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Gold Prices Soar Due to Yield Decline, Keep an eye on Fed Rate Hike
Pessimistic NFP Expectations, US Dollar Depleted
The very bad ADP Employment Change data a few days ago hinted that the release of Non-farm Payroll data later tonight may have missed expectations.
On forex - The US dollar index (DXY) is wallowing in a two-week low below the 95.50 threshold in Asian trading today (4/Feb). Several major central banks boosted their currency rates by conveying a more hawkish policy stance. On the other hand, the US dollar was under pressure due to more pessimistic market expectations for the release of US Non-farm Payroll data later tonight.
The European Central Bank (ECB) yesterday contributed the biggest surprise at the beginning of this year. After a full year 'insistent' did not want to mee the 'Rate Hike', ECB President Christine Lagarde finally admitted that a higher inflation rate could urge them to raise interest rates faster. EUR / USD also jumped more than 1 percent in a short time.
The pound sterling also contributed to DXY's slump. The announcement of the BoE rate hike yesterday was expected by market participants so that GBP/USD only strengthened to a limited extent, but the increasingly hawkish trend among non-US banks has put pressure on the greenback.
We've been telling clients that you need to be prepared for higher volatility in the forex market and in the market in general as major central banks enter new policy cycles, and that's what we've seen dramatically in the dollar over the last few weeks,' said Rodrigo Catrill, senior FX strategist at National Bank of Australia, 'Markets are starting to wonder not just about when (central banks) will start raising interest rates, but more importantly, how quickly and how much they will raise them. It's not just the Fed's story now, it's the Bank of England, the ECB and even the RBA.
Meanwhile, the market anticipates the possibility of missing the release of Non-farm Payroll (NFP) data later tonight. The provisional consensus estimate predicts that NFP will only register an increase of 150k in January 2022, which is less than the 199k increase in December 2021. However, the release of very bad ADP Employment Change data a few days ago hinted at the possibility of a more severe NFP decline than the estimate. .
The release of disappointing January 2022 NFP data probably won't disturb expectations of the Fed's rate hike in March, as the central bank is currently prioritizing the issue of rising inflation over the labor market situation. However, disappointing data could erode market confidence in the USD bullish outlook this year.
List of Local Brokers Providing Free Forex Education
Some local brokers provide free forex education in order to support continuous learning for both beginners and experienced traders.
Forex offers wide opportunities to profit from the global scale of financial markets. However, success in the forex business is not something that can be achieved easily. Beginners and experienced traders always need to broaden their horizons in order to increase their respective chances of success.
Some forex brokers try to provide free forex education in order to support this continuous learning, as well as a means to highlight the advantages of their services in the eyes of traders. Here are some examples of local Indonesian brokers that provide free forex education and you can follow online or offline.
1. JavaFX Broker
Founded in 2016, the JavaFX broker instantly stood out thanks to the availability of the Metatrader5 platform and an educational YouTube channel. The PT Java Global Futures YouTube channel provides a variety of free forex educational content that can be accessed by anyone. This broker is also fairly often conduct training via webinars. Before the COVID-19 pandemic era, JAVAFX even had time to hold training with experienced analysts in more than a dozen big cities throughout Indonesia.
Visit the JavaFX broker website for more information.
2. Central Capital Futures Broker
CCF broker has its own educational institution called the Capital Club Institute which has a training agenda and a Capital Club Dinner on a regular basis. The insights provided will be useful for beginners as well as experienced traders. However, access is limited to people who have registered with the Central Capital Futures broker only.
Visit the CCF broker's website for more information.
3. Broker Didimax
Didimax broker is one of the most aggressive local Indonesian brokers in spreading free forex education to all corners of the archipelago. Not only holding training in the provincial capital, Didimax has also held training in cities such as Magelang, Sibolga, Purbalingga, Cimahi, and Buru Regency, Maluku.
Free forex education is one of the main advantages offered by the Didimax broker, apart from daily trading signals. New traders will be guided through various facilities, including online and offline private trading, as well as Telegram and Whatsapp channels.
To find out other facilities from this broker, see the Didimax broker review here.
