TOP 7 BEST FOREX BROKERS CHOICE BY INDONESIAN TRADERS
Forex trading is a business that should not be considered easy for beginners. If done without sufficient knowledge and practice, forex trading can also be very risky for the money invested in the forex market . The thing that beginners must pay close attention to when they are about to start trading forex seriously is to understand well how to choose a good and trusted forex broker so that later traders will not get caught up in fraud and fraud committed by rogue brokers.
Basically, the selection of a forex broker who has credibility is not enough just by looking at what regulators oversee and oversee the forex broker. Regulations are usually a benchmark for how reliable and safe a forex broker is. However, there are some terms and criteria that traders must also understand before joining a particular forex broker.
Due to the proliferation of new brokers that keep popping up, so as not to be confused when choosing which brokers are the best and most trusted forex brokers . Come on! let’s understand one by one all the terms and criteria which will be explained below:
TERMS AND CRITERIA AS THE BEST FOREX BROKER
1. CLEAR BROKER IDENTITY
A good and trusted broker is a broker who is willing to provide clear and complete information about the identity of the broker, both the address of the office where the broker is located, the list of regulations and the address of the representative office if you have one in a certain country. Be careful if there is a forex broker who does not clearly state the office address where the broker stands or only includes the PO BOX address, usually brokers with these characteristics are rogue brokers and will deceive their clients.
2. REAL REGULATORY STATUS PROVEN
Is it true that your forex broker is proven to be regulated? If so, your broker is a regulated forex broker, in which country is the regulation issued? Forex regulators have different rules and characteristics in each country. They have their respective authorities and authorities in accordance with the laws in force in the country. One of the powers of a forex broker regulator is to maintain client funds for operations carried out by forex brokers registered with the regulator.
Forex brokerage companies that are committed to being the best and most trusted forex brokers must comply with all the rules and supervision of their regulators. Among the official regulators that have been recognized worldwide are the following:
In the United States, namely the Futures Commission Merchant (FCM), the Commodity Futures Trading Commission (CFTC) and a member of the NFA.
In the UK, the Financial Services Authority (FSA).
In France, the Autorite des Marches Financiers (AMF).
In Germany, the Federal Financial Supervisory Authority (BaFIN).
In Cyprus, namely the Cyprus Securities and Exchange Commission (CySEC).
In Indonesia, namely CoFTRA (Futures and Commodity Trading Supervision Agency).
And there are many other regulators that can be seen here .
The regulator described above is a regulator that has credibility and a reputation that has been recognized worldwide. Because it has several times imposed sanctions on brokers who do not comply with the rules and laws that have been set, by providing fines of up to millions of US dollars.
Many of the forex brokers even though they listed the regulator on the broker’s site, it turned out to be just a lie. For that, always check and recheck first on the official website of the regulator listed by the broker, whether the broker is really regulated or not. This is important because the forex trading business is very vulnerable to fraud if a trader is not careful from the start.
3. COMMUNICATIVE CUSTOMER SUPPORT IS AVAILABLE
Communicative customer support or support services that are available 24 hours in 5 working days are also mandatory requirements and criteria for a good and trusted broker. Although some instructions are usually clearly stated on the broker’s website, usually there are some traders who experience problems and problems that cause the need to ask the customer support team directly.
With the availability of customer support that is communicative, friendly, fast in responding to customers and does not discriminate between traders who are still using a demo account and a real account, this will greatly provide comfort for clients who join the forex broker.
Trusted forex brokers will usually provide support services with various methods such as via chat, email, skype, fax, telephone, whatsapp, telegram, etc. To make it easier for clients to adapt to existing conditions.
4. EASY FACILITIES AVAILABLE
Every trader would really like it if there was a broker who provided easy facilities. The ease of this facility should also be a concern for a trader, because this is also included as one of the terms and criteria that must exist in a good and trusted broker. Among these convenience services are:
Spread is the value of the price difference between the selling price and the buying price. Each broker usually applies the amount of the spread value differently. It is on this spread that the forex broker gets the profit.
Some of the forex brokers apply a fixed spread system or fixed spreads and some apply a floating spread system or spreads that always change depending on market volatility. Each spread system applied by the broker has its own advantages and disadvantages. Then which one is better? all good, depends on which spread system you like.
The lower the spread given by the broker, the better for the trader, because with a very low spread, the more profitable it will be for the trader. There are even some brokers who apply spreads starting from almost 0 pips on several major pairs depending on market volatility conditions at that time.
Leverage is like a double-edged sword, which at the same time can be both profitable and dangerous. If you don’t apply money management properly, leverage can become a monster ready to devour anyone’s money. Why did it happen? because leverage is leverage to have greater purchasing power so as to maximize lots in order to be able to make trading transactions with large purchasing power even with very small capital.
So that the use of a lot that is too large will very quickly get a big profit when the prediction is correct even with a small capital. However, vice versa when the price reverses direction does not match the prediction it will very quickly experience a big loss of the money in your trading account.
For example, when you have 100 US Dollars using 100 leverage, it means that your 1000 US Dollars is equivalent to the purchasing power of 1:100 = $10,000. For this reason, the availability of leverage by a dynamic broker that can be changed even up to 1:100, shows that the broker is a good and trusted broker. Because for a trader who has not been able to apply risk management properly and correctly, with a small leverage that person will be restrained by the system so as not to be trapped in a greater risk.
GOOD TRADING PLATFORM
The trading platform is the main tool for forex trading, on this trading platform we can monitor chart charts, open position orders, analyze technically, etc. So a reliable trading platform plays an important role in your trading success.
For some people who use scalping methods or aggressive techniques in forex trading, it will usually be very intense to monitor chart charts in search of the right momentum to open transactions. This scalper will usually try to find a little profit in a short time on small time frames such as M1, M5 and M15. For that a good trading platform, not lagging or hanging becomes very important for a trader.
The best and most trusted forex broker will definitely provide a trading platform that has good and reliable performance so that it does not disappoint its clients.
DEMO ACCOUNT AVAILABLE
Why is a demo account so important? Because by providing a demo account, the broker will provide an opportunity for traders to test how well the broker performs. A demo account is an account where someone will be able to trade forex using virtual money that has been provided by a forex broker, so that when trading using a demo account a trader does not need to make a deposit first. Because it uses virtual money, so that if you make a profit, the profit cannot be withdrawn, as well as when you experience a loss it doesn’t really make the trader lose money or capital.
For beginners, this demo account is also very important as a medium for practicing and testing how well the skills you have in forex trading are in order to get consistent profits.
EASY AND DIVERSE DEPOSIT AND WITHDRAWAL METHODS
By providing easy and varied methods of depositing and withdrawing funds, forex brokers have given traders the opportunity to deposit and withdraw funds according to their respective conditions. The method that is usually given is through Bank Wire (bank transfer) either locally or internationally to e-Payments such as PayPal, WebMoney, Skrill, Fasapay, etc.
May be useful! Happy trading and good luck always..