Indonesia
  • Only reliable and regulated FX providers (accounts); your funds are protected and segregated

  • Beginner-friendly features: copy trading, market analysis, trading signals, chart analysis, and more

Online Forex Broker Comparison – Indonesia

Broker
fpmarkets broker
Platforms
  • WebTrader

  • MetaTrader 4

  • MetaTrader 5

  • Mobile & Tablet

Features
  • 7 Deposit Methods

  • Trading Tools

  • Transparent Pricing

  • Market Reports

Open Account
Apply

71% of retail investors lose money when trading forex (CFDs) with this provider

Broker
pepperstone broker
Platforms
  • cTrader

  • MetaTrader 4

  • MetaTrader 5

  • Mobile & Tablet

Features
  • Copy Trading

  • Smart Trader Tools

  • cTrader Automate

  • Free Autochartist

Open Account
Apply

77% of retail investors lose money when trading forex (CFDs) with this provider

Broker
cityindex broker
Platforms
  • Proprietary AT Pro

  • WebTrader

  • MetaTrader 4

  • Mobile & Tablet

Features
  • Free Trading Signals

  • Strategy Tools

  • Training Portal

  • NO EU Customers

Open Account
Apply

67% of retail investors lose money when trading forex (CFDs) with this provider

Broker
spreadex broker
Platforms
  • Proprietary

  • Mobile & Tablet

  • NO MetaTrader 4/5

Features
  • Chart Analysis

  • Market Updates

  • 10,000+ Global Markets

  • Attractive Margin Rates

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Apply

58% of retail investors lose money when trading forex (CFDs) with this provider

Broker
xtb broker
Platforms
  • xStation

  • xStation Mobile

  • No MetaTrader 4/5

Features
  • Customisable Platform

  • Charts Trading

  • Trading Academy

  • Market Analysis

Open Account
Apply

77% of retail investors lose money when trading forex (CFDs) with this provider

Broker
xm broker
Platforms
  • WebTrader

  • MetaTrader 4

  • MetaTrader 5

  • Mobile & Tablet

Features
  • 25+ Payment Methods

  • 30 Languages Supported

  • Just 1000 Markets

Open Account
Apply

74% of retail investors lose money when trading forex (CFDs) with this provider

Choosing Your Forex Broker in Indonesia

Choosing the best forex broker can be a daunting process, especially with the myriad of great choices from around the world. An important first step is to do your research thoroughly and carefully. The last thing that you want to happen is to trade with a company that doesn’t serve your needs. At the end of the day, this is your hard-earned money, and you need to be able to choose based on your preferences and personal needs. Here are some important questions to ask yourself when comparing forex brokers:

Is It Regulated by a Competent and Recognised Authority?

It is important for a forex brokerage firm to be licensed, regulated and to follow monetary regulations laid out by prominent financial authorities, only trade with trusted companies. This is for your protection, If the broker is authorised and regulated, then you are assured that your funds are secure. To find a broker that is licensed, they need to comply with governing bodies. When you compare forex brokers, check if they are regulated by checking their licence number on their website. In this case your forex broker (and eventually, your trading account) should be authorised and regulated by an appropriate financial authority.

Extra Features and Analyses

As it was mentioned above, foreign exchange market is extremely competitive with hundreds of brokers vying for new business with new marketing ideas and promotions. Since deposit bonuses were banned by the regulators, brokerages had to adapt and come up with new ideas. Depending on your trading style and strategies you should choose a broker which offers you the necessary tools for free; for example, if you’re not sure how to trade you might want to decide to follow more experienced traders through copy trading or use free FX signals to save time on research. The possibilities are endless now. Comparison table above shows which extra features are offered by each broker.

What Are the Trading Costs? Spreads? Fees?

Forex brokers might charge the following fees (not necessarily all of them): commission, spreads, and interest rate swap. Additional costs include overnight financing charges, account fees, and fees for deposits and withdrawals. Overnight financing charges can either be a refund (net credit) or a loss (net debit). Forex brokerages usually have two fee models for traders: the commission model and the spread model. The commission fee is a fixed amount, and it largely depends on the trading volume. In this model, traders don’t need to pay an additional spread other than the commission. The spread is the difference between the buy and sell price of currencies. In the spread model, the broker earns money through an additional spread. Depending on trading supply and demand, the spread can widen or narrow. Depending on how often you plan to trade, those fees and spreads might add up to a considerable sum of money; here, you must apply your trading plan to figure out which forex trading account is best for you.

