BRKV - Indonesia is currently one of the fastest growing countries in the South East Asia region. Their forex trading scene is without a doubt in the top of the region as well. At this rate, Indonesia’s forex market may very well become one of the biggest forex markets in Asia. Thus, their forex market has been getting a lot of attention from brokers inside and outside of Indonesia to take advantage of its rapidly growing speed. Due to the vastly increasing number of brokers want to be of service to Indonesia traders, it’s hard to find among them the best forex brokers in Indonesia that are trustworthy and suit to your trading needs. That's why some standards are needed to properly determine those brokers.
Having reviewed tons of brokers, it’s in our professional opinion that the international brokers are of better service to the Indonesian traders since they can benefit much more from them. However, Indonesian traders should also consider some of the most important criteria of a good broker. They must have one or two trading licenses from trusted regulatory agencies such as FCA (UK). The broker that they’re planning to choose must also belong in the top global forex broker list.
Most importantly, your broker must have lower trading fees compared to the other brokers within your country. Based on the criteria mentioned above, below are the top 5 best forex brokers in Indonesia that we’ve come up with:
Regulation is the first thing that you should have in mind when considering a broker. A reliable and trustworthy broker is always the one that have regulation from trusted regulatory agencies. Regulation is necessary to the trustworthiness of a broker because it is there to protect the trader’s rights and to ensure that the regulated broker will be operating under the global and national trading laws so that there will be nothing shady involved in the forex trading process.
Therefore, a broker with license from trusted and well-known agencies is obviously more trustworthy than the brokers inside your country. It is because those agencies are known to have excellent service and decades of experience in regulating brokers. International brokers are often chosen for these same reasons since most of them are regulated by trusted and big regulatory agencies, which ensure the brokers’ quality of service, security and strengthen the policies regarding the traders and investors’ rights.
However, it can be quite confusing when there are brokers with many regulations and then there’s brokers with only 1 regulation. It’s important to note that the quantity of regulations is not the main attribute to determining a broker’s trustworthiness and reliability. In contrast, brokers with large quantity of regulations are even more limiting in terms of trading conditions and services compared to brokers with only one regulation due to the fact that they would have to pay more maintaining fee and service fee. Therefore, a broker with one regulation is often more than enough for a regular or even an expert’s trading needs.
One other thing that you should also note is that your broker should also belong in the list of the best forex brokers since the smaller forex brokers are often unstable and not trustworthy.
The next important thing to look for in a broker is, beside regulations, a good payment system. I’m sure that some US or UK brokers are very good in their country. But overseas, they are relatively bad, especially in Asia, or more specifically, Indonesia. In Indonesia, if traders deposit by their credit cards, their banks will charge them from 1.7 to 4% of their total fund. Having a profit rate at 5% monthly is hard enough and now they have to pay 4% just for depositing? I don’t think so.
That’s why it is not wise for Indonesian traders to trade with those US and UK brokers. Therefore, choosing brokers who can offer local payment systems is very important. You can deposit/withdraw by 3 ways: debit card, credit card, and e-wallet. If you’re leaning on choosing an international broker, it’s crucial for your broker to work with your local banks or e-wallet. Visa or Credit cards can cost quite a lot more fee for any kind of withdrawal and transfer through them.
Hotforex, Exness, XM, and FXTM offer transferring and withdrawing through many Indonesian local banks and e-wallet (such as Fasapay, Neteller, Skrill,...), so they are the best to work with.
BRKV - As traders, we all want to save as much trading costs as possible since trading costs can add up to quite a lot of money in the long run, which is why it’s also important to pay attention to the trading costs of your broker.
For those of you who are not familiar with the term spread and commission, these two are the main income for brokers. Specifically, when brokers get their quotes from liquidity providers, a kind of transaction fee (spread) will be added into those quotes. This process is called Mash up. And then there are two types of brokers total: dealing desk and non-dealing desk. Spread is basically the main income for the dealing desk type, whereas non-dealing desk brokers’ main income is mostly commission.
Thus obviously, a good broker must always the one who has the low spread and/or commission. Having done several researches of our own, below are the specific details of the top 5 brokers’ trading costs:
Customer support, although it might not sound that important for experts, is actually a crucial part in determining a broker’s reliability. The forex market is a big and complicated subject so traders, especially the less experienced ones, need all the help that they could get. Most of the top brokers that I’ve mentioned offer exceptionally good supports in many languages (Indonesian included). Moreover, they also offer local office in your area to support face-to-face communication. To list it again, here are the top forex brokers currently for Indonesian traders that we determine to have the best service and customer support:
If you need information regarding the supporting time for each forex brokers, we’ll also be providing them. Do note that the time is based on the time zone of Indonesia. Exness supports customers from Monday to Saturday in Indonesian office time. HotForex is available from 7:00 to 23:59 server time Monday to Friday. XM also has local offices available in Indonesia. Their support time is 24/5. FXTM support traders 5 days a week from 08:00 to 20:00 GMT.
In conclusion, to furthermore take advantage of the growing speed of Indonesia’s forex market, Indonesian traders need to properly choose a forex broker that’s most suitable for your trading needs as well as your location. And it’s in our professional that the Indonesian traders can benefit more from the service and trading conditions of the best forex brokers in Indonesia that we’ve mentioned above. All of them have been through our many stages of reviewing and have been personally tested by our professional traders with years of experience in the field. If you are intersted in the Asian forex market, check out our best forex brokers in Thailand.