Why does broker availability vary so much by country? You have probably noticed one platform operating in dozens of markets while a close competitor serves only a handful.
The reasons are usually a mix of regulation and commercial judgement. Licensing in each jurisdiction carries real cost, and brokers weigh that against expected demand. Some markets also impose requirements that are difficult to meet from abroad, including local incorporation, capital held domestically, or restrictions on cross-border currency movement.
eToro is unavailable in a number of countries, including Indonesia. Below we cover the restriction and the alternatives accessible to Indonesian investors.
Why is eToro unavailable in Indonesia?
eToro publishes a list of countries where its services are not available, which mainly affects new customers. As of October 2026, Indonesia is still on that list, alongside markets such as Canada, India, Turkey, Japan, Thailand and the Philippines.
eToro has not explained the Indonesian position specifically, though the regulatory framework offers plausible reasons. Indonesia’s financial services authority, the Otoritas Jasa Keuangan (OJK), supervises securities, while Bappebti, the commodity futures regulator, used to oversee derivatives and crypto. Serving Indonesian clients with stocks, CFDs and crypto would mean meeting the licensing rules of each of these regimes.
The rules have also changed recently. On 10 January 2025, supervision of crypto assets and of derivatives on securities (such as foreign stocks and stock indices) moved from Bappebti to the OJK, while money market and currency derivatives moved to Bank Indonesia. For a platform like eToro, whose offering spans equities, CFDs and crypto, that means engaging with several regulators at once.
eToro has announced no plans to enter Indonesia, so alternatives are the practical route. Using a VPN or giving a false address is not an option, because eToro verifies your identity and residency.
Best eToro alternative in Indonesia
Interactive Brokers
Founded in 1978, IBKR is one of the world’s most established brokers. It offers an enormous range of financial products (stocks, ETFs, options and more) and low currency conversion fees.
💡 Interactive Brokers also launched IBKR GlobalTrader, a modern mobile trading app to trade Stocks, Options and ETFs, ideal for novice investors.
Interactive Brokers at a glance
Founded in 1978 and publicly listed on NASDAQ (ticker: IBKR, an S&P 500 constituent since August 2025), Interactive Brokers is a global broker that has weathered multiple financial crises, demonstrating resilience and rigorous risk management. It had about 5.6 million client accounts and more than $960 billion in client equity at the end of September 2026.
IBKR offers an advanced platform covering stocks, options, funds, ETFs, futures, bonds and currencies across more than 175 markets in 40 countries and territories, with solid execution via IB SmartRouting and comprehensive analysis tools.
Beginners and intermediate investors have educational resources through IBKR Campus, though the main TWS platform has a steep learning curve, which is why we mainly recommend it to more experienced investors. Customer support gives clear, concise answers.
On the downside, the fee structure is complex and registration lengthy, though fully online, and IBKR does not offer fully commission-free trading. Factoring in FX conversion at 0.20 basis points (0.002%, minimum $2), tight spreads and the Stock Yield Enhancement Program, clients can save significantly versus most brokers. There is no minimum deposit.
A few points relevant to Indonesian investors specifically:
- Indonesia is supported: Indonesia is on IBKR’s list of countries that can open an account, and you get real asset ownership rather than CFDs alone.
- No Indonesian shares: IBKR does not list the Indonesia Stock Exchange (IDX) among its markets, so for local shares you will need an Indonesian broker (see below).
- Funding in rupiah: the rupiah (IDR) is not one of IBKR’s base currencies. IBKR’s funding page points Indonesian clients to a bank transfer via Wise, which converts your rupiah into a supported currency, or you can send a USD wire.
IBKR also offers IBKR GlobalTrader, a modern mobile app for stocks, options, and ETFs, well suited to beginners, with fractional shares from $1, access to 90+ stock markets and a simulated account with $10,000 in virtual cash.
Want to know more? Check our Interactive Brokers review.
Local alternatives regulated in Indonesia
If you would rather use an app supervised in Indonesia, several OJK-licensed providers cover both Indonesian and US shares. Their US stock products work differently from a global broker: since 2025 they are supervised by the OJK as derivatives on securities, routed to foreign exchanges through local futures brokers, so check how your holdings are structured before investing.
| App | What you can buy | Provider and supervisor |
| Ajaib | Indonesian shares, US shares | PT Ajaib Sekuritas Asia and PT Ajaib Futures Asia, OJK |
| Stockbit | Indonesian shares | PT Stockbit Sekuritas Digital, OJK (IDX member) |
| IPOT (Indo Premier) | Indonesian shares, mutual funds | PT Indo Premier Sekuritas, OJK |
| Bibit | Mutual funds, Indonesian shares | PT Bibit Tumbuh Bersama, OJK |
| Gotrade | US shares and ETFs | PT Valbury Asia Futures, OJK |
| Pluang | US shares and ETFs, Indonesian shares, crypto | PT PG Berjangka, PT Pluang Maju Sekuritas and PT Bumi Santosa Cemerlang, OJK |
Source: each provider’s own website and the IDX exchange member list. Data as of October 2026.
FAQs
Does eToro operate in Indonesia?
No, eToro is not available in Indonesia. Still, you can find equivalent alternatives like Interactive Brokers.
Can you use a VPN to open an eToro account from Indonesia?
No, a VPN only changes your IP address. eToro asks for a valid ID and proof of address when you open an account, and proving an eligible residency remains an essential requirement that no VPN can sidestep.
What is eToro?
eToro is a multi-asset platform with over 40 million registered users and 4.28 million funded accounts (June 2026). It lets investors buy the assets they want, from stocks and commodities to crypto assets. The platform makes it easy to buy, hold and sell assets, monitor their portfolio in real-time, or even copy other people’s portfolios.
Besides, eToro is an established and reliable company. Its entities are regulated by CySEC, the FCA, ASIC and the FSRA in Abu Dhabi, among others.
On the cost side, withdrawals from a USD account cost $5, with a $30 minimum, while withdrawals from a local currency account are free.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
Can I buy Indonesian stocks with Interactive Brokers?
No. IBKR does not list the Indonesia Stock Exchange among its markets. To buy IDX shares, use an OJK-licensed Indonesian broker such as Ajaib, Stockbit or IPOT.
How are US dividends taxed for Indonesian residents?
The US and Indonesia have a tax treaty, so if you fill in the W-8BEN form with your broker, US dividends are generally withheld at 15% instead of the standard 30% (IRS tax treaty table). Your foreign investment income may also need to be reported in Indonesia, so check your situation with a tax adviser.
