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Guide to Starting Forex Trading in Indonesia
Forex is the world's largest financial market that is open 24/7 from Monday to Friday. It records a massive trading volume of 5 trillion dollars per day making it the most liquid market in the World. In the old days, the FX business was only conducted by governments, brokers, and big financial corporations such as banks. But things have changed and now anyone can trade Forex. However, the market prices are still largely controlled by the big participants in the market, based in London New York financial centers.
Forex Trading in Indonesia
If you're an Indonesian or living in Indonesia and looking to start trading forex, you may be wondering how the forex market is in this Asian country. You may also be asking yourself whether the trading itself is legal or not.
For starters, forex trading is legal in Indonesia. Although the strong religious beliefs of the country affect the market, it's expanding at a rapid rate. The Indonesian FX market is expanding at such a rapid rate that many experts think that it will soon become one of the leading FX markets in the world. In fact, it contributes to a large part of the country's income.
Indonesians enjoy a calm Forex trading environment thanks to the free market economy and floating foreign exchange system in the country.
How to start Forex Trading in Indonesia
If you're sure you want to venture into forex business in Indonesia, then here are the steps to follow to start earning real money through Forex trading.
1. Learn the Basics
Before venturing into the forex business, you have to learn the basics first. One way to do it through video tutorials although this can be a difficult endeavor for someone who literally knows nothing about Forex. So, it's advisable that you cooperate with a forex expert to teach you the basics about forex before starting trading forex with real money.
There are also books that you can read to equip yourself with the necessary knowledge. But the best way is to enroll in online site like tradingforex.id that are provided by reputable Indonesian forex experts.
2: Organize the Trading Capital
Once you know the forex basics, it's time to find capital for the business. You don’t need a lot of cash to start forex trading since it's possible to trade on margin. With only 100 US dollars, you can open your own forex account and start trading.
3: Choosing a Forex Broker
This is the most important step. A forex broker is an online platform through which you'll access the forex market to carry out trading. Before you choose a certain broker, it's important to check if they are regulated. According to investasi online, In Indonesia, brokers are strictly regulated by the BAPPEBTI (Badan Pengawas Perdagangan Berjangka Komoditi). This regulatory body also monitors all forex brokers, making sure they follow strict rules, limitations, and terms and conditions set by the Bappebti. If the brokers break the rules, they are liable to hefty fines. Currently, there're very few local Forex brokers in the country due to strict regulations and high taxes. But despite this, there are still a number of brokers to choose from in Indonesia. Make sure you only choose a regulated and licensed broker.
Choosing a licensed broker is important to ensure the safety of your funds. It's crucial you go through their terms and conditions to avoid future disappointment.
4. Open a Forex Demo Account
Once you find a reliable forex broker, the next thing is to open a demo account. A demo account is a virtual account provided by some forex brokers for a certain trial period in order to practice trading and test their software. You'll be allocated a certain amount of virtual money to trade with and practice your techniques. Make sure you practice on a demo account for several weeks to reduce your likelihood to incur losses when you trade with real cash.
5. Trade with Actual Money
Once you're confident with your techniques on your demo account, then you can sign up for a real FX account with the particular broker. Some brokers allow you to convert your demo account into a live trading account.
Follow the above steps to start forex trading and start earning income from your home. The secret to maximizing your returns in forex trading is to utilize what works better for you and ignore what doesn't.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes.