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CRITERIA FOR CHOOSING THE BEST FOREX BROKER IN INDONESIA

CRITERIA FOR CHOOSING THE BEST FOREX BROKER IN INDONESIA

 

For a long time, Indonesia has had a long struggle with creating a clear set of rules and laws for financial markets. It is very clear that there is a very significant increase in such a way from year to year that the relevant parties continue to record the growth of the national financial market. Thus, this increase is able to attract many investors, both local and international.

Currently, Indonesia is one of the fastest growing financial markets in Southeast Asia, with many traders continuing to see the tremendous potential in the world of forex trading to be successful in the future.

As a result, this huge market potential is able to attract great attention from forex brokers around the world who want to take advantage of the very fast growth rate of this domestic financial market.

Unfortunately, not all of these brokers have good intentions in recruiting their customers. Along with the emergence of many new brokers, it makes it difficult for traders to choose and find a reliable and trustworthy broker.

High vigilance is needed so as not to be easily deceived by rogue brokers who have the potential to cheat their customers. That is why the criteria for a trustworthy forex broker are indispensable as a reference in choosing the best forex broker to meet your trading needs. CRITERIA FOR CHOOSING THE BEST FOREX BROKER
1. REGULATION
A properly regulated forex broker can assure traders that the broker will actually practice honest and fair trading and keep their funds safe.

This also shows that the broker has sufficient funds so that traders can trade with all types of strategies available. Ideally, the forex broker has at least one trading license from a trusted supervisory body such as BAPPEBTI for an official office in Indonesia. BAPPEBTI was established in 2005 and is the current regulator with authority on local financial markets in Indonesia. Regulation is very important so that the broker can really be trusted because it is able to protect the rights of traders by ensuring the broker operates under local and international forex trading rules.

In this case, it is highly recommended that traders deal with international forex brokers that are regulated by well-known and trusted regulatory bodies such as CySec, FCA, FSA, FSB, and others as you can see in ( Forex Broker Regulatory List ) .

2. TRADING PLATFORMS AND SOFTWARE
Since the forex market is open 24 hours 5 days a week, it is not important for traders to limit themselves in time and place when trading. In forex trading, a trader can do it whenever and wherever he wants.

Regardless of the time and place of trading, it is important to know that you must make sure you have joined a broker that has a fast and reliable trading platform.

The MT4 trading platform is the most popular platform among Indonesian traders. MT4 is preferred because it is more user friendly and has all the technical analysis features needed and can be used on computers with limited specs.

3. ACCOUNT TYPE
In general, the best forex brokers will provide several types of accounts for their customers so that traders can choose the account to be used by adjusting the existing conditions. among others are:

Micro account
Mini Account
Standard Account
Islamic Account (swap free)
4. DEMO ACCOUNT
It is highly recommended for traders to choose a broker that provides a free demo account. The demo account allows traders to test the strategies they learn and can also test how good the trading platform provided by the broker is. 5. LOW SPREADS
Like other traders, you definitely want maximum results when trading forex. With the low spreads offered by the broker, of course this opportunity is not a mere hope but a real necessity. Offers low spreads by brokers can be a separate consideration in choosing the best forex broker.

6. CUSTOMER SUPPORT
The forex market is something complex, so beginners will really need customer support to help overcome any obstacles and problems experienced by traders. Ideally, choose a forex broker that provides multilingual support services, especially Indonesian for traders from Indonesia. If possible, look for a broker who has a branch office in your country of residence.

Forex trading is a business that is currently very popular in the country, because many people see so big an opportunity to get abundant profits in a short time. But actually, a trader is not enough just to guess the price movement alone in forex trading, but must go through a mature and measurable forex learning process in order to be able to become a successful trader.

One of the knowledge that traders must know is the criteria for choosing the best forex broker, please study and understand it carefully so that you are not easily fooled by rogue brokers.

Hopefully this article is useful for you.

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