Brokers or futures brokers play an important role connecting retail traders with the forex market. Currently, the number of brokers there are many. For some traders, choosing a broker is a matter that is quite complicated and confusing, so it is not uncommon for novice traders to fall into the trap of choosing a fake broker.
The easiest step for Indonesian traders to find the best broker is to look at the regulatory status. In Indonesia, all brokers must obey and comply with CoFTRA rules as the country’s regulatory body. In other words, if the targeted forex broker is registered with Bappebti, then you can be sure that the broker is safe to use.
As time went on, many quality local brokers started to emerge. One of the most widely discussed official local broker names is HFX International Futures. This broker was founded in 2006 and has obtained an operating license from Bappebti with license no 877/BAPPEBTI/SI/1/2006.
Headquartered in Jakarta, the HFX broker is able to expand its network to all corners of Indonesia. So it is not surprising that this broker continues to experience growth and progress. This experienced broker also prioritizes security, speed and convenience of service to accommodate all the needs of its clients.
Profit and Loss Trading at HFX Brokers
But the basic question is, what are the advantages and disadvantages of trading at the HFX International Futures broker? How will it cost? To find out the answer, please refer to the review below.
Advantages of Trading at HFX Brokers
When making a choice, traders usually consider the benefits of the broker concerned. So, here are some of the advantages of the HFX International Futures broker that you need to know.
Registered at Bappebti
Not all brokers can get licenses from Indonesian regulatory agencies. Because CoFTRA does provide strict standards for all trading service providers. HFX International Futures is an example of a local broker that has passed the test and received legality from CoFTRA. So, you can be sure that this broker is feasible to operate in Indonesia and is very safe to use. By being successfully registered with Bappebti, this proves the commitment of the HFX broker to provide trading services legally, safely and reliably.
Ease of Depositing and Withdrawing Funds
Ease of deposit and withdrawal is an absolute condition that must be provided by forex brokers, where traders will want deposit and withdrawal methods that are simple and fast. Like most local brokers, HFX provides payment methods with domestic bank transfers, including through BCA, Mandiri and CCB.
Low Minimum Deposit
The minimum deposit amount at a broker will be an important concern for some traders. Beginner traders will usually avoid brokers who set a high minimum deposit. Apart from being reluctant to spend a lot of capital, beginner traders also usually don’t have the right mindset so they are prone to over trading.
Unlike most other brokers, traders who register with HFX can start with a fairly affordable deposit amount, which is only around $100. This is a great opportunity for beginner traders who want to start a trading business with small capital.
Competitive Spread Fees
There are many ways to maximize trading results, one of which is to use a powerful strategy. However, traders can also maximize profits by cutting trading costs. HFX Broker is one of the local brokers that sets affordable spread fees. The trading spreads offered start from 0. (zero point) and are floating according to market volatility. To prevent spreads from widening, traders are strongly advised to avoid high volatility.
Suitable For Scalping and Day Trading
Scalping and day trading strategies are the most commonly used strategies by most forex traders. That’s because these two strategies don’t take long and are considered the simplest even for beginner classes. But for optimal use, scalping and day trading really require tight spreads and fast trade execution.
HFX International Futures can be the right choice for traders who want to trade using scalping or day trading strategies. In addition to allowing the use of these strategies, this broker is equipped with low spreads and fast execution using Market Execution capital.
Disadvantages of Trading at HFX Brokers
Even though it looks like it offers many attractive advantages for traders, HFX certainly has several other aspects that should also be taken into consideration. Here are some of the disadvantages of International Futures HFX brokers that need to be anticipated:
Fixed Rate Not Available
Fixed Rate is a facility from a forex broker that allows traders to make deposits and withdrawals at a fixed rate at any time. The amount of the fixed rate that applies to each broker can vary, ranging from IDR 10,000 to IDR 15,000 per $ 1. With this feature, traders don’t need to worry anymore about the ups and downs of buying and selling rates when converting USD-IDR or even on the contrary.
Unfortunately, the HFX broker still does not provide a fixed spread feature on its services. So, when making a deposit or withdrawal, traders will be charged the latest exchange rates whose values are not stable.
Incomplete Trading Tool
Trading tools are tools provided by forex brokers to assist the client’s analysis process, both technically and fundamentally. This trading tool is also often taken into consideration by traders when choosing a broker. In this case, the more complete the useful trading tools at the broker, the better it will be for traders.
This is what the HFX broker lacks. This broker is known to only provide a trading calculator tool, even though currently there are many local brokers that provide other features such as Trading Central signals, Autochartist, etc.
No Education Features Available
Several local brokers will present various educational programs ranging from webinars, training, seminars, one-on-one training, etc. Not only that, local brokers can also provide free trading learning materials on their official websites which can be in the form of review articles, videos and e-books.
HFX broker does not yet have a complete client education center although it has scheduled several webinars. In fact, this educational feature is very important to add insight to clients so that trading activities are carried out in a more planned manner and help minimize potential losses.