Forex Trading in Indonesia – All You Need to Know
Forex trading in Indonesia has been actively growing and will be one of the fastest trading market in Asia. Indonesia represents one of the skyrocketing South East Asia’s economies for the past two- three decades. The statistics prove the point by placing the country on position 5, with a GDP per capita of 3974 US Dollars. When it comes to the overall GDP, as of 2018, the country displayed an impressive 262,606 million dollars for the first quarter of the year, though it’s a bit lower than the previous quarter’s value. One of the fastest growing economies in South East Asia.
The country’s economic history is a national success story typical of most advancing Far East countries which have gone through unprecedented success in a short period of time. The countries rich supply of natural resources, an economically advantageous location, and a huge population has propelled it through the economic ranks to become a competitor with giants like Singapore and Malaysia. The gap between the rich and the poor has been substantially narrowed as cities and towns expand, and the number of people living below 2 dollars per day has been reduced to 46 percent. As of 2013, the number of people living in rural areas was estimated to be 119 million, which was quite an improvement when compared to the previous figure obtained in 2007 which was 122 million.
The giant economic leaps of the nation has had a positive effect on the countries markets including forex and stock exchange. By 2004, Indonesia's Jakarta Stock Exchange market became the top most performer by 42% along which was also accompanied by a notable spike of investor interest in the foreign exchange market.
INDONESIAS FOREX MARKET
Like most countries who are quickly advancing to colossal heights in foreign exchange, forex trading in Indonesia has been witnessing an ever increasing spike in the trade. The rise in popularity is largely attributed to the previous lack of strict regulations or requirements from authoritative bodies. The countries foreign exchange policies are regulated by the government through the Bank of Indonesia which functions as a regulatory body of monetary policy and currency management. The countries foreign exchange world has witnessed some changes within the foreign exchange policy which have made it stricter for brokerage firms. However, this has served the noble purpose of bringing credibility to the trade thus inviting even more investors into the countries forex and Stock markets.
FOREX BROKERS IN INDONESIA
It seems that The Bank of Indonesia has done enough to make sure that all forex brokers are highly monitored and are adherent to the rules issued by the bank. The past 2 years have seen the Bank introducing strict standards and huge taxes and even sterner fines for brokers who do not adhere to the regulations.
There are all sorts of Forex brokers in Indonesia catering for a wide range of preferences, that is, from small local firms to much larger and international firms. The strict regulations have effectively guarded the quality of the service so much so that it is a no brainer to come across a brokerage firm that lives up to western standards. Some notable examples include FBS, Masterforex, Exness and FXopen. Click here for full list with no deposit bonus.
However, much as it is a sure thing to find great brokers in the country, you still need to exercise caution and let the universal rules of finding a good broker apply. Make sure they have all the fundamentals including appropriate registration, high quality trade platforms, efficient payout mechanisms, reasonable commissions, a wide range of currency pairs and steady leverage.
When it comes to traders, it is widely accepted that traders occur in two main categories. The first category consists of traders who place speed as a priority thus going for broker services that offer low costs and a fairly lax registration procedure. The second category constitutes of traders who are more reluctant to take on the risks and thus settle for brokers who offer more regulated solutions. This means yielding to the demanding procedures associated with the registration process. However, Indonesia’s regulations tend to be a bit stricter than neighboring countries leading to a special trend characterized by traders looking for regulated trading solutions in neighboring and other close countries such as
Singapore and Australia.
CONCLUSION on Forex Trading in Indonesia
It is without doubt that Indonesia provides a promising and exciting forex trading environment that remains largely untapped by most international investors. The forex market seems to have all the requirements of a good forex trading market through strict regulation, an ever-growing interest in Forex trading, and an advancing economy that rivals most advancing South East Asian countries. Here is a list of forex brokers that accept traders from Indonesia .. click here.