Agrodana Futures Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this Agrodana Futures Review.
Agrodana Futures Review
PT Agrodana Futures is an Indonesian forex and futures broker. In this review will only look into their MT4 forex offer and disregard the commodity trading platform E-Tradings.
Agrodana Futures Advantages
Agrodana Futures is registered with the Supervisory Board and the Commodity Futures Trading Regulatory Agency (BAPPEBTI), the Indonesian Derivatives Clearing House (ICDX) and the Jakarta Futures Exchange (BBJ). This may sound like a lot, but it’s basically the standard regulation for brokerages which deal in forex and the local futures exchange.
Mostly positive feedback
We found mostly positive feedback on this broker. It was only in Indonesian, which leads us to believe the company only focuses on local clients. While this may be a negative for outsiders, the locals probably get top-tier treatment.
Educational material on the website
Agrodana Futures offers a wide range of educational content in the so called “1-minute videos”. They feature the basics of technical analysis and while this will not impress experienced traders, it shows a pleasant attitude towards newcomers.
The maximum ratio for forex trading at Agrodana Futures is the “old industry standard”. Several years ago most brokers offered 1:100, while in the current day and age many companies go even higher. That being the case, this is a perfectly decent level.
This forex platform probably doesn’t need introduction. For those of you who are new to trading we will mention it offers top tier charting, support for automated trading robots and multiple ways to copy-trade, this is an excellent piece of software. That being said, not all brokers who provide it are very good.
Agrodana Futures Disadvantages
Very wide spreads
Spreads at Agrodana Futures are fixed and start at 3 pips for EUR/USD. This is not that competitive by itself, but a $50 commission is added per lot. As the more experienced ones know, a dollar in commission is the effectively equal to 0.1 pip. The bottom line spread with this broker is basically 8 pips, which is simply absurd in the current day and age. For more contemporary offers.
Some trading terms not mentioned
The overall feeling left by this brtoker’s website is quite positive. That being said a lot of important information is missing. By this we mean there is no instruments list, no info on the spreads, leverage or minimum deposit. Yet another feature which only a broker tailored to a local market can get away with.
Only Bank Transfers accepted
As far as we can tell, the only way to make transfers to and from this broker is the banking system. This again shows the company is only oriented towards Indonesians, as the major international players support Credit Cards or online solutions, like Neteller, Skrill or PayPal.
PT Agrodana Futures offers access to the world of forex and commodity trading in Inodnesia. We didn’t focus on the local futures market in this review and the fx offering we saw is quite poor. The main flaw are the excessively high costs of trading – with an 8 pips effective spread, this broker wouldn’t have been competitive 10 years ago. Another point is their focus on the local market, which while great for some clients definitely limits foireigners.
That being said, this is still a highly regulated company, which is their main advantage The. Supervisory Board and the Commodity Futures Trading Regulatory Agency (BAPPEBTI) is rather respectable. Then again, those who are comfortable with choosing a foreign broker may have even better options.
The ones overseen by the United Kingdom’s financial watchdog – the Financial Conduct Authority (FCA) are probably some of the most reputable. They have to follow a lot of regulations and we will only mention the ones which concern the security of your funds directly.
First if all, client funds must be kept segregated accounts. This banking terms stop the broker from freely taking it. On top of that participation in the Financial Services Compensation Scheme (FSCS) is mandatory. The easiest way to explain what it is, we can compare it to an insurance company – all brokers contribute periodically (much like a premium) to a collective fund. This is then used to compensate clients. In case one of the companies goes bankrupt. There is a maximum guarantee of £50,000 per person.
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Agrodana Futures Review Conclusion
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