The advancement of information technology makes forex trading business increasingly popular. Wherever you are, access to information about forex through Google is very easy. By searching for keywords “forex”, you will definitely get various kinds of information such as forex brokers / brokers , trading strategies, to service offerings from certain people to manage your funds.
Information about brokers / brokers, usually always appears on Google searches. What is a broker or broker? Brokers or brokers are parties who can facilitate the public to conduct forex transactions online. In Indonesia, the term Futures Broker is more familiar. In Indonesia, forex trading is derivative and commodity futures are facilitated by the futures exchange. Until now, there are only two futures exchanges in Indonesia.One is the Jakarta Futures Exchange (BBJ) and the second is the Indonesia Commodity and Derivatives Exchange (ICDX). Both exchanges operate under monitoring and with the permission of the government of the Republic of Indonesia.
Interest in the forex trading business has not been balanced with understanding this business well. In Indonesia there are still many people who do not understand about how forex trading really is.Unfortunately, this is a gap for irresponsible people. This public knowledge is utilized by pretending to provide services to manage forex investment funds with the promise of profitable profits.
Well, what exactly should you be aware of before deciding to wrestle in forex trading ? Let’s review one by one.
Check the Legality of Brokers
Why should the legality be clear? Certainly is to protect you from fraud – fraud that is rife in this business. Just imagine that you are trading through brokers whose legality is unclear, or you can say that you have no legality, then the broker is running away or bankrupt. Who will be responsible if this happens? Where will you complain? It is certain that the government will not want to be held responsible, because the government does not guarantee companies or individuals that are not officially registered in the Indonesian regulatory body.
In Indonesia, the forex trading business is regulated by the Law of the Republic of Indonesia Number 10 of 2011 concerning Amendments to Law Number 32 of 1997 concerning Commodity Futures Trading.
One of the things described in the Act is that each broker (Futures Broker) operating in Indonesia must have permission from the Commodity Futures Trading Supervisory Agency (Bappebti).
Check Company Account
When you have chosen a Futures Broker for you to transact, you will definitely be asked to deposit a number of funds that are used as capital to make transactions. You must be vigilant when looking at accounts that use personal or personal names. You should deposit funds into a special account called a segregated account or a “separate account” with a company account. This separate account is closely monitored by the Indonesian Futures Clearing House.
Funds collected in separate accounts can only be used to settle obligations arising from transactions made by customers. What does it mean? One example is when a customer experiences a loss, the loss will be charged to the customer’s funds stored in a separate account. And likewise vice versa if the customer experiences profits, the customer’s funds in the separate account will increase.
This separate account is also one of the “safeguards” for customer funds, because futures brokers cannot use these funds for other purposes than those mentioned above. In conclusion, only customers can access funds stored in separate accounts.
Stay alert, if there are brokers who have obtained permission from Bappebti, but they still lead customers to deposit funds into accounts that are not separate accounts and are not registered with Bappebti. Don’t expect your funds to be saved.
So, if you are sure you want to open a trading account, you should first check the account number for depositing your funds. You can check it at the official Bappebti website link: http://www.bappebti.go.id/. If the account is not registered, it’s best to undo your intention to deposit your funds.
Check the service
Service is the right to be obtained by the customer. Beware if the refinery does not provide services that should be provided. More importantly: does the broker provide special services for education?
Education is very important for customers who want to get involved in this business. It should be understood that this business offers large and fast profit potential, but also has a high level of risk. Therefore, assistance for this business is needed.
Imagine if you did a transaction without knowing the ins and outs of the business. Even worse, if you don’t know how to do the right analysis, manage capital and minimize risk. Study this business first carefully.
Welcome to traders !!