
| 7. XM Group | 0.8 | 0.9 | 1.5 | 0.9 |
| 8. eToro | 1.0 | 1.0 | 1.5 | 2.0 |
| 9. City Index | 1.1 | 1.8 | 1.6 | 2 |
| 10. Axi | 1.2 | 1.4 | 1.1 | 1.2 |
Indonesian Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. easyMarkets | $0 |
| 2. eToro | $0 |
| 3. Iron FX | $0 |
| 4. City Index | $0 |
| 5. Fusion Markets | $0 Classic Account, $4.50 round turn on Zero Account |
| 6. Tickmill | $0 on Classic Account; $3 per side on Raw Account |
| 7. BlackBull Markets | $0 Standard; $6 per lot Prime; $4 per lot Institutional |
| 8. Global Prime | $0 Standard Accounts; $7 round turn on Raw Accounts |
| 9. XM Group | $0 Ultra Low Micro and Ultra Low Standard Accounts; $3.50 per side XM Zero Account |
| 10. Axi | $0 on Standard Account; $7 round trip on Pro Account |
Important Note: Being a predominantly Islamic country, Indonesia has a specific definition for legal and regulated forex trading. To ensure proper regulation of the overall financial market in the Asian country, the Financial Services Authority of Indonesia, known as Otoritas Jasa Keuangan (OJK) oversees the operations of financial entities, including forex brokers operating in the territory of Indonesia.
Meanwhile, brokers who wish to operate in the territory of Indonesia are required to receive permission from the Commodity Futures Trading Regulatory Agency, also referred to as BAPPEBTI (Badan Pengawas Perdagangan Berjangka Komoditi). To learn more about the local financial regulators in Indonesia, we recommend visiting the OJK and BAPPEBTI official websites.
Top 10 FX Brokers in Indonesia
Fusion Markets Broker Details Regulators ASIC, FSA (Seychelles), VFSC (Vanuatu) Min Deposit $0 Trading Platforms MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade Trustpilot Rating 4.8 out of 1409 reviews Number of Forex Pairs to Trade Over 200 Leverage Forex & Metals: 30:1
Index CFDs: 5:1
Cryptocurrencies: 2:1Spread EURUSD: 0.11
USDJPY: 0.13
EURGBP: 0.15
GBPUSD: 0.11Forex Commission per Lot per Trade $0 Classic Account, $4.50 round turn on Zero Account Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire Withdrawal Methods Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple Founded by Australian trading experts, Fusion Markets was launched in 2017 and is currently one of the top destinations for traders all over the globe. While it is common for brokers to advertise low spreads, Fusion Markets was actually recognized by Brookerchooser, receiving the award “Lowest Spread Forex Broker” four years in a row.
In addition to offering traders tight spreads, Fusion Markets is committed to offering the best value for your trading, charging a significantly low commission of only $2.25 per lot ($4.50 per side). As you can see, const-effectiveness is one of the main values of this top-shelf broker.
Safety is always a priority for Fusion Markets, with major regulatory bodies like the Australian Financial Services (license No.385620), the Financial Services Authority of Seychelles (license No.SD096), and authorities in Vanuatu regulating the services provided by the broker. Under ASIC’s (Australian Securities & Investments Commission) regulation, the broker also provides a negative balance protection to some of its clients.
With no minimum on deposits and a wide range of popular trading platforms like MetaTrader4, MetaTrader5, cTrader, and more, it is no surprise that Fusion Markets is one of the top choices of traders. With an average score of 4.6 out of 5 on Trustpilot, this broker has received an Excellent rating from more than 1,300 happy customers.