4. GKInvest Broker
GKInvest broker provides free forex education even since prospective traders have not joined, in the form of various e-books that can be downloaded easily on their website as well as periodic gatherings in Jakarta. This CoFTRA certified local broker also holds webinars that anyone can attend online through the ZOOM application every month.
For more information on free forex education from GKInvest, visit the website. You can also find out other facilities from this broker in the GKInvest broker review.
5. Victory International Futures Broker
VIFX broker provides various forms of free forex education, both in the form of videos, e-books, and articles, each of which is divided into beginner and advanced versions. Victory International Futures is also diligent in holding regular webinar classes every Tuesday and Thursday outside of national holidays.
For more information on free forex education from Victory International Futures, visit its website. You can also find out other facilities from this broker in the Victory International Futures broker review.
6. Octa Investama Futures Broker
Octa broker has only been providing trading services with CoFTRA certification starting in 2019, but is already very well known in Indonesia with a variety of competitive advantages favored by local traders. Octa's trader education program has been temporarily suspended since early 2020 due to the COVID-19 pandemic, but you can get the schedule for the next seminar by following its website.
To find out other facilities from this broker, see the Octa Investama Futures broker review here.
7. International HFX Futures
HFX broker provides free forex education through weekly Zoom webinars. The material has a wide range, from how to use indicators such as Moving Averages and Bollinger Bands, to live trading. Live trading topics also vary, such as news trading at the moment of the release of Non-farm Payroll NFP data and examples of trading with price patterns. News of the latest webinars and other forex learning materials can be accessed via his Instagram account at @hfxberjangka.
To find out other facilities from this broker, see the review of the HFX International Futures broker here.
Well, among several local brokers that provide free forex education, which one do you choose? One of the smart tips for beginners: Do not rush to register a real account. Try first following the broker's educational activities and trying out a demo account, then switch to a real account once you feel comfortable with their services. In this way, you can find a broker that best fits your interests and trading style.
6 Advantages of Learning Forex for Free at a Local Broker
The educational features of local brokers can actually be used to learn forex for free, you know. What are the advantages when compared to self-study or courses elsewhere?
The assumption that being a successful forex trader can only be achieved by people with large capital is still very high. In fact, however, this is not the case. Everyone has the same opportunity to succeed in forex trading as long as they have the mental steel, the willingness to learn, and a high spirit of practice.
Unlike before, now access to learning trading is easier with the existence of forex educational sites that are widely spread in cyberspace, one of which is Inbizia. In addition, traders can also take advantage of the broker's features. One of them is an educational feature or free forex learning, which is usually provided on the official website of the relevant broker.
So the question is, what are the benefits if traders study at Indonesian brokers? Now to answer this question, this time the author will try to review some of the advantages of learning forex for free at a local broker. What are they?
1. Complete Learning Materials
An advantage of learning forex for free at a local broker is the availability of complete learning materials that can be accessed at any time. Local brokers are very aware of the needs of local traders. This learning feature is deliberately provided to help novice traders who want to learn from scratch.
Usually, these forex learning materials will be reviewed on the broker's official website page. So, to access it, traders just need to visit the related broker's website. In addition, the material provided also varies greatly from a collection of forex articles, learning trading videos, forex glossaries, to seminars and webinars.
2. Using Indonesian
The language factor is often the main obstacle for some beginner forex traders in Indonesia. It is undeniable that not all Indonesian traders are able to speak foreign languages, especially English. This usually prevents local traders from learning more about forex trading.
However, now this can be minimized if traders take advantage of the free forex learning features at local brokers. Thus, traders will understand more quickly because explanations of features or learning materials are provided in Indonesian.
In addition, traders will benefit from the presence of Indonesian-speaking customer support who is always ready to help. If a trader has difficulty, it is highly recommended to use the live chat feature to consult with the broker's customer service.
3. More Practical And Safe
Basically, local or foreign brokers who do not have a license from CoFTRA are not allowed to operate in Indonesia. Brokers that do not meet the requirements will usually be blocked by the Ministry of Communication and Information upon a referral from CoFTRA. In other words, if traders want to access the sites of these brokers, of course they need special ways that are quite time consuming, such as using VPN, Bypass Proxy, Private DNS, etc.
