Pediafx – Over the past decade, Forex trading has become more accessible to the majority of people in Indonesia. National internet access and the entry of international “offshore” brokers into the local scene have increased competition. However, there are very few international brokers regulated locally by the Commodity Futures Trading Regulatory Agency (BAPPEBTI) in Indonesia. As a result, Indonesian traders have to trade with well-established foreign brokers.
When choosing a Forex broker, it is important to consider not only the financial aspects but also personal suitability. We thoroughly review all Forex brokers serving Indonesian clients. Your feedback is an important part of this evaluation, and we always incorporate real traders’ perspectives when making recommendations. Based on our research, we have selected the best options for traders from all budget backgrounds and preferences.
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Here are the best Forex brokers and trading platforms in 2023.
FBS is suitable for: With various account types, FBS will appeal to experienced traders looking for high leverage and low costs, as well as beginners seeking low minimum deposits and cryptocurrency trading.
Why we like FBS: FBS’ strength lies in its range of accounts, with trading conditions tailored to all types of traders. Beginners will focus on the Cent Account with a minimum deposit of 1 USD or the Micro Account with a minimum deposit of 5 USD. More experienced traders will be interested in the ECN Account with a minimum deposit of 1000 USD, offering raw spreads and a commission of 6 USD. Other account options include the Standard Account with a minimum deposit of 100 USD and the Zero Spread Account with a minimum deposit of 500 USD. Experienced traders will certainly appreciate the high leverage available, with all accounts except the ECN Account offering leverage of up to 3000:1. Beginners will also appreciate the low trading costs on entry-level accounts, with the Cent Account spreads starting from 0.8 pips on EUR/USD. Cryptocurrency trading is also a major attraction here, with 37
Cryptocurrencies are available for trading, with more options compared to most other brokers.
Weaknesses of FBS: Although FBS allows clients to use the MT4 and MT5 trading platforms, its cryptocurrency products can only be traded using the FBS Trader mobile application. However, since many people already use their phones for trading, this is not a significant obstacle.
Awarded as the Best Forex Broker in 2020, AvaTrade offers an excellent mobile trading experience for Forex traders. AvaTrade’s spreads are among the tightest for commission-free accounts with a minimum deposit of 100 USD, starting as low as 0.90 pips on the EUR/USD currency pair. The maximum leverage is set at 400:1 on both MT4 and MT5, which also include Expert Advisors (EAs), indicators, scalping, hedging, and free access to the integrated Trading Central dashboard for both platforms.
The available AvaProtect tool in the mobile application enhances AvaTrade’s reputation as a client-focused broker, allowing traders to purchase temporary loss protection. Any losses during that period will be fully refunded, but traders can keep any profits.
HFM (HotForex) – Highest Leverage for Market Execution
Regulated by the FCA, CySEC, and FSCA, HFM provides No-Dealing Desk STP execution for all trades. Client trades are posted directly to the market, with flexible leverage of up to 500:1 on Micro Accounts, where the minimum deposit is 100 USD. Spreads are relatively tight for industry standards, starting from 1 pip even on Micro Accounts.
HFM provides a dedicated section of its website for detailed market analysis for both beginners and professionals, as well as trading tools. This includes daily market news, trading analysis, and predictions. Trading calculators and an economic calendar are also available for reference outside the trading platform, and customer support is available 24/5 from toll-free local phone numbers.
The Standard Cent Account by Exness is for new traders who want a live Forex trading account with good trading conditions and a low minimum deposit. The Standard Cent Account requires a minimum deposit of 5 USD, allows micro-lot trading, and offers tight spreads.
FP Markets – Best Platform Options
FP Markets supports both the MT4 and newer versions of MT5 platforms with more features. For professional traders, there is the option of the Iress platform. It is a customizable web-based platform that offers customized notifications, news feeds, and various other options to enhance the trading experience.
With a minimum deposit of 100 AUD, traders can open a commission-free trading account with 60+ Forex pairs, metals, indices, and commodities to trade. The average spreads are as low as 0.10 pips (EUR/USD), 0.20 pips (GBP/USD), and 0.10 pips (USD/JPY), with leverage up to 500:1 on Forex pairs. The commission for this account is 6 USD per round, making the trading costs below the industry standard.
