The legality of forex broker is listed by the Financial Services Authority of Indonesia, known as Otoritas Jasa Keuangan (OJK). They released a list of investment providers who were licensed or under the supervision of the OJK.

OJK also has released a list of the brokers who were not licensed. Anxiety was heightened by media headlines that seemed to generalize that all the names on the list were investment scams. 

OJK itself has clearly stated that "The Financial Services Authority releases lists of companies or activities that do not get permits and whose products or services are not supervised by OJK."

This means that not all names on the list are illegal, but they may not be under the supervision of the OJK. But still, we have to be careful to avoid any investment scams. Didimax forex broker will help you learn about it.

As we know, forex trading is not a new business because it has been around for more than two decades and is one of the businesses that is followed by many people from all over the world.

However, there are still many Indonesians who do not know how to work and the advantages of this forex business, even though forex trading can provide maximum benefits if practiced properly.

You cannot run a business alone, the same as forex trading. Apart from you being a smart trader who will play an important role, you also need other supporting ‘players’ who can help your business continue to run well, namely forex brokers.

The Legality of Forex Broker Have an Important Role

Usually, foreign currencies transaction is often dominated by big banks from around the world. The large portion of transactions in buying and selling these currencies is usually dominated by the central banks of the major countries that own the currency.

But as someone interested in forex trading, now you do not need to spend a large amount of capital to make this trade because now you can trade forex with a small nominal and scale.

Well, this is where the best forex broker plays an important role. The broker will give you access to the forex market. They will forward your trade requests through the existing regulations until each of your requests can be accommodated in the forex market.

And, most importantly, your transactions are protected. Especially if you trade through a broker that is registered and supervised, especially by the Indonesian government. So, the legality of forex broker is necessary.

The Agency that Oversees Forex Broker is Nothing to Do with The Legality of Forex Broker

The thing to remember is that forex brokers have nothing to do with the OJK. Although both have close links with finance, forex brokers have their own regulatory body that oversees every activity, even promotional activities are monitored.

So, futures trading that you do through a forex broker in Indonesia will always be under the supervision of the Commodity Futures Trading Regulatory Agency or known as BAPPEBTI. But it is only for the one with the legality of forex broker.

This supervisory body is still standing and will continue to exist with its own authority, not merged into the OJK as is the case with BAPEPAM-LK (Capital Market and Financial Institution Supervisory Agency).

That way, the best forex broker who has obtained BAPPEBTI's permission to operate in Indonesia no longer needs to ask for any permission from the OJK to operate, but only has permission from the supervisory body.

BAPPEBTI is an official government agency that operates under the Indonesia Ministry of Trade. This supervisory body is directly connected to the Bank of Indonesia, the OJK, the Ministry of Communications and Informatics, and legal institutions such as the Police.

For a broker to be declared legally operating in Indonesia, the broker must already have official permission from BAPPEBTI. In this case is a mandatory requirement that must be met by every broker operating in Indonesia, such as the legality of forex broker.