5 best Forex Brokers in Indonesia

If there’s one thing Indonesians share in common, it is the desire to get ahead. And this desire across the islands manifests itself in many ways – including forex trading.

Getting online to trade foreign exchange is an ever-growing habit of many Indonesians these days. If you are contemplating getting involved, we can help right here with our review of the 5 best forex brokers in Indonesia. We have removed a lot of the legwork out of the task for you. So forex trading in Indonesia is now not as daunting as you may have been led to believe.

And even if you’re an old hand at forex trading, it’s always good to see what other providers have to offer. Just in case you are missing out on a better deal or more comfortable trading environment in which to trade.

Broker:Review:Regulation:Spreads:Assets:Advantages:Open Account:
1. IQ Option
IQ Option logo
5 out of 5 stars (5 / 5)
➜ Read the review
CySECStarting 0.0 pips variable500+
(41+ currency pairs)
+ Best platform
+ Binary Trading
+ Support 24/7
+ Min. Deposit 10$

(84% of retail CFD accounts lose money)

2. Olymp Trade
Olymp Trade logo
5 out of 5 stars (5 / 5)
➜ Read the review
IFCStarting 0.0 pips + fixed % commission (depending on leverage is used)200+
(30+ currency pairs)
+ Trade with 1$
+ Options and Forex
+ Bonus program

(Your capital is at risk)

3. BDSwiss
BDSwiss logo
5 out of 5 stars (5 / 5)
➜ Read the review
CySEC, FSCStarting 0.0 pips + $ 2.0 commission per 1 lot250+
(52+ currency pairs)
+ Individual offers
+ Trading signals
+ Raw Spreads
+ Leverage up to 1:500
+ Best education
+ Personal support

(Your capital is at risk)

4. FxPro
FxPro logo
4.9 out of 5 stars (4.9 / 5)
➜ Read the review
FCA, CySEC, FSCA, SCBStarting 0.0 pips variable250+
(50+ currency pairs)
+ High liquidity
+ NDD Broker
+ No requotes
+ No commissions

(79.58% of retail CFD accounts lose money)

5. eToro
Etoro logo
4.9 out of 5 stars (4.9 / 5)
➜ Read the review
CySEC, FCA, ASICStarting 1.0 pips variable2,000++ Best platform
+ Social Trading
+ Cryptocurrencies
+ PayPal

(71% of private investor accounts lose when trading CFDs)

Who’s the best Forex Broker for Indonesia?

Please read our review and find out who is the pick of the bunch. The five we showcase here are, we believe, the top players with the best trading conditions, excellent reputations, and a commitment to transparency and customer service. And if you’re a Muslim, you will be delighted to hear that some of our reviews offer Islamic swap-free accounts that are Halal.

5 best Forex Brokers in Indonesia: 

  1. IQ Option – Robust performer
  2. Olymp Trade – Consistent award winner
  3. BDSwiss – Definite good guys
  4. FxPro – Hot forex platform
  5. eToro – Social trading doesn’t get any bigger

1. IQ Option

IQ Option forex broker in Indonesia

IQ Option forex broker in Indonesia

This brokerage is a name you will continually bump into as you research forex trading. And there are many good reasons for that, as you will see.

To begin with, IQ Option is a regulated forex broker with something of a reputation for its intuitive trading platform. For just $10, you can open a live trading account and gain access to a superior forex trading platform that is supported by class-leading customer and learning support. Given the whole package on offer, it is understandable why IQ Option has won so many industry awards over the years.

They offer a wide range of account options, including demo accounts, to trade forex on your mobile and desktop. Setting up an account is pretty easy and fast. Plus, the deposit methods on offers are relatively comprehensive, comprising credit and debit cards, Skrill, Maestro, CashU, Neteller, Webmoney, and Moneybookers.

You will find the desktop and mobile app a breeze to use. It’s very competent and feature-rich, facts that have brought in some of the awards mentioned above.

Formed in 2013, initially as a binary options broker, IQ Option has developed into a mature forex broker that offers a range of other financial assets to trade. It is based on the Mediterranean island of Cyprus and regulated by CySec, the Cyprus Securities and Exchange Commission. This multi-regulation enables forex traders around the world to access the online platform with confidence and take advantage of the low starting deposit and minimum $1 investment. Perfect conditions, you will agree, to try out the platform or make your first fledgling forex steps into trading.

However, novices need not dive into the deep end straight off. Instead, they should opt for a free demo account to run a rule over the platform. And to obtain the time and space to learn as much as they need using the IQ Option educational materials available.

You may wish to consider, too, that IQ Option boasts almost 73 million users and handles a trading volume worth $380 million every month. You don’t achieve this kind of traction if you are a fly by night outfit.

Advantages of IQ Option:

  • Award-winning platform
  • Regulated in the financial hub of Cyprus
  • Low starting deposit of $ 10
  • Low minimum investment
  • Spread from 0.0 pips
  • High leverage of up to 1:1000
  • Islamic swap-free accounts
  • Great analytic trading tools
  • Consistently good write-ups
  • Strong emphasis on training and learning
  • Multi-language platform
  • Mobile app

(Risk Warning: Your capital is at risk)

2. Olymp Trade

Olymp Trade forex broker in Indonesia

Olymp Trade forex broker in Indonesia

Olymp Trade remains one of the most popular forex brokers in Indonesia. And that’s saying something like the world of forex brokerages is a very crowded landscape these days.