What fees you should expect from a reputable forex broker:

  • Tight spreads, competitive commission
  • $0 inactivity or account fees
  • $0 deposit and withdrawal fees
  • Low or none swap rate

What Are Its Different Order Types?

When you examine the trade execution screen of a trading platform (this can be accessed if you open a demo account or have a live account with another provider), you will see different trade entry types and stop orders. These are all safety provisions for the trader, designed to protect and help the traders, never underestimate the importance of orders in trading. The forex broker should have a Limit Order, Market Order, Stop Order, Stop-Limit Order, Guaranteed Stop-Loss Order, and a Close All order.

Forex Trading Platforms

Gone are those days when an FX brokerage was someone that you dealt with over the phone. The advent of fast internet has changed all that. Now, traders can use forex trading platforms downloaded on their phones or laptops or directly done on web browsers from their computers. With so many forex platforms on the markets on top of the proprietary ones, you’re here for a treat. At this point, you should know which trading platform is best for you and you feel comfortable with.

Is It Reputable?

Reputation and reliability are two important factors that you should look for in a forex provider. Trading currencies with a broker that you trust is crucial for success in the international currency market. Your broker’s goal should be to help you make profits and not incur losses. Check online reviews on sites like TrustPilot or visit forex forums to see what other trader friends have to say about the broker. If they’re happy, then there’s a good chance that you’ll be, too. Even though, the list above contains only trusted and reputable brokers, you should do your own homework.

What Are Their Policies?

The best forex brokers adhere to several strict policies. The stricter the policies, the more secure and pleasant your trading experience will be. Broker websites should post their initial deposit requirements, account security measures (your funds will be held in a segregated bank account to protect your deposits), account levels, and ways to deposit and withdraw money. All this information should be clearly laid out. If a prospective client is unsure of a specific policy or has questions, the FX broker should be able to provide a way to contact them and have their queries answered.

Choosing the Right Trading Platform in Indonesia

Wherever you are, there are forex brokers that you can trade with, great and trustworthy firms. Brokers have various trading platforms that offer a range of financial offerings, trading education, research, customised features, and technical indicators. The best forex platforms allow traders to have a smooth trading experience. They also offer their clients more trading tools that are specifically designed to understand volatile currencies.

When you find a forex account, you must make informed decisions about how and to trade using their platform. You can use your desktop or laptop, tablet, or even your mobile phone for more accessibility. Here’s what you should look out for:

It Should Provide Basic Functionalities and Additional Features

Forex traders of varying levels use the platform, so it should be flexible enough to accommodate new comers. It should be simple enough for novice traders to understand, with intuitive functions that understand how traders navigate through a site or a mobile app. However, it should also be customizable and should have options for more sophisticated features that cater to veteran traders.

Adequate Support Should Be There

Online forex brokers usually provide a helpline for clients who have queries and who need assistance in various areas. A lot of them provide a live online chat feature with an actual broker to advice clients while they’re trading. Most brokers also provide email support, FAQs, and online community forums so that traders can discuss their trades with others.

It Should Provide Trading Tutorials and Research

Some of the best forex brokers in the world offer educational and training opportunities for traders. These usually come in the form of frequently asked questions, videos, and extensive informational articles. Forex brokers usually offer new traders a chance to practice by offering practice (demo) accounts. It allows prospective clients to trade forex pairs using play money. This is an invaluable resource that allows the trader to examine the quality of the broker’s bid/ask pricing. Forex brokers should also provide economic analysis and comprehensive market research which helps traders watch out for short-term profit opportunities.

It Should Have a User-friendly Interface

Forex traders should be able to have a great trading experience. With just one look at the platform, traders should know what to click and where to go. Luckily, nowadays, the software is beginner-friendly, intuitive, and easy-to-use. If you’re not sure, try different trading platform and pick the one you like the most.