As is well known, using a VPN service or the like is very risky in increasing user data and IP leaks, as well as contracting viruses or malware on the devices used. But the good news is that traders can still learn forex for free at local brokers licensed by CoFTRA. Besides being easy to access, traders also don't need to waste time looking for solutions to access blocked broker websites.
4. Free of charge
One of the most important things that novice traders usually pay attention to if they want to learn to trade is the cost factor. There are still many who think that forex trading must be accompanied by an experienced mentor, so the assumption that trading must have a mentor is still in the minds of novice traders. As is well known, the cost of learning to trade with a mentor is not cheap, and even then there is still no guarantee that traders will get success.
Trading with a mentor isn't wrong, but it's not entirely right either. Basically, all traders have the same chance of success. Even without a mentor, it is proven that many traders can be self-taught successful on the condition that they continue to practice and learn. If the cost factor is a problem, then learning forex for free can be through the educational features provided by the broker.
The learning service provided by the broker almost certainly doesn't charge any fees as it is an extra feature that must be offered to clients. In addition, complete and informative learning facilities are often used as an attraction to attract clients to register for an account.
5. Free Demo Account Available
There is a saying that learning without practice is a real waste. The same is the case with learning forex; without direct trading practice, traders will not find the advantages and disadvantages of their trading strategy. So it would be nice, traders also practice trading with a demo account while learning forex material.
Today, almost all local brokers provide very capable demo accounts to try out. Why do you need a demo account? The main goal is for traders to be able to adapt to the forex market directly and be more familiar with how to use the trading platform for free.
6. More Efficient
Compared to self-study or taking courses elsewhere, the free forex learning process at a broker has a unique advantage because all services are available in one platform. If you want to learn, traders just need to open the rubric on the official website. If you need practice, traders can open a demo account on the same broker's website. Are you ready to trade with real money? Just open a real account at the broker.
Imagine if a trader taught himself or followed trading guidance from a third party. After struggling to absorb knowledge, they still have to choose a broker to open a demo or real account. This process is certainly less efficient when compared to the free forex learning method at the broker directly.
Recommended Local Brokers To Learn Forex For Free
Besides having complete educational features, local brokers are also recommended for Indonesian traders because they can facilitate instant deposit withdrawals with local banks. So, funds can enter quickly without waiting for days like when using Bank Wire transfers abroad. What are the Indonesian brokers to choose from in terms of their forex learning features?
1. Monex Investindo Futures
The first local broker that provides the most complete free forex learning features is PT. Monex Investindo Futures or commonly known as Monex broker. Founded in 2000, Monex has grown rapidly to become the best local broker with the largest trading volume achievement in Indonesia. The legality of CoFTRA is a testament to the seriousness of Monex brokers in providing competitive trading services in the country. Although its head office is in Jakarta, Monex has branch offices in almost all of Indonesia.
Talking about trading facilities, Monex is one of the local brokers that has interesting and useful features for traders. One of them is a free trading education feature that is specifically for novice traders. Broadly speaking, this feature has a content menu that can be selected based on individual preferences, including :
- Article content
- online classes
- Forex dictionary
- Video content
- Demo account platform
In order to further speed up the learning process, make sure the trader also creates a Monex demo account as a means of trading practice.
2. Finex
Free forex learning is also available on the official website of the Finex broker. Apart from having regulations from CoFTRA, this broker also offers attractive trading conditions for small capital traders, namely: minimum deposit from 100 USD, low spreads, available mini and standard account options, and leverage up to 1:500.
For beginners, it is highly recommended that you first learn how to trade properly by accessing the materials provided by the Finex broker. At least there are several types of interesting content and events that clients can participate in, ranging from learning videos, trading strategy reviews by masters, to webinars and seminars.
3. FOREXimf
The next local broker that provides free forex learning features is FOREXimf. This Bandung-based broker has been operating since 2005 and consistently provides the best services for forex, metals, and oil trading in Indonesia.
For novice traders, FOREXimf has prepared a series of interesting features such as an educational program that regularly holds weekly live webinars, as well as complete forex learning materials from beginner to professional level.
In addition, traders who don't have much time can also access the latest analysis, forex news, and the economic calendar as a reference before entering the market. With a variety of products and services offered, the official FOREXimf website is ready to meet the needs of Indonesian traders.
