Best Forex Brokers Indonesia 2023

The primary regulation for 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 too doesn't 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 in other countries (outside of Indonesia) continue to accept clients in Indonesia. 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.

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).

The IDX also offers a host of Islamic stocks and trading products. If you’d like to learn more about Islamic trading accounts – and what makes them different from your typical trading account – take a look at our guide.

Only physical forex trading (exchanging) of actual currency (via banks that provide currency conversion services, for example) 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). It’s worth noting that OJK does put out occasional warnings to the public about brokers that are not regulated in Indonesia.

IC Markets stands out as the best option for traders looking to use MetaTrader 4 (MT4) in 2023. 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 2023. IG is a regulated broker that offers forex and CFD trading, and in 2023 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.

IG delivers the best mobile app for forex trading in 2022. 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.

Saxo Bank is the best forex broker in the overall mobile trading category in 2022. Saxo’s web and mobile platforms (SaxoTraderGO) provide a potent mix of trading tools, top-notch research, and educational content all wrapped in a remarkably unified cross-platform experience.

IG is our top choice for beginners in 2022, making it an excellent choice for traders who are just getting started with forex and CFD trading, or for more experienced traders that want to take their financial markets education to the next level. Beginner traders in Indonesia will find that IG offers comprehensive educational courses, as well as a wide range of informative articles and videos courtesy of their in-house content producer, DailyFx. IG has even developed a mobile app exclusively dedicated to education, called IG Academy.