Key Pros
- Offers some of the lowest spreads
- ASIC clients enjoy a negative balance protection
- Supports popular trading platforms
- Offers two copy trading platforms
- Supports fiat and crypto payment solutions
Key Cons
- Does not offer investor protection
- Traders outside Australia have no negative balance protection
- Cannot set up an account in a minor currency
Global Prime Broker Details Regulators ASIC (No. 385620), VFSC (No. 40256) Min Deposit $0 Trading Platforms MT4 Desktop, MT4 Webtrader, MT4 Android Trustpilot Rating 4.1 out of 100 reviews Number of Forex Pairs to Trade 56 Leverage Forex & Metals: 500:1
Index CFDs: 100:1
Cryptocurrencies: 10:1Spread EURUSD: 0.13
USDJPY: 0.28
EURGBP: 0.28
GBPUSD: 0.22Forex Commission per Lot per Trade $0 Standard Accounts; $7 round turn on Raw Accounts Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, Fasapay, VNPay, Pagsmile, BPay, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, Crypto Withdrawal Methods Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies
Global Prime is a reliable brokerage that has been providing low-cost trading services since 2010. Regulated by the watchdogs of Vanuatu and Australia, the broker facilitates trading with over 150 financial instruments, including indices, bonds, commodities, cryptocurrencies, and more than 50 currency pairs. Major-pair spreads on raw accounts start at zero pips, with most orders being executed within 10 milliseconds on average. The broker works with MT4 only but plans to soon expand its range of supported platforms with cTrader, MT5, and TradingView.
These excellent trading conditions, coupled with a streamlined registration process, fee-free transactions to and from customer accounts, and round-the-clock support, have earned the broker a solid 4.1 score on Trustpilot. Still, there is scope for improvement as the company offers no cent and swap-free accounts for Islamic customers. The broker has no compensation scheme for client funds, either, which is yet another area Global Prime could improve in.
Key Pros
- Overseen by a top-tier financial regulator (ASIC)
- No fees on deposits and withdrawals
- Low fees for FX trading
- Streamlined sign-up process
- A broad range of currency pairs
Key Cons
- Could use more trading platforms
- A limited range of educational resources
- Does not offer Islamic or cent accounts
XM Group Broker Details Regulators FCA (ref. no. 705428), (ASIC) (ref. No. 443670), FSC (license no. 000261/397), DFSA (ref. no. F003484), CySEC (license no. 120/10), MiFID, CFTC Min Deposit $5 Trading Platforms MetaTrader 4 and 5, MetaTrader 4 and 5 on mobile, MT4 WebTrader, MT5 WebTrader, MT$ Multiterminal Trustpilot Rating 2.7 out of 561 reviews Number of Forex Pairs to Trade 50+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.8
USDJPY: 0.9
EURGBP: 1.5
GBPUSD: 0.9Forex Commission per Lot per Trade $0 Ultra Low Micro and Ultra Low Standard Accounts; $3.50 per side XM Zero Account Deposit Methods Visa, Mastercard. Skrill, Bank Transfer, Neteller, Apple Pay, Google Pay, UnionPay, Maestro Withdrawal Methods Visa, Mastercard, China Union Pay, Skrill, Neteller, Bank Transfer Since its inception in 2009, XM managed to attract over 10,000,000 customers, providing the best trading experience for traders online. There are quite a few reasons for so many people trusting XM, with tight spreads and cost-effective pricing being just a few of them. Operated by Trading Point of Financial Instruments Ltd, the broker is regulated by major authorities like the FCA, CySEC, IFSC, ASIC, and many more reputable regulators.
The brand offers more than 10 full-feature trading platforms that include the MetaTrader 4 and MetaTrader 5 platforms adapted for mobile trading on Android and iOS devices. Mt4 WebTrader, M5 WebTrader, and MT4 Multiterminal are also among the platforms available to XM traders, making trading equally easy and intuitive for any type of trader.
No matter the account type you opt for, the least amount you are required to deposit to your XM account is $5, with the same limit also imposed on your withdrawals from XM. Conveniently enough, the brand supports a variety of banking methods, with bank cards, e-wallets, and bank transfers being among the solutions one can use to handle their XM balance.
