16 Best Forex Brokers in Indonesia for 2025 2025

16 Best Forex Brokers in Indonesia for 2025, ranked by multiple factors such as reliability, fees, spreads, swaps, leverage, popularity, and more.

Best Forex Brokers in Indonesia for 2025

Best Overall – FBS
Most Popular – Exness
Most Trusted – Axi, XM
Lowest Spread – IC Markets
Swap Free – FBS, Exness, OctaFX
Lowest Minimum Deposit – OANDA
Highest Leverage – Exness
Forex Broker with Most Trading Platforms – Vantage, FXCM

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#	Broker	Overall Score (Out of 100)	Popularity (Google Monthly Searches)	Trust Score (Out of 100)	Avg. Spread (Point per lot)	Swap (USD per lot per night)	Min. Deposit	Max. Leverage	Platform
1	FBS Open Account↗︎	91.84	40,500	87.50	11.43	0	$5	3,000	MT4, MT5, FBS App
2	Axi Open Account↗︎	91.25	880	98.75	12.74	-3	$5	1,000	MT4, MT5, Axi App
3	Exness Open Account↗︎	90.64	110,000	88.75	12.34	0	$10	2,000,000,000	MT4, MT5, Exness App, Exness Terminal
4	IC Markets Open Account↗︎	89.32	4,400	88.75	9.74	-7	$100	1,000	MT4, MT5, cTrader, Tradingview, IC Social
5	OANDA Open Account↗︎	89.14	3,600	96.25	12.86	-4	$2	50	MT4, MT5, OANDA App, TradingView
6	Eightcap Open Account↗︎	84.18	480	87.50	13.17	-5	$50	500	MT4, MT5, TradingView
7	Vantage Open Account↗︎	78.51	2,400	85.00	16.14	-4	$50	2,000	MT4, MT5, Tradingview, Vantage App, Protrader
8	FXCM Open Account↗︎	77.08	880	85.00	16.91	-4	$50	1,000	MT4, MT5, FXCM App, Trading Station, TradingView
9	Tickmill Open Account↗︎	73.16	1,600	73.75	16.60	-4	$100	1,000	MT4, MT5, TradingView, Tickmill App
10	AvaTrade Open Account↗︎	72.80	1,300	92.50	19.86	-6	$100	400	MT4, MT5, WebTrader, AvaTrade App, AvaOptions
11	OctaFX Open Account↗︎	72.39	27,100	72.50	18.63	0	$50	1,000	MT4, MT5, OctaTrader
12	FxPro Open Account↗︎	71.51	2,400	81.25	18.14	-6	$100	500	MT4, MT5, cTrader, FxPro App, FxPro Trading Platform
13	LiteFinance Open Account↗︎	70.73	260	66.25	16.29	-4	$10	1,000	MT4, MT5, cTrader, LiteFinance App
14	HFM Open Account↗︎	69.41	33,100	76.25	21.03	0	$5	2,000	MT4, MT5, HFM App
15	JustMarkets Open Account↗︎	64.53	1,900	61.25	12.40	-17	$15	3,000	MT4, MT5, JustMarkets App
16	XM Open Account↗︎	64.21	33,100	98.75	25.80	-6	$5	1,000	MT4, MT5, XM App

Explanation of the Forex Broker Comparison Table

The primary metric for our ranking, the Overall Score provides a holistic view of a broker's performance. It is a weighted average calculated from three critical components:

Formula: (Trust Score x 40%) + (Spread Score x 40%) + (Swap Score x 20%)

Here’s how the cost-related scores are calculated:

Spread Score: This score is derived from the Avg. Spread value. We use a linear scale normalization method where the broker with the lowest spread (most favorable) receives a score of 100, and the broker with the highest spread receives a score of 25.
Swap Score: This score is based on the combined cost of Swap Long + Swap Short. Using the same linear scale normalization, the broker with the lowest total swap cost (most favorable) is awarded 100 points, while the broker with the highest total swap cost gets 25 points.

This formula places the highest emphasis on trust and core trading costs (spreads), which are paramount for a trader's success and security.

This figure represents the average monthly search volume for the broker's name from July 2024 to June 2025. The data is sourced from Google Keyword Planner and is specific to searches conducted within Indonesia.

A broker's credibility is non-negotiable. This score is a comprehensive assessment based on six key factors:

Regulatory Licenses: The quality and number of licenses from reputable financial authorities.
User Reviews: Aggregated feedback from traders on various platforms.
Year Founded: The broker's operational history and longevity.
Search Volume: A measure of public interest and brand relevance.
Trading Platforms: The stability and features of their software.
Tradable Assets: The diversity of the product offering.

