What is forex in Indonesia
Forex means foreign [currency] exchange. It is an exchange of currencies to make money or to get funds in another currency for tourism/commerce. The daily volume of trading forex is more than 5.1 trillion dollars. There are not enough Wikipedia pages to discuss forex. In our article, we will highlight the basic principles of this market.
Main features of forex
Forex trading is a global market where all existing currencies in the world are exchanged. It is, therefore, the largest and most liquid market in the human world.
Currencies are traded in exchange rate pairs EUR/GBP, JPY/USD, etc. You can buy or sell the money itself or securities based on it: forwards, options, futures, swaps.
Broker forex is a company that provides access to a platform for buying and selling currencies. All transactions are conducted between currency pairs, which means that traders only buy or sell currency/security. There are no other types of operations here.
Forex trading in Indonesia is controlled by the government agency The Securities and Exchange Board. When preparing for trading, please read the local regulations.
This global market has no centralized platform and is structurally similar to the Internet. That is, all transactions are made through computer networks between traders around the world on many exchange markets.
Trading forex is a round-the-clock process because it works in all time zones. When the working day in New York ends, in Hong Kong comes the morning and a new trading day.
Though there is a weekend in the market - half of Friday, Saturday and Sunday, also trading is influenced by public holidays. The liquidity is decreasing, and cash flows are weakening. But immediately after the opening of the exchange activity increases, which can be used. Therefore, you should watch the calendar for holidays.
Known brokers in Indonesia in 2020
Which brokers in Indonesia provide excellent service in 2020? Here's a list:
Trader forex will find useful tools at these brokers, profitable trading bonus and convenient management of global liquid forex market.
To be successful in foreign currency trading, carefully study market behaviour, basics of trading, key concepts: exchange rate, fees, interest rates, leverage, investment, and so on. Also keep an eye on global news, because all of them affect trading. Here is a recent example: as soon as the COVID-19 pandemic broke out in January, the EUR/USD and AUD/USD currency pairs collapsed rapidly.
So, what is forex? It is a dynamic market with many variables. Thoroughly study and analyze all available information to trade successfully.