Though formed only relatively recently – in 2014 – Olymp Trade has quickly embedded itself into the hearts of forex traders worldwide. It has developed a loyal following of hardcore fans that would wince at the idea of having to move to another provider. And Indonesians are no exception.

In some ways, Olymp Trade possesses that intangible X factor you can’t quite put your finger on. Head over there now and see why we were more than happy to include Olymp Trade in our top 5 best forex brokers in Indonesia.

It’s not just us blowing smoke about Olymp Trade. The platform has won several industry awards over the years. These have recently included a double win in the Forex Brokers Awards, where Olymp Trade was voted Best Mobile App Experience and Best Customer Service Broker.

While this special magnetism may be almost indiscernible to some, connoisseurs of forex trading platforms will understand. Back in the tangible world, what is it that makes Olymp Trade so unique and attractive?

A primary appeal is the low $10 minimum deposit and the ability to put a minimum investment of $1 on the line. This is an excellent idea as it’s a smart move to start small, particularly while you cut your forex teeth. But if you don’t have a good grip on what you are doing, open a demo account, to begin with and do the necessary homework. There are no shortcuts in forex trading, and knowledge is the best weapon to combat losses.

Olymp Trade also runs regular bonus schemes and competitions, which are very popular. So this is yet another factor to think about when choosing a forex broker that is right for you.

What also distinguishes Olymp Trade is that while it has appeal for beginners, the same is also true for more accomplished forex traders. Be it the platform training and learning resources such as their comprehensive FAQ page or their clean easy to negotiate platform, Olymp Trade ticks everyone’s boxes.

Advantages of Olymp Trade:

  • Learning and training for new and experienced traders
  • Swift and easy withdrawals
  • Unlimited demo accounts
  • Multiple winners of prestigious industry awards
  • 100% deposit bonus
  • Low $10 or €10 minimum deposit
  • Highly customizable platform
  • Multiple account types
  • User-friendly and transparent
  • Multiple indicators and charts

(Risk Warning: Your capital is at risk)

3. BDSwiss

BDSwiss forex broker in Indonesia

BDSwiss forex broker in Indonesia

Maybe it’s just us, but there seems to be a whiff of the old school about BDSwiss. Maybe it’s all that mountain air and chocolate, but despite being cutting edge, BDSwiss has a warm, familiar feel to it.

And that’s really no bad thing in our book. As one of the longest established forex brokers, BDSwiss brings a lot to the table. The Swiss knack for finance, precision, and orderliness for three.

Yes, these are all sweeping stereotypical generalizations, admittedly. But venture onto their website, and its no-nonsense functional appeal immediately strikes you. And that’s probably the look and feel you are looking for from a forex broker. For, after all, it’s a serious business where substance vastly outstrips form. Nobody needs flashy design and all the latest web trends.

What you really want is a robust platform that functions reliably and consistently. So long as the back end is up to speed technology-wise, we need not worry too much about the interface looking pretty.

That said, BDSwiss hasn’t skimped on design. Yes, it might be a touch minimalist, perhaps, but the design is logical and easy to use. What more do you really need?

After all, no one wants non-mission-critical design getting in the way of the task at hand. And BDSwiss delivers on this. Their platform is intuitive. You can whizz around no problem getting on with the serious business of forex trading with nothing cluttering up your path.

BDSwiss makes a well-deserved place on our forex broker showcase not only for its design and minimalism but also for its safety and security. It is an excellent reliable brand that is well respected. And with more than 250 currency pairs to trade, it shows that BDSwiss takes forex seriously. It’s not just another add-on service like other platforms you may have tried out in the past.

For forex traders in Indonesia, we give BDSwiss a big thumbs up. If you have come across BDSwiss, please take a look now. You won’t be disappointed.

Advantages of BDSwiss:

  • Islamic accounts
  • No fees applicable on withdrawals or deposits
  • $100 minimum deposit
  • Bitcoin and other crypto payments allowed
  • Up to five trading accounts
  • 24/5 customer support
  • MetaTrader 4/5
  • Trading signals
  • Forex education training courses
  • Fast and straightforward to open an account
  • Swiss financial experience
  • A reputable and safe company

(Risk Warning: Your capital is at risk)

4. FxPro

FxPro forex brokers in Indonesia

FxPro forex brokers in Indonesia

If you are in Indonesia and want to turbo-boost your forex trading, we would strongly recommend taking a peek at FxPro.

When we were planning this review, one of the first forex brokers to spring to mind was FxPro. They were a shoo-in from the get-go.

And here’s why we felt it was an obvious choice for our best 5 forex brokers in Indonesia. We hope you agree. First of all, let’s get this out of the way…the minimum deposit is a pretty steep $100. This is likely to put all but the more experienced forex traders off straight away. But bear with us.

