Indonesia's (Indonesia) demand for forex and CFD brokers continues to grow as international forex brokers compete with local Indonesian forex brokers for Indonesian market share, giving traders more options。

The author conducted an in-depth research on the Forex brokers that support Indonesian investors to trade, and listed five of the most competitive brokers in Indonesia, who are honest, reliable and have no bad regulatory record, and have a good reputation and business history.。In addition, the author also provides corresponding selection suggestions for these 5 brokers.。

▍ Best Indonesian Brokerquotient comparison

	FXTM	Octa	FXGT	ACY Securities	Exness
Regulators	CMA、CySEC、FCA、FSC Mauritius, FSCA	CySEC	CySEC, FSA, FSCA	ASIC	CBSC, CMA, CySEC, FCA, FSA, FSC Belize, FSC Mauritius, FSCA
Year of Establishment	2011	2011	2019	2011	2008
Execution Type	ECN / STP, Market Maker	Market maker	ECN / STP, Market Maker	ECN / STP, Market Maker	Market maker
Minimum deposit	$10	$100	$5	$50	$10
EUR / USD Average Transaction Costs	0.1 point	0.9 o'clock	N/A	1.1 point ($11).00)	0.6 o'clock
Average transaction costs GBP / USD	0.2 points	1.3 points	N/A	1.1 point ($11).00)	0.7 o'clock
average transaction cost of gold	$0.18	$0.30	N/A	$0.15	$0.13
Trading platform	MetaTrader 4, MetaTrader 5, proprietary platforms	MetaTrader 4, MetaTrader 5, proprietary platforms	MetaTrader 4、MetaTrader 5	MetaTrader 4、MetaTrader 5	MetaTrader 4, MetaTrader 5, proprietary platforms
Islamic Account	√	√	√	√	√
Liability protection	√	√	Not applicable	√	√
Website Address	Visit website	Visit website	/	Visit website	Visit website

○ FXTM · Futto

FXTM is one of the most competitive Forex brokers in Indonesia。Depending on the monthly transaction, each transaction costs $0..80 to $4.Between 00。The higher the volume of transactions, the lower the transaction costs, and the low level of fees is far ahead of the industry.。Mobile platforms are very popular in the Indonesian market, and Forex traders can use the upgraded MT4 / MT5 trading platform and FXTM Trader mobile app to trade。

Traders need to deposit a minimum of $500 to obtain a maximum floating leverage ratio of 1: 2000.。Mini account only costs $10, but the transaction cost is higher。FXTM has also developed an in-house copy trading service, FXTM Invest, which provides quality education and Islamic accounts and is one of the few Forex brokers that accept rupiah deposits.。

Advantages	Disadvantages
√ Excellent commission-based forex pricing environment & transparency	* No cryptocurrency, limited choice of commodities
√ Upgraded MT4 / MT5 Trading Platform and FXTM Trader Mobile APP
√ Quality market research and education content for junior traders
√ Internal copy trading service FXTM Invest, low minimum deposit + high leverage

 ○ OctaFX

OctaFX offers Indonesian traders a very competitive choice of cryptocurrencies and remains one of the most competitively priced brokers among all Indonesian forex brokers。Its commission-free cost structure is from 0..6 pips (or $6 per standard hand.00) start, while the MT5 trading platform it offers does not charge any overnight swap fees, providing a unique advantage for leveraged overnight trading strategies。World Finance names Octa Islamic account as best Islamic forex account in 2020。

In addition to the core MT4 / MT5 trading platform, OctaFX also offers its proprietary mobile app。This, together with its internal copy trading service, provides a competitive solution for Indonesian traders。The minimum deposit of $100, the maximum leverage ratio of 1: 500 and the generous bonus together ensure its competitive advantage.。

Advantages	Disadvantages
√ Quality educational tools and generous bonuses	× Asset Selection Priority
√ Minimum deposit amount of $100 and maximum leverage ratio of 1: 500
√ Proprietary Copy Trading Service and Mobile APP
√ No commission, no swap cost structure

○ FXGT

With a minimum deposit requirement of $5 and no overnight interest for 3-6 days, FXGT ranks among the best brokers in Indonesia。The MT4 / MT5 trading platform supports algorithmic trading and copy trading, with a maximum foreign exchange leverage of up to 1: 1000, and provides debt protection, thereby expanding its competitive advantage。

Bitwallet and STICPAY as payment processors enable fast, low-cost transactions。FXGT GTLots ensures standard trading volume units for all assets, while FXGT also offers bonuses and promotions。This includes $200 live trading account promotions for all PRO and ECN accounts。

Advantages	Disadvantages
√ Cryptocurrency deposit bonuses and financial transactions	* Do not accept customers residing in the US, EU and UK。
√ Tier 1 liquidity & low latency trade execution
√ Multiple cryptocurrency options, including synthetic cryptocurrency pairs
√ Minimum deposit of $5, maximum foreign exchange leverage of 1: 1000, liability protection

