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Is Webull Available in Indonesia? Alternatives for 2024

Pedro Braz| Updated January 15th, 2024

You have probably heard about the Webull app on YouTube and want to know if it’s available in Indonesia, right?

Webull is a modern and easy-to-use investment app from the US. It has introduced the concept of commission-free trading in financial products such as stocks and ETFs alongside its biggest rivals, Robinhood, TD Ameritrade, and E*TRADE.

Want to know if Webull is available in Indonesia, the company’s expansion plans, and the alternatives available? We’ve got you covered!

Is Webull Available in Indonesia?

Unfortunately, Webull is not yet available in Indonesia. Currently, Webull can be used in the following markets: Australia, Hong Kong, Japan, Singapore, South Africa, the United Kingdom and the United States.

Webull has not yet made any public announcement about a possible expansion to the Indonesian market. Although this market is interesting, it is also highly regulated and already has similar solutions (which we will cover below).

Can you use Webull in Indonesia with a VPN?

No, you cannot use a VPN to open a Webull account from Indonesia. After registration, Webull will ask for specific documents that prove you are a valid user.

Webull account opening – Webull doesn’t work in Indonesia

Webull Alternatives in Indonesia

If you’re in Indonesia and want to access the best brokerages and investing options, there are some alternatives to Webull that provide more choice and flexibility. Here are some of the best brokerages available in Indonesia that may be more suitable than the limited Webull:

Interactive Brokers | Best for intermediate and advanced investors

Online broker with a sophisticated trading platform that offers a wide range of products. The company, founded in the US, provides the app IBKR GlobalTrader, which is ideal for beginners.

Saxo Bank | Best trading app for advanced traders

Full-service broker who offers stocks, ETFs, bonds, derivatives, crypto, and other products. You can access 36 different markets overseas from Indonesia using their powerful trading apps.

Broker Fees on stocks Minimum deposit Trading apps Stocks available for trading
Interactive Brokers Between $0.0005 and $0.0035 per US share. Between 0.01% and 0.08% for other markets. $0 IBKR GlobalTrader, impact and IBKR Mobile
Saxo Bank Up to 0.08% (min. $1) for US stocks $2,000 SaxoTraderGO

#1 Interactive Brokers (IBKR GlobalTrader)

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Interactive Brokers at a glance

Products availableStocks, futures, options, Forex, commodities, bonds, mutual funds, ETFs, CFDs
Minimum Deposit$0 ($2,000 for margin accounts)
Deposit MethodsWire bank transfer
Commissions on stocksBetween $0.0005 and $0.0035 per US share (maximum 1% of the trade) Between 0.01% and 0.08% for other markets

Interactive Brokers has proven to be one of the most reliable brokers in the market. The company was founded over 40 years ago and survived many financial crises, making it a well-established and trustworthy broker regulated by many top-tier regulators.

They offer some of the best stock trading apps in Indonesia, where you can trade stocks using sophisticated and powerful tools and find a wide range of products available for trading with low prices, including forex instruments. The broker offers different mobile apps and web-based platforms that should be used according to your knowledge and experience. The mobile app IBKR GlobalTrader is a user-friendly app suitable for beginners because it simplifies investments without losing the powerful tools for which the broker is famous.

If you want to make the most out of the powerful tools the broker provides, you can use the IBKR Mobile, a complete and sophisticated trading app to trade stocks, ETFs, and options. As the features of this app can be overwhelming for beginners, we would recommend the IBKR GlobalTrader if you do not have a lot of experience. 

In addition to the mobile apps, you will also find a desktop app and web-based apps where you have sophisticated trading tools to access the global financial markets. Overall, we believe that Interactive Brokers offers the best stock trading apps in Indonesia, and you can find what you are looking for, irrespective of your needs! 

Please check our Interactive Brokers review to find out more about the broker.

 Interactive Brokers Mobile App

#2 Saxo Bank

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62% of retail CFD accounts lose money.

Saxo at a glance

Products availableStocks, Forex, ETFs, commodities, indices, options, bonds, and futures
Minimum Deposit$2,000
Deposit MethodsCredit/Debit card, Wire transfer
Commissions on stocksUp to 0.08% (min. $1) for US stocks

Saxo Bank is a Danish bank founded in 1992 and is a reliable option for advanced traders and beginners and provides safety, fair prices, and useful tools. The Bank operates in Indonesia, offering a comprehensive and customizable mobile trading app that is among the best in the market: SaxoTraderGO.

SaxoTraderGO is a user-friendly, customizable, and award-winning trading platform that can be used by experienced investors and beginners. The app has a mobile and a desktop version. The broker also offers SaxoTraderPRO, a desktop-based platform (that works on Windows and MAC) developed for advanced traders due to its level of detail and complexity. The app is extremely customizable, offers sophisticated tools to analyze and track your performance, and can be used on up to 6 different screens.

Considering that the trading apps have excellent educational resources, low prices, and an impressive range of tradable assets, Saxo deserves second place on our list of the best stock trading apps in Indonesia. The only downside we could think of is that after registering and completing the verification, you will need to fund your account with at least $2,000 to start trading, which can be burdensome for some beginners.

 Saxo Bank Web and Mobile App

Which platform should you choose?

Some factors you should be aware of when choosing an online broker are the fees charged, if it is regulated by top-tier institutions, and the range of products it allows you to trade (not all platforms allow you to trade cryptocurrencies or stocks listed on the London Stock Exchange, for instance), among other factors.

The best online broker in your specific case will depend on your profile, preference, and objectives. Explore the websites above and decide for yourself!

A reminder that the above should not be construed as investment advice and should be considered information only. Investors should do their own research and due diligence about the services and opportunities best suited for their risk, returns, and impact strategy.

We hope this has helped – please leave your comments below.

Happy investing!

Pedro Braz
Co-Founder & Growth Manager

Pedro is passionate about finance, marketing, and technology. He is a growth manager at several online projects and a former digital marketer for a fintech company.

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