For our detailed scoring methodology, please visit: sakainvest.com/trusted-forex-broker-ranking/

The spread is a primary trading cost, representing the difference between the bid and ask price. A lower spread is always better, as it reduces your cost of entry and improves potential profitability.

Our Data: This value is the average spread calculated across 7 major currency pairs (EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, USDCHF, NZDUSD) on a Standard Account. The test was conducted on March 6, 2025, at 13:11 (GMT+7).

This refers to a separate fee charged per trade, typically per lot. The commission is listed as “0” for all brokers in this table because our analysis is based on Standard Accounts, which typically incorporate their fees into the spread rather than charging a separate commission.

Swap, or overnight financing, is the fee charged for holding a position open overnight. It can be a credit or a debit. This is a crucial cost for swing and position traders. A lower (or positive) swap is more favorable.

Our Data: The figure in the table is the sum of the Swap Long and Swap Short values (in USD per 1 lot), representing the combined cost of holding a position overnight.

The minimum initial deposit required to open a live trading account with the broker, listed in USD. A low minimum deposit provides an accessible entry point for new traders.

Leverage allows traders to control a larger position size with a smaller amount of capital. For example, with 1:1000 leverage, you can control a $100,000 position with just $100 of your own capital.

Warning: While high leverage can amplify profits, it also magnifies losses. It is a powerful tool that must be used with a sound risk management strategy.

The software applications provided by the broker for executing trades. MT4 (MetaTrader 4) and MT5 (MetaTrader 5) are the industry standards, known for their robustness and extensive charting tools. Many brokers also offer proprietary platforms and mobile apps.

1.FBS

FBS is the best overall Forex broker in Indonesia for 2025 due to its high reliability (regulated by the Australian Securities & Investment Commission (ASIC) of Australia), low spreads (averaging only 11.43 points per 1 lot on 7 major currency pairs), no commission fees, and no swap charges (free swap).

Open FBS Account↗︎

FBS Summary

Overall Score91.84

Trust Score87.5

Spread Score92.11

Swap Score100

*The full score is 100.

💸 Average Spread: EURUSD 💸 Average Spread: XAUUSD 💸 Average Spread: BTCUSD	9.40 Points / 1 Lot 21.3 USD / 1 Lot 0.0354% / 1 BTC
🌙 Swap Long: EURUSD 🌙 Swap Short: EURUSD	0 (Swap Free) 0 (Swap Free)
🌙 Swap Long: XAUUSD 🌙 Swap Short: XAUUSD	0 (Swap Free) 0 (Swap Free)
🌙 Swap Long: BTCUSD 🌙 Swap Short: BTCUSD	0 (Swap Free) 0 (Swap Free)
💰Commission	No Commission Charged on Standard Accounts
💵 Minimum Deposit	5 USD
💵 Minimum Withdrawal	5 USD
📊 Instruments	Forex, Crypto, Stocks, Indices, Commodities
🖥️ Trading Platform	MT4, MT5, FBS App
⚖️ Maximum Leverage	1:3000

2.Axi

Axi is the best Forex broker in terms of reliability because it is regulated by the Financial Conduct Authority (FCA) of the United Kingdom and regulated by the Australian Securities & Investment Commission (ASIC) of Australia.

This makes it particularly suitable for traders in Indonesia who are looking for a Forex broker with high reliability.

Open Axi Account↗︎

Axi Summary

Overall Score91.25

Trust Score98.75

Spread Score85.99

Swap Score86.76

👮‍♂️ Trust Score	98.75
💸 Average Spread: EURUSD 💸 Average Spread: XAUUSD 💸 Average Spread: BTCUSD	13 Points / 1 Lot 16 USD / 1 Lot 0.0218% / 1 BTC
🌙 Swap Long: EURUSD 🌙 Swap Short: EURUSD	-6 (USD per lot per night) +3 (USD per lot per night)
🌙 Swap Long: XAUUSD 🌙 Swap Short: XAUUSD	-40 (USD per lot per night) 17 (USD per lot per night)
🌙 Swap Long: BTCUSD 🌙 Swap Short: BTCUSD	-35 (USD per btc per night) -12 (USD per btc per night)
💰Commission	No Commission Charged on Standard Accounts
💵 Minimum Deposit	5 USD
💵 Minimum Withdrawal	5 USD
📊 Instruments	Forex, Crypto, Stocks, Indices, Commodities
🖥️ Trading Platform	MT4, MT5, Axi App
⚖️ Maximum Leverage	1:1000

3.Exness

Exness is Indonesia's most popular forex broker with 110,000 average monthly Google searches, offering swap-free trading on selected assets and account types, plus extremely high leverage up to 2,000,000,000.

