In Indonesia, forex trading has rapidly increased in popularity over the past few years. The number of forex brokers in Indonesia is also growing at an alarming rate. Most traders are finding it hard when it comes to selecting a reliable broker in Indonesia.
Not all companies have the same services and policies. This is one of the main factors that make the process of choosing a broker tiresome. Based on the source investasi.online, we will go through the seven factors that can help forex traders in Indonesia to choose a reliable broker.
Regulated Forex brokers in Indonesia are answerable to the authorities. These regulators have specific rules and regulations that they should adhere to. You can easily find information, reviews, and past performances of regulated brokers on the internet. Find out if a Forex broker in Indonesia is regulated by BAPPEBTI before trading with them. BAPPEBTI is the current regulator of financial markets in Indonesia. In case a broker isn’t regulated by this body, it would be wise if you looked for another broker.
Spread is also referred to as low transaction costs. Unlike stocks, currency is not traded using a central exchange. This is the main reason why different brokers in Indonesia have different spreads. A good spread is the main factor that should be considered by Indonesian traders because settling for brokers with abnormally high spreads will leave you with losses and debts.
Additionally, remember to check if the spread is variable or fixed. A fixed spread is better since it remains constant throughout. Most brokers in Indonesia use variable spreads whereby market forces determine the spread. Typically, trades are small when the market is quiet and wider spreads when activities in the market heat up. When using a wider spread, ensure the market moves in your favor for you to make profits.
3. Trading Platform and the Software used
The best way to know how a broker’s trading software behaves is by trying to trade using a demo account on the website. Choose a broker that you would be more comfortable with whenever you’re trading. The site or software should have common trading features. Some features are only available to premium users, ensure you understand what you’re getting yourself into and how your forex broker will charge you for the additional services. Don’t also forget to consider the speed of execution. Beware of brokers in Indonesia who don’t “honor” the price displayed on the feeds.
4. Customer Support
The Forex trading market in Indonesia is very dynamic. Your forex broker Indonesia should offer 24-hour support using different avenues. Whether using a direct telephone line, text messages or a simple email address? Some reputable brokers in Indonesia have a Live Chat function. You should also make sure that their customer service is available on the phone – very important in case your internet connection or PC breaks down at critical moments
5. Minimum Trading Size
Most brokers in Indonesia offer different types of trading accounts. The two most common types include the “mini account” and the “standard account.” The key difference between these two accounts is the “payouts.” A “mini” account is best for amateurs because the amount of risk involved in any trade is lower compared to standard accounts.
6. Margin and Leverage Policy
Make sure that you fully understand a broker’s margin terms before creating an account. Some inquiries you should ask yourself include what margins are, the margin requirements? How the margin calculated and the time and day of the week you’re allowed to trade
7. Withdrawal Fees
Make a comparison on the cost of withdrawing or wiring money of forex broker Indonesia. After some time, you’ll be withdrawing a portion of your earnings on a consistent basis. Some traders only disburse the money once every several months while others on a daily basis. Do your research on the percentage of fees and how frequently the trader sends money to his/her client.
Choose the right forex broker in Indonesia using the simple tips mentioned above. By paying attention to these things, you’ll more likely find the right broker in Indonesia. Forex trading in Indonesia has a potential market which needs one to invest their funds done in an orderly manner. Up to now, several people in Indonesia have changed their lifestyles by investing in the forex market, don’t be left behind, Start looking for a reliable broker in Indonesia today.