The best Forex and CFD brokers in Indonesia

There are a lot of things that people traditionally associate with Indonesia – it could be the country’s rich history and vibrant traditions tropical beaches and famous holiday destinations, a diversity of ethnic groups and religions, or even the diversity of its fascinating flora and fauna.

However, Indonesia is so much more than that. This country in Southeast Asia occupies a territory of 1 904 569 square kilometers, and its total population exceeds 273 million people and is projected to grow further. Indonesia is the world’s 14th largest country by overall territory.

Indonesia has managed to accelerate its national economy at a rapid speed, and maintain sustainable growth over the years to come. After reducing the poverty levels from 60% to 15% and developing the country’s services industry, agriculture, and tourism sector, Indonesia became one of the strongest economic players in the region.

The main exports from the country are based on its rich reserves of national resources – oil, gas, palm oil, copper, tin, rice, spices, rubber, gold, and nickel. Indonesia is also exporting vehicle parts, mobile phones, and refined petroleum, and, while its main trading partners are located in Southeast Asia, its significant trading partner is also the United States.

Find your regulated Forex brokers in Indonesia

Forex trading has only been introduced to the country very recently, however, it is growing in popularity pretty fast. One of the very first steps beginners have to make is choosing a Forex broker. And, there are multiple things to consider in the process, such as: trading fees, platforms, available leverage, asset types, regulations, etc. In order to aid you in this process, we have created a top brokers list.

Forex trading regulations in Indonesia

Forex and CFD (Contracts for Difference) trading in Indonesia is fully legal and regulated by the Financial Services Authority of Indonesia (Otoritas Jasa Keuangan or OJK).

The regulatory body is responsible for licensing financial brokers. The OJK requires from brokers to meet minimum capital requirements, offer investor protection and adhere to marketing and advertising guidelines. These regulations are in place to ensure transparency and fair investment environment. However, it should be mentioned that the number of local brokers that have OJK license is very limited. On the other hand, it’s perfectly legal to open trading accounts with internationally regulated brokers in Indonesia.

Trading software and payment methods in Indonesia

As the popularity of Forex trading in Indonesia is growing, so does the variety of trading software available with the local Forex brokers. Many brokers use custom-made platforms while others offer the most popular third party software such as: cTrader, MetaTrader 4 (MT4), and MetaTrader 5 (MT5). cTrader and MT4 are currency trading platforms, while MT5 supports various asset classes in addition to Forex, indices, and commodities. On MT5, you can also trade futures, bonds, and stocks.

In terms of the payment methods, one can find a lot of variety. The most popular options include: Debit and Credit card payments, E-wallets, bank wire transfer, QR Code payment, Online Payment Gateways, and mobile banking.

It should be noted that deposits made by most of the options above are instant, while bank transfers take a couple of business days.

Pros and Cons of trading in Indonesia

Before starting the trading journey, it’s essential to learn about benefits and dangers of trading to prepare accordingly, or you might even choose to find a different path in life.

Pros:

• Indonesian national economy is one of the largest in the region, and you will find a lot of trading career opportunities in the country
• FX trading is popular in Indonesia and you can access quality education such as seminars, webinars, and meetings in your country
• Forex is legal and regulated in Indonesia

Cons:

• Trading involves taking risks. And beginners need to learn how to trade properly using strategies and risk management before making a deposit, which takes a lot of training and effort
• Local brokers are limited in number

Summary

Overall, trading Forex in Indonesia is popular and regulated, however, when searching for a broker to open a trading account with, you should also consider the trading conditions and experience. The Indonesian regulator is not highly experienced, and there are only small number of local brokers that cannot compete with international ones. This is why we have included global brokers with great trading conditions in our top list.

FAQs on the best Forex and CFD brokers in Indonesia