In Indonesia, residents like trading forex (currency). Forex brokers are not obliged to become authorized by the Financial Services Authority of Indonesia in order to accept Indonesian people as customers, even though it is advised. Otoritas Jasa Keuangan, or OJK, is the Indonesian translation of FSA.
There are lots of options for those who prefer to trade through a local broker. There are numerous advantages to choosing an international broker that welcomes Indonesian traders if you don’t mind where they are based. First and foremost, you should be concerned about their license and regulation. Then you should have a look at the list of advantages they provide to both new and seasoned traders.
According to SmartLagos.org, here are some Forex sites to start forex in Indonesia:
The first is mobile trading. Many people think that everyone has a mobile-friendly website in this day and age. Because so much of our lives now take place on the go, trading from a stationary position in front of a laptop is no longer as common as it once was. Instead, we choose to tap the screen on our portable gadget. If you want to trade on the go, be sure the broker has an app or a mobile-friendly website before you register an account.
Second, seek a broker that gives a no-deposit incentive if you are new to Forex trading. In this manner, you can get a feel for the broker before depositing any money. When you can’t select between two brokers, this is extremely handy. You can register an account with both and use the bonus to try out the site before deciding which one to deposit money with. It’s also a terrific method to learn how to utilize the site before investing any money.
The third point to consider is that payouts for successful trades can differ between brokers. Typically, they are in the 70 percent to 85 percent range. Anything less is a little too low, and anything more is possibly too good to be true. Because of the commitment, you are giving the broker, the payouts are often bigger for individuals wishing to invest more and open a higher value account.
Finally, those who are new to trading should choose a broker with great customer service. You don’t want to be confronted with a problem you can’t solve. You may have queries as a beginning trader that need to be answered. The best thing to do is to put the site through its paces. This can be done by going to the website and waiting for a live chat assistant to appear. Ask a query and then wait for an answer. You may also assess how visible the company is by testing the contact link. Is there a phone number or an email address for them?
The Bank of Indonesia regulates forex trading in Indonesia. It was an uncontrolled market with numerous scam brokers operating in the country until 2013, and many traders lost millions of dollars as a result. The Bank of Indonesia implemented more strong norms and regulations as a result of this, as well as the fact that the country wants it to remain popular for funding reasons. As a result, the Forex market became a much safer environment.