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Best Indonesia Forex Brokers for 2020

Are you based in Indonesia and looking to trade forex online? Read our in-depth guide to find a forex broker in Indonesia.

Are you based in Indonesia and wondering whether or not you can trade forex online? Although you’ll often find that a number of well-known forex broker domains are blocked in Indonesia, some of the brokers in question actually accept Indonesian traders nonetheless.

As such, you might need to use a VPN to bypass the block. With dozens of Indonesia forex brokers now active in the online space, knowing which platform to choose from can be challenging.

In this article, we explore the best five forex brokers currently accepting traders from Indonesia. We cover key metrics like regulation, currencies, fees, spreads, and of course -whether or not the platform offers Islamic accounts.

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    Our Recommended Indonesia Forex Platform

    Our top-rated Indonesia forex broker is listed below. We have recommended this broker because of it offers commission-free forex trading, dozens of supported currency pairs, and an easy account opening process. Moreover, the broker offers Islmasic swap-accounts, if this is something you require. Simply click on the link below to get your trading account set up in minutes.

    Our Recommended Forex Broker 2021

    eToro exchange
    • Social and Copy Trading Offered
    • Trade Forex, CFDs, Stocks, Crypto and More!
    • $200 Minimum Deposit
    • Accepts Paypal Deposits
    eToro exchange
    67% of retail investors lose money when trading CFDs with this provider.

    Top Indonesia Forex Brokers

    Upon researching hundreds of online forex brokers that accept Indonesians, we have narrowed our list down to just five. As such, the following brokers have been pre-vetted. They are all regulated, charge competitive trading fees, and accept heaps of everyday payment methods like debit/credit cards, e-wallets, and bank transfers.

    Note: Don’t forget, you might need to use a VPN to access some, or all of the following five brokers. We find that access depends on the specific internet service provider that you are connected to, so there is no way of knowing until you try.

    1. eToro - Forex Broker with $200 Minimum Deposit

    Our number one forex broker for Indonesian traders is that of eToro. The online CFD, stock, and forex broker allows you to trade dozens of currency pairs. This includes all majors and minors, and a select number of exotics. You can open an account in minutes, and deposits start at just $200. You can fund your account with a debit/credit card, an e-wallet like Paypal/Skrill, or an international bank wire.

    What we really like about eToro is that its trading platform has been designed for newbie traders. You can also copy the trades of other users of the site if you want to make passive income. Fees are competitive at eToro, as the broker does not charge any trading commissions when buying and selling currencies. As such, it's only the spread that you'll pay. eToro offers swap-free accounts, which is ideal if you're a follower of the Islamic faith.

    When it comes to the safety of your funds, eToro is regulated by ASIC (Australia), CySEC (Cyprus), and the FCA (UK). This means that client funds are kept in segregated bank accounts. Finally, eToro is a great option if you're after in-house educational resources. This includes lots of handy videos and step-by-step guides.

    Islamic Swap Account: Yes

    Assets: Cryptocurrencies, Stocks, CFD, Forex, ETFs, Commodities

    Demo Account: Yes

    Educational Material: Great educational material for both beginners and advanced traders

    Fees: $5 Withdrawal Fee, $5 Inactivity Fee, No Account Fee, No Deposit Fee

    Minimum deposit: $200

    MT4/MT5: No

    Special Features: Copy trading and social trading site

    Regulation: CySEC, FCA, ASIC, MiFID

    Payment methods: Credit/debit card, Paypal, Sofort, Rapid transfer, Skrill, Wire transfer, Neteller, WebMoney, UnionPay

    • Social trading leader
    • Best mobile trading site
    • Paypal accepted
    • Limited technical analysis tools
    • Not well-suited for the more advanced investor
    AFSL 491139. High risk to capital.

    2. IG - Some of the Lowest Spreads in Forex

    If you're the type of investor that typically places a high volume of trades throughout the day, then you'll want to consider the low fee structure offered by IG. Firstly, the platform does not charge any commissions when trading forex. Secondly, IG offers super-low spreads. This starts at just 0.6 pips when trading major pairs. IG also supports dozens of minors and exotics.

    In order to get started with an account, you will need to deposit $300. Although this is much higher than the other Indonesia forex brokers on our list, it's well worth considering to gain access to the platform's competitive pricing model. You can deposit funds instantly with a debit or credit card. Bank wires are also supported. If you're a follower of the Islamic faith, you'll be pleased to know that IG offers swap-free accounts.

    It is also important to note that IG is one of the most trusted brokers in the online forex scene. It first opened its doors in 1974, and it holds heaps of licenses. This includes ASIC, FCA, MAS, and BaFin. If you're looking to trade assets outside of the currency space, IG lists thousands of financial instruments. This covers CFDs in the form of stocks, indices, cryptocurrencies, and ETFs, as well as a spread betting facility.

