What is the best Forex broker in Indonesia? Competition in the forex market is very tight with the presence of many forex brokers along with the choice of features and products provided. You have to know how to choose the right and best broker so you can trade legally in Indonesia. In the end, the benefits obtained will of course also be maximized and more guaranteed.
This time, AtoZ Markets has summarized the best forex brokers in Indonesia, including tips on choosing the best forex broker, especially for you.
Tips for choosing the best Forex platforms in Indonesia
There are several things that must be considered to choose the best platforms in Indonesia. You have to do your research before depositing money with a Forex broker. Even regulated brokers aren't all great and some have poor customer service, so it's worth doing the checks like:
- Is the broker regulated?
- Have you looked for online reviews or broker comparisons?
- Search and read customer reviews
- What is the minimum deposit?
- Which payment processors do they use?
- How fast are withdrawals processed?
- What trading platforms do they use?
- What commissions do you charge for trading
- Helpful and professional customer support
- Training material
It won't take more than an hour to perform the above checks, but it might save you heartache later on.
So, now to the main feature of the guide. Let's find out who are the best Forex Brokers in Indonesia selected by AtoZ Markets.
What is the best Forex broker in Indonesia 2024?
After knowing the tips for finding the best forex broker, you also have to know the list of brokers to choose from, especially in Indonesia. The following is a list of the best forex platforms for Indonesians.
MultiBank Group
MultiBank Group is a well-known brokerage company that deserves more attention from professional traders in Indonesia. This is a brokerage company that has been providing reliable financial services for many years.
MultiBank Group was founded in 2005 and has been successfully developing. At the moment, clients can get the opportunity to trade on several platforms, with the largest range of additional instruments. Trading accounts are available without commissions for financial transactions. The broker has received more than 50 international awards for 16 years, which confirms the high level of services provided.
Clients can easily register, open one of the accounts, make a deposit and start trading. Employees of the company, if desired, can provide customers with some assistance and also conduct free consultations.
Regulations: MultiBank Group is regulated worldwide by:
- ASIC
- BaFin
- FMA
- CNMV
- FSC
- CIMA
- RAK.
Platform: MT4 and MT5 trading platforms.
Minimum deposit: The minimum deposit with which you can access live trading is only $50.
Advantages: Client funds are protected by a number of regulatory measures which must be strictly followed by MultiBank Group.
Read our MultiBank Group review.
Want to trade with Multibank Group? You can do that by clicking on the following botton:
Avatrade
Formerly known as AvaFX, AvaTrade manages trading volumes of over $60 billion per month. If you are looking for the best Forex broker in Indonesia, according to the opinions of users AvaTrade can be the broker through which to invest.
Headquartered in Dublin, AvaTrade has offices around the world, including Paris, Milan, Tokyo and Sydney. Customer service is quick and helpful, and the multilingual help desk is open 24 hours a day.
We must also emphasize that Avatrade is among those safest Forex brokers that currently perform this service in Indonesia and in Asia as they are in possession of all the mandatory authorizations that make it a reliable broker.
AvaTrade clients can trade Forex and 200 other instruments, including commodities, indices and stocks, while managing to have competitive spreads.
Regulations: Avatrade is authorized and regulated by:
AVA Trade EU Ltd: Central Bank of Ireland C53877;
DT Direct Investment Hub Ltd: CySEC 347/17;
DT Direct Investment Hub Ltd: MiFID;
AVA Trade EU Ltd: Polish Financial Authority;
Ava Capital Markets Australia Pty Ltd: ASIC 406684;
Ava Trade Markets Ltd: BVIFSC SIBA / L / 13/1049;
Ava Capital Markets Pty Ltd: FSCA 45984;
AVA Trade Middle East Ltd: Abu Dhabi Global Market 190018;
ATrade Ltd: Israel Securities Authority 514666577.
Platform: AVAOptions, AvaTrader, Mac Trading, Mobile Trading, MT4, Web Trading
Minimum deposit: the minimum initial deposit for the real account with AvaTrade is only $100.
Advantages: Client funds are guaranteed up to a maximum of 20,000 Euros, and the awards obtained by this Broker are truly considerable.
If you are interested in trading with AvaTrade, click on the button below:
Tickmill
Tickmill is one of the most trusted trading sites that was founded in 2014 so it is relatively new. This international broker is widely trusted by traders to trade. Tickmill supports various trading platforms. You can also open a demo account to learn to trade. But if you feel proficient and want to open a real account, you must prepare a minimum deposit of $100.
Regulations: Tickmill is regulated by:
- FCA
- FSA
- FSCA
- CySEC
Platform: Webtrader, MT4 and MT5 trading platforms.
