Compare Brokers in Indonesia

For our indonesia comparison, we found 24 brokers that are suitable and accept traders from United States of America.

We found 24 broker accounts (out of 147) that are suitable for Indonesia.

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IG

Spreads From

EURUSD 0.6 points See all spreads

What can you trade?

  • Forex
  • Cryptocurrencies
  • Indices
  • Commodities
  • Stocks
  • ETFs

About IG

  • Regulated by: Financial Conduct Authority and ASIC.
  • Used by 195,000+ traders.
  • Established in 1974 HQ in UK.

Platforms

  • MT4
  • MT5
  • Web Trader
  • Mobile App

Funding Methods

  • Credit cards
  • PayPal
  • Bank transfer

Open a demo account

See Deal

74% of retail investor accounts lose money when trading spread bets and CFDs with this provider

Read our in-depth IG review

Account type
EUR/USD Spread From
Commission
Execution
Min. Deposit
CFD
0.6
Fixed Spreads
Yes on share CFDs
STP
$250
Spread Betting
0.6
Fixed Spreads
None
STP
$250
Share Dealing
None
Fixed Spreads
£5
DMA
$250
Forex.com

Spreads From

EURUSD 1.0 points See all spreads

What can you trade?

  • Forex
  • Cryptocurrencies
  • Indices
  • Commodities
  • Stocks
  • ETFs

About Forex.com

  • Regulated by: Financial Conduct Authority.
  • Established in 1999 HQ in United States.

Platforms

  • MT4
  • MT5
  • Web Trader
  • Mobile App

Funding Methods

  • Credit cards
  • PayPal
  • Bank transfer

Open a demo account

See Deal

70% of retail investor accounts lose money when trading CFDs with this provider

Read our in-depth Forex.com review

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.

The Ultimate Guide to

Best Online Brokers for Indonesia

Indonesia is a country that can be quite tricky to pin down, considering it is of approximately more than 18,000 separate islands with a total land area of only 1,811,570 square kilometres. However, Indonesia’s population of 269.4 million people, 56% of which live in an urban environment, have in recent decades helped the country to become one of the driving economies of Southeast Asia. 

Indonesia’s stock market is relatively mature and dates back to 1912 when the Jakarta Stock Exchange JSX was founded. Eventually the JSX merged with the Surabaya Stock Exchange (SSX) in 2007 to become the Indonesia Stock Exchange (IDX), the primary stock market in Indonesia located in the capital Jakarta.

The IDX exchange lists stocks and equity derivatives among its products, in addition to also providing a listing service for bonds, mutual funds and exchange traded funds (ETFs). The IDX ranks as the 25th largest stock exchange worldwide by its 2019 market cap of $520.29 billion.

The main stock indices for the IDX include the IDX Composite that was formerly known as the Jakarta Composite Index (JSX) and the Jakarta Islamic Index (JII). The JII is a benchmark index of around 30 listed stocks that meet the standards of Islamic law, while the IDX Composite index includes all stocks listed on the ISX exchange. The IDX also contributes listed closing stock prices to the FTSE/ASEAN 40 index.

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

The Bank for International Settlements (BIS) ranks the IDR as the 31st most frequently traded currency in 2016, when it then made up about 0.2% of overall forex turnover.  The IDR does not rank individually among the most popular currencies maintained as reserves by central banks, according to data put together by the International Monetary Fund (IMF).

The primary Indonesian financial sector regulator is the Financial Services Authority of Indonesia or Otoritas Jasa Keuangan (OJK) in Indonesian.  This regulator was created in 2011 to take over the role of supervising and regulating Indonesian financial markets and companies, including banking and financial services firms.  Bank Indonesia, the Indonesian central bank, also sets regulations for the financial services sector.

In addition, the Indonesian Commodity Futures Trading Supervisory Agency, or the Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) in Indonesian, operates under Indonesia’s Ministry of Trade. BAPPEBTI administers activities in the international trade sector that include multilateral, bilateral and regional trade, as well as exports and imports. 

Notably, BAPPEBTI also regulates forex and cryptocurrency trading in Indonesia. While there was once a ban on forex brokers operating in Indonesia due to fraudulent activity, it has now been lifted. BAPPEBTI authorised forex brokers also need to operate according to Sharia law since Indonesia is a Muslim country.


How to Trade in Indonesia

Traders based in Indonesia have several leading international forex brokers to choose from that offer services to Indonesian clients and have websites translated into the Indonesian or Bahasa Indonesia language.  Quite a few forex brokers are also based in Indonesia and submit to regulation by BAPPEBTI, although they may not have the breadth of services offered by the leading foreign brokers.

Nevertheless, if you live in Indonesia, then having a broker with an Indonesian office may be preferable since they have a local reputation to uphold with BAPPEBTI. It is also easier to litigate locally just in case a problem you cannot resolve amicably crops up.

Keep in mind that any broker based outside Indonesia needs to be strictly regulated in a respectable jurisdiction to be trusted. It should also keep client funds segregated from its own money for a trader to feel secure making a margin deposit with them. Brokers should also have a good general reputation with clients and an adequate product and service range for trading purposes.

The majority of online brokers will provide free demo accounts with virtual money traders can use for practice and to test strategies. Brokers also generally provide funded accounts where traders must make a minimum deposit to begin live trading. Brokers offering services in Indonesia should also provide Islamic accounts compliant with Sharia that have rollover swaps to suit Muslim traders. 