    Islamic Swap Account: Yes

    Assets: Forex, Indices, Cryptocurrencies, Shares, Commodities

    Demo Account: Yes

    Educational Material: First-grade research department, fundamental news, technical analysis brokerage analysis

    Fees: 0.6 pips on EUR/USD and AUD/USD, no commissions on FX trading, deposit fee of 1% (Visa) and 0.5% (MasterCard)

    Minimum deposit: $300

    MT4/MT5: MT4

    Regulation: MAS, FCA, BaFin, ASIC

    Payment methods: Credit/debit card, Bank wire

    Our Rating

    • Regulated by heaps of notable licensing bodies
    • Highly customizable and easy to use trading platforms
    • Advanced charting features and tools such as the alert system for specific indicators and sentiment readings
    • Spreads much higher outside of standard trading hours
    • No e-wallet support

    3. FXTM - Forex Broker Supporting Indonesia Bank Transfers

    If you're looking for the easiest way to deposit funds into a forex broker, we would suggest using FXTM. This is because the platform supports deposits and withdrawals via your Indonesian online bank account. This ensures that your account is funded quickly and cheaply.

    Other options include a debit/credit card, and even e-wallets like Paypal, Neteller, and Skrill. In terms of account minimums, this depends on the account type that you opt for. This starts at $250 on standard accounts, and rises to $500 on an ECN account. With that said, ECN accounts give you access to spreads of just 0.6 pips when trading major pairs.

    FXTM is also notable for its strong regulatory standing, which includes licenses in South Africa and Cyprus. In terms of the trading department itself, FXTM supports MT4 and MT5. This means that you can trade via your desktop, tablet, or mobile device at the click of a button. Finally, the broker also offers a swap-free Islamic account.

    Islamic Swap Account: Yes

    Assets: Forex, cryptocurrencies, indices, commodities, CFD stocks

    Demo Account: Yes

    Educational Material: Educational videos, step-by-step trading tutorials, frequent analysis publications

    Fees: Major spreads of 0.6 pips via ECN account, €30 withdrawal fee for non-EU bank wires, free e-wallet withdrawals

    Regulation: Licensed by FCSA and CySEC - Registered with FCA, BaFin, CONSOB, and more.

    Minimum deposit: $500 on ECN accounts

    MT4/MT5: Both

    Payment methods: Credit/debit cards, Bank wire, Skrill, Neteller, Cryptocurrencies

    Our rating

    • Spreads from 0.6 pips
    • Supports e-wallets
    • Reguated by FCA and CySEC
    • Fees charged on most withdrawal options

    4. Pepperstone - Forex Broker With 0.0 Spreads on Raw Account

    Pepperstone is our top-rated Indonesia forex broker for those of you seeking an advanced trading platform. Firstly, by opening a Raw account you will be able to eliminate spreads when trading major currencies. You will, however, be charged a trading commission of $7 per round, so you'll need to be trading large-ish volumes to make it worthwhile.

    If not, you can open a commission-free Standard account, albeit, spreads average 1-1.3 pips. When it comes to funding your account, Pepperstone supports a range of payment methods. This includes e-wallets, debit/credit cards, and international bank wires. You'll need to meet a minimum deposit of $200 to get started. Deposits are free, but bank wires come with a $20 flat withdrawal fee.

    Over in the trading department, Pepperstone offers MT4 and MT4. This means that you'll benefit from dozens of technical indicators and advanced charting tools. Pepperstone is also strong in the fundamental research department, with ongoing news developments posted throughout the day. As the broker is licensed by the FCA and ASIC, your funds are kept safe. Finally, Pepperstone now offers Islamic swap-free accounts.

    Islamic Swap Account: Yes

    Assets: Forex, CFDs

    Demo Account: Yes

    Research Material: Dozens of technical indicators and advanced chart analysis tools

    Fees: Spreads from 0.0 pips on Raw account, $0 deposit fee, $20 bank withdrawal fee,

    Minimum deposit: $200

    MT4/MT5: Both

    Special Features: Automated trading

    Regulation: ASIC, FCA

    Payment methods: Credit/debit card, Paypal, BPAY, Poli Payments, Skrill, Wire transfer, Neteller

    • 0.0 spreads on Raw Account
    • Trade execution speed of 30ms
    • ASIC and FCA regulated
    • Supported only offered on a 24/5 basis
    • Not suitable for newbie traders

    5. - Industry-Leader in the Online Forex Space

    If you're looking for a specialist forex platform, look no further than The platform currently supports more than 80 different pairs. This includes all major and minor currencies, as well as heaps of exotics. Popular trading platform MT4 is supported, too.

    What we like about is that it allows you to get started with a deposit of just $50. This is ideal if you want to start off with smaller stakes. Supported payment methods include a debit card, credit card, or international bank wire. Take note, if you withdraw funds back to an Indonesian bank account, the broker will charge you a $40 fee. also makes our list because of its strong regulatory standing. It is licensed in a number of jurisdictions, including Canada and the US. is also strong in the research department. You'll have access to lots of technical indicators, as well as in-house analysis. Unfortunately, does not offer swap-free accounts.