This combination of market popularity, cost-effective overnight trading options, and maximum leverage flexibility makes it a standout choice for Indonesian forex traders seeking both local market presence and competitive trading conditions.

Open Exness Account↗︎

Exness Summary

Overall Score90.64

Trust Score88.75

Spread Score87.86

Swap Score100

👮‍♂️ Trust Score	88.75
💸 Average Spread: EURUSD 💸 Average Spread: XAUUSD 💸 Average Spread: BTCUSD	9 Points / 1 Lot 16 USD / 1 Lot 0.0281% / 1 BTC
🌙 Swap Long: EURUSD 🌙 Swap Short: EURUSD	0 (Swap Free) 0 (Swap Free)
🌙 Swap Long: XAUUSD 🌙 Swap Short: XAUUSD	0 (Swap Free) 0 (Swap Free)
🌙 Swap Long: BTCUSD 🌙 Swap Short: BTCUSD	0 (Swap Free) 0 (Swap Free)
💰Commission	No Commission Charged on Standard Accounts
💵 Minimum Deposit	10 USD
💵 Minimum Withdrawal	10 USD
📊 Instruments	Forex, Crypto, Stocks, Indices, Commodities
🖥️ Trading Platform	MT4, MT5, Exness App, Exness Terminal
⚖️ Maximum Leverage	1:2,000,000,000

4.IC Markets

IC Markets stands out as Indonesia's lowest spread forex broker, offering an impressive average spread of just 9.74 points per lot across the 7 major currency pairs.

This ultra-competitive pricing makes it ideal for short-term traders and scalpers, as the minimal spreads significantly reduce trading costs and improve profit margins on frequent trades.

Open IC Markets Account↗︎

IC Markets Summary

Overall Score89.32

Trust Score88.75

Spread Score100

Swap Score69.12

👮‍♂️ Trust Score	88.75
💸 Average Spread: EURUSD 💸 Average Spread: XAUUSD 💸 Average Spread: BTCUSD	8 Points / 1 Lot 19.4 USD / 1 Lot 0.0242% / 1 BTC
🌙 Swap Long: EURUSD 🌙 Swap Short: EURUSD	-9 (USD per lot per night) +2 (USD per lot per night)
🌙 Swap Long: XAUUSD 🌙 Swap Short: XAUUSD	-42 (USD per lot per night) +21 (USD per lot per night)
🌙 Swap Long: BTCUSD 🌙 Swap Short: BTCUSD	-47 (USD per lot per night) 0 (Swap Free)
💰Commission	No Commission Charged on Standard Accounts
💵 Minimum Deposit	100 USD
💵 Minimum Withdrawal	1 USD
📊 Instruments	Forex, Crypto, Stocks, Indices, Commodities, Bonds, Futures
🖥️ Trading Platform	MT4, MT5, cTrader, Tradingview, IC Social
⚖️ Maximum Leverage	1:1000

5.OANDA

OANDA offers the lowest minimum deposit requirement in Indonesia at just $2 USD, making it the most accessible forex broker for beginner traders, those with limited capital, or anyone looking to test trading strategies with minimal financial commitment before scaling up their investments.

Open OANDA Account↗︎

OANDA Summary

Overall Score89.14

Trust Score96.25

Spread Score85.43

Swap Score82.35

👮‍♂️ Trust Score	96.25
💸 Average Spread: EURUSD 💸 Average Spread: XAUUSD 💸 Average Spread: BTCUSD	9.40 Points / 1 Lot 21 USD / 1 Lot 0.0557% / 1 BTC
🌙 Swap Long: EURUSD 🌙 Swap Short: EURUSD	-5 (USD per lot per night) +1 (USD per lot per night)
🌙 Swap Long: XAUUSD 🌙 Swap Short: XAUUSD	-24 (USD per lot per night) +13 (USD per lot per night)
🌙 Swap Long: BTCUSD 🌙 Swap Short: BTCUSD	-37 (USD per lot per night) -26 (USD per lot per night)
💰Commission	No Commission Charged on Standard Accounts
💵 Minimum Deposit	2 USD
💵 Minimum Withdrawal	20 USD
📊 Instruments	Forex, Crypto, Stocks, Indices, Commodities
🖥️ Trading Platform	MT4, MT5, OANDA App, TradingView
⚖️ Maximum Leverage	1:50