If having a broker’s website translated into Indonesian and customer support in that language is a priority, then be sure to look for those features when selecting among the available brokers. Virtually all online brokers already support communications in English, if that is sufficient.

The asset classes you can trade online via a particular broker can differ considerably. The majority of online brokers offer forex trading in some form, while certain brokers also offer contracts for difference (CFD) that usually allows for a broader range of tradeable assets.

When it comes to stock trading, the IDX provides a transparent and fair market in Indonesian equities, derivatives and other asset classes. IDX exchange trades will generally be executed in Indonesian rupiahs, and traders need to have an account with an exchange member who can input transactions into the official trading system known as JATS Next-G.

Biggest Opportunities of Trading in Indonesia

Indonesia is the largest economic in Southeast Asia and is ranked 16th worldwide, but is anticipated to become the 4th largest by 2050.

According to GOV.UK, the country offers considerable opportunities for businesses including:

  • An emerging middle class that is driving strong domestic consumption.
  • A population increasing by 4.5 million a year, with a growing proportion of working age people.
  • An abundance of natural resources.
  • Growing political stability following the introduction of democracy in 1998.

According to the World Bank, Indonesia scored rather well for starting a business, getting credit, protecting minority investors and resolving insolvencies, with its respective rankings of 33rd, 44th, 51st and 36th.

Biggest Challenges of Trading in Indonesia

As of 2017, Indonesia’s major trading partners are China, the United States, Japan, India, Singapore, Malaysia and Korea in that order, according to the World Bank Group.  The UK ranks much lower around 20th as a trading partner, so the upcoming Brexit should not have much of an impact on the Indonesian economy.

Indonesia does not enjoy any particular currency stability regime, and the IDR has shown an overall weakening trend against the U.S. dollar after confidence in the currency was notably damaged due to a devaluation crisis in 1997-98.

Indonesia’s balance of trade numbers have fluctuated considerably over the past decade, and the county is presently running a trade deficit.  Indonesia’s economy can also suffer from trade wars or the imposition of tariffs on its goods, as well as when key trade accords fail. According to The World Bank, however, Indonesia had a rather low 20.2% trade to GDP ratio in 2017, which tends to insulate its economy somewhat to trade related disruptions.

The World Bank only ranked Indonesia 73rd overall for the ease of doing business in the country. Indonesia also had even worse rankings for starting a business, dealing with construction permits, registering a property, paying taxes and trading across borders, ranking just 134th, 112th, 100th, 112th and 116th respectively in those areas.

Summary

In general, traders and businesses might find the steadily devaluing Indonesian rupiah something of a challenge to cope with. The country was also not ranked very highly by the World Bank when it comes to the ease of doing business.

Those looking to trade through an online broker from Indonesia should find them competently regulated by either BAPPEBTI for forex brokers or OJK for other financial brokers.  Traders will also need to see if they offer a website and customer services in a suitable language, if English is not sufficient, in addition to making sure they are well regulated in their local jurisdiction.

An acceptable broker should also provide a good range of asset classes, have a good reputation, and provide market access through a respectable and easy to use trading platform. Finally, any honest broker should keep client funds separated from its own for added security in case of its insolvency.

Why Choose IG
For Indonesia?

IG scored best in our review of the top brokers for indonesia, which takes into account 120+ factors across eight categories. Here are some areas where IG scored highly in:

  • 44+ years in business
  • Offers 10,000+ instruments
  • A range of platform inc. MT4, Mac, Web Trader, L2 Dealer, Tablet & Mobile apps
  • 24/7 customer service
  • Tight spreads from 0.60pips
  • Used by 195,000+ traders.
  • Offers demo account
  • 4 languages

IG offers four ways to tradeForex, CFDs, Spread Betting, Share dealing. If you wanted to trade EURUSD

The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.

IG have a AAA trust score. This is largely down to them being regulated by Financial Conduct Authority and ASIC, segregating client funds, being segregating client funds, being established for over 44

Trust Score comparison

IG Forex.com
Trust Score AAA AAA
Established in 1974 1999
Regulated by Financial Conduct Authority and ASIC Financial Conduct Authority
Uses tier 1 banks
Company Type Private
Segregates client funds

A Comparison of IG vs. Forex.com


Want to see how IG stacks up against Forex.com? We’ve compared their spreads, features, and key information below.



Spread & fee comparsion

The spreads below are illustrative. For more accurate pricing information, click on the names of the brokers at the top of the table to open their websites in a new tab.
IG Forex.com
Fixed Spreads
Variable Spreads
EUR/USD Spread 0.60 1.00
GBP/USD Spread 0.9 0.9
USD/CAD Spread 1.7 0.9
USD/JPY Spread 0.70 0.90
DAX Spread 1.0 250.0
FTSE 100 Spread 1.0 150.0
S&P500 Spread 0.4 50.0

Comparison of account & trading features

IG Forex.com
Platform MT4, Mac, Web Trader, L2 Dealer, Tablet & Mobile apps MT4, Web Trader, NinjaTrader, Tablet & Mobile apps
Services Forex, CFDs, Spread Betting, Share dealing Forex
Base currency options USD, GBP, EUR, CHF, JPY, SGD, AUD USD, GBP, EUR
Funding options Payoneer, Credit cards, Bank transfer, PayPal, MasterCard, BPAY, DebitCard, Bank transfer, Cheque, DebitCard,
Micro account
ECN account

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.