    Islamic Swap Account: No

    Assets: Forex

    Demo Account: Yes

    Educational Material: Highly extensive forex research department and technical indicator tools

    Fees: 1.2 pips on major pairs, $40 wire withdrawal fee, $15 monthly inactivity fee

    Minimum deposit: $50

    MT4/MT5: MT4

    Regulation: US regulators such as FCM, RFED, CFTC, NFA

    Payment methods: Credit/debit card, Bank wire


    • Spreads from just 1.2 pips
    • Regulated by US bodies
    • More than 90 pairs
    • $40 wire withdrawal fee
    • $15 monthly inactivity fee

    How to Choose a Forex Broker in Indonesia

    Attempting to find a broker is no easy feat for locals traders, not least because heaps of websites are blocked when you try to access them from an Indonesian IP address. Once you do find a broker that supports Indonesian traders, you then need to look at a range of other factors to ensure the platform is right for you.

    As such, if you do plan to research a forex broker on a DIY basis, be sure to review the following considerations.

    • VPN Requirements

    As noted above, dozens of popular forex websites are now banned when you attempt to access them from Indonesia. However, many of these brokers do in fact accept Indonesian traders, which can be frustrating. If this is the case, you will need to use a VPN provider. In doing so, you can bypass these restrictions and then legally sign up with your chosen broker.

    • Licensing

    Just because you’ve found a forex broker that accepts Indonesians, you still need to ensure that it is regulated. In fact, this is a minimum requirement. The five brokers listed on this page are licensed by tier-one bodies like the UK’s FCA, ASIC in Australia, or CySEC of Cyprus. This will ensure that your funds are kept safe.

    • Forex Pairs

    You also need to explore what forex pairs your chosen broker supports. You’ll usually find that leading brokers support all major and minor currency pairs. With that said, you’ll need to see what exotics are supported if you want to trade emerging currencies. You should check this before opening an account.    

    • Payment Methods

    Do you know what payment method you wish to use to deposit funds into your chosen forex broker? Most platforms accept a traditional debit and credit card, as well as an international bank wire. E-wallets like Paypal and Skrill are also an option. Some brokers will even support local Indonesian bank transfers.

    • Spreads

    You should always opt for forex brokers that offer tight spreads. Ideally, major pairs should come with spreads of no more than 1 pip. This will ensure that your trading costs are kept to a minimum.

    • Commissions

    On top of the spread, you might need to pay a commission every time you trade forex. This is charged as a percentage against the amount that you trade. For example, if the broker charges 1% and you trade $5,000 throughout the month, you will have paid $50 in commission. Some of the Indonesia brokers listed on this page do not charge trading commissions.

    • Trading Tools and Research

    Regardless of whether you are an experienced trader or just starting out, you’ll need to utilize technical and fundamental research tools to succeed in the world of online forex. It’s also useful if your chosen platform offers educational materials, such as webinars, step-by-step guides, and videos.

    • Customer Support

    You should also explore whether or not the customer support team operates on a 24/7 basis. Don’t forget, you might be using an EU-based platform, so it’s no good if you need to speak with an agent during the night. It’s also worth seeing what support channels are offered. Notably, live chat is preferred, especially if you are required to dial a non-Indonesian telephone number. 

    Leverage at Indonesia Forex Brokers

    There are no regulations in place preventing Indonesians from applying leverage when buying and selling currencies online. Furthermore, and perhaps most importantly, there are no specific caps in place, so the amount that you can apply will be determined by the forex broker itself.

    In some cases, forex brokers accepting Indonesian residents will initially limit you to 30:1. The broker may then choose to increase these limits further down the line. With that being said, some brokers are known to offer leverage limits of up to 500:1 – even to retail traders that have just opened an account.


    We hope that you now have a firm understanding of what you need to look out for when choosing a forex broker. We’ve outlined the key considerations that you need to make – such as whether the broker offers Islamic swap-free accounts. Other important metrics include regulations, spreads, commissions, and customer support.

    For those of you that don’t have time to research a broker yourself, we’ve also listed our top five picks. As each broker meets our strict criteria, rest assured that there is a platform to suit most trading requirements.

    Our Recommended Forex Broker 2021

    eToro exchange
    • Social and Copy Trading Offered
    • Trade Forex, CFDs, Stocks, Crypto and More!
    • $200 Minimum Deposit
    • Accepts Paypal Deposits
    eToro exchange
    67% of retail investors lose money when trading CFDs with this provider.


    Are Indonesia forex brokers safe?

    This depends on the platform that you sing up with. Crucially, you'll want to make sure that the forex broker holds a tier-one license - such as those issued by the FCA and ASIC. If it does, the broker is safe.

    What leverage limits do Indonesia forex brokers offer?

    Yes, although you will be limited in how much leverage you can apply as a retail trader. This will be determined by the broker that you sign up with.

    Do I need to use a VPN to trade forex in Indonesia?

    A lot of well-known broker domains in Indonesia are now blocked. With that said, most of these brokers accept Indonesian traders, so you'll need to use a VPN.

    What is the minimum deposit amount at Indonesia forex brokers?

    This varies from broker-to-broker. The lowest deposit amount required by our recommended brokers is $50.

    What payment methods do Indonesia forex brokers support?

    Some brokers allow you to deposit via your Indonesian online bank account. Other options include debit/credit cards, e-wallets, or an international bank wire.

    Forex brokers by country



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