6.Eightcap

Open Eightcap Account↗︎

Eightcap Summary

Overall Score84.18

Trust Score87.5

Spread Score83.98

Swap Score77.94

👮‍♂️ Trust Score	87.50
💸 Average Spread: EURUSD 💸 Average Spread: XAUUSD 💸 Average Spread: BTCUSD	11.20 Points / 1 Lot 13 USD / 1 Lot 0.0361% / 1 BTC
🌙 Swap Long: EURUSD 🌙 Swap Short: EURUSD	-8 (USD per lot per night) +3 (USD per lot per night)
🌙 Swap Long: XAUUSD 🌙 Swap Short: XAUUSD	-47 (USD per lot per night) +26 (USD per lot per night)
🌙 Swap Long: BTCUSD 🌙 Swap Short: BTCUSD	-47 (USD per lot per night) +12 (USD per lot per night)
💰Commission	No Commission Charged on Standard Accounts
💵 Minimum Deposit	50 USD
💵 Minimum Withdrawal	50 USD
📊 Instruments	Forex, Crypto, Stocks, Indices, Commodities
🖥️ Trading Platform	MT4, MT5, TradingView
⚖️ Maximum Leverage	1:500

7.Vantage

Vantage stands out as the most platform-diverse forex broker in Indonesia, offering traders the widest selection of trading platforms to choose from, allowing them to select the interface and tools that best match their trading style, experience level, and strategic preferences.

Open Vantage Account↗︎

Vantage Summary

Overall Score78.51

Trust Score85

Spread Score70.11

Swap Score82.35

👮‍♂️ Trust Score	85.00
💸 Average Spread: EURUSD 💸 Average Spread: XAUUSD 💸 Average Spread: BTCUSD	13.40 Points / 1 Lot 22 USD / 1 Lot 0.1124% / 1 BTC
🌙 Swap Long: EURUSD 🌙 Swap Short: EURUSD	-7 (USD per lot per night) +3 (USD per lot per night)
🌙 Swap Long: XAUUSD 🌙 Swap Short: XAUUSD	-38 (USD per lot per night) +18 (USD per lot per night)
🌙 Swap Long: BTCUSD 🌙 Swap Short: BTCUSD	0 (Swap Free) 0 (Swap Free)
💰Commission	No Commission Charged on Standard Accounts
💵 Minimum Deposit	50 USD
💵 Minimum Withdrawal	30 USD
📊 Instruments	Forex, Crypto, Stocks, Indices, Commodities, ETF, Bonds
🖥️ Trading Platform	MT4, MT5, Tradingview, Vantage App, Protrader
⚖️ Maximum Leverage	1:2000

8.FXCM

FXCM is another top forex broker in Indonesia offering the most diverse selection of trading platforms, giving traders maximum flexibility to choose from multiple platform options that best suit their trading strategies, technical analysis needs, and personal preferences.

Open FXCM Account↗︎

FXCM Summary

Overall Score77.08

Trust Score85

Spread Score66.52

Swap Score82.35

👮‍♂️ Trust Score	85.00
💸 Average Spread: EURUSD 💸 Average Spread: XAUUSD 💸 Average Spread: BTCUSD	14.20 Points / 1 Lot 48.20 USD / 1 Lot 0.0723% / 1 BTC
🌙 Swap Long: EURUSD 🌙 Swap Short: EURUSD	-8 (USD per lot per night) +4 (USD per lot per night)
🌙 Swap Long: XAUUSD 🌙 Swap Short: XAUUSD	-54 (USD per lot per night) +15 (USD per lot per night)
🌙 Swap Long: BTCUSD 🌙 Swap Short: BTCUSD	No data No data
💰Commission	No Commission Charged on Standard Accounts
💵 Minimum Deposit	50 USD
💵 Minimum Withdrawal	1 USD
📊 Instruments	Forex, Crypto, Stocks, Indices, Commodities
🖥️ Trading Platform	MT4, MT5, FXCM App, Trading Station, TradingView
⚖️ Maximum Leverage	1:1000

