Forex brokerage setup
It has never been so easy to trade while traversing a mountain range or getting lost in a jungle. Cellphone signals are strong everywhere. There are only a few internet providers in the Philippines and its a good service. But its a must have. You may want to open a dollar currency account from any banks of your choice. Ask them if you can do international wire transfer with that account if you decided to open an account with them.
Most banks will be happy to answer any questions you have for this. They said its the minimum requirement to maintain the account. What I did was to go to the nearest money changer in our local mall and bought some dollars using peso. As of this writing its around P41 — P42 so you are buying dollars cheap right now. They created my account a few days after. How much do I need to get started trading forex? This is the question I get a lot.
And there is no straight answer to this. I started trading with all the money I have. And this is not something I would recommend to all people. That will come from your trading. There are ways to determine how much a trading system make in percentages. A forex brokerage account allows you to buy and sell currencies. They are a separate company that acts as a middleman to buy currencies from the market for you. Popular brokers are as follows:. The forex market is a 24 hour market. You also want to treat it as a business where you will trade at this certain time of the day and end at a specific time.
For me, I usually open my forex account to trade at You may pick any kind of schedule you want, that alone is a good potential for a great business where you can have a lot of free time doing the things you are passionate about.
Its a no hassle business as you can see. Forex companies from all over the world understood the potential profitability of catering to one of the most lucrative retail trading markets in the world.
The decade spanning from to has been highly profitable for both Forex companies as well as successful investors, as the Indonesian market was mostly non-regulated.
However, during , the Bank of Indonesia came down heavily on several Forex organizations for their alleged misconduct on Indonesian traders. The exponential rise in fraudulent brokers had resulted in investors losing millions of dollars due to scam broker practices. Eventually, the Indonesian market has come to terms with all the modern requirements of the retail FX market and is slowly maturing into a stable economy that has all the makings of turning into one of the economic superpowers.
Indonesia is certainly one of the most important markets that most brokers cannot ignore if they wish to cater to a significant portion of the global population. The Indonesian economy is riddled with inconsistencies that prevent companies from setting up their business in the country. A high tax structure coupled with a volatile economy is a deterrent to the smooth operations for an international company that seeks stability in the markets.
Indonesia is also known for its primarily Muslim beliefs that require companies to adhere to a particular code of conduct, which can be at times against the core principles of that organization. Therefore, Forex brokers find it hard to set up an FX brokerage in Indonesia without making compromises. During the early days, the Indonesian Forex market was widely open, and the country did not have any central regulatory agency to take care of broker regulation.
Forex companies, both genuine, as well as scammers, found it easy to access the highly profitable Indonesian market by manipulating the local currency markets and earning a chunk of the profits. However, the Bank of Indonesia intervened during the reforms of to ban all Forex brokers from operating in the country. The next couple of years were revolutionary regarding opening up the Indonesian market to Forex brokers under a strict regulatory regime, which finally allowed traders to return to Forex trading, albeit with a string of conditions attached.
The move also paved the way for several local entities to operate as a local Forex broker to give stiff competition to international brokers, which further eroded the once highly lucrative proposition of catering to Indonesian Forex traders. Indonesia has not considered Forex trading to be illegal; therefore, the FX trading market is still active and hugely popular in the region.
However, there have been changes on the overall regulatory protocols of Forex brokers, and the Bank of Indonesia has put forward several guidelines that are mandatory for all brokers operating in the country.