Key Pros
- Traders can choose from over 10 platforms
- Covers a great number of currency pairs
- Regulated by major authorities
- Offers smooth trading on the go
- Supports different account types with tight spreads and low fees
Key Cons
- Trading platform’s design seems outdated
- Not listed on stock exchange
- Charges an inactivity fee
easyMarkets Broker Details Regulators CySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), and FSC (license no. SIBA/L/20/1135). Min Deposit $100 Trading Platforms easyMarkets, MetaTrader 4, MetaTrader 5, TradingView Trustpilot Rating 4.5 out of 1618 reviews Number of Forex Pairs to Trade 60+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.7
USDJPY: 1.0
EURGBP: 1.0
GBPUSD: 0.9Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer Withdrawal Methods Visa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer Starting in 2001, nowadays, easyMarkets is one of the top brokers that cater to the preferences of a wide range of traders, with several licenses authorizing the brand to operate in multiple markets. To ensure traders’ safety, the broker is regulated by authorities like CySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), and FSC (license no. SIBA/L/20/1135).
Being among the pioneers in online trading, easyMarkets was the first one to introduce advanced tools like dealCancellation, Freeze Rate, and Inside Viewer. As for the platforms available to members of the broker, first, we would like to highlight the easyMarkets platform, which boasts a simple design and a selection of advanced trading tools that will appeal to experienced traders. Meanwhile, there is also the alternative to use platforms like MetaTrader 4 and 5 as well as TradingView. Mobile trading is also very accessible thanks to the dedicated easyMarkets app available to both Android and iOS users.
Competitive spreads and low fees are also among the features that make easyMarkets a preferable destination for a large number of traders. The company enjoys an average score of 4.6 out of 5 on Truspilot’s review platform, further cementing the broker’s reputation. Going live requires a minimum deposit of only $100, with the broker supporting a wide selection of deposit methods.
Key Pros
- Offers tight spreads and low fees
- Supports trading of over 60 currency pairs
- Regulated by several reputable authorities
- Supports a wide range of payment methods
- Offers a proprietary platform
Key Cons
- Number of supported products is somewhat limited
- Does not offer copy trading platform
- Traders from certain countries may have access to fewer payment methods
eToro Broker Details Regulators FCA, CySEC, ASIC, MFSA, ADGM, FSA, FINRA/FinCEN Min Deposit $10 Trading Platforms eToro Investing, eToro App, TradingView, eToro CopyTrader Trustpilot Rating 4.2 out of 22902 reviews Number of Forex Pairs to Trade 55 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1.0
USDJPY: 1.0
EURGBP: 1.5
GBPUSD: 2.0Forex Commission per Lot per Trade $0 Deposit Methods eToro Money, Visa, Mastercard, Neteller, PayPal, Skrill, iDeal, Klarna, Bank Transfer, Trustly, Przelewy24 Withdrawal Methods PayPal, Skrill, Visa, Mastercard, Neteller, Trustly, Bank Transfer Launched in 2007, eToro is home to a global investment community of more than 30 million customers. The company operates with licenses from tier-one financial regulators like CySEC, ASIC, and FCA. The brokerage provides a varied range of tradable instruments, including 55 currency pairs, 32 commodities, 21 equity indices, and thousands of stocks. Cryptocurrency, ETF, and NTF trading is also possible via the platform.
Forex traders will benefit from spreads as low as a single pip on major pairs like the EUR/USD. Unlike many rival brokers, eToro charges no commissions on currency trades. All costs and fees are built into the spreads instead. The broker’s proprietary platform is well-designed and user-friendly enough to accommodate novice and versed traders. Another thing that distinguishes eToro from rival brokerages is its social and copy trading platform that leaves the competition in the dust with its superior features.
Key Pros
- Offers trading with over 5,000 instruments
- Ideal for social and copy trading
- No commissions on forex trades
- Effortless registration process
- Offers negative balance protection
Key Cons
- Withdrawals are subject to additional processing fees ($5)
- USD is the only base account currency
- Charges inactivity fees on dormant accounts
Tickmill Broker Details Regulators CySEC (No. 278/15), FCA (733772), CONSOB (No.4310), BaFin (No.146511), ACPR (No.75473), CNVM (No.4082), FSA Seychelles (SD 008), FSCA (FSP 49464) Min Deposit $100 Trading Platforms MT4, MT5, WebTrader, ZuluTrade Trustpilot Rating 3.4 out of 525 reviews Number of Forex Pairs to Trade 62 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.1
USDJPY: 0.1
EURGBP: 0.4
GBPUSD: 0.3Forex Commission per Lot per Trade $0 on Classic Account; $3 per side on Raw Account Deposit Methods Bank Transfer, Skrill, Mastercard, Visa, PayPal, Przelewy24, Neteller, Trustly Withdrawal Methods Mastercard, Visa, Skrill, Neteller, Przelewy24, PayPal, Bank Transfer ickmill is a multi-licensed broker with over 780,000 registered customers worldwide. It provides low-cost trading with over 180 financial instruments, including currency pairs, equity indices, commodities, cryptocurrencies, bonds, and stocks. Raw spreads start at zero pips for FX majors, with nominal commissions on Raw accounts. It is also worth mentioning that Tickmill is one of the few online brokers to issue no requotes. It receives heaps of praise for delivering some of the fastest execution times in the industry, filling client orders within 0.20 seconds on average.