4. MRG Mega Futures
This local broker was formerly known as Askap Futures, then changed its name to MRG Mega Berjangka and has managed to get a license from CoFTRA. With the social trading features provided, novice traders can copy the strategies of professional traders and then adapt them to their own position in order to maximize trading profits.
For educational features, MRG broker has provided a free forex learning program in the form of a collection of informative articles such as trading mechanisms, as well as trading tips for beginners. In addition, novice traders can also practice forex trading directly at this broker using a demo account that is exactly the same as a real account.
5. GKInvest
The next local broker that provides free forex learning features is Global Kapital Investama Berjangka or commonly known as GKInvest. This broker is known as a broker that has international-class trading services even though it only has national legality from CoFTRA.
In addition, this broker is very suitable for beginners who want to learn forex from ZERO by utilizing a fairly complete educational feature. On the official website, there is some educational content in the form of interesting articles and forex learning videos that can be used as a learning tool. Traders can also access other useful features, such as the forex calendar, webinars, and online seminars from GKInvest.
In addition to free and complete forex learning services, broker features that need to be considered are spreads. In fact, traders are highly recommended to choose a local broker with low spreads to minimize trading risks and costs.
Local Broker With Swap Free Feature, What's Interesting?
Is it possible to trade without swap (Swap Free) at a local Indonesian broker? What advantages can traders get from this feature?
When hunting for a broker, most traders will explore more about the trading conditions offered, ranging from spreads, leverage, deposit amounts, and so on. For some traders, especially Muslim traders, there is one feature that is considered crucial, namely Swap Free. But along with the development of time, Swap Free is also in demand by all traders. Why is that? What's so interesting about this feature?
What is the Swap Free Feature?
By definition, Swap is the difference in the reference interest rate of the currencies traded in the forex market. Swaps will be charged to traders if their trading positions stay overnight or past midnight according to the broker's server time. So, if interpreted in its entirety the meaning of 'Swap Free' is an interest-free feature provided by the broker.
Basically, each country has a different reference interest rate, and the interest rate will change from time to time. In other words, this creates a difference in interest rates for each currency; some have high or low interest rates.
Please also note that the calculation of interest rates may change depending on the type of position opened, whether Buy or Sell. That is why, swaps in forex trading do not always act as interest, but can also be a burden on trading costs if the difference is negative.
Forex Trading Swap Fee Calculation Illustration
For example, the interest rate for the Australian dollar (AUD) is 2%, while for the United States dollar (USD) it is 0.25%. When trading on the AUD/USD pair, traders may have to pay or get swap results from the difference in interest rates between the two currencies.
When a trader opens a Buy AUD/USD position, it means that the trader is buying AUD and selling USD at the same time. When a trading position is open until after midnight according to the forex broker's server time, the trader must pay the interest rate for the USD currency and earn the interest on the AUD. So that the Swap value obtained by the trader when making a Buy AUD/USD position is 1.5% from the calculation results of 2% (AUD Interest) - 0.5% (USD Interest).
On the other hand, in a Sell position, the trader must pay the AUD interest rate, and at the same time earn interest from the USD. So the swap per lot obtained is -1.5% of the calculation result of 0.5% (USD Interest) - 2% (AUD Interest). Because the value is negative, the swap in this case becomes the trading costs borne by the trader.
Advantages of Trading at Local Brokers With Swap Free Features
If swaps can provide the added benefit of positive interest, then many traders prefer trading without swaps? Broadly speaking, of course there are several benefits that traders get when trading at a broker with Swap Free, including :
1. Interest Free
The main point of this feature is to free traders from usury. The Swap Free feature is a solution for Muslim traders because it can free overnight trading positions (stays) from rollover interest (Swap). In Indonesia, most traders are Muslims who consider swap fees to be usury.
In Islam, usury is forbidden. It is on this legal basis that most Muslim traders prefer trading conditions with swap fees free. So, it is natural that local brokers who see this potential provide Swap Free to facilitate the needs of Indonesian traders.
2. Minimize Trading Fees
As is well known, in the world of forex trading there is no guarantee that traders will always get money. There are times, traders will experience losses or losses. When a trader experiences a loss, this feature is very useful to minimize losses. The reason is, traders only bear trading losses, without the need to be exposed to negative swap interest.
