Top Copy Trading Platforms in Indonesia – Best Picks for 2024
The online trading industry in Indonesia is growing at a significant rate. Thousands of Indonesians are exploring the financial markets to find new ways of making money. However, most of them lack the needed trading skills to become profitable. Brokers in Indonesia understand this problem, so they have started offering copy trading services.
In this article, we will look at the leading brokerage firms in Indonesia that facilitate copy trading, but first, let’s define the term copy trading.
What’s Copy Trading?
Copy trading is where one trader automatically replicates the trades of another trader and then splits the generated profits. This trading concept was introduced in early 2010, with Israel-based broker eToro being one of the pioneers.
Top Copy Trading Platforms in Indonesia
Exness
Exness, one of the top brokerage firms in the world, has become popular among traders in recent years due to its wide range of financial instruments and services. The broker has expanded its operations in more than 50 countries, including Indonesia, and now serves over 600,000 customers.
Exness complies with the relevant laws, thus earning clients’ trust. As of July 2024, the broker holds licenses from CySEC and FCA.
Pros and Cons of Exness
Pros
1. Customer support team is accessible 24/7.
2. Exness processes withdrawals faster than most of its competitors.
3. The broker allows users to copy trades in multiple markets, including crypto, indices, stocks, and commodities.
4. All accounts have access to Exness’ copy trading service.
5. Users pay no fees to deposit or withdraw funds.
Cons
1. Exness’ educational materials are limited.
2. Although Customer support is accessible 24/7, it’s not available in various languages.
TeleTrade
TeleTrade embarked on its mission to become a global broker in 2020. Over the past four years, the company has made tremendous progress, expanding its presence in over 70 nations, Indonesia included.
To ensure that it onboards everyone to online trading, TeleTrade began offering its copy trading service in 2022. Customers who use the service have access to six major markets, including stocks, energies, crypto, metals, indices, and Forex.
Pros and Cons of TeleTrade
Pros
1. TeleTrade hosts a vast number of expert traders.
2. The broker educational section has numerous learning materials.
3. Expert traders can access advanced analytical tools.
Cons
1. TeleTrade’s fund withdrawal options are limited.
2. The customer support team doesn’t work on weekends. Moreover, it takes up to 2 days to respond to clients’ issues.
3. TeleTrade’s identity verification process is slow.
4. Withdrawals may take a long time to be processed.
AMarkets
What makes AMarkets an ideal broker for copy trading is its fast trade execution speeds. It only takes an average of 35 microseconds for copied trades to be executed on AMarkets. What’s more, the broker comes with exceptional analytical tools, such as Trade Analyzer, AutoChartist, and Sentiment Indicator, which allow expert traders to properly analyze the markets before opening trades.
AMarkets has embraced transparency in its operations. It conducts regular external audits to ensure client funds are not misappropriated.
Pros and Cons of AMarkets
Pros
1. AMarkets executes copied trades faster than most brokers.
2. A Portion of customers’ copy trading capital is insured.
3. The trading fees are low.
4. Expert traders can access proper analytical tools.
Cons
1. The customer support team works only on weekdays.
2. AMarkets hosts fewer expert traders than most brokers.
HFM
HF Markets Group, one of the most reputable companies in the trading space, runs the HFM broker, which offers several services, including copy trading. Its efforts to provide a conducive trading environment have been rewarded numerous times in the past. Data on HFM’s website shows the brokerage firm has received 32 prestigious awards since its launch.
Pros and Cons of HFM
Pros
1. HFM is a highly regulated broker.
2. Deposits do not incur charges.
3. Trading fees imposed are significantly low.
Cons
1. Withdrawals may take a few days to reach users’ bank accounts.
2. HFM does not offer customer support on weekends.