The brokerage supports trading via the robust MT4 and MT5 platforms, with customers facing a choice from their downloadable and web-based versions. Clients interested in dipping their toes in copy trading can conveniently connect their Tickmill accounts to the ZuluTrade platform. Tickmill keeps client funds in segregated accounts and maintains insurance against insolvency with Lloyds Bank despite boasting sufficient liquidity to weather hard times. On the downside, bank-transfer deposits incur additional fees when below the $5,000 threshold.
Key Pros
- Offers swap-free accounts for Islamic customers
- No commissions on FX trades via Classic accounts
- Global presence in over 180 countries
- FX spreads from zero pips on Raw accounts
- Swift order execution with no requotes
Key Cons
- Could use more base account currencies
- Bank-transfer deposits below $5,000 incur extra fees
City Index Broker Details Regulators FCA (No. 446717), CySEC (No. 400/21), MAS, ASIC Min Deposit $0 Trading Platforms MT4, WebTrader, Trading App, TradingView Trustpilot Rating 4.2 out of 314 reviews Number of Forex Pairs to Trade 84 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1.1
USDJPY: 1.8
EURGBP: 1.6
GBPUSD: 2Forex Commission per Lot per Trade $0 Deposit Methods Visa, Visa Electron, Mastercard, Maestro, PayNow, Bank Transfer, Online Banking, PayPal, PayID, BPAY, EFT Withdrawal Methods Mastercard, Visa, Visa Electron, Maestro, PayPal, Bank Transfer City Index gives traders access to over 6,000 financial markets tradable at highly competitive pricing. Established in 1983, the company has a long track record of delivering low-cost trading with a varied range of financial instruments, including forex, stocks, equity shares, hard and soft commodities, bonds, and options. Spread betting is also available to customers from specific jurisdictions. City Index offers a superb proprietary web-based trading platform, although third-party software like MetaTrader 4 and TradingView also pose viable options for registered customers.
Over 80 major, minor, and exotic currency pairs are available to FX traders at City Index. Average spreads go as low as 0.5 pts, with no commissions on spot forex trades and forex CFDs. The broker enjoys an excellent reputation for delivering lightning-fast order execution, with few to no requotes. Currency-pair orders are filled within 0.02 seconds on average. City Index is overseen by ASIC, FCA, and CySEC and provides tier-1 bank liquidity. Its parent company (StoneX Group) is publicly listed on Nasdaq, further adding to the broker’s excellent reputation.
