The Right Way to Trade Forex, How to Use Forex Trading
Foreign exchange trading (foreign exchange/forex) is something that is legal in Indonesia. The public can use it to get additional income, some are even used for living or what is known as trading for living.
But unfortunately, many irresponsible parties use forex trading to commit fraud, with the lure of big and sure money (fixed income). Several cases of fraud in the name of forex trading have also been a scene lately. It’s true that forex trading can generate large profits, but the risks are also comparable, high risk high returns. If anyone offers forex trading to generate a fixed income, you can be sure it’s a scam!
To note, all activities in futures trading, including forex trading, are regulated in Law Number 10 of 2011 concerning Commodity Futures Trading. In forex trading, there are several stakeholders, namely futures traders, futures brokers, futures broker representatives, and public banks, margin depositors, compensation funds, and guarantees, as well as customers. As previously mentioned all activities in futures trading, including forex trading are regulated in Law Number 10 of 2011 concerning Commodity Futures Trading. So once again forex trading in Indonesia is actually legal. To be able to trade forex properly, this is the simple process.
First, to become a customer, you must first register at a futures brokerage company through a futures broker representative. There are about 60 official brokerage companies registered with CoFTRA. If you want to trade forex, it’s best to transact at a local broker that is regulated by the government, in this case Bappebti. This is important in order to avoid cases of fraud which can take away our invested capital, such as the case of Sunton Capital (SutonFX) last October 2021. Sunton Capital is said to be tempting quite a large profit, in the range of 5% to 20%. Unfortunately, instead of getting huge amounts of money, the capital of the customers was taken away, allegedly worth billions of rupiah.
Second, after being registered, the customer deposits an amount of funds as agreed capital into the company’s account. The funds will be kept in a public bank that has been appointed by CoFTRA. These funds are stored in separate accounts or what is known as a segregated account, which can only be used for customer transaction needs, so that the security of stored funds can be maintained. in. There are eight depository commercial banks appointed by Bappepti including PT Bank Central Asia Tbk (BBCA), PT Bank Negara Indonesia Tbk (BBNI), PT Bank Mandiri Tbk (BMRI), and others.
Third, if the broker uses Metatrader, the transferred funds will enter the platform, and forex trading transactions can be carried out. But once again what needs to be remembered, all transactions are carried out by the customer himself, it cannot be done by a futures broker’s representative, or a futures brokerage company. If transactions are carried out by representatives of futures brokers, this violates statutory provisions. Previously, there was an uproar in Indonesia, where one village was said to have been hit by fraud in the name of forex trading.
This was revealed on Monday (31/1/2022) in a work meeting between Commission VI of the DPR and the Ministry of Trade. Deputy Speaker of the Republic of Indonesia DPR Rachmat Gobel asked the Minister of Trade Muhammad Lutfi about this case. He entrusted the question to Deputy Chairman of Commission VI DPR RI Martin Y Manurung at a working meeting between the Ministry of Trade and Commission VI DPR RI. The fraud is said to have taken place in Gorontalo. Nearly one village or as much as 95% of the total population is said to have been tricked. “The deputy chairman of the DPR, Pak Rachmat Gobel, who is also Korimbang (Coordinator for Industry and Development), what is the role of Bappebti in supervising the buying and selling of foreign exchange rather in the villages? There was an incident in Gorontalo where a village was tricked by Forex into pawning its assets,” said Martin read Rachmat Gobel’s questions. Therefore, in order not to experience fraud, it’s better to trade forex in the right way.