Indonesia Financial Brokerage and Trading Market Size, Share, Growth and Forecast, 2025-2035

Equity broking anchors revenue as retail accounts surge

The Indonesia financial brokerage and trading market was valued at USD 1.19 billion in 2025 and is projected to increase from USD 1.39 billion in 2026 to USD 4.93 billion by 2035, registering a CAGR of 15.15% during 2026–2035. Demand comes from millions of first-time retail investors who buy shares, bonds and mutual funds on mobile apps, and from domestic and foreign institutions that route large orders through Jakarta securities houses. Greater Jakarta held the largest regional share, 58.0% in 2025, because head offices, fund managers, foreign desks and wealthy clients cluster in the capital. Kalimantan, Sulawesi and Eastern Indonesia is the fastest-growing region at 16.13% a year, as app-based account opening reaches mining and plantation towns far from branch networks. In turn, the Financial Services Authority took over supervision of financial derivatives and crypto assets in January 2025, which places most listed dealing under one regulator.

Which commissions, spreads and fees does the estimate count?

The estimate measures revenue earned by licensed securities companies and futures brokers in Indonesia from executing client orders in equities, bonds, listed derivatives, commodities and foreign exchange. It counts transaction commissions, execution and spread income, interest on margin financing, and platform, data and custody-related fees charged to retail, wealthy and institutional clients.

The estimate excludes investment banking advisory and underwriting fees, asset management fees, proprietary trading gains and the value of securities traded. The value chain runs from the exchange, clearing house and central depository through exchange members and futures brokers to sales teams, apps and order-routing links used by clients.

Equity broking leads while derivatives grow the fastest

Why does equity brokerage hold most of the revenue?

Based on product type, the market is categorized into equity brokerage, fixed income brokerage, derivatives brokerage and commodity and FX brokerage. Equity Brokerage led with a 65.5% share of 2025 value, because share dealing on the exchange produces most commission income for securities firms. Derivatives Brokerage grows fastest at 18.10% a year, as single stock futures, index futures and new short selling rules bring hedging tools to more clients.

How fast are retail investors adding to revenue?

Based on customer segment, the market is categorized into retail investors, high-net-worth individuals, domestic institutions and foreign institutions. Retail Investors led with a 38.0% share of 2025 value, because millions of small accounts trade often on apps. Retail Investors also grow fastest at 16.01% a year, while foreign institutions stay important for large block orders.

Which channels win the most new orders?

Based on distribution channel, the market is categorized into mobile trading applications, web trading platforms, dealer-assisted channels and API and direct market access. Mobile Trading Applications led with a 44.0% share of 2025 value, because most new investors open accounts and place orders on phones. Mobile Trading Applications grow fastest at 16.07% a year, as apps add research, margin and bond features in one place.

How quickly is margin financing income rising?

Based on revenue model, the market is categorized into transaction commissions, execution and spread income, margin financing income and platform and ancillary fees. Transaction Commissions led with a 54.5% share of 2025 value, because most firms still charge a fee on each trade. Platform and Ancillary Fees grow fastest at 15.92% a year, as firms add subscriptions, data packages and custody services to lower-fee plans.

New investors, deeper liquidity and literacy lift volumes

How is a fast-growing investor base lifting order flow?

A fast-growing domestic investor base lifts order flow, because every new account adds trades, deposits and margin demand for securities firms. Capital market investors reached 20,129,679 on Dec. 19, 2025, up 35% from 14,871,659 at the end of 2024, according to Fortune IDN citing the central securities depository. Java accounted for 68.91% of these investors, while Sumatra held 16.29%, which shows how far account growth has spread beyond the capital. The exchange later reported 20.3 million investors for 2025, a 37% rise on the previous year. As a result, retail investors hold 38.0% of 2025 value and grow at 16.01% a year.

Why do higher exchange liquidity and depth raise revenue?

Higher exchange liquidity raises broking revenue, because commissions and spreads scale with the value that clients trade each session. Average daily equity transaction value reached IDR 18.07 trillion in 2025, up 40.6% from the year before, according to Databoks citing the exchange. Market capitalization set a record of IDR 16,004 trillion on Dec. 8, 2025, as the composite index posted 24 all-time highs during the year. Twenty-six companies listed in 2025 and raised IDR 18.1 trillion, which gave brokers new shares to distribute and trade. In turn, equity brokerage holds 65.5% of 2025 value across the country.

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How does better financial literacy widen the client pool?

Better financial literacy widens the client pool, because people who understand risk and returns are more willing to open securities accounts. The national literacy index rose to 66.46% in 2025 from 65.43% in 2024, and the inclusion index climbed to 80.51% from 75.02%, according to the Financial Services Authority. The authority and Statistics Indonesia released these survey results on May 2, 2025. However, Java still holds 94.42% of investor assets, while Sumatra holds only 2.04%, which leaves wide room for growth elsewhere. As a result, Sumatra, with 11.0% of 2025 value, has wide room to deepen client holdings.