Key Pros
- No commissions on spot forex and CFD trades
- Lightning-fast speed of order execution
- Long track record spanning over 40 years
- Over 1 million registered customers
- Excels in delivering quality educational content
Key Cons
- No support for MT5 for the time being
- Higher min. deposit requirements compared to rival brokers
- Stores client funds in top-tier banks like J.P. Morgan
BlackBull Markets Broker Details Regulators SFSA (No. SD045), FMA (No. FSP403326) Min Deposit $0 (Standard)$2,000 (Prime)$20,000 (Institutional) Trading Platforms MT4, MT5, TradingView, cTrader, MT WebTrader, BlackBull Shares, BlackBull CopyTrader, BlackBull Trade Trustpilot Rating 3.6 out of 34 reviews Number of Forex Pairs to Trade 70+ Leverage Forex & Metals: 500:1
Index CFDs: 500:1
Cryptocurrencies: 500:1Spread EURUSD: 0.1
USDJPY: 0.2
EURGBP: 0.7
GBPUSD: 0.4Forex Commission per Lot per Trade $0 Standard; $6 per lot Prime; $4 per lot Institutional Deposit Methods Visa, Mastercard, Neteller, Airtm, Skrill, Bank Transfer, HexoPay, American Express, POLi, Payment Asia, Help2Pay, FXPay, Fasapay, China Union Pay, Boleto, AstroPay, Beeteller, Bitcoin, Ethereum, Tether, Ripple, Litecoin, Bitcoin Cash, Chainlink, USD Coin, Stellar Withdrawal Methods Visa, Mastercard, Bank Transfer, Airtm, Skrill, Neteller, American Express, POLi, HexoPay, Payment Asia, Help2Pay, FXPay, China Union Pay, Boleto, Fasapay, Beeteller, AstroPay, Bitcoin, Litecoin, Bitcoin Cash, Tether, Ripple, Stellar, Chainlink, Ethereum, USD Coin Founded in 2014, BlackBull Markets takes the lead when it comes to tradable asset diversity, providing a choice from a whopping 26,000 financial instruments. The broker caters to forex traders with over 70 major, minor, and exotic currency pairs tradable via three types of ECN accounts (Standard, Prime, and Institutional). Commodities, shares, indices, and futures can also be traded at BlackBull Markets.
The Seychelles-licensed broker offers relatively reasonable trading conditions, although the exact trading costs largely depend on what type of live account you open. Customers looking to trade commission-free can do so via ECN Standard accounts, where spreads generally start from 0.8 pips and there are no minimum deposit requirements. ECN Prime and ECN Institutional accounts are suitable for seasoned and high-volume traders. Both account types incur above-average commissions per lot.
Customers with live accounts can top up their balance with cards, digital wallets, online banking gateways, bank transfers, and cryptocurrencies. While deposits come at no extra cost, the New Zealand-based broker charges a $5 processing fee on all withdrawals, regardless of the payment method used.
Key Pros
- Uses proprietary copy-trading platform
- Swap-free trading via ECN Standard and Prime accounts
- Multi-platform support
- Provides a 24/7 customer support service
- Great Education Hub for traders looking to hone their skills
Key Cons
- High commissions per lot on Prime and Institutional accounts
- Charges a $5 fee on withdrawals
Axi Broker Details Regulators FSA, FCA, CySEC, DFSA, ASIC Min Deposit $0 Trading Platforms MT4 Desktop, MT4 WebTrader, Axi Mobile Trustpilot Rating 3.3 out of 1436 reviews Number of Forex Pairs to Trade 80 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1.2
USDJPY: 1.4
EURGBP: 1.1
GBPUSD: 1.2Forex Commission per Lot per Trade $0 on Standard Account; $7 round trip on Pro Account Deposit Methods Visa, Mastercard, Bank Transfer, Neteller, Skrill, AstroPay, Fasapay, Przelewy24, Boleto, Pix, Bitcoin, Ethereum, Ripple, Litecoin, Tether, Stellar Withdrawal Methods Mastercard, Visa, Bank Transfer, Przelewy24, Fasapay, Skrill, AstroPay, Pix, Boleto, Neteller, Bitcoin, Ripple, Ethereum, Litecoin, Tether, Stellar Since 2007, Axi has served 60,000 traders from more than 100 countries, offering low-cost trading with over 290 financial instruments across five major asset classes. The company carries licenses from Australia’s ASIC, New Zealand’s FMA, and the UK’s FCA. It enjoys a fine reputation among traders worldwide and has not seen any controversies.
The Sydney-based broker caters to customers with over 70 currency pairs and charges no commissions on FX trades conducted via Standard retail accounts. Commissions are in place only on Pro and Elite accounts but fall within the industry averages. Hard and soft commodities, equity indices, cryptocurrencies, and stocks are tradable at favorable conditions and low pricing via the MT4 platform.