9.Tickmill

Open Tickmill Account↗︎

Tickmill Summary

Overall Score73.16

Trust Score73.75

Spread Score67.97

Swap Score82.35

👮‍♂️ Trust Score	73.75
💸 Average Spread: EURUSD 💸 Average Spread: XAUUSD 💸 Average Spread: BTCUSD	16.60 Points / 1 Lot 24 USD / 1 Lot No data
🌙 Swap Long: EURUSD 🌙 Swap Short: EURUSD	-8 (USD per lot per night) +4 (USD per lot per night)
🌙 Swap Long: XAUUSD 🌙 Swap Short: XAUUSD	-41 (USD per lot per night) +22 (USD per lot per night)
🌙 Swap Long: BTCUSD 🌙 Swap Short: BTCUSD	0 (Swap Free) 0 (Swap Free)
💰Commission	No Commission Charged on Standard Accounts
💵 Minimum Deposit	100 USD
💵 Minimum Withdrawal	25 USD
📊 Instruments	Forex, Crypto, Stocks, Indices, Commodities, Bonds
🖥️ Trading Platform	MT4, MT5, TradingView, Tickmill App
⚖️ Maximum Leverage	1:1000

10.AvaTrade

Open AvaTrade Account↗︎

AvaTrade Summary

Overall Score72.8

Trust Score92.5

Spread Score52.74

Swap Score73.53

👮‍♂️ Trust Score	92.50
💸 Average Spread: EURUSD 💸 Average Spread: XAUUSD 💸 Average Spread: BTCUSD	13 Points / 1 Lot 30 USD / 1 Lot 0.0986% / 1 BTC
🌙 Swap Long: EURUSD 🌙 Swap Short: EURUSD	-45 (USD per lot per night) +24 (USD per lot per night)
🌙 Swap Long: XAUUSD 🌙 Swap Short: XAUUSD	-30 (USD per lot per night) +5 (USD per lot per night)
🌙 Swap Long: BTCUSD 🌙 Swap Short: BTCUSD	-40 (USD per lot per night) 0 (Swap Free)
💰Commission	No Commission Charged on Standard Accounts
💵 Minimum Deposit	100 USD
💵 Minimum Withdrawal	100 USD
📊 Instruments	Forex, Crypto, Stocks, Indices, Commodities, ETF, Bonds
🖥️ Trading Platform	MT4, MT5, WebTrader, AvaTrade App, AvaOptions
⚖️ Maximum Leverage	1:400

11.OctaFX

OctaFX is a swap-free forex broker that allows traders to hold positions overnight without any swap charges or rollover fees.

This makes it perfectly suited for medium to long-term traders who frequently maintain positions across multiple trading sessions, as they can execute their strategies without worrying about accumulating costly overnight fees that can significantly impact profitability over time.

Open OctaFX Account↗︎

OctaFX Summary

Overall Score72.39

Trust Score72.5

Spread Score58.48

Swap Score100

👮‍♂️ Trust Score	72.50
💸 Average Spread: EURUSD 💸 Average Spread: XAUUSD 💸 Average Spread: BTCUSD	10.60 Points / 1 Lot 30 USD / 1 Lot 0.0363% / 1 BTC
🌙 Swap Long: EURUSD 🌙 Swap Short: EURUSD	0 (Swap Free) 0 (Swap Free)
🌙 Swap Long: XAUUSD 🌙 Swap Short: XAUUSD	0 (Swap Free) 0 (Swap Free)
🌙 Swap Long: BTCUSD 🌙 Swap Short: BTCUSD	0 (Swap Free) 0 (Swap Free)
💰Commission	No Commission Charged on Standard Accounts
💵 Minimum Deposit	50 USD
💵 Minimum Withdrawal	10 USD
📊 Instruments	Forex, Crypto, Stocks, Indices, Commodities
🖥️ Trading Platform	MT4, MT5, OctaTrader
⚖️ Maximum Leverage	1:1000

12.FxPro

Open FxPro Account↗︎

FxPro Summary

Overall Score71.51

Trust Score81.25

Spread Score60.77

Swap Score73.53

👮‍♂️ Trust Score	81.25
💸 Average Spread: EURUSD 💸 Average Spread: XAUUSD 💸 Average Spread: BTCUSD	14.00 Points / 1 Lot 35.80 USD / 1 Lot 0.0986% / 1 BTC
🌙 Swap Long: EURUSD 🌙 Swap Short: EURUSD	-8 (USD per lot per night) +2 (USD per lot per night)
🌙 Swap Long: XAUUSD 🌙 Swap Short: XAUUSD	-46 (USD per lot per night) +13 (USD per lot per night)
🌙 Swap Long: BTCUSD 🌙 Swap Short: BTCUSD	-47 (USD per lot per night) -47 (USD per lot per night)
💰Commission	No Commission Charged on Standard Accounts
💵 Minimum Deposit	100 USD
💵 Minimum Withdrawal	100 USD
📊 Instruments	Forex, Crypto, Stocks, Indices, Commodities, ETF
🖥️ Trading Platform	MT4, MT5, cTrader, FxPro App, FxPro Trading Platform
⚖️ Maximum Leverage	1:500