Why do steady growth and market reforms support dealing?

Steady economic growth and market reforms support dealing activity, because rising incomes and deeper bond markets give clients more to invest and trade. The International Monetary Fund said in January 2026 that growth reached 5.0% in 2025 and projected 5.1% for 2026. Its directors also endorsed a gradual cut in the central bank role in the government debt market to raise private participation and liquidity. Separately, supervision of financial derivatives and crypto assets moved from the trade ministry agency to the Financial Services Authority on Jan. 10, 2025. In turn, fixed income brokerage gains more secondary trading, while derivatives grow at 18.10% a year.

Futures, short selling and app brokers reshape the trade

How is the rise of listed futures changing product mix?

The rise of listed futures is changing the product mix, because securities firms can now offer hedging and leverage on single stocks inside regulated accounts. The exchange launched single stock futures on Nov. 12, 2024, and added five more underlying stocks on July 14, 2025, which raised the total to 10. The number of derivative investors rose 142% through June 2025 compared with a year earlier, while 2,175 single stock futures contracts traded in the period. These volumes remain small, so the product has room to grow as more members join. As a result, derivatives brokerage grows faster than any other product type in the forecast.

Why is the arrival of short selling significant for brokers?

The arrival of short selling is significant for brokers, because it adds stock lending, margin financing and two-way strategies to their offer. The exchange postponed short selling in September 2025 and again in March 2026, citing infrastructure readiness and risk management. A phased rollout began on Sept. 15, 2026, and trading opened on Oct. 1, 2026, with five eligible stocks. Only two firms, Semesta Indovest Sekuritas and Ajaib Sekuritas, held licenses at launch, which gives early movers a head start. Twenty-seven exchange members had earlier expressed interest in the product, and nine were preparing license applications. In turn, margin financing income grows at 15.92% a year as more firms qualify.

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Can app-first brokers win more of the retail order book?

App-first brokers can win more of the retail order book, because younger investors choose low fees, simple screens and social features over branch visits. Stockbit Sekuritas Digital handled IDR 114.24 trillion of equity transactions in the first half of 2025, a 3.9% share, according to IDNFinancials. Total equity transaction value reached IDR 1,449 trillion in that half, so even a small share shift moves large sums. Mandiri Sekuritas ranked second with a 9.7% share, ahead of Maybank Sekuritas Indonesia at 7.7%. UBS Sekuritas Indonesia led with a 9.99% share, which shows that foreign desks still dominate large orders. As a result, mobile trading applications hold 44.0% of 2025 value and keep gaining.

Is unified supervision an opening for multi-asset accounts?

Unified supervision offers an opening for multi-asset accounts, because one regulator now oversees shares, listed derivatives and crypto assets. The handover from the trade ministry agency on Jan. 10, 2025, moved exchange-traded derivatives on stock indexes and foreign single stocks to the Financial Services Authority. Derivatives on money market and foreign exchange instruments moved to Bank Indonesia at the same time. The transfer followed Government Regulation No. 49 of 2024 and the 2023 financial sector development law. This clarity lets securities firms and futures brokers plan combined apps, shared know-your-customer checks and one margin account. In turn, commodity and FX brokerage keeps a steady base while firms cross-sell new digital payments and investment features.

Volatility, fee pressure and fraud test securities firms

How does market volatility hit commission income?

Market volatility hits commission income, because retail clients trade less after sharp losses and margin calls. The composite index fell to a first-half 2025 low of 5,996 before recovering to record highs later in the year. As a result, firms that rely on retail commissions saw uneven monthly revenue. Brokers respond with diversified income from margin interest, bonds, subscriptions and wealth products that hold up better in weak markets.

Why does fee competition squeeze smaller securities firms?

Fee competition squeezes smaller securities firms, because app-first rivals offer very low commissions to win young investors. In turn, firms without scale struggle to fund technology, research and compliance teams. Smaller houses with branch-based models feel this pressure first, since their costs per trade are higher. Many respond by merging, partnering with banks, focusing on wealthy clients or selling white-label platforms to other members.

How do scams and illegal platforms damage trust?

Scams and illegal investment platforms damage trust, because victims often blame the whole industry after losing savings. However, unlicensed apps and social media groups still promise quick profits on stocks, futures and currencies. New investors outside big cities face the highest risk, since they have fewer ways to check licenses. Licensed firms respond with education campaigns, verified app listings and stronger customer identity checks.

Why do capital and system rules raise operating costs?

Capital and system rules raise operating costs, because firms must meet net capital, cybersecurity and reporting standards before offering margin, derivatives or short selling. As a result, only a few members qualified for short selling licenses at launch. Mid-sized firms face long preparation times and high technology spending. Many respond by buying cloud-based risk engines, sharing vendors and phasing new products in stages.

