Forex trading is one of the most lucrative businesses anyone can engage in. However, trading also comes with its own challenges. Not everyone is a master trader at first try. The good news is that you can bypass some of the challenges presented by choosing a good forex broker. If you reside in Indonesia, you are in luck! Here are some useful tips to choosing a trusted forex broker in Indonesia.
- Are they compliant?
The forex trading space in Indonesia is still upcoming and while there are many forex brokers to choose from, most traders fall in the trap of scam brokers. In order to avoid this, you should consider choosing a forex broker who complies with the regulatory requirements of the BAPPEBTI – the Indonesian forex regulator. Created in 2005, the agency established rules to regulate all financial service providers in Indonesia so as to prevent issues of fraud.
2. Consider their Trading Size
When choosing a forex broker in Indonesia., it is important to consider the range of accounts they offer. These accounts usually indicate the amount of capital the broker is willing to invest, and a good broker has a variety so as to cater to the needs of traders with varied needs. It is also worth noting that Indonesia is largely Muslim, and if you are, you could consider a broker who also offers Islamic accounts. The advantage of an Islamic account is that you get a free swap account and you are exempted from paying interest on lending rates. But it also means that you are precluded from earning interest on the same.
3. Consider the customer service provided
One of the most important factors to consider when choosing a forex broker is their customer service. A trusted forex broker is reliable and responsive. You can assess these by contacting them and seeing how fast they respond to you or not. If you are Indonesian, you could also consider choosing a broker who speaks the local language as they are better placed to handle your requests in your own dialect.
4. Check out the trading platform
Forex trading is usually made simpler with an easy-to-use platform. A good forex broker has a platform with an interface that is easy to use and with as many features as possible to make the trading experience easier. Before choosing a broker, consider testing their platform, know how much the features cost and whether buying it would be worth it.
5. Consider their fees
Forex trading involves cash withdrawal and depending on how frequent you trade you may need to withdraw cash on a regular basis. Some forex brokers have withdrawal fees, which you should consider before signing up for a specific platform. You also need to be aware of their policy on money disbursement. Some brokers will avail cash on a daily basis, while some take time, even months. All in all, it is advisable that you choose a forex broker who has the lowest transaction costs.
6. Complementary services
For amateur traders, help in any kind of form is usually welcome. Some forex brokers offer additional services, such as educational materials and training. These could be useful if you are just starting out and you have not learnt the ropes yet. It is crucial that you choose a broker who adds more value to your trading experience. Some even organize trading workshops and contests to help newbies come up to par.
7. What is their margin policy?
In order to get the most out of your trading experience, make sure that you understand how the broker’s margins and leverage policy works. If not, you need to ask the broker how these are calculated and how much time you are allowed to trade.
8. Get recommendations
Sometimes finding a trusted forex broker in Indonesia is as easy as asking around. If you have friends and colleagues who have used forex brokers before, you could ask them about their experiences and choose yours based on the pros and cons identified.
Making the decision to trade in forex is a big one. In order to make your experience worth every coin, you must choose a trusted forex broker. With these tips, finding the best forex broker Indonesia is made easy.