13.LiteFinance

Open LiteFinance Account↗︎

LiteFinance Summary

Overall Score70.73

Trust Score66.25

Spread Score69.41

Swap Score82.35

👮‍♂️ Trust Score	66.25
💸 Average Spread: EURUSD 💸 Average Spread: XAUUSD 💸 Average Spread: BTCUSD	15.00 Points / 1 Lot 39 USD / 1 Lot 0.1873% / 1 BTC
🌙 Swap Long: EURUSD 🌙 Swap Short: EURUSD	-7 (USD per lot per night) +3 (USD per lot per night)
🌙 Swap Long: XAUUSD 🌙 Swap Short: XAUUSD	-54 (USD per lot per night) 0 (Swap Free)
🌙 Swap Long: BTCUSD 🌙 Swap Short: BTCUSD	-58 (USD per lot per night) -58 (USD per lot per night)
💰Commission	No Commission Charged on Standard Accounts
💵 Minimum Deposit	10 USD
💵 Minimum Withdrawal	10 USD
📊 Instruments	Forex, Crypto, Stocks, Indices, Commodities
🖥️ Trading Platform	MT4, MT5, cTrader, LiteFinance App
⚖️ Maximum Leverage	1:1000

14.HFM

HFM is a Forex broker with no Swap charges, making it very suitable for Indonesian traders who frequently hold orders overnight.

Open HFM Account↗︎

HFM Summary

Overall Score69.41

Trust Score76.25

Spread Score47.28

Swap Score100

👮‍♂️ Trust Score	72.50
💸 Average Spread: EURUSD 💸 Average Spread: XAUUSD 💸 Average Spread: BTCUSD	16.60 Points / 1 Lot 28.50 USD / 1 Lot 0.0472% / 1 BTC
🌙 Swap Long: EURUSD 🌙 Swap Short: EURUSD	0 (Swap Free) 0 (Swap Free)
🌙 Swap Long: XAUUSD 🌙 Swap Short: XAUUSD	0 (Swap Free) 0 (Swap Free)
🌙 Swap Long: BTCUSD 🌙 Swap Short: BTCUSD	-19 (USD per lot per night) -9 (USD per lot per night)
💰Commission	No Commission Charged on Standard Accounts
💵 Minimum Deposit	5 USD
💵 Minimum Withdrawal	5 USD
📊 Instruments	Forex, Crypto, Stocks, Indices, Commodities, Bonds, ETF
🖥️ Trading Platform	MT4, MT5, HFM App
⚖️ Maximum Leverage	1:2000

15.JustMarkets

Open JustMarkets Account↗︎

JustMarkets Summary

Overall Score64.53

Trust Score61.25

Spread Score87.58

Swap Score25

👮‍♂️ Trust Score	61.25
💸 Average Spread: EURUSD 💸 Average Spread: XAUUSD 💸 Average Spread: BTCUSD	9.00 Points / 1 Lot 18.00 USD / 1 Lot 0.0358% / 1 BTC
🌙 Swap Long: EURUSD 🌙 Swap Short: EURUSD	-13 (USD per lot per night) -4 (USD per lot per night)
🌙 Swap Long: XAUUSD 🌙 Swap Short: XAUUSD	-71 (USD per lot per night) -84 (USD per lot per night)
🌙 Swap Long: BTCUSD 🌙 Swap Short: BTCUSD	-85 (USD per lot per night) -56 (USD per lot per night)
💰Commission	No Commission Charged on Standard Accounts
💵 Minimum Deposit	15 USD
💵 Minimum Withdrawal	10 USD
📊 Instruments	Forex, Crypto, Stocks, Indices, Commodities
🖥️ Trading Platform	MT4, MT5, JustMarkets App
⚖️ Maximum Leverage	1:3000

16.XM

XM is the best Forex broker in terms of reliability, same as Axi broker, because it is regulated by the Financial Conduct Authority (FCA) of the United Kingdom and regulated by the Australian Securities & Investment Commission (ASIC) of Australia.