The Traders Hub portal provides education for beginner CFD traders to get started. The portal includes eBooks, video tutorials, and trading courses. This section also features market analysis, allowing traders to gain expert insights into current market movements and future outlooks for the next week.
Exness offers experienced traders the ECN Account, with a minimum deposit of 200 USD, tight raw spreads, and a commission of 7 USD per lot per round. Exness also has an automatic instant withdrawal system, with fee-free withdrawals to electronic wallets.
XM is one of the most regulated brokers in the Forex industry, known for its leading trading conditions, account options, execution speed, and a wide range of CFD assets available on MT4 and MT5 platforms. The broker allows hedging, scalping, and algorithmic trading.
With a minimum deposit of 50 USD, traders can open an XM Ultra Low Account, where spreads start from 0.60 pips with no commission fees. All accounts benefit from access to XM’s no re-quotes execution policy, and 99.35% of XM’s orders are executed in less than one second, making XM one of the fastest retail Forex trading execution providers.
FxPro – Best Regulated FCA No Dealing Desk (NDD) Broker
FxPro offers an NDD execution model on MT4, MT5, cTrader, and web-based platforms. With a minimum opening deposit of 100 USD and responsive customer service, FxPro provides competitive spreads, often as low as 0.40 pips. The majority of trades are executed in less than 10 milliseconds, with only 9% of orders experiencing negative slippage. These execution statistics are ideal for scalpers and traders who take advantage of volatile markets.
FxPro has three account types, one for each main platform: MT4, MT5, and cTrader. The MT4 and MT5 accounts offer commission-free trading, while the cTrader account has a commission of 4.50 USD per trade but offers raw spreads that can go as low as 0.3 pips on EUR/USD. Additionally, FxPro has its own web-based platform, FxPro (EDGE), which features advanced trading capabilities that can be customized to your preferences.
Axi – Best ECN Broker on MT4 Platform
Axi only supports the MT4 platform. This singular focus allows them to offer the best ECN MT4 experience with the help of the MT4 NexGen plugin, which includes advanced sentiment indicators, correlation trader, a more intuitive terminal window, and automated trading journals. In addition to MT4 NexGen, traders at Axi have access to various tools, including AutoChartist and PsyQuation – an AI diagnostic that tracks your trading style and guides you to more profitable trades. VPS hosting is also available, along with all trading algorithms installed on MT4.
The ECN trading conditions stem from Axi’s pricing model, which is connected to over 20 liquidity sources, resulting in fewer slippages and requotes compared to brokers with a single source. Spreads on the Pro Account start from 0 pips with a commission of 7 USD per lot, and maximum leverage of 500:1 for non-European and Australian traders.
Admiral Markets – Best MT4 Broker
Admiral Markets offers four account types, two of which are focused on the MT4 platform – Trade.MT4 and Zero.MT4. Both MT4 trading accounts have a minimum deposit of 100 USD, a wide range of CFD products to trade, including 37 and 45 currency pairs, and attractive trading conditions.
The Trade.MT4 account has a minimum spread starting from 0.10 pips with no commission, and the Zero.MT4 account has spreads starting from 0 pips with variable commissions ranging from 1.8 to 3.0 USD per lot. The cost of trading 1 lot of EUR/USD with the Zero.MT4 account is 5 USD per round, which is on the lower end of what other brokers can offer.
Available for both demo and live accounts, MetaTrader Supreme, which is also now available for MT5, brings advancements in technical analysis, improved trading widgets, a trader’s terminal, charts, and indicators that enhance the functionality and usability of the old standard version of the software.
Which Broker Has the Best Forex Trading Platform?
AvaTrade’s Webtrader platform does not require downloading or installation and is available for all devices. We found that the web trader has a clean user interface and an intuitive and easily navigable design, making it a great choice for beginner traders. WebTrader also has great features like AvaProtect, a risk-reduction tool that allows you to protect trades from losses. Trading Central, one of the most popular third-party trading tools in the market, is fully integrated into the platform and provides instant technical insights and pattern recognition.