FxPro, on the face of it, appeals and appears aimed squarely at experienced forex traders. However, like almost all platforms, you can first open a demo account. This will let you find your way around and decide whether you like what you see. It’s also a convenient breathing space to get your head around forex trading or learn more if you have dabbled in the past.

Unlike some competitors in the field, FxPro was set up first and foremost as an online forex broker. This was their mission from the outset instead of tacking on forex as a belated afterthought.

In its fifteen-year lifespan, FxPro has grown into one of the leading lights of the forex trading marketplace. Today it serves retail and institutional customers in over 170 countries, and they’re still growing.

Much of this has to do with its level of regulation. FxPro is regulated in multiple countries, including the UK, Cyprus, South Africa, and the Bahamas. Because confidence is key to building a client base, FxProi has sought to bolster its financial propriety as strongly as possible.

Its 15-year history is littered with milestones and remarkable stats. For example, they have garnered in excess of 80 key industry awards and entered into seven global partnerships. They also execute around 7000 orders every second while averaging an execution order speed of fewer than 11 milliseconds. That’s seriously fast and precisely what you want in a forex broker.

Advantages of FxPro:

  • Multi-award winners
  • MetaTrader 4 & 5, and c Trader
  • Fee-free deposits and withdrawals
  • Regulated by multiple financial bodies
  • $100 minimum deposit
  • Trade over 70 currency pairs
  • Allows trading bots
  • Tight spreads
  • Instant execution or market execution
  • Real-time market news and technical analysis for free

(Risk Warning: Your capital is at risk)

5. Etoro

Etoro forex broker in Indonesia

Etoro forex broker in Indonesia

When your logo is a bull, expectations will weigh heavily on your shoulders. But does eToro deliver the goods? Is it quite as bullish as its stylized logo suggests? Let’s find out if it is a raging bull or a cute baby bull.

As you will be undoubtedly aware by now, eToro is the Big Daddy of social trading. Founded in Israel some 13 years ago, the fledgling trading platform has gone from curious startup to world domination in a relatively short time frame.

It’s a quirky operator but a safe and well-regulated environment from which to trade forex. Its customer base numbers over 11 million in more than 140 countries. Though headquartered in Israel, its various entities are all authorized in tier-one jurisdictions, including the UK, the US, and Australia.

Their website landing page is a bit thin, so you will need to register to dive deeper into the site. When you do this, you are automatically given a demo account and a live trading account. So pay close attention to which you are using.

However, our research shows that inside, you find a safe and trustworthy copy trading platform that’s easy to look at and intuitive to navigate around.

You will be joining millions of others who have already got the confidence to entrust their cash to the platform and trade in currency pairs.

So what are the main takeaways when you strip away all the hype and hyperventilating over eToro?

It’s robustly regulated and easily makes it onto our top five list. The eToro social copy trading was a much needed shot in the arm, while the site itself and the technology that runs it all is a joy to work with. Without a doubt, eToro is brilliant for beginners. Still, it also has the necessary capabilities to appeal to those traders with more forex trading miles on the clock.

The eToro logo, it turns out, is not bull after all. It’s quite definitely more raging bull than a cute calf.

Advantages of eToro:

  • Integrates with PayPal and other e-wallets
  • Social trading platform in chief
  • Copy traders and portfolios
  • $200 minimum deposit
  • Payments in multiple currencies
  • Trade up to 47 currency pairs
  • Leverage of up to 1:30
  • Earn extra cash as a Popular Investor
  • Regulated across multiple jurisdictions
  • Trusted by millions

(Risk Warning: 71% der Konten von Privatanlegern verlieren Geld, wenn sie CFDs von diesem Anbieter handeln)

Is it legal to trade forex in Indonesia?

Yes, it is entirely legal to trade forex in Indonesia. But if you are a Muslim, you will wish to find a forex broker that offers Islamic swap-free accounts. These types of accounts are Halal.

Which is the best broker for forex traders in Indonesia?

The goods news is that we have found not one but five great forex brokers that are well suited to clients in Indonesia. We have featured these five great brokers here in our review, so you don’t need to go looking. We are confident that you will discover at least one that is a good fit from these five.

  1. IQ Option 
  2. Olymp Trade
  3. BDSwiss
  4. FxPro
  5. Etoro

The final verdict on the best Forex Broker in Indonesia

Indonesians are getting onboard with forex trading in ever-increasing numbers. Money can be made from forex trading, but remember, there are no shortcuts. We always recommend trying a demo account first, no matter your level of forex trading experience. And the more you learn using a broker’s learning and training centers, the better chance you stand to make cash rather than lose it.

Demo accounts serve two primary purposes. They allow you to become acquainted with the platform and try out your forex trading strategies before putting real cash on the line. There is no avoiding the reality that forex trading is a risky business. Never trade with money you can’t afford to lose. Start out some small and feel your way. Some of the brokers we have featured here let you open a live trading account with as little as $10. And some also permit you to be ultra-cautious by allowing a minimum investment of just a dollar.

Do not fall into the classic trap of thinking you should go large or go home. If you do, you might find you don’t have a home to go to.