This makes it particularly suitable for traders in Indonesia who are looking for a Forex broker with high reliability.

Open XM Account↗︎

XM Summary

Overall Score64.21

Trust Score98.75

Spread Score25

Swap Score73.53

👮‍♂️ Trust Score	98.75
💸 Average Spread: EURUSD 💸 Average Spread: XAUUSD 💸 Average Spread: BTCUSD	20.60 Points / 1 Lot 37.10 USD / 1 Lot 0.0727% / 1 BTC
🌙 Swap Long: EURUSD 🌙 Swap Short: EURUSD	-9 (USD per lot per night) +3 (USD per lot per night)
🌙 Swap Long: XAUUSD 🌙 Swap Short: XAUUSD	-43 (USD per lot per night) +18 (USD per lot per night)
🌙 Swap Long: BTCUSD 🌙 Swap Short: BTCUSD	-35 (USD per lot per night) -35 (USD per lot per night)
💰Commission	No Commission Charged on Standard Accounts
💵 Minimum Deposit	5 USD
💵 Minimum Withdrawal	5 USD
📊 Instruments	Forex, Crypto, Stocks, Indices, Commodities
🖥️ Trading Platform	MT4, MT5, XM App
⚖️ Maximum Leverage	1:1000

Choosing the Best Forex Broker in Indonesia

1. Reliability

We should choose a highly reliable Forex broker by considering multiple factors such as being regulated by government agencies from highly credible countries, having a long establishment history, and good app review scores.

We have conducted detailed ranking and scoring of each broker's reliability. Click to view

This reliability aspect is extremely important, so we assign it a 40% weighting in our ranking.

2. Spread

Spread is the fee that must be paid every time an order is opened. Therefore, you should use a broker with low Forex spreads.

This spread aspect is also very important, so we assign it a 40% weighting in our ranking.

3. Swap

Swap is the interest that must be paid or received when holding orders overnight. Therefore, you should choose a broker with low swap rates.

This swap aspect is less important than spreads because it only applies when we hold orders overnight. We therefore assign it a 20% weighting in our ranking.

How We Rank Best Forex Brokers in Indonesia

Ranking based on all 3 aspects, with scores and weightings according to importance as follows:

Reliability – Full score 100, Score weighting 40%
- View reliability scoring methodology → Click to view
Spread – Full score 100, Score weighting 40%
- Scored using Linear Scale Normalization
- Broker with lowest spread gets 100 points
- Broker with highest spread gets 25 points
Swap – Full score 100, Score weighting 20%
- Scored using Linear Scale Normalization
- Broker with lowest swap gets 100 points
- Broker with highest swap gets 25 points

Finally, multiply each aspect's score by its percentage weighting, then combine the values to get the overall score.

Then rank brokers by their scores from highest to lowest.

Important Notes:

For fairness, spread and swap testing for all brokers uses the same Standard account type.
All brokers have no additional commission fees because we use Standard accounts.
Average spread for 7 currency pairs: EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, USDCHF, NZDUSD

Reference Data

Reliability

View reliability reference data image → Click here

Forex Spread

This comparison uses standard, commission-free accounts for all brokers.
Spreads recorded on March 6, 2025, at 13:11 (GMT+7).
Spreads are variable and subject to change based on market conditions.

Gold (XAUUSD) Spread

This comparison uses standard, commission-free accounts for all brokers.
Spreads recorded on March 3, 2025, at 15:39 (GMT+7).
Spreads are variable and subject to change based on market conditions.

Bitcoin (BTCUSD) Spread

This comparison uses standard, commission-free accounts for all brokers.
Spreads recorded on March 11, 2025, at 15:47 (GMT+7).
Spreads are variable and subject to change based on market conditions.

Swap

Swap = 0 means the broker is swap-free.
Swap Rate: Positive (+) means you earn; Negative (-) means you pay.
Swap recorded on March 3, 2025.

Popularity

*Data as of Jul 2024 – Jun 2025

FAQ

Frequently Asked Questions about the Best Forex Brokers in Indonesia

Based on various factors such as reliability, fees, spreads, swaps, and popularity, FBS is ranked as the Best Overall Forex Broker in Indonesia for 2025.

The ranking is based on an Overall Score which provides a holistic view of a broker's performance. This score is a weighted average calculated from three critical components:

Trust Score: Account for 40% of the overall score.
Spread Score: Account for 40% of the overall score.
Swap Score: Account for 20% of the overall score.