We tend to compare prices before we buy products or services so why not do the same when it comes to choosing a reliable forex broker? Opening a trading account is more complicated than buying a hamburger as brokers need to confirm your identity and check if FX trading is for you therefore it’s important to open a trading account with a reputable broker from the start of your trading career. It’s not just about spreads or trading platform but overall experience you can expect from your broker, make sure your FX provider offers all/most of the features you need so the broker of your choice will be your best forex broker.

Forex Trading in Indonesia

To trade in the foreign exchange (forex) market, you need a regulated forex broker. A forex broker, by its simplest definition, quotes current foreign exchange rates and execute customers’ trades and orders through their trading system and will charge the spread or commission for the service.

When trading currencies, they come in pairs. The base currency is on top, and the quote currency is at the bottom. For instance, EUR/CAD or USD/GBP are translated as the euro versus the Canadian dollar and the US dollar versus the pound sterling, respectively. There is also a price associated with each pair. For example, if for EUR/CAD the price is 1.5, that means it costs 1.5 Canadian dollars to buy 1 euro. If it changes to 1.6, then the euro has increased in value and the Canadian dollar has decreased.

Traders usually take a position in a specific currency pair(s), speculating that there will be an upward movement in the currency that they are purchasing and conversely, a weakness in the currency that they are selling. If this happens, then they will make a profit. Although you can trade in many different currency pairs, the four major pairs that are most popular are the U.S. dollar and the Swiss franc, the U.S. Dollar and the Japanese Yen, the euro and the U.S. dollar and the British pound sterling and the U.S. dollar.

Why Forex Trading?

As mentioned earlier, one of the main benefits of forex trading is its global market with around-the-clock trading. Since it happens all over the world, people can trade 24/5, at all hours of the day, five days a week. There is always a transaction taking place somewhere in the world, and this is a very liquid market. The implication of this is that the trader has a lot of opportunities. Here are other reasons why you should try forex trading:

  • You can jump right into forex trading with the help of a forex broker without much capital. Forex trading has a lower trading cost compared to options and stocks.
  • The forex market is quite extensive. Some forex brokers allow clients to trade over 100 currency pairs.
  • You can use automated tool and trading signals to make your trading easier. Some brokerages provide them for free.
  • You can trade on a level playing field because no single company controls the market and forex isn’t really owned by anyone. It is also decentralised so there’s no middleman. The forex broker merely acts as a facilitator of the trade.

The Bottom Line

If you’re looking to trade in foreign currencies, a good and reliable forex broker will be able to help you to get accustomed to forex and assist you with their trading platform and trading technicalities. Finding the best forex broker ultimately depends on what you need and your preferred trading style. The bottom line is that forex brokers should have integrity, be regulated and reputable with a good and clean track record. Traders may compare and evaluate forex brokers all they want, but this is the most important thing to consider, especially with today’s volatile market. Your trades, your money – your perfect broker.

Final Thoughts on Forex Brokers and Trading Platforms

What is the best forex broker in Indonesia?

It really depends on your trading style and needs. It all comes down to what you really want from your fx account. The list above represents the most trusted brokers but it’s up to a trader to decide what broker to choose.

Should I trade with a regulated broker?

Absolutely, only trade with regulated brokers to avoid problems later in your trading career, you bank with a regulated bank so do the same with your trading broker. Only trade with good and reputable forex companies to enjoy your forex trading experience. It’s worth checking broker reviews online to see what other traders think about your broker. It’s best to avoid unregulated brokers as you never know what to expect from them in the futures.

What are the features I need to successfully trade forex?

As you can see from the comparison table, forex brokers provide a variety of extra features you can use for free; but it really depends what features you want, for example, if you rely on forex trading signals you should sign up with a broker which provides those signals for free. And you can enjoy a wide range of features: copy trading, advanced charts, signals, economic calendar, and many more.

What are the best 10 forex brokers?

There are many good forex companies and thus it’s hard to say who are the top 5 providers. We don’t do “best 5 forex brokers” or “top 8 forex brokers” as it’s impossible to put a number on it. The comparison table simply lists reliable and trusted forex brokers in Indonesia.