Best Forex Brokers in Indonesia for 2024

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

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

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

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

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

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

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

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

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

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

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

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

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

Regulation in Indonesia

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

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

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

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

Indonesia’s financial markets

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

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

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

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

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

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

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

Forex Risk Disclaimer

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