Minimum deposit: The minimum deposit with which you can access live trading is only $100. For a VIP account, you need a minimum balance of $50,000.
Advantages: Tickmill has low trading fees and client funds are protected by a number of regulatory measures which must be strictly followed by Tickmill.
Want to trade with Tickmill? You can use the botton below:
Want to try CFD as well? We recommend the following 3 CFD Brokers.
Pepperstone
image credit: Pepperstone
Launched in 2010, Pepperstone is a wholly-owned subsidiary of Pepperstone Group Limited. This Australia-based company has quickly become one of the world's largest Forex broker.
While expanding its services to meet the needs of its customers, Pepperstone has opened offices in the main financial destinations of Melbourne, Dallas, Bangkok, London, and Dubai.
Pepperstone provides traders with super-fast trade execution across multiple trading platforms, including cTrader and both MetaTrader 4 and MetaTrader 5.
In the last 11 years, the brokerage company has significantly increased its client base. Dynamic development was made possible thanks to low spreads and commissions, as well as a wide range of tools.
In fact, Pepperstone strives to propose the best options to the trading community and was recognized by numerous awards, which the broker regularly received along with rave reviews from the traders themselves.
Products offered
Clients can choose from over 150 tradable instruments across a wide range of financial asset classes, including over 80 forex currency pairs, cryptocurrency CFDs, precious metals and stocks.
Read Also: Best CFD Brokers in Indonesia 2024
Regulations
Pepperstone is regulated by the Australian Securities and Investments Commission (ASIC) in Australia, the Financial Conduct Authority (FCA) in the UK, and the the Dubai Financial Services Authority (DFSA) in the UAE.
Cost
Pepperstone earns most of its fees from tight spreads and low commissions. This creates a unique, low-cost environment for traders to build their portfolios. Trading fees are competitive. The average spread for the EUR/USD currency pair on your Razor accounts is just 0.13 pips plus a commission of $7. Commissions on the Razor account in Forex trading are always equal to seven units of the base currency per round lot (out and in). The average spread on Standard accounts for the same currency pair is 1.13 pips and this account is commission free.
Support
Pepperstone provides customer support through 3 channels:
- Chat
- Phone
In all three cases, assistance is provided in Indonesian (or in other languages of your choice) and the service is available 24 hours a day, from Monday to Friday.
Of the three available channels, the fastest is definitely the live chat service. Within seconds you get in touch with one of the operators and you have the opportunity to receive assistance and to have an answer to our questions.
If you'd like to trade with Pepperstone, you can do so by clicking the following botton:
XTB
In addition to the four brokers we mentioned above, there is also a fifth one to take into due consideration when it comes to Forex trading in Indonesia. We are talking about XTB, a very valid broker that in recent years has constantly increased the number of its active clients, thanks to a series of indisputable strengths starting from very low and competitive spreads up to the presence of advanced and fully customizable graphic tools.
Anyone with a minimum of experience in trading currencies knows perfectly well that low spreads and charts are essential to set up trading strategies aimed at profit.
The number of forex pairs that can be traded with XTB is constantly increasing. A year ago we were at 40 while now we are already at 48. The offer, also in light of the broker's expansion, is destined to grow. All the main forex pairs are obviously present but in addition to these it is also possible to open positions on second level currencies such as the Romanian leu, the Hungarian forint, the Turkish lira and many high ones.
Regulations: XTB Limited (UK) is authorized and regulated by the Financial Conduct Authority in the United Kingdom (License No. FRN 522157)
XTB Limited (CY) is authorized and regulated by the Cyprus Securities and Exchange Commission. (License No. 169/12)
Platform: With XTB it is possible to trade Forex using the award-winning platform xStation 5 - ideal for both experienced and novice traders. Very simple to install, it also has live performance statistics.
Minimum deposit: not required, you can deposit any amount to start trading CFDs with XTB
Advantages: leverage up to 1:30, EUR/USD spread from 0.00003, negative balance protection. Ability to do analysis using many graphical tools and indicators.
Do you want to try trading Forex with a broker that offers comprehensive charts and analysis tools? Try XTB by activating the free demo.
Want to give XTB a try? You can use the botton below:
Best Forex Brokers in Indonesia: Frequently asked questions
What is the best broker in Indonesia?
Currently, in terms of the number of clients and services offered, the best Forex brokers are Multibank Group and Avatrade, two professional brokers with very easy-to-use platforms.
What characteristics must a reliable FX broker have?
Surely it must have an efficient platform and must not charge commissions on orders. Prompt customer support and the ability to have free demo accounts and try the services are also appreciated.
Best Forex Brokers in Indonesia 2024
Next Read: Best Forex Brokers in Asia 2024