Leverage caps are jurisdiction-specific, with customers in some countries benefiting from leverage ratios of up to 500:1. Multiple base currencies are available for retail accounts, allowing traders to save on currency conversion fees. The broker caters to its international client base with over a dozen payment methods. Using payment solutions like Fasapay and Boleto is restricted to specific regions only.
Key Pros
- Provides multilingual customer support
- Standard and Pro accounts available in 10 base currencies
- No minimum deposit requirements on Pro and Standard accounts
- Over 70 FX pairs tradable from zero pips
- Swift order execution and tight spreads
Key Cons
- A limited choice of trading platforms
- Below-average number of tradable symbols
Iron FX Broker Details Regulators FCA (licensing no. 585561), FSCA (licensing no. 45276) Min Deposit $100 Trading Platforms MetaTrader 4, WebTrader, VPS, PMAM, TradeCopier, Mobile App Trustpilot Rating N/A out of N/A reviews Number of Forex Pairs to Trade 80+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.7
USDJPY: 0.4
EURGBP: 0.9
GBPUSD: 0.8Forex Commission per Lot per Trade $0 Deposit Methods Visa, MAstercard, Bank Wire, Skrill, Neteller, China Union Pay, Fasapay, Perfect Money, Bitwallet, Paysafecard Withdrawal Methods Bank Wire Founded in 2010, Iron FX is a broker with extensive experience in the trading field, offering traders a vast selection of products. Providing CFDs on forex pairs, commodities, indices, shares, and futures, this online brokerage is a great place for a vast variety of traders. With seven different types of accounts, members of Iron FX can pick the option that suits their preferences the best, with each of the account types offering either low or low fees that offer the best value for your trading.
Unfortunately, while Iron FX was regulated by the Cyprus Securities and Exchange Commission (CySEC), its Bermuda entity currently holds no license authorizing its operations. Meanwhile, its UK and South African entities are regulated by the Financial Conduct Authority (FCA) and the Financial Sector Conduct Authority (FSCA), respectively. We would also like to highlight the company’s dedication to traders’ safety, with Iron FX utilizing enterprise-class security tools to keep you and your money safe.
Members of the broker will have access to trading platforms like MetaTrader 4, WebTrader, VPS, PMAM, and TradeCopier as well as the mobile app of Iron FX that enables seamless trading on the go. To fund your account, you are required to deposit $100, which is the minimum required for the standard account type.
Key Pros
- Offers a wide selection of trading instruments
- Supports several popular trading platforms
- Enables easy trading on the go via dedicated app
- Supports various deposit methods
- Traders can choose from 7 different account types
Key Cons
- Bahamas entity operates with no license
- Trustpilot score not available due to many fake review detected
- Withdrawals are possible only via bank wire
Is Forex Trading Legal in Indonesia?
Unlike Europe, Asia does not host that many regions that have legalized and properly regulated forex trading. While it is still fairly new, forex trading has started gaining more popularity in Indonesia. Its legal status, however, is somewhat complex, and with local regulatory limitations, many traders might choose to invest, buy, and sell currency pairs with offshore brokers.
While forex trading is legal and regulated in Indonesia, it is considered a legal form of trading only when performed under specific regulations. With the majority of Indonesians being Muslims, trading currency pairs is considered halal only when traders are using special Islamic accounts to do their trading.
Indonesian traders can open trading accounts with brokers regulated by the OJK and the BAPPEBTI, it is also possible to register with an offshore broker regulated by other authorities. However, these brokers must be also operating in accordance with the specific regulations implemented by the Indonesian authorities. That means that offshore brokers can cater to Indonesian traders only if they are offering them the option to open so-called Islamic or swap-free trading accounts.
The Indonesian regulators are responsible for ensuring a secure and fair trading environment for forex traders reading in Indonesia. That said, the local authorities are implementing robust regulations to reduce the risk related to trading activities, which may sometimes limit access to some products and markets. That is the reason for many Indonesian traders to choose offshore brokers that may offer a wider selection of markets and trading options.
BAPPEBTI Regulation Info
While the OJK is the regulatory body that oversees the operations of entities offering financial services in Indonesia, in order to be eligible to offer trading services to Indonesian residents, brokers are required to obtain a BAPPEBTI license. To do that, companies must meet several conditions that ensure compliance with local regulations and a specific financial system that guarantees operations compliant with the Sharia Law.
