Is forex a good way to start trading? - Seedly

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Asked by Anonymous

Asked on 10 Apr 2019

Is forex a good way to start trading?

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Kyle Lim
Kyle Lim
Level 1. Freshie
Answered 4w ago

Forex Broker Finex Had Moved Without Updating Address

Forex broker: Finex (Indonesia)

Date visited: July 8th, 2019

Conclusion: the broker had moved

The field survey

According to the regulatory information of Finex, WikiFX team visited its licensed office, an Indonesia forex broker, located at The Plaza Tower Lantai. 38 JL. M.H Thamrin Kav. 28-30 Jakarta.

WikiFX team arrived at The Plaza Tower Lantai, and found Finex’s office closed. Staff from the neighboring company told us that Finex had moved away, but the broker didn’t update its regulatory information about new address.

Analysis

Forex trading has been thriving in Southeast Asia in recent years, and Indonesia’s large population and growth potential enable it to stand out on the region’s booming forex market. Meanwhile, the increasing forex brokers in the country are witnessing the competence of Indonesian regulatory authorities, who have yet been fully prepared.

Finex is an Indonesian forex broker established in 2012 that focuses on retail forex brokerage business. Though its website claims Finex performs well in processing customers’ orders and offers clients fair and reliable trading experience, Finex is in relatively slack regulation of Indonesian Commodity Futures Trading Controlling Board(BAPPIBTI), with a forex license issued within a year. In addition, customer feedback also indicates the company’s business strength and risk control are less satisfactory. Meanwhile, WikiFX didn’t find Finex’s office as the regulatory information suggested, which further confirms the company’s low credibility and Indonesia’s weak forex regulation.

WikiFX reminder

According to the WikiFX App, Finex, with a WikiFX rating of 2.92, holds retail forex brokerage license issued by BAPPIBTI within a year. The company’s credibility remains in question due to the problems in license, business strength and other aspects, such as possibility of operating in overrun business. WikiFX reminds investors to be cautious in choosing Finex for the safety of your assets.

Per investigation, Finex’s website has updated its new office location at SOHO PANCORAN TOWER SPLENDOR FL.30 UNIT 3005 Jl Letjen MT Haryono Kav 2 - 3 Tebet, South Jakarta. WikiFX team will visit Finex again at this new address and present a detail visit report.

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M
Mark
Level 3. Wonderkid
Updated 4w ago

Please avoid forex. Losses can be huge. Probability of profits is very slim.

If you insist, you must be prepared to lose all the amount (capital) you have invested in forex and don't add more to your losses.

Forex is leveraged product. When you open a position and keep it for more than one day, there are swap points (ie. loan interest equivalent). So while waiting for your position to break even, you continue to pay swap points. This is how the financial institution earn!

Using simulation account is different from real money account. Psychology is more prevalent when you use your own money. So even you are confident with simulation account, it doesn't mean it will be the same when you use real money.

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Anzo Lim
Anzo Lim
Level 1. Freshie
Answered 4w ago

WikiFX Successfully Held 2019 Team-building Campaign

It has been proven that a team characterized by mutual-trust and sincere communication will outperform one with negative atmosphere and conflicts. So in order to strengthen the ties between its members, WikiFX organizes annual team-building events that link every staff member like an invisible bond and make WikiFX outstanding. This year, WikiFX members arrived at Da Long Bay, a national 3A scenic spot in the west of Zhejiang Province and enjoyed 2 days of team-building activities outdoor.

“Fragrant grass thrives in the mild early summer”. As the poem goes, the lush and vibrant Da Long Bay in early summer presents a picturesque view. The staff members of WikiFX either challenged themselves on the various outdoor facilities and activities, or rafted down the glass track on the cliff and enjoyed the scenery along the way, or simply roamed the valley and embraced the beauty of nature. Focusing on the theme of “nature, exploration, innovation, progress”, the team-building campaign aims to convey the ideas of “professional service, win-win cooperation and value creation” to every WikiFX member in a pleasant and relaxing air.

When resting, people chatted excitedly about what they had played. The exhilarating activities at “Long Jing Valley Playground”, especially crossing the hanging bridge left a deep impression on everyone. The long bridge hanging across the valley is made of chains and wood planks, swinging from side to side whenever someone takes the slightest step or movement and offers those on the bridge a pulse-racing and adventurous experience. Someone screamed in thrill and excitement. Only when they finally reached the other side of the bridge did the challengers sighed in relief. The unforgettable experience made everyone realize that crossing this bridge is just like overcoming challenges in reality, and only through helping each other and coordinating our pace can we overcome difficulties and achieve success. This is what win-win cooperation is about.

The adventures at Long Jing Vally was challenging enough, but the cliff-rafting was an even tougher test for physical and psychological limits. With a total length of 1200 meters and a drop of 68 meters, the unconventional facility is China’s first glass rafting track built on the cliff. WikiFX members readily embarked, fastened seat-belts and dashed down the slop, having a wonderful time at every splashing twist and turn. The creative rafting trip offered everyone new fun experience while allowing them to push their own boundaries and battle on towards the destination.

“A canal maintains fresh and clear only when it originates from a flowing source”. The gurgling water seems to be praising a harmonious world and those who watch over its lasting peace. Likewise, the complex Forex market needs to be safeguarded, and this has been WikiFX’s vision since it was established to create a more transparent, secure and reliable investment environment for more investors and help them avoid potential risks. With the launch of new branches in Hong Kong and Vietnam, WikiFX members are confident in providing more localized professional services for investors and optimizing the Forex market environment, while forging ahead toward an even brighter future.

On June 2nd, 2019, WikiFX successfully wrapped up the team-building campaign at Da Long Bay. This has been a significant trip for WikiFX, as it not only allowed company members to admire the nature beauty of mountains in west Zhejiang Province, but also celebrated the spirit of teamwork, solidarity and mutual-assistance, which will be further carried into the daily work of WikiFX members, as they work towards a shared goal like one big family.

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Jonathan Chia Guangrong
Jonathan Chia Guangrong, Fund Manager at JCG Fund
Level 6. Master
Answered on 12 Apr 2019

How comfortable are you to read charts and interpret candlestick movements? Able to monitor market movements throughout the day as well?

Forex has a low barrier to entry and it is not difficult to get started. Personally I feel that to be successful in trading you need to develop a system. This can either be through trial and error, or you learn it from someone. You need to remove your emotions as well and be disciplined to follow your system to see results. Hope this helps

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Yes, you can go ahead with forex trading once you are through with everything. I would recommend you to get started with demo trading account before risking the real money with actual forex trading.

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