Strategies that specifically target positive swaps do exist, but such methods are usually employed by more experienced traders because the choice of pairs is limited and requires patience. For traders who still want to try various strategies or already have a reliable pair in a certain method, this kind of limitation will certainly be inconvenient and tend to be detrimental.
3. Trade with Authorized and Trusted Brokers
Swap Free services can be obtained at many brokers, but if you choose a broker carelessly and do not ensure the licensing, then you can be registered with a broker whose legality is not guaranteed. However, if you open an account with a local and trusted broker, then in addition to the Swap Free benefits above, of course there is a security guarantee from CoFTRA regulations that further complement your trading comfort.
List of Best Local Brokers Providing Swap Free Features
Although there are already many local brokers operating, some of them still do not have the Swap-free feature. For traders who want interest-free trading conditions, here are some recommendations of the best local brokers that provide Swap Free trading features.
1. GKInvest
PT Megah Tama Berjangka or more popularly known as GKInvest is the first broker in Indonesia to provide Swap Free features for its clients. The presence of this feature certainly guarantees to clients that transactions at the GKInvest broker are in accordance with Islamic sharia, which is free of usury.
By eliminating the swap fee, this will greatly help GKInvest clients who have a long-term strategy or trade with a duration exceeding one day. Usually on a regular trading account, when a trading position is still open and exceeds one day's time it will be subject to swap or daily interest.
In addition, GKInvest is a local broker that has obtained a permit from the Indonesian regulatory agency, namely CoFTRA. In addition, this broker also offers a variety of trading instruments including: forex, CFDs, commodities, and indices that can be operated on desktop, web and mobile based MT5 platforms. Traders can also use leverage up to 1:100 with a minimum deposit of $200.
2. Octa
The next local broker that provides Swap Free services is Octa Investama Berjangka or better known as Octa. In order to realize the mission to always provide the best service, Octa broker has also provided a Swap Free feature to gather the needs of local traders. With this feature, Indonesian traders can trade comfortably and free of usury.
In addition, Octa broker also offers competitive trading conditions, super low spreads and requote-free trade execution. There is also a fixed rate or fixed exchange rate with a rate of 10,000 rupiah = 1 USD, and there is a rebate bonus of up to 5 USD per lot. Octa clients also have the opportunity to receive attractive compensation from partnership results, lucky draws and interactive contests.
3. HFX International Futures
Swap costs are often a barrier for traders to maximize their capital. But it is an advantage if a trader chooses HFX, because this broker provides a Swap Free feature for 7 days on all available instruments. Not only in forex pairs, traders can also trade interest-free on a number of indices, gold, silver, and crude oil.
By obtaining a permit from CoFTRA, the activities of International Futures HFX brokers in Indonesia are 100 percent legal. In addition, the HFX broker also provides other interesting features, including; affordable minimum deposit, partnership program with competitive rewards, tight spreads without manipulation, and so on.
4. FOREXimf
Officially operating since 2005, FOREXimf has now grown to become one of the largest and most trusted local brokers in Indonesia. Having a license from CoFTRA is a testament to the seriousness of the FOREXimf broker to provide the best and official trading services for Indonesian traders.
In addition, the FOREXimf broker also provides a series of interesting features such as educational programs that regularly hold weekly live webinars, as well as complete forex learning materials ranging from beginner to professional classes. There is also a Swap Free feature for Muslim traders who want interest-free trading.
Choose Swap or Swap Free Feature, Which is Best?
In the end, the choice of using a Swap or Swap Free site is up to each other. Of course there are many variables to consider. Basically, both features have their own advantages and disadvantages.
The Swap feature will be very beneficial for users of the Carry Trade strategy who are deliberately looking to profit from positive Swap interest. But it's a different story for Swing Trading users. The Swap Free facility will certainly be more profitable because the trading positions of Swing Traders are sometimes opened for more than one day.
For non-Muslim traders, of course, there is no problem if you use a broker with Swap or Swap Free facilities. But for Muslim traders who want halal, of course a broker that provides Swap Free facilities will be much more appropriate.
In addition to Swap Free, another feature that traders need to pay attention to in choosing a broker is the high and low spreads. Today, there are many local brokers competing to offer the best spreads to attract traders' attention. Find out what are the advantages of trading with a local broker with low spreads before deciding to register with a broker.
