There are places in the world where forex is still illegal, especially in Asian countries. That’s because most countries in Asia don’t have a forex regulation. Indonesia is not an exception. Living in a country with no forex regulation, forex traders in Indonesia must look for good international brokers. And to find the best forex brokers in Indonesia, traders should look at the 4 core values: reliability, deposit/withdrawal system, trading platform, and customer service. Here are some of the brokers’ names that I consider satisfying those requirements:
To know why these brokers are chosen, please continue reading this article.
The most prioritized standard
Indonesian traders are only protected by brokers operating in their country, so the citizens value reliability the most. Regulations and licences are the most common two materials the clients must check before cooperating with any broker. Both materials are provided by official financial organisations which keep a check on brokers in the market. Although, there are different organisations, they all share some standards in common to protect their clients like: the limitation of leverage, quote policy, segregated bank account for traders’ funds… And below is the list of regulations obtaining by top brokers in Indonesia:
- Exness – CySEC and FCA
- FxPro – CySEC, FCA, DFSA, and FSB
- XM – FCA, CySEC, and ASIC
- FXTM – IFSC
The importance of fast transferring system.
Transactions through local banks in Indonesia have the lowest fee, so the best forex brokers in Indonesia must work with those banks. The aforementioned brokers all have payment system through local banks in Indonesia and various Internet payment methods like WebMoney, Perfect Money, Skrill or Neteller.
I and other traders come to a conclusion after being traded with many brokers that Exness is ranked on top when it comes to payment system. In Indonesia, it works with 10 different local banks. The transaction is instant, which just takes a few seconds to complete one. I’ve traded with Exness for more than 4 years now and its payment system has never failed me.
The second important requirement
I think most of you will know about MetaTrader4 and MetaTrader5 since they are the most common forex trading platforms of the top 10 forex brokers in the world. However, there are some disadvantages you would find if using these 2 platforms. Firstly, in a technology growing world today where Window system is one of the most popular systems, MT4 and MT5 aren’t compatible with Window Vista and Window XP, which is a big drawback. Secondly, since now a proportion of the world switching to mobile technology meaning that most of the work now could be done on the phones instead of desktops, hence the unable installation on phones has caused these platforms to lose a significant customers. As a result, some of the brokers have to make their signature trading platforms. Until now, the leaders in developing trading platforms are FxPro and XM.
The element that Indonesian brokers should not miss
If you already did some research about forex market, I am sure you might find it is difficult. Therefore, for forex brokers in Indonesia, customer supporting service is important. The best brokers in Indonesia ought to have local offices to confront the traders about their issues. Here is the list of brokers who place their offices in Indonesia:
Additionally, these best forex brokers in Indonesia have instruction and assistance that contribute a great help to Indonesian traders because not all Indonesians are fluent English speakers. I especially recommend Exness and XM because they operate their supporting service 24/7.