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The forex market, or foreign exchange, is one of the largest financial markets in the world that reaps huge profits. It is recorded that the turnover of money in the forex market (foreign currency) reaches $ 4 trillion every day. This is what makes forex trading one of the best investment places with very tempting profits today.
For those of you who are familiar with the world of forex, you must be familiar with the term broker. A broker is a company that acts as a liaison between traders and financial markets around the world. Brokers are needed to make transactions with major central banks.
Seeing the reality of the very profitable forex market, of course from year to year many Indonesian forex trading broker companies have emerged. This certainly has a positive and negative impact on the world of forex. The positive is that there are many brokers who offer attractive products and promotions.
While the negative impact is that it creates confusion for traders who want to start diving into the world of forex. Until then the question arises: how do you actually choose the best forex trading company so that you can generate maximum profits?
Various forex trading broker companies in Indonesia have flourished in recent years and are widespread throughout Indonesia, both credible and non-credible. Unfortunately, non-credible brokers are more aggressive and active in promoting their services with tempting profit offers.
Please note, financial investment is an investment that is prone to fraudulent crimes, as well as forex business. For that, make sure you pay attention to several things below in choosing a trusted forex trading broker. So that you can avoid the trap of a scam broker or fraudulent forex trading broker.
Legality of Brokerage Companies
The first step you should pay attention to when choosing a trusted forex trading broker is to ensure the legality of their company. By choosing a regulated brokerage company, it means that their practices are under the supervision of the country's official financial institutions.
Thus, they are required to comply with the regulations set. So your funds will be guaranteed. Here are some financial regulators that brokerage companies must have:
- Commodity Futures Trading Regulatory Agency (Bappebti) - Indonesia
- Commodity Futures Trading Commission (CFTC), NFA, Futures Commission Merchant (FCM) - United States
- Financial Services Authority (FSA) - UK
- CySEC - Cyprus
To find out the legality of a broker, you can see the information through the website or contact the company directly. To be more convincing, you can also try to find information about the broker on the official website of the Commodity Futures Trading Supervisory Agency (Bappebti) which is tasked with overseeing the legality of brokers.
Corporate Identity
A clear company identity should be displayed on the company's website, such as the official office address, when the company was founded, and the company's contact details for customer service. Try to verify the office address using Google Maps to make sure that the office really exists.
Make sure the brokerage company provides 24-hour trader assistance services with various means of communication such as email, telephone and live chat. This will make it easier for you to communicate with them.
If a problem occurs, customer service can be contacted easily so that they can resolve your problem quickly and responsively. Before you choose the right forex trading broker, you can try to contact your target broker and calculate how long you have to wait for a response.
A Practical Platform
The forex trading platform is like a gateway to the forex market. To ensure that your forex trading runs smoothly, make sure the platform used by the broker is adequate and easy to navigate. Choose a broker that supports services using metatrader software, has a quality server connection, and has a platform that can be downloaded on a smartphone, so that you can carry out forex trading activities practically anywhere and anytime.
Trusted forex trading companies will generally provide various trading support tools that can hone your knowledge and make you more expert in the world of forex trading. One of them is offering a free demo forex trading account so that traders can test how good the platform they are using is.
Trading Application With Excellent Features, Check Out This Platform!
You can also use the demo account to access the real forex market and learn more about it. Use this demo account as a means of practicing using virtual funds as best as possible. Here you can also learn strategies and fundamentals in forex trading without having to lose real funds.
Security of Funds and Products Offered
Surely you don't want the money you invest to fall into the hands of fraudulent forex trading brokers, right? Make sure the destination account for your investment funds is a separate account, or a registered segregated account, so that only you have access to the account.
As is known, brokers profit from commissions for each forex trading transaction, so you must be careful in calculating the amount of commission that will be taken from the broker you will choose. The combination of commission and spread is the amount of costs that must be calculated, the smaller the commission and spread offered, the more profitable it will be for you.
Make sure the broker you choose offers dynamic leverage, so you can maintain a large margin of resilience. No less important is to pay attention to the terms of service along with the deposit and withdrawal methods provided. Make sure you choose a broker that suits your forex trading needs.
If the broker does not suit your wishes, you will be at great risk. Where this will result in the withdrawal of your profits later. One of the characteristics of a broker that is not credible is that it makes it difficult for you to withdraw funds, so of course you must pay close attention to this.
7 Tips for Choosing a Forex Broker to Keep Your Investment Safe
With the tight competition between forex trading brokers, not a few brokers offer various promo offers, unreasonable profits to more bonuses. Be careful if a brokerage company offers something so tempting that it doesn't make sense. Remember, if you think it is too good to be true, then it probably is!
Do Your Research
Do a lot of research to choose a trusted forex trading broker. Pay attention to every detail of one broker with another, then compare the pros and cons of each company in depth. You can also ask your friends who have previous experience.
Not only that, to be more convincing, you can also do research on the credibility of the company by exploring various forex forums that you can easily find on the internet. There you can see client responses and see the company's reputation.
You can also follow forex news to find additional information that will help expand your knowledge about investing in the forex world. After conducting in-depth research and understanding the various criteria in determining a trusted forex trading broker.
Now it's time for you to be able to start sorting and comparing your chosen brokers. Make sure the broker you choose has the above criteria. You can also start the "game" in the forex world as a place for profitable investment in the long term.
Visit GIC Indonesia to get information about the world of trading. You can also join us in the Telegram Community GIC Trade and Telegram Channel GIC Trade. Don't forget to check the Youtube account GIC Indonesia which is full of interesting information, and follow our Instagram account to get information about various interesting webinars that you can follow.