○ ACY Securities

Traders at ACY Securities get 15 plugins to upgrade MT4 / MT5 and Capitalise AI for algorithmic trading in a code-free environment。Replication traders can select signal providers from embedded MT4 / MT5 services, Signal Start and SoFinX。This makes ACY Securities one of the best forex brokers in Indonesia。Its benefits also include fast order execution in 30 milliseconds and a balanced portfolio of 2,200 assets.。

Passive income investors can benefit from the High Salary Partner Program, and ACY Securities also offers VPS hosting for 24 / 5 low-latency algorithmic trading.。It is also segregated from customer deposits at the Federal Bank and insured for occupational compensation insurance to provide additional legal and financial protection, practices that help build customer trust and protect customer interests while meeting regulatory and regulatory requirements.。

Advantages	Disadvantages
√ Massive library of daily analytics and educational content	x Only 1 regulator
√ Zero spread account
√ 16 payment processors, including cryptocurrencies
√ Commission account transaction fees are competitive

 ○ Exness

Exness official website has been localized to 15 languages, customer service across 13 languages, of which 11 languages service time is 24 hours a day, five days a week, and English and Chinese customer service is 24 hours a day, seven days a week。

Exness uses the leading trading platforms in the global marketplace, including MT4 / MT5 and web terminals。Traders can develop and implement trading strategies of various levels of complexity through MetaTrader 4, as well as submit most types of trade orders by using both order execution methods, instant execution and market execution.。

Advantages	Disadvantages
√ 24 / 7 multilingual customer service	* No education for beginners
√ Multi-regulated broker with excellent order and volume statistics
√ High transparency and financial audit of the big four accounting firm Deloitte
√ Instant withdrawals from trusted brokers with numerous payment processors

How to choose the right broker for you.？

Choosing a forex broker depends more on personal preferences and requirements。Can be considered in terms of deposit size / trading assets / trading volume / trading duration, etc.。Here are the criteria used by the authors in their in-depth analysis, covering some of the most important factors in measuring Forex brokers:

● 管理与安全	● Transaction costs	● Asset selection	● Type of account
● Trading platform	● Unique functions	● Research and education	● Customer support
● Bonuses & promotions	● Account opening process	● Deposit and withdrawal processes

○ International and Indonesian foreign exchange regulation

Forex traders should choose a broker with a regulatory license issued by a business-friendly authority or with equivalent security through other means when choosing an Indonesian Forex broker, taking into account the broker's reputation and regulatory record.。

The National Bank of Indonesia (Badan Pengawas Perdagangan Berjangka Komotiti, BAPPEBTI) banned foreign exchange trading in Indonesia in 2013 due to the increase in foreign exchange scams, but this ban was lifted as BAPPEBTI no longer regulates the Indonesian foreign exchange market.。

Indonesia's foreign exchange regulation comes under the umbrella of Otoritas Jasa Keuangan (OJK), the Financial Services Authority (FSA).。International Forex Broker to Serve Indonesian Forex Traders Without FSA License。

○ Can Indonesian FX traders verify FSA regulation？

The FSA does not maintain a database of regulated entities, but traders can contact the FSA for specific enquiries and verifications。

○ How to calculate the low-cost trading environment in Indonesia？

Forex traders should look at the transaction costs of the EUR / USD currency pair (the most liquid currency pair), which should not exceed $10 per standard lot.00 (equivalent to 1 point difference)。This can be either 0.The commission-free spread from 4 to 1, or the original spread of 0, the commission does not exceed $10。Under liquid market conditions, the spread of equity CFDs should be no higher than zero.10%, competitive Forex brokers should usually offer a volume-based rebate program, which can make effective trading fees cheaper for active traders。

○ What is the best account type？

Commission-based ECN accounts typically have the lowest transaction costs, but there are some Forex brokers that offer almost equally competitive commission-free accounts.。For reasons other than cost, Indonesian forex traders may also consider Islamic accounts that are Sharia-compliant。

○ How traders identify good customer service？

① Good customer service refers to a service that provides instant response 24 hours a day (at least on weekdays) and can be easily accessed through multiple channels such as phone and chat。

② Telephone support is essential to solve urgent problems, so a responsive telephone service is absolutely necessary。

③ Multilingual support is also important, the best forex broker in Indonesia will provide Indonesian language support。

○ What other services can Indonesian traders enjoy？

In addition to a solid core trading environment, the best forex broker in Indonesia will provide quality education for junior traders, market research with actionable trading ideas, VPS and API trading for algorithmic traders, upgrading the MT4 trading platform and providing state-of-the-art trading tools for manual traders.。

Is Forex Trading Legal in Indonesia?？

Forex trading is perfectly legal in Indonesia。Some of Indonesia's neighbors have strict laws on foreign exchange trading, which makes it challenging to trade legally, and because Indonesia is a Muslim-majority country, there are questions about whether foreign exchange trading is "haram" or "halal" under Sharia law.。

