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It is undeniable that there is very little knowledge of Forex in Indonesia. Indonesian forex traders Not only is it often confusing to look for strategies, holy grail and money management Trustworthy but still don’t know how to choose a reliable forex broker? over time More and more people Take advantage of this ignorance by laying traps to deceive both prospective traders and newbie traders. In order not to fall prey, Indonesian forex traders need to know three tips for choosing: best forex brokers 2020 the following:
- Indonesian Forex Broker License Provided by CoFTRA . Only
About 1-2 years ago, an uproar arose because some of Indonesia’s most famous forex brokers were reported to have made illegal investments in OJK (Financial Services Authority) accounts, not just Forex brokers. CoFTRA was also disturbed. The reason is that forex brokers are said to be illegal. Officially authorized by the company CoFTRA.
need to know The only institution authorized to license Indonesian forex brokers is CoFTRA.OJK has no legal/illegal decision-making powers in this regard, therefore OJK makes a mistake when calling Indonesian brokers an illegal entity. Unfortunately, not many people understand this forex broker licensing process, so there was some chaos. Fortunately, OJK later revised the announcement and coordinated it better with CoFTRA to avoid any misunderstandings. such up again
Now, there are other discordant sounds. Occurring due to the incomprehensibility of similar traders, CoFTRA is condemned many times by novice traders who are deceived by fake (mobile) trading applications. The problem is that CoFTRA only treats brokers under its patronage. Indonesian forex trades to be careful by making sure their forex broker has a complete license from CoFTRA. As long as the broker has a CoFTRA license, reliability can be taken into account..
- Do not believe the promise of fixed profits.
Also read: The right way to trade Forex for consistent profits for beginners.
Forex brokers are the only intermediaries that connect us to the Forex market. provide trading platform and help to solve technical problems such as deposits and withdrawals. Therefore, Forex brokers should not and cannot promise stable profits. Regardless of whether the contract is only 1 percent, 10 percent, or 100 percent per month.
Every forex trading activity comes with risks. Even a seasoned trader like George Soros can lose. How can small traders like us dream of making non-stop profits without losses!? In the same way, the best and most reliable forex brokers do not make absolutely unrealistic promises such as fixed percentage profit per month.
Unfortunately, Indonesian forex brokers love to secretly circumvent the rules. Although they didn’t mention percentages. But they tend to accept new clients with evidence of other traders’ excellent results. Trading evidence showing the authors even numbers up to hundreds of millions of rupiahs. with only a few million deposits really not common
Is the forex trading proof a fake? may be fake However, it is possible that the trading results they show are genuine. Profits from trading of this size are earned only for a certain period of time. No one can guarantee that you will earn tens of millions every month forever.
The best forex brokers should give potential traders insights into the trade and warning of potential risks from the start. If you’ve been warned enough It shows that the broker can be called trustworthy. You should be careful
- Test Forex Trading Platforms From Brokers
Also read: Easy way to trade Forex on Android phone with MT4 app.
for forex trading You need to download some software or applications. Forex trading platforms are used to track market price movements. market analysis Perform currency buying/selling transactions. and other activities. In the past, all Indonesian forex brokers used Metatrader 4 (MT4) or MetaTrader 5 (MT5) platformsHowever, Metaquotes as the developer of MT4 no longer sells licenses and servers for the platform, so Indonesian forex brokers have started to switch to other platforms.
Most of the Indonesian forex brokers have switched to MT4’s “sister”, the Metatrader 5 (MT5) platform. However, there are also Indonesian forex brokers who choose to develop their own forex trading platforms (Proprietary Trading Platform). This makes it necessary for Indonesian traders to test their trading platforms before joining an official forex broker. Why is that? This is because the features of the trading platforms provided by each broker may differ. Some are reliable and compatible with your gadget, some are not.
At the last step of choosing a broker After that, download and install the Forex trading platform provided by the broker on your laptop/PC or gadget. Try it out for a few days. Is the platform easy to understand and use? Is the customer service responsive to your questions and complaints? Can trading operations go smoothly or intermittently? All in all, this is a guide to choosing the best forex broker that works best for you.
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