To come up with this list, we have tested over 5 forex brokers holding BAPPEBTI licenses in Indonesia.
We opened a real account and deposited between $4,000 and $8,000 with each broker. We placed real trades in each popular market to get the real spreads.
We also reached out to customer support to solve issues that we had encountered. Finally, we withdrew our funds to see if there is any issue with the withdrawal process.
We handpick the best forex brokers in Indonesia, based on our trading data and experience as a trader.
Indonesia BAPPEBTI Regulations for Forex Brokers
Forex brokers in Indonesia are regulated by the Commodities and Futures Trading Regulatory Agency, locally known as Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI). The agency is solely overseeing the commodities and futures entities in Indonesia, which is the largest economy in South East Asia.
BAPPEBTI was established in 2005 but started to seriously regulate brokers in 2012 after the country was struggling with financial scams. The agency is supervised by the Ministry of Finance and run by an administrative board of industry experts.
The official website of BAPPEBTI is bappebti.go.id, which is available in two languages: Indonesian and English. Its official Twitter handle is @InfoBappebti and we recommend investors and traders follow the regulator on social media for regulatory updates.
Indonesia is one of the most populated countries, but it has only a very few platforms offering forex trading as regulated brokers primarily dealt with commodities and futures trading.
Being a Muslim-dominated country, brokers in Indonesia need to comply with Sharia law, meaning they can only offer swap-free Islamic accounts (Check for Swap-Free Accounts Forex).
BAPPEBTI allows forex brokers to offer high-leverage levels, maximum of up to 400:1. It, however, does not need them to have mandatory negative balance protection. Additionally, BAPPEBTI does not offer any compensation fund.
Some of the key highlights of trading with BAPPEBTI -regulated brokers:
| 🏦Regulator | Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) |
| đź“ŠMax. Leverage | 400:1 |
| 🛡️Is It safe to trade | Yes |
| đź”’Negative Balance Protection | No |
| đź’°Compensation Scheme | No |
Best Forex Brokers in Indonesia
To select the best Indonesian forex brokers, we have tested and reviewed several forex brokers. We opened a live account, deposited real money, and placed real trades with each broker. With our test, we got a picture of the real spreads and commissions, trading platforms, deposit and withdrawal conditions, educational resources, and customer services.
- GKInvest – Best Overall Forex Broker in Indonesia
- MIFX – Best Forex Broker for Beginners in Indonesia
- DIDIMAX – Best MT4 Forex Broker in Indonesia
- Octa – Best Forex Broker with Lowest Spread & Trading Fees in Indonesia
- SÔEGEE FUTURES – Best Social Trading Platform in Indonesia
Best Overall Forex Broker in Indonesia
We picked GKInvest as the overall best forex broker in Indonesia.
GKInvest is the Indonesian brokerage brand of the Global Kapital Group that also operates other brands like GKFX, GKFX Cambodia, FairMarkets and a few others. The broker operates in Indonesia with a BAPPEBTI license and is one of the most popular broker brands in Indonesia.
Offerings of the broker in the country include trading instruments of currency pairs, indices, commodities and single stock CFDs. It offers trading services on industry-standard MT5 platform and additionally offers tools like Autochartist and Trading Central.
GKInvest accepts funds in IDR and USD and does not have any prominent deposit or withdrawal fees. It also runs a good support desk that is available 24/5 to address customer grievances.
Best Forex Broker for Beginners in Indonesia
We picked MIFX as the best forex broker for beginners in Indonesia.
MIFX, another BAPPEBTI-regulated broker in Indonesia, is an excellent option for novice traders. It also claims to be the country’s leading forex platform.
The broker offers trading services with forex and CFDs of several commodities. It offers two account types, Standard and Pro, ad provides services on MetaTrader4 platform. It allows maximum leverage of up to 100:1 and also offers a demo account for practicing trading skills. But, the most important aspect for beginner traders remains the vast set of educational materials, including courses, ebooks and seminar/webinars, the broker offers in the local language.
Best MT4 Broker in Indonesia
We picked DIDIMAX as the best MT4 broker in Indonesia.
When it comes to trading on the MetaTrader4 platform, the services of Indonesian forex broker DIDIMAX stand out. It offers forex and commodities trading services on MT4’s desktop and mobile clients. It also provides direct market access to JFX, market execution and allows Expert Advice (EA) robots.