License applicants are asked to provide proof of financial stability, with a specific operational minimum capital requirement ensuring clients’ protection. The minimum capital that traders must guarantee in order to obtain a license depends on the types of services they will offer as well as the trading volume of the brokerage company.
The documents that applicants are required to submit when applying for a BAPPEBTI license include information about the structure of the entity, a detailed business plan, strategies for risk management as well as compliance procedures. Once a license application has been submitted by a trading company, the regulator conducts stringent due diligence checks and audits of the entity. These steps ensure that only reputable forex brokers will be allowed to join the Indonesian market.
How Can I Verify BAPPEBTI Authorization?
If you want to be certain that the broker you have chosen is regulated by the local authorities in Indonesia, you can easily verify the company’s license. Whenever you choose a brand, you can check at the bottom of its home page for any information related to its regulators and trading licenses. If the broker has been licensed by the BAPPEBTI, you should be able to see the logo of the agency as well as the information related to the serial number of the license issued to the company.
Since the OJK is also responsible for the regulation of trading operations in Indonesia, there should also be information about the company being authorized to operate by the OJK. One can also verify a brand’s license and regulation by visiting the official website of BAPPEBTI and looking for the official registry listing all licensed Indonesian companies offering forex trading and other financial services.
Are My Funds Safe with Forex Brokers in Indonesia?
If you are wondering how safe trading with Indonesian brokers is, you can rest assured that your funds are always handled with extra care by regulated Indonesian trading websites. It is crucial to know that local authorities are strict about the conditions entities should meet before they are given permission to operate in Indonesia.
As already mentioned, companies are required to meet the condition of a specific minimum operational capital to ensure the safety of their clients’ money. Meanwhile, OJK regulatory guidelines require brokers to keep their customers’ funds segregated, making sure they can always have access to the funds they have deposited and earned while trading.
What is more, licensed entities must implement robust anti-money laundering and anti-terrorist financing policies. Meanwhile, a KYC (Know Your Customer) process is typically implemented by regulated Indonesian brokers to prevent identity theft cases.
Under the current regulations governing the trading market in Indonesia, only specific banks and registered securities companies are allowed to provide forex trading services in Indonesia. This further proves that your money will be handled by some of the most reputable entities operating in the country.
Do Indonesian Brokers Provide Negative Balance Protection?
In addition to the aforementioned measures that ensure secure trading for Indonesians, brokers regulated by local authorities are also required to offer negative balance protection. While Indonesian traders can also join foreign brokers regulated in different regions, said trading companies are also required to operate following guidelines imposed by Indonesian regulators. That is why Indonesian traders are typically able to make use of negative balance protection no matter the broker they choose to trade with.
Having this additional layer of security added to your trading account will allow you to avoid instances of accumulating losses that will make you indebted to the broker. This is especially useful for inexperienced traders who may not be able to assess the potential risk of trading currency pairs with higher leverage. Having negative balance protection will simply not allow you to suffer losses that exceed the amount you have currently deposited into your trading account.
Do Traders Pay Tax on Forex Trading in Indonesia?
Since forex trading is a legal and regulated activity in Indonesia, money earned from trading currency pairs is subject to taxation. Indonesian forex traders are asked to submit tax applications to the local tax authorities and pay any tax that may be applied to their gains. The exact rate of the tax and the amount that is paid by each trader may vary, depending on the trading volumes and the income that has been generated.
To make sure they are fully compliant with current taxation regulations, Indonesian traders are advised to contact local tax experts and ask for their professional help. We should note that avoiding taxes in the case of accumulating gains through forex trading is considered a crime in Indonesia and one can face a penalty of fines of 200% of their unpaid taxes as well as imprisonment of up to 6 years.
How Does the Available Leverage of BAPPEBTI-Regulated Brokers Compare to the Leverage at
When trading currency pairs, one of the key factors that most traders consider is the leverage they can enjoy. In most cases, the maximum leverage that is allowed on currency pairs depends on the limits imposed by local regulators ensuring a safer and less risky trading environment for traders. While some investors are looking for better potential returns by taking advantage of leverage, it should be noted that many traders end up losing huge amounts in a rapid manner due to higher leverage. That is why some regulators have significantly reduced the leverage limits, especially on exotic pairs.
