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 unsupported countries, citing regulatory requirements and business decisions. Alongside Indonesia, the list includes markets such as Canada, India, New Zealand, and Turkey.
eToro has not explained the Indonesian position specifically, though the regulatory framework offers plausible reasons. Indonesia regulates securities through the Otoritas Jasa Keuangan (OJK) and derivatives and forex through Bappebti, and both apply requirements that are demanding for a foreign platform – including local entity establishment and, for derivatives brokers, capital held within Indonesia.
Indonesia has also tightened rules around cross-border financial services and cryptocurrency in recent years, with crypto oversight transferring from Bappebti to the OJK. For a platform like eToro, whose offering spans equities, CFDs, and crypto, that would mean engaging with multiple regulatory regimes simultaneously.
eToro has announced no plans to enter Indonesia, so alternatives are the practical route.
Best eToro alternative in Indonesia
Interactive Brokers
Founded in 1978, IBKR is one of the world’s most trustworthy brokers. It offers an enormous range of financial products (stocks, ETFs, Options,…), and low currency conversion fees (FX 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 2024), Interactive Brokers is a global broker that has weathered multiple financial crises, demonstrating resilience and rigorous risk management. It serves over 5 million client accounts with more than $900 billion in client equity.
IBKR offers an advanced platform covering stocks, options, funds, ETFs, futures, bonds, currencies, and cryptocurrencies across 170+ markets in 36+ countries, 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 (minimum $2), tight spreads, and the Stock Yield Enhancement Program, clients achieve significant savings versus most brokers. There is no minimum deposit.
Two points relevant to Indonesian investors specifically. IBKR accepts clients from over 200 countries, making it among the most widely available brokers globally, and it offers real asset ownership rather than CFDs alone. It also gives access to Indonesia Stock Exchange listings alongside international markets, which few international brokers do. Note that converting rupiah to dollars is unavoidable when investing internationally, and IBKR’s conversion cost is among the lowest available.
IBKR also offers IBKR GlobalTrader, a modern mobile app for stocks, options, and ETFs, well suited to beginners, with automatic currency conversion, fractional shares from $1, and a $10,000 demo account.
Want to know more? Check our Interactive Brokers review.
Other 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 can only offer access to eToro’s platform, and not in any way facilitate an account opening since the broker requests a valid ID. Proving an eligible residency remains an essential requirement. No VPN is able to sidestep this requirement–only shift your IP address.
What is eToro?
By now, you should have an idea about eToro but let’s give a recap of what you can find there. With over 30 million users, eToro is a multi-asset trading platform that enables investors to invest in 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. It is highly supervised by top-tier regulators, including FCA, ASIC, and CySEC and authorised by each country’s local financial regulators where it operates (e.g. CNMV in Spain).
But not everything is a bed of roses. Did you know eToro charges $5 per minimum withdrawal of $30?