Greater Jakarta leads while eastern islands grow fastest

Why does Greater Jakarta hold the largest share?

Greater Jakarta held a 58.0% share of 2025 value and grows at 14.73% a year, because head offices, foreign institutional desks, pension funds and wealthy families cluster in the capital. The exchange, clearing house and central depository all operate from Jakarta. Foreign and bank-affiliated houses serve most block orders from their Jakarta dealing rooms. As a result, institutional commissions and margin books remain concentrated in the metro area, even as retail accounts spread.

How fast is the rest of Java adding accounts?

Java excluding Greater Jakarta held a 22.0% share of 2025 value and grows at 15.53% a year, because Surabaya, Bandung, Semarang and Yogyakarta host large student and salaried populations. Java as a whole accounted for 68.91% of capital market investors in December 2025. Mobile apps let these clients open accounts and trade without visiting branches. In turn, the zone adds the most new retail accounts outside the capital.

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Why does Sumatra matter for the next wave of investors?

Sumatra held 11.0% of 2025 value and grows at 15.73% a year, because Medan, Palembang, Pekanbaru and Padang have growing middle classes and plantation incomes. The island hosted 16.29% of investors in December 2025, yet only 2.04% of investor assets. This gap shows that accounts are numerous but still small. As a result, brokers target the island with education events and low-minimum products that suit mobile banking users.

How are eastern islands adding the fastest growth?

Kalimantan, Sulawesi and Eastern Indonesia held a 9.0% share of 2025 value and grows fastest at 16.13% a year, because mining, nickel processing and plantation towns create new savers. Sulawesi held 5.31% of investors and Kalimantan 4.99% in December 2025. Bali, the Nusa Tenggara provinces, Maluku and Papua together added another 4.50%. In turn, app-based account opening reaches clients far from branch networks.

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Exchange, regulator and broker milestones since 2024

Apps, order routing and risk engines modernize dealing

• Mobile trading apps combine account opening, research, payments and order entry, which lets new investors fund an account and place a first order within minutes of signing up.
• Smart order routing sends client orders to the exchange at low latency, which suits institutions, foreign desks and active retail traders who need fast fills.
• Real-time risk engines track margin, collateral and short positions across accounts, which protects firms and clients during sharp price moves and trading halts.
• Electronic identity checks verify clients with national ID data and face matching, which cuts fraud and speeds remote onboarding for clients outside Java.

Foreign houses and bank units vie with app-first firms

Competition is led by foreign securities houses, bank-affiliated firms and fast-growing app-first brokers. UBS Sekuritas Indonesia, Mandiri Sekuritas and Maybank Sekuritas Indonesia ranked first to third by equity transaction value in the first half of 2025, followed by CGS International Sekuritas Indonesia, Mirae Asset Sekuritas Indonesia and several other foreign houses. Stockbit Sekuritas Digital and Indo Premier Sekuritas compete for retail clients with mobile apps, while Semesta Indovest Sekuritas and KB Valbury Sekuritas complete the top ten. Rivals compete on execution quality, research coverage, app design, commission levels and margin terms. As short selling and derivatives expand, firms with strong capital, risk systems and large client bases are best placed to automate order execution and gain share.

Which securities firms shape Indonesian dealing?

Credence Research view on Indonesian securities dealing

Credence Research's view is that the Indonesian market will grow through more investors, deeper liquidity and a wider product shelf rather than through higher fees. Equity brokerage remains the largest revenue pool, while derivatives, margin financing and app-based retail accounts add the fastest growth. Short selling and single stock futures should lift income for firms with strong capital and risk systems. Bank-affiliated houses and app-first brokers should gain the most, while market swings and fee competition keep pressure on smaller firms.

How the national broking revenue estimate was built

The report uses 2025 as the base year on a calendar basis, and market values come from the Credence Research model. That model combines exchange transaction values, investor counts from the central depository, broker rankings, regulator survey results and macroeconomic data. Regional shares, segment splits and growth rates are Credence Research estimates. Sources used are regulator and exchange releases, IMF publications and company and market data reported in news media, and no interviews or surveys were used.

Retail depth, derivatives and margin lending carry growth

The Indonesia financial brokerage and trading market is expected to reach USD 4.93 billion by 2035, a 15.15% CAGR during 2026–2035, as new investors keep opening accounts and trading values rise. Growth should be strongest in derivatives brokerage, retail investors, mobile trading applications and the eastern islands, because these areas gain most from new products and app-based access. Short selling and unified supervision will favor well-capitalized firms, while volatility and fee competition could slow some smaller houses.

Note: The depth of individual sections depends on data availability for this market. Volume, capacity, trade and other unit-based metrics are included where applicable.