Best Local Forex Broker for Multi-asset Trading
Do you want to trade forex as well as profit from assets such as cryptocurrencies, stock indices and commodities? Some of the best local forex brokers can be an option.
Do you want to trade forex while profiting from other financial assets such as cryptocurrencies, stock indices and commodities? It is no longer the time to rely on only one type of asset, so many people are getting interested in multi-asset trading. When the forex market is quiet, traders can switch trading to more profitable assets such as Gold and Oil. Traders who want to turn into long-term investors can also turn to stocks that pay large dividends.
Local forex brokers respond to this trend of multi-asset trading quite well. More and more forex brokers are offering a wider variety of assets for trading. Traders do not have to register with many brokers to enrich their portfolio content, but only join one broker so they can start looking for profits in various types of financial assets. Very practical, right!? Here is a list of the best local forex brokers for those of you who are interested in multi-asset trading.
1. Valbury
Valbury is a broker that offers traders the most extensive collection of financial assets. If you visit the website, you will be presented with options for four types of accounts: Online Trading (Futures), Online Trading (Shares), Broker Accounts (Shares), and Mutual Funds. The shares provided by Valbury are physical shares from the Indonesia Stock Exchange, not foreign share CFDs. Therefore, Valbury is well suited for experienced traders who want to build a diversified portfolio.
You may need to fill out different forms to open an account on all four types of accounts, but they all fall under Valbury. Online Trading Accounts (Futures) can even be used to trade five types of assets at once, namely foreign exchange (forex), precious metals, crude oil, index futures, and commodity futures. Minimum capital deposit is IDR 100,000 for Mutual Funds, IDR 5 million for Online Trading (Shares), IDR 25 million for Broker Accounts (Shares), and USD 10,000 for Online Trading (Futures).
2. GKINVEST
The broker under PT Global Kapital Investama Berjangka launched a new asset option in the form of Single Stock CFD for foreign stocks in early 2019. Thus, GKINVEST is a local broker that provides multi-assets for trading, namely Forex & Precious Metals (27 pairs), Stock Index (9 indices), Commodity Futures Contracts (2 types), and Single Stock CFDs.
The four types of assets are packaged in several different account types which are fully reviewed on the GKINVEST website. Confused which account to choose for the first time? Just try signing up for a demo account which includes all types of assets. Next, open an account to trade the asset you are most interested in. After success and want to diversify your portfolio, you can open a new account with the same broker.
3. Topgrowth Futures
This broker, which has been established since 2003, provides five types of assets, namely:
- Forex (12 pairs)
- Spot Gold and Silver
- Commodity Futures (Gold, CPO and Olein)
- CFDs (Dow Jones Index, S&P500, NASDAQ, FTSE, DAX and crude oil)
- Index Futures (Nikkei, Hangseng, Kospi)
Interested in joining Topgrowth Futures? You can start with a free demo account or a mini account which only requires an initial capital of IDR 5 million. If you are advanced, you can upgrade to a regular account which requires an initial deposit of IDR 100 million.
4. International HFX Futures
HFX International Futures only facilitates multi-asset trading on Forex, Indices and Spot Commodities. However, the amount covered by each type of asset is quite impressive. There are 20 major and minor forex pairs, four indices (Dow Jones, Nasdaq, S&P500, Nikei225), and three spot commodities (US Crude Oil, Silver, Gold).
You can access all of these types of assets by registering for any account type available on the HFX International Futures website. Mini account registration requires only USD100 of capital, while Classic and Premium accounts require an initial deposit of USD5000.
5. Octa Investama Futures
Octa Investama Berjangka offers 27 forex pairs along with 2 precious metals and 5 indices. You can trade all of them by registering once because Octa only provides one account type. The initial capital deposit requirements are also very affordable, which is as much as USD100. A further advantage for Muslim traders: this broker provides Islamic account options (swap-free trading) with no additional side fees.
Octa Investama Berjangka is also one of the forex brokers that applies the cheapest trading fees in Indonesia. In addition to low spreads, brokers who pocket the license no. 54/BAPPEBTI/SI/05/2013 also often distributes rebates and festive promotional bonuses.
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