Saxo Bank is no longer available in Indonesia: alternatives in 2026

Saxo, a renowned European online broker (rebranded from “Saxo Bank” in 2024-2025), made significant changes to its global operations starting in 2024. Among other strategic shifts, Saxo ceased onboarding new clients in several countries, including Indonesia, as part of a deliberate refocus on its core European, Middle Eastern and Asia-Pacific jurisdictions.

This article explores the implications for current and prospective clients in Indonesia and outlines the best alternative investment platforms available to Indonesian residents in 2026.

Is Saxo available in Indonesia?

No. Since July 1, 2024, Saxo no longer accepts new Indonesian clients. Existing Indonesian clients onboarded before that date were subject to transitional arrangements, but new account opening from Indonesia is closed.

You can check Saxo’s full list of accepted and restricted countries here.

If you try to open a Saxo account from Indonesia today, you won’t find “Indonesia” in the country selector during the onboarding flow:

For context, this decision was part of Saxo’s broader strategic refocus. The same period saw the announcement of Saxo’s acquisition by the Swiss-Brazilian J. Safra Sarasin Group (announced in March 2025 and completed in March 2026, with an agreement in July 2026 to take full ownership) and the platform consolidation that combined SaxoTraderGO and SaxoTraderPRO into the unified SaxoTrader platform. Saxo continues to actively serve clients across most of the EU, the UK, Switzerland, the UAE, Hong Kong, Singapore, Malaysia, Thailand, Japan and Australia, just not Indonesia.

Impact on current clients

Existing Saxo clients in Indonesia did not face immediate offboarding when the new client restriction took effect in July 2024. However, Saxo planned to complete the offboarding of all Indonesian clients by the end of 2024, with clients notified directly about the specific process and timelines. By 2026, Indonesian residents who were previously Saxo clients should already have moved their holdings to alternative brokers, which makes the question of “best alternative” particularly relevant.

Alternatives for Indonesian investors

The Indonesian market has become considerably more open since Saxo’s exit. Two of the three brokers below now operate through locally licensed Indonesian entities, regulated by Bappebti (Badan Pengawas Perdagangan Berjangka Komoditi) and supervised by the OJK (Otoritas Jasa Keuangan) and Bank Indonesia. Our recommendations:

1. Interactive Brokers (IBKR): the best overall alternative to Saxo. IBKR is Saxo’s closest peer in breadth, with access to 150+ markets across 30+ countries, a comparable product range (stocks, ETFs, bonds, options, futures, forex) and low tiered commissions (US stocks from $0.0035 per share). It is NASDAQ-listed (ticker: IBKR) and regulated by top-tier authorities such as the SEC, FCA, ASIC and MAS. Indonesian residents are onboarded through its international entity.
2. XTB: best for commission-free US stocks and ETFs. XTB launched in Indonesia in October 2025 through PT XTB Indonesia Berjangka, licensed by Bappebti and supervised by the OJK, offering 0% commission on US stocks and ETFs (up to €100,000 of monthly turnover) and fractional shares from $1. The local range is narrower than in Europe, so check the instrument list first.
3. Plus500*: best for CFDs. Plus500 entered Indonesia in late 2025 and now operates a Bappebti-regulated local entity. It is London-listed (LSE: PLUS), with a beginner-friendly platform, free demo account and negative balance protection. Its core offering is leveraged CFDs, which carry a different risk profile from owning real stocks and ETFs.

Why did Saxo leave Indonesia?

Saxo’s decision to exit Indonesia was influenced by several factors typical of market-rationalisation decisions made by global brokers:

1. Regulatory compliance: maintaining licensed operations across many jurisdictions is increasingly resource-intensive. Indonesia in particular expects foreign brokers to serve residents through a locally licensed entity under Bappebti and OJK oversight, which is the route XTB and Plus500 have since taken. Saxo, which served Indonesian clients from offshore, chose not to make that investment.
2. Operational efficiency: by focusing on fewer markets, Saxo can streamline operations and concentrate resources on jurisdictions that align with its strategic positioning, particularly Europe, the UK, Switzerland, the Middle East and its established Asia-Pacific hubs in Singapore, Hong Kong and Japan.
3. Risk management: exiting jurisdictions where it lacked a local licence helps Saxo mitigate financial, legal and operational risks, including exposure to rupiah volatility and to an evolving local regulatory framework for financial services.
4. Resource optimisation: concentrating on fewer markets allows brokers to deliver higher-quality service and faster product innovation in their core regions.
5. Strategic refocus: the Indonesia exit coincided with broader Saxo strategic shifts, including the J. Safra Sarasin acquisition and the unified SaxoTrader platform consolidation, both pointing to a more focused, Europe-and-private-banking-oriented business model.

The bottom line

Saxo’s exit from the Indonesian market was a meaningful change for investors who valued the platform’s breadth and user-friendly trading experience. Fortunately, the alternatives available today are arguably stronger than they were in 2024: Interactive Brokers remains the closest functional equivalent to Saxo in terms of product range and market access, while XTB and Plus500 now serve Indonesian residents through locally regulated entities.

Affected Indonesian investors should:

• Confirm that any remaining Saxo positions have been transferred or liquidated per Saxo’s offboarding communications.
• Compare alternative brokers based on fees, supported markets, product range and whether the broker holds a local Bappebti/OJK licence or serves Indonesia from an offshore entity.
• Open a new account at the chosen broker and transition holdings (typically through cash settlement followed by re-purchase, since cross-broker share transfers can be operationally complex from Indonesia).
• Consider the Indonesian tax implications: residents are taxed on worldwide income, and foreign-held investment accounts and assets must be reported in the annual tax return (SPT Tahunan).

By understanding the reasons behind Saxo’s exit and exploring well-regulated alternatives, affected investors can navigate this transition smoothly and continue building their portfolios in 2026 and beyond.