Although there is no law banning foreign exchange trading in Indonesia, foreign exchange trading in Indonesia is strictly regulated。All domestic brokers operating foreign exchange or futures trading in Indonesia must be regulated。The Indonesian regulator ensures that customer deposits are held in a separate account with one of the few pre-approved deposit banks.。

It is worth noting that the Indonesian regulator can only protect traders of Forex brokers regulated in Indonesia。Many Indonesian residents deposit funds with offshore forex brokers that are not regulated in Indonesia。This is legal, but traders should ensure that the offshore broker of choice is well regulated elsewhere.。

How to Start Forex Trading in Indonesia？

First, you need to prepare to research and learn Forex trading。If you are a patient person who can spend time alone in front of a computer pondering puzzles without losing patience, then you may have the personality and skills to be good at Forex trading。

It is also important that you accept the fact that forex trading may be losing money, especially at the beginning, as almost all traders struggle to make a profit for at least some time in the process of learning。If you are a compulsive gambler or you cannot tolerate at least temporary losses, then it will be difficult for you to succeed in forex trading or any other trading。

If you decide to continue, you need enough money to start。While there are many forex brokers that do not have a minimum deposit, you do need at least $100 to start trading safely if you are trading nano lots and $1,000 if you are trading micro lots.。In general, the more you deposit with a broker, the better the trading conditions and services。

The last step in starting Forex trading is to choose the broker that suits you best, practice trading with a demo account, and then deposit to open a real account。You can find the best broker for you by reading this article and checking out every Forex broker listed here。

When is the best time to trade Forex in Indonesia?？

The forex market is open 24 hours a day, 5 days a week, except on weekends。Good trading opportunities can come at any time during the market opening, depending on what is happening in the world to drive the market。Nonetheless, the best timing for forex trading is usually the most liquid period in the market, and it is well known that the most liquid period for all major currency pairs in the forex market is usually the London / New York overlap period。In Indonesia, these time periods are Monday to Friday from 7 pm to 11 pm WIB (Western Indonesia Time)。The most liquid days of the week are usually Wednesday and Thursday。These time periods mean that, as a hobby, trading Forex after work at night is a great way to get started, as the market is most active during these time periods。

If you plan to trade during typical business hours in Indonesia rather than at night, it is best to focus on Asian currencies such as the trading day dollar, as these currencies are usually more liquid than European or American currencies during this time.。

Do you need to pay tax on foreign exchange transactions in Indonesia?？

Yes, the profits earned by Indonesian tax residents from foreign exchange transactions worldwide must be declared to the Indonesian tax authorities and, in the case of personal income tax, Indonesian income tax.。Failure to declare trading profits may incur severe criminal penalties。The marginal rate of Indonesian income tax ranges from 5% to 35%, and based on the current rate at the time of publication, this rate is relatively low globally and therefore competitive。

▍ Summary

Since Indonesia eased its legal and regulatory regime a few years ago, forex / CFD traders in Indonesia can choose between local or international brokers.。There are some obvious advantages to trading with local Indonesian brokers, but in addition to these advantages, industry analysts agree that international forex brokers operating in Indonesia offer more choices and more flexible conditions, which is why we list international brokers. The main reason。

International brokers accept Indonesian resident deposits without obtaining Indonesian permission。

Indonesian resident traders will face essentially the same problems as traders anywhere in the world when choosing the best forex broker:

○ Regulation and reputation of brokers

○ Minimum deposit amount

○ Appropriate asset selection

○ Fee structure appropriate to expected trading style For example, day traders will pay more attention to competitive spreads, while long-term traders who usually hold overnight positions need to pay more attention to whether the overnight swap rates offered are competitive。

▍ FAQs

Is foreign exchange trading legal in Indonesia?？

Forex trading is 100% legal in Indonesia。

○ Where can I trade forex in Indonesia？

Forex trading in Indonesia can be done through International Forex Broker or Indonesian Forex Broker。

○ Which broker is best for forex trading？

The best forex brokers offer low transaction costs, deep liquidity and super fast order execution。They will also provide at least one trading platform that supports algorithmic and social trading and is well regulated。

○ Is CFD trading legal in Indonesia？

Yes, CFD trading is 100% legal in Indonesia。

○ Can I trade Forex in Indonesia？

Yes, forex trading with a local or offshore broker in Indonesia is perfectly legal as long as you report your trades according to local laws。

○ How much tax should be paid on foreign exchange transactions in Indonesia？

Foreign exchange trading profits earned by individuals who are tax residents of Indonesia are subject to income tax at the marginal rate applicable to the portion of income represented by the profits.。

○ What time does the Indonesian foreign exchange market open？

The New Zealand foreign exchange market is open from Monday morning to Friday evening in New York and is closed only on weekends.。This means that the Indonesian foreign exchange market is open from 7 a.m. local time on Monday to 3 a.m. (WIB) on Saturday.。