You must understand the dangers of unregulated forex brokers before deciding to join a broker. Currently, many brokers claim to have been regulated in foreign countries other than Indonesia, but are not registered with BAPPEBTI.

If there is a problem in a transaction that does not benefit you, for example, funds do not go to your bank account, it will be very difficult to take care of administration and obtain legal protection.

Especially if it turns out that the broker, for example, went bankrupt or was closed because it violated the rules in force in the country of origin, then the laws in force in that country could not protect customers from Indonesia.

Offshore illegal brokers offer convenience in transactions, but the dangers of unregulated forex brokers are vulnerable to the security of funds. 

This is because they do not meet the standards stipulated in the laws and regulations of the futures industry in Indonesia, which actually regulates many things related to this industry.

Starting from the capital, marketing, sales, taxation, risk management to protecting companies and customers. We must be smart in choosing a broker for transaction security, placed funds, and getting legal protection.

How to Avoid the Dangers of Unregulated Forex Brokers

Brokers officially have a license from the Commodity Futures Trading Supervisory Agency (BAPPEBTI) as a regulator and supervisor under the Indonesian Ministry of Trade, such as Didimax forex broker.

Usually also a member of one of the futures exchanges in Indonesia, such as the Jakarta Future Exchange (JFX) and the Indonesia Commodity & Derivatives Exchange (ICDX).

In addition, official brokers are also registered as members of the clearinghouse in Indonesia, such as the Indonesian Derivatives Clearing House (KBI) and the Indonesia Clearing House (ICH). The futures clearing house will guarantee your transaction will be carried out.

In addition, before starting real trading, it is best if prospective traders try the platform using a demo account in the software or application.

Because we know that the demo account is a free trial or simulation of forex trading, you don't even need to register.

You can try it by clicking on the demo account registration menu on the best forex broker site, then filling out a short form, and downloading the software.

Only then, you can try a trading simulation. In addition, the demo account is pre-loaded with virtual money. Brokers fill them out specifically for prospective traders to practice.

Then, if a prospective trader can use it smoothly, then just enter a real account at the broker. But what you need to watch out for is when the platform freezes. Even though the internet connection is smooth, it is already connected.

Avoiding Illegal Brokers by Paying Attention to This

We know that there are lots of scammers out there under the guise of forex brokers. But you can avoid the dangers of unregulated forex brokers by doing a few easy steps below:

1. Don't be tempted by broker promotions

Usually, these scammers have fantastic promotions and even huge bonuses. When in fact, forex brokers rarely give traders large profits.

Because the broker is only tasked with connecting traders with the forex market. So, you have to find the best and most trusted forex broker.

This is because the success of a trader depends on the ability, expertise and proficiency of the trader. Because experienced professional traders have extensive knowledge about forex.

1. Avoid forex robot deals

So far, it can be seen that the mode often used by fraudsters under the guise of forex, namely using forex offers. They say that the forex robot is low-cost or even free.

Then these rights will provide benefits consistently. In essence, all of it is just boasting from con artists. It is known that there are forex robots that can benefit its users.

However, the robot requires adjustment and maintenance. Therefore, the robot is not very suitable for novice traders. Knowing this can help you avoid the dangers of unregulated forex brokers.