Under OJK regulations, the maximum leverage that Indonesian forex brokers can offer on major currency pairs is capped at 1:1,100. Meanwhile, the maximum leverage that can be provided on exotic pairs is capped at 1:20. When compared to the limits introduced in different jurisdictions, it can be concluded that the Indonesian regulator has introduced a significantly higher leverage maximum on major currency pairs. That said, the leverage on exotic pairs is similar to the one adopted by many brokers regulated offshore.
If you take a look at brokers that have been licensed to operate in EU and EEA regions, you will have a maximum allowed leverage of 1:30 on major currency pairs and 1:20 on exotic pairs. Meanwhile, US brokers are allowed to offer a maximum leverage of 1:50 on major currency pairs. That said, forex brokers operating in the US are also permitted to impose lower leverage limits to further reduce the risk factor during forex trading.
If the 1:1,100 leverage introduced by Indonesian regulators looks significantly higher compared to the maximum leverage in different jurisdictions, you should take a look at the maximums allowed by regulators like the FSA. Take for example brokers operating in the Seychelles where the maximum leverage on major currency pairs can go as high as 1:5,000. Even that leverage ratio is not the highest one you can encounter at different offshore brokers. That said, one should always keep in mind that trading with such high leverage can be extremely risky and cost traders huge and rapid losses.
What Do You Need to Qualify to be Designated as a Professional Trader in Indonesia?
Often traders who enjoy placing more orders and trade with higher volumes might seek higher leverage offerings and better trading conditions. In that case, they might be allowed to open professional trading accounts with forex brokers. However, traders usually need to fulfill several conditions in order to prove they qualify for professional trading accounts. Depending on the jurisdiction where the broker has been regulated, the conditions that must be met and the documents that need to be submitted to qualify for professional trading status may differ.
Typically, retail traders must prove they are well-experienced in the trading field, they have extensive knowledge of financial markets, and they have the portfolio to back up their trading volumes. Usually, to prove they are eligible for professional trading, investors might be asked to provide documents showing their work experience of at least one year in the financial market field. There also might be a minimum on the high-volume transactions traders have made in the past one year, proving their experience in trading. Lastly, to qualify for professional status, traders might be asked to provide proof of the value of the financial instruments portfolio, with a specific minimum required to ensure their eligibility.
You will notice that each broker that allows its customers to open professional accounts will require things like bank statements, letters from current or former employers, and other pieces of documents that will prove the eligibility of traders for professional trading status.
What Trading Platforms Are Available to Indonesian Traders
The availability of trading platforms depends on the brokerage company traders have chosen for their forex trading endeavors. Each forex broker chooses which platform to adopt and offer its clients, with current popular choices usually being implemented by most Indonesian brokers. It is also possible for a brand to provide an exclusive platform developed specifically for members of the broker.
MetaTrader 4: Allowing easy trading for both beginners and advanced traders, MT4 is a popular trading platform that can be found at quite a few brokers catering to Indonesian traders. Featuring several great tools for tracking markets, MT4 is a great solution that is typically adapted for both desktop and mobile trading.
MetaTrader 5: You will notice that many Indonesian brokers offer their clients to trade multiple currency pairs as well as other products through the MT5 platform. Offering a more advanced trading experience, with a larger number of markets and even more charting and technical analysis tools. Optimized for desktop and mobile devices, MT5 offers Indonesian traders easy and intuitive trading at any time and place.
cTrader: Many brokers have also added cTrader to their lists of supported trading platforms. Compared to other options, cTrader offers a more innovative trading experience, with a variety of instruments like charts, technical analysis, and drawing tools being included in the platform’s interface. Fast order execution is also one of the great features of cTrader that many trading enthusiasts would appreciate.Below you can find some useful references with links to organisations that monitor the forex market in Indonesia.
- Otoritas Jasa Keuangan (OJK)
- BAPPEBTI (Commodity Futures Trading Regulatory Agency)