Lately, apart from stock trading, crypto trading, forex trading is also increasingly in demand by the Indonesian people. With the increase in forex trading enthusiasts, new trusted trading websites have also emerged that have features and services that attract the attention of novice traders.
But for novice traders, you should know that not all forex brokers are suitable for you to use. Because there are several criteria that you must know before choosing a trusted trading web for you to make as a forex trading place.
Because there are currently so many forex brokers in Indonesia, we will provide some tips for choosing a trusted trading web for beginner forex traders to know.
Tips for Choosing a Trusted Trading Web for Beginner Forex Traders
Here are some tips for choosing a trusted trading web for beginner forex traders, such as:
1. Legality or regulation of brokers
The first tip that you should know when choosing a trusted trading web is to know the legality or regulation of the forex broker you want to follow. By knowing this information you can find out whether the web trading is trustworthy or not.
A trusted trading web is a website that already has official regulations from a competent financial institution in the country where the broker is founded. So that the client's investment funds can be guaranteed safety.
If you are looking for a trusted trading web from Indonesia, then you can find a list of official regulated futures brokers or forex brokers from BAPPEBTI on the https://bappebti.go.id/pialang_berjangka web page .
If you are looking for trusted web trading from abroad, then the regulation is not from BAPPEBTI, but from other financial supervisory bodies where the broker is located such as CTFC, ASIC, FCA UK and others.
2. Customer service
To find out if the web trading you are following is trusted or not, you can check the customer service. The best trusted trading web is one that can serve customers 24 hours a day using various media such as telephone, chat, email and other communication media.
To find out the level of customer service, you can try contacting customer service and you can judge them by how fast they respond from CS responses.
In addition, a trusted web trading must also have a clear head office or branch office address. So you can check on the trading website that you follow whether the website has a real official broker office or not on Google Maps.
3. Platform Trading
So that you can trade forex smoothly and comfortably, make sure the forex broker you choose has the best trading platform. Because in forex trading, the trading platform used will greatly affect the trading results that you run later.
Therefore , you must pay attention to the following things when choosing a trusted trading web whether they have the best trading platform or not :
· Look for a forex broker that uses the trading platform from MetaTrader
The best forex broker is the one that guarantees a stable and smooth server connection when executing orders either when opening or closing orders without any lag.
· Look for a broker that provides a trading platform that can be installed on a smartphone, so you can trade on a smartphone more easily and practically.
4. Leverage, spread and commission
For beginner forex traders, you have to make sure a trusted trading web explains in detail about leverage, spreads and commissions. Because these three things will affect the trading costs that you run later.
Local forex brokers will generally charge their clients a commission, while foreign brokers will usually benefit from the spread. So make sure when you choose a trusted web trading look for a broker that offers low spreads and commissions.
For leverage, look for a broker that offers large leverage, but you have to be careful when using leverage.
5. Customize to your needs
Make sure when you trade forex you adjust it to the trading needs you are doing. You must read the terms of service of the broker you want to use. Because every broker has different rules.
Because there are brokers who do not allow using trading robots, prohibit the use of scalping techniques, and other prohibition rules. Because if you violate this prohibition, the consequence you can get is that you cannot withdraw the profit you have made from the trades you have made.
6. Review
And the last tip for choosing the most powerful trusted web trading is to read reviews from people who have used the broker. You can ask those who have used web trading or the broker what are the advantages and disadvantages after they experience using the services and features offered by the broker.
Or you can read reviews from several forex forums on the internet, to find out the quality of the broker you want to choose.
