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Saxo Bank is no longer available in Indonesia: alternatives in 2024

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Pedro Braz
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Fact checked by
Franklin Silva
Jul 9, 2024

Saxo Bank, a renowned European online broker, recently announced significant changes to its global operations.

Since July 1, 2024, Saxo Bank has ceased onboarding new clients in several countries, including Indonesia, as part of a strategic shift.

This article explores the implications of this decision for current and potential clients in Indonesia and provides alternative investment platforms for those affected.

Is Saxo Bank available in Indonesia?

No, since July 1, 2024, Saxo Bank stopped accepting Indonesian clients.

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

If you try to open a Saxo Bank account from Indonesia, you won’t be able to find “Indonesia” in the country selector:

Saxo Bank available countries

Impact on current clients

Existing clients in Indonesia will not face immediate offboarding. However, Saxo Bank plans to offboard all clients from Indonesia by the end of the year 2024. Clients will be notified directly by Saxo Bank about the offboarding process and timelines.

Alternatives for Indonesian investors

For affected investors, there are several reputable alternatives to consider:

  1. Interactive Brokers: Best alternative platform overall. IBKR is Saxo’s equivalent. It also offers a wide range of financial products, and low commissions.
  2. XTB: Best broker for forex and commission-free ETFs
  3. Plus500: Best for beginners and CFDs
Min deposit
US stock fees
Tiered plan: Up to $0.0035 per shareMin. $0.35; Max. 1% of trade value.
€0Up to €100.000 in monthly volume transactions - Only applicable in some countries.
$0.006 per shareOn Plus500 Invest only

Why is Saxo Bank leaving Indonesia?

Saxo Bank’s decision to withdraw from Indonesia is influenced by several key factors:

  1. Regulatory Compliance: The bank aims to better align with regulatory requirements. Different countries have varied and complex regulatory environments, and maintaining compliance in numerous jurisdictions can be challenging and resource-intensive.
  2. Operational Efficiency: By reducing its presence in multiple countries, Saxo Bank can streamline its operations. This focus allows the bank to concentrate resources and efforts on markets that align more closely with its strategic goals and operational capabilities.
  3. Risk Management: Exiting certain markets helps Saxo Bank manage and mitigate risks more effectively. This includes financial, legal, and operational risks that may arise from operating in regions with volatile economic conditions or unstable regulatory frameworks.
  4. Resource Optimization: By concentrating on fewer markets, Saxo Bank can optimize the use of its resources, ensuring that it provides exceptional services and innovative solutions in its core markets.
  5. Strategic Focus: This decision is part of Saxo Bank’s broader strategy to enhance its service quality and innovation in markets that offer more significant business potential and stability.


Saxo Bank’s strategic exit from the Indonesian market is a significant shift that will impact many clients.

By understanding the reasons behind this decision and exploring alternative investment platforms, affected investors can navigate this transition smoothly and continue to meet their investment goals.

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Pedro Braz

Pedro is passionate about finance, marketing, and technology. He is the co-founder of and his work has earned him a spot on the Forbes 30 Under 30 Europe Finance list.

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