This formula places the highest emphasis on trust and core trading costs (spreads), which are paramount for a trader's success and security. For fairness, spread and swap testing for all brokers uses the same Standard account type, which typically has no additional commission fees.

Exness is identified as Indonesia's most popular forex broker, boasting an impressive 110,000 average monthly Google searches specific to Indonesia from July 2024 to June 2025. Exness also offers swap-free trading on selected assets and extremely high leverage, contributing to its strong market presence.

IC Markets stands out as Indonesia's lowest spread forex broker, offering an average spread of just 9.74 points per lot across 7 major currency pairs. A lower spread is always better as it reduces your cost of entry and improves potential profitability, making IC Markets ideal for short-term traders and scalpers

Yes, several of the Best Forex Brokers in Indonesia are noted for offering swap-free trading. These include FBS, Exness, OctaFX, and HFM.

Swap, or overnight financing, is a fee charged for holding a position open overnight. Being swap-free means traders can maintain positions across multiple trading sessions without incurring these overnight fees, which is particularly beneficial for medium to long-term strategies.

OANDA offers the lowest minimum deposit requirement in Indonesia at just $2 USD. This makes it the most accessible forex broker for beginner traders, those with limited capital, or anyone looking to test trading strategies with minimal financial commitment before scaling up their investments

Exness offers exceptionally high leverage, reaching up to 1:2,000,000,000. While high leverage can significantly amplify profits by allowing traders to control a larger position with a smaller amount of capital, it's crucial to note that it also magnifies losses and must be used with a sound risk management strategy.

A broker's credibility is considered non-negotiable and is a major factor in the ranking. The Trust Score is a comprehensive assessment based on six key factors:

Regulatory Licenses: The quality and number of licenses from reputable financial authorities. For example, Axi and XM are highly trusted due to regulation by the Financial Conduct Authority (FCA) of the UK and the Australian Securities & Investment Commission (ASIC).
User Reviews: Aggregated feedback from traders on various platforms.
Year Founded: The broker's operational history and longevity.
Search Volume: A measure of public interest and brand relevance.
Trading Platforms: The stability and features of their software.
Tradable Assets: The diversity of the product offering.

Spread: This is the primary trading cost, representing the difference between the bid and ask price. It's essentially the fee paid every time an order is opened. A lower spread is always better as it directly reduces your cost of entry and improves potential profitability.

Swap (Overnight Financing): This is the fee charged or received for holding a position open overnight. It can be a credit or a debit, and a lower (or positive) swap is more favorable. Swaps are a crucial cost for swing and position traders, as they can significantly impact profitability over time if positions are held across multiple trading sessions

For the purpose of this analysis, all brokers listed in the comparison table have a commission listed as “0”. This is because the analysis is based on Standard Accounts, which typically incorporate their fees into the spread rather than charging a separate commission per trade. Therefore, on standard accounts, you generally won't pay a separate commission fee.

16 Best Forex Brokers in Indonesia for 2025

Best Forex Brokers in Indonesia for 2025

1.FBS

2.Axi

3.Exness

4.IC Markets

5.OANDA

6.Eightcap

7.Vantage

8.FXCM

9.Tickmill

10.AvaTrade

11.OctaFX

12.FxPro

13.LiteFinance

14.HFM

15.JustMarkets

16.XM

Choosing the Best Forex Broker in Indonesia

1. Reliability

2. Spread

3. Swap

How We Rank Best Forex Brokers in Indonesia

Reference Data

Reliability

Forex Spread

Gold (XAUUSD) Spread

Bitcoin (BTCUSD) Spread

Swap

Popularity

FAQ

22 Best Forex Brokers for 2025

16 Best Forex Brokers in Vietnam 2025

13 Best Forex Brokers in India for 2025

Best Forex Brokers in Indonesia for 2025

1.FBS

2.Axi

3.Exness

4.IC Markets

5.OANDA

6.Eightcap

7.Vantage

8.FXCM

9.Tickmill

10.AvaTrade

11.OctaFX

12.FxPro

13.LiteFinance

14.HFM

15.JustMarkets

16.XM

Choosing the Best Forex Broker in Indonesia

1. Reliability

2. Spread

3. Swap

How We Rank Best Forex Brokers in Indonesia

Reference Data

Reliability

Forex Spread

Gold (XAUUSD) Spread

Bitcoin (BTCUSD) Spread

Swap

Popularity

FAQ

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