The broker provides several good indicators and charting tools for market analysis. Similar to other Indonesian brokers, it only supports deposits only through bank transfers, but supports four banks.
Best Forex Broker with Lowest Spread & Trading Fees in Indonesia
We picked Octa as the best forex broker with the lowest spread & trading fees in Indonesia.
Octa is another global brokerage brand that is operating in Indonesia with a BAPPEBTI license. It offers trading with 27 currency pairs, 2 precious metals and 5 indices. The broker charges a floating spread on trading with a minimum spread of 0.6 pips. It also charges $5 as trading fees for every lot after closing the order.
The maximum leverage offered by Octa to Indonesian traders is 500:1. It also allows excellent trading conditions, meaning hedging and scalping are allowed.
Best Social Trading Platform in Indonesia
We picked SÔEGEE FUTURES as the best social trading platform in Indonesia.
Social trading has become very popular in recent years, especially among rookie traders. SĂ”EGEE FUTURES is a BAPPEBTI-regulated platform that offers social trading services locally in the country. When compared to other Indonesian platforms, SĂ”EGEE’s offerings are wide: it allows trading with forex, commodities, indices, US-listed stock CFDs and agricultural futures.
The trading platform offers services on the MetaTrader4 trading platform with a maximum leverage of 200:1. It also allows all trading strategies and supports Expert Advisor robots too.
Regulated Indonesian Forex Brokers List & Review
Here is a complete list of regulated forex brokers operating in Indonesia and are regulated by BAPPEBTI.
| Forex Broker | BAPPEBTI Regulated | Visit Broker |
|---|---|---|
| GKInvest | Yes | Visit GKInvest |
| MIFX | Yes | Visit MIFX |
| DIDIMAX | Yes | Visit DIDIMAX |
| Octa | Yes | Visit Octa |
| SÔEGEE FUTURES | Yes | Visit SÔEGEE FUTURES |
| FOREXimf | Yes | Visit FOREXimf |
| Finex | Yes | Visit Finex |
FAQ & More on Indonesian Brokers
Traders usually have many questions related to trading generic trading-related queries. We tried to pick and answer some of the most important queries related to BAPPEBTI-regulated brokers.
How to Verify a BAPPEBTI-Regulated Broker?
BAPPEBTI maintains an excellent public database of all the regulated capital market players in the country. The entire list of the regulated financial services companies is available at bappebti.go.id/pialang_berjangka/ and any particular firm can also be searched from the search bar.
ECN Forex Brokers in Indonesia
Though many brokers claim to offer ECN accounts only a few offer true ECN services. None of the locally regulated Indonesian forex brokers offer ECN services, but traders can try to open an account with some of the reputed internationally regulated brokers. Some of the ECN forex brokers are:
- FBS
- Dukascopy
- GKFX
MT4 Indonesian Forex Brokers
MT4 is the most popular platform for trading forex and CFDs. It is backed by a massive community and supports robot trading, along with third-party plugins. The Indonesian Forex BBrokers that offer to trade on MT4 are:
- Octa
- MIFX
- DIDIMAX
Low Spread Forex Brokers in Indonesia
Spread, the difference between the bid and ask price, is one of the primary ways for brokers to earn revenue. Most of the Indonesian brokers offer floating spreads staring from 0.6 pips. Some of these brokers are:
- GKInvest
- MIFX
- Octa
High Leverage Forex Brokers in Indonesia
Indonesian capital markets regulator, BAPPEBTI, does not strictly limit the leverage levels offered by the brokers. Some of the Indonesian forex brokers offering extremely high leverage are:
- GKInvest
- Octa
- FOREXimf
Tax in Indonesia for Forex Trading
The residents of Indonesia need to declare their individual income and worldwide gains. They need to do this annually. Capital gains are also assessed as general income in the country and are taxed at the same rate. The general income tax rate in the country is 20%. However, there are some exceptions for special cases both for personal income and capital gains.
Anyway, Indonesians should remember that filing tax forms to the relevant institutions is their responsibility. The forms are generally filed on an annual basis. In case of any delays or tax avoidance, there may be penalties and other consequences.