Brokers With IDR Accounts

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Christian Harris
Christian is a seasoned journalist with decades of experience. He transitioned from tech journalism to finance to follow his interest in investing. He has been trading stocks, futures, forex, and cryptocurrencies for more than 5 years, becoming an eToro Popular Investor. With hands-on expertise across various assets, he offers valuable trading insights.
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James Barra
James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.
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Michael MacKenzie
Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.
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The Indonesian rupiah (IDR) is the official currency of Indonesia. It is abbreviated as ‘Rp’ and issued by Bank Indonesia. IDR accounts are an obvious choice for Indonesian traders looking for convenient deposits.

Having a trading account in IDR could also be helpful if you are looking to capitalize on Indonesia’s emerging market potential, especially oil and palm oil, and opportunities for gains in currency trading.

Discover DayTrading.com’s selection of the top brokers with Indonesian rupiah accounts.

Best Brokers With IDR Accounts

Following our extensive evaluations, these are the 1 top brokers supporting IDR accounts:

Click a broker for details
  1. 1
    Axofa
    10% Deposit Bonus

    $1
    0.01 Lots
    1:1000
    SVGFSA
    Forex, CFDs, Stocks, Indices, Commodities
    MT5
    Debit Card, Credit Card, Visa, Mastercard, Neteller, Skrill, Bitcoin Payments, Wire Transfer
    USD, IDR

Here is a short summary of why we think each broker belongs in this top list:

  1. Axofa - Axofa is a forex and CFD broker registered in St Vincent and the Grenadines. The broker offers three account types with access to forex, commodities and indices. With ECN processing, low minimum deposits and no commissions, Axofa remains an attractive option, although the broker does not hold a reputable license.

Brokers With IDR Accounts Comparison

Brokers With IDR Accounts Comparison
Broker IDR Account Minimum Deposit Markets Regulator
Axofa logo
$1 Forex, CFDs, Stocks, Indices, Commodities SVGFSA

Axofa

"Axofa could be a good option for clients looking for social trading features alongside the MT5 platform. The low entry requirements and ECN spreads are particularly promising, but the lack of transparency and respected regulatory oversight raises security concerns."

William Berg, Reviewer

Axofa Quick Facts

Bonus Offer10% Deposit Bonus
Demo AccountYes
InstrumentsForex, CFDs, Stocks, Indices, Commodities
RegulatorSVGFSA
PlatformsMT5
Minimum Deposit$1
Minimum Trade0.01 Lots
Leverage1:1000
Account CurrenciesUSD, IDR

Pros

  • The $1 minimum deposit across all 3 accounts will appeal to novices and those on a budget
  • Low ECN spreads are available from 0.0 pips, plus reasonable commissions at $3.50 per side
  • The broker offers a range of local payment methods, especially for clients in Asia, as well as crypto deposits

Cons

  • Our team found inconsistencies between international subsidiaries and website information
  • There is a lack of transparency around pricing and account conditions, which significantly reduces the trust score
  • There is limited verifiable information about the broker’s owners and background

How Did We Choose The Best Brokers?

To pinpoint the top IDR trading platforms, we followed a meticulous selection process:

  • We utilized our directory spanning hundreds of brokers, ensuring we provide you with up-to-date information.
  • We eliminated any firms that didn’t meet our stringent requirements for offering IDR-denominated accounts.
  • We used a scoring system that evaluates platforms on 100+ quantitative metrics and qualitative assessments.

What Is An IDR Account?

An IDR trading account is based in the Indonesian rupiah. This means deposits, withdrawals and trading transactions are processed in IDR.

They can be a valuable tool for diversifying your portfolio and capitalizing on the growth of the Indonesian economy, potentially reducing transaction costs, hedging currency risk, and providing the potential for capital appreciation.

Setting up an IDR trading account is a straightforward process. Once you’ve completed the necessary identity and address verification, you’re ready to start trading.

To illustrate, here’s a snapshot of my account at JustMarkets, where I selected ‘IDR’ from the ‘Currency’ menu.

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Christian Harris
Author
Setting up an IDR trading account at JustMarkets broker
JustMarkets – opening a trading account in Indonesian rupiah

Do I Need An IDR Trading Account?

IDR trading accounts may be suitable for certain types of traders:

How Can I Check If A Broker Offers An Account In Indonesian Rupiah?

Follow this three-step process to confirm whether a broker supports an Indonesian rupiah trading account:

  1. Navigate to the ‘Account Options’ section of a trading provider’s website or app. Here, you’ll often find a list of supported currencies for various account types. If not, reach out to the customer support team.
  2. Ensure that your trading account supports ‘IDR’ as the base currency, allowing you to execute trades smoothly in IDR.
  3. Create a trading account and select ‘IDR’ as your base currency. Fail to select IDR at the setup stage and you may not be able to change the account’s base currency further down the line.

Pros & Cons Of IDR Trading Accounts

Pros

  • Trading directly in IDR can eliminate the need for constant currency conversions. This not only helps you save on exchange fees but also minimizes the risk of fluctuating exchange rates, potentially providing a more cost-effective trading experience for Indonesians.
  • IDR accounts may give you access to the Indonesian economy, offering geographic and currency diversification within your portfolio. This can enhance your risk management strategy and potentially boost returns by spreading exposure across different markets and currencies.
  • An IDR account may allow quicker payment and trade settlements with Indonesian entities, enhancing transaction efficiency and minimizing delays.

Cons

  • IDR accounts are extremely rare – supported by less than 5% of the brokers we’ve evaluated. Opting for a trading platform with a USD account will give you more options that may better align with your trading goals.
  • The IDR tends to be more volatile than major currencies like USD and EUR due to its sensitivity to global commodity prices and economic shifts in emerging markets. Significant currency fluctuations, especially during economic instability, can affect the value of your trading account.
  • An IDR-based account is ideal for managing transactions and assets priced in IDR. However, it may limit access to international stocks, bonds, or financial products traded in other currencies.
  • If you intend to trade assets not denominated in IDR, you may have to convert IDR to other currencies. This can expose you to the risks of foreign exchange volatility and conversion costs, especially when the IDR is experiencing fluctuations.

FAQ

Which Is The Best Broker With An IDR Account?

Our team of experts has thoroughly analyzed the top trading platforms that offer IDR accounts.

Leverage our list to find the perfect platform that aligns with your day trading requirements.

How Much Does It Cost To Open A Trading Account Based In Indonesian Rupiah?

Based on our investigations, the standard minimum deposit for IDR trading is typically up to USD 250, which is approximately IDR 3,837,215. However, certain brokers provide more affordable options.

One notable example is JustMarkets, which offers a significantly lower minimum deposit of just USD 10 (roughly IDR 153,525). This makes it an appealing option, especially for beginners or traders with limited funds.

Article Sources

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