The popularity of forex trading Indonesia has grown in tremendous proportions over the years. With it, the number of forex brokers has also grown rapidly. Finding a reliable broker in Indonesia can be a difficult task in this scenario. Forex trading is an intensely competitive market where traders enter in thousands, all with the same intention of making a lot of money and quickly. It is as attractive to traders as it is to brokers. Without a broker’s professional input and efficient assistance, trading in currencies is not possible. Amid the stifling competition, some brokers turn to cheating novice traders. This prevalent notion causes more concerns and anxiety to the traders. True, if you are new to forex trading, you need to be careful and consider all the pros and cons before you select your forex broker Indonesia and start investing your money. Here are some of the most effective tips that can guide you to select a reliable forex broker:

Regulatory body

The first thing that you should check about your broker is whether it is regulated by relevant laws of the country. BAPPEBTI is the regulator of Indonesian financial markets and it prescribes specific rules and norms for different players in the financial market that need to be adhered to. So, you should try and find out the status of your broker with respect to its affiliation with the regulator. Besides the local regulatory body, the forex brokers also follow the guidelines of international regulatory bodies who monitor and prescribe a more uniform and global standard i for the industry. There are regulatory bodies like NFA, CFTC, and others, who protect investors and keep scammers at bay.

Trading Platform

Different traders use different trading platforms and their quality vary a lot in terms of features and additional features that come for a price. Choosing the best platform that suits your requirements is very important as this is supposed to provide you with necessary analytical tools that are must to understand the market movements and make informed and calculated decisions. It is not possible to be successful in the forex market without the use of these tools. You can find many forex broker Indonesia who uses a good range of tools and can allow you to use them in trading. You can check out how a platform and software functions by creating a demo account on the broker’s platform. You should make sure that you select a broker with whom you are most comfortable while trading. Both of you should use sites and software with common features. Some of the features may be available only to select category of users on additional costs. So, it is worthwhile to check out what services come along with your membership and what services are going to be charged.

Minimum trading size

Almost all brokers in Indonesia have different types of accounts for traders, the min account and the standard account being the two common varieties. A newbie should choose the mini account as the payout under this account is relatively small than the standard account. This would help you avoid exposing more money to market risks than you think is the safe limit.

Demo Accounts

For both professionals an novice, practice is key to success in forex market. The most effective way to learn the tricks of forex trading is to practice it and you can do this in plenty at demo platforms. Here you work with virtual money on a demo forex account on a simulated platform to get an idea how markets function. Check with your broker if he would provide this facility to you.

Customer service

You should understand that forex brokers play a very important part in trading and without an active support from them on devising right strategies or technical issues. You need to find a broker who is committed to helping you through the entire process of trading, like top Indonesian forex brokers on analisaforex.com. The forex trade Indonesia is very advanced and dynamic. You might need technical support round the clock and you must ensure it is available with your broker. Besides being available on live chat, the customer care department of your broker should be ready to reply to your emails and phone calls. You should particularly check if the customer care is available on phone in case there is a problem with internet and you can’t send an email.

Conclusion

Though the forex trading market is over-flooded with brokers, it’s not hard to find reliable brokers. The above-mentioned checklist will help you in making a more informed decision about selecting a reputed and reliable forex broker.

Categories: Stock Market