Mentari Online Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this Mentari Online Review.
Mentari Online Review
Mentari Online is an Indonesian brokerage that offers trading in several major forex pairs. Clients can also trade in gold, silver and stock indices. In addition to the single live trading account, there is also a free demo account with $2000 for testing purposes.
Compared to other forex brokers that operate in Indonesia, like FXCM, XM and FxPro, who offer hundreds of forex pairs and other instruments, Mentari Online’s forex portfolio is rather modest.
The Company. Security of Funds
Company Country Regulation
MENTARI MULIA BERJANGKA Indonesia BAPPEBTI
Mentari Online is based in Jakarta and is regulated by the Indonesian Commodities and Futures Trading Regulatory Authority – BAPPEBTI (the Badan Pengawas Perdagangan Berjangka Komoditi). The Authority operates under the supervision of the Indonesian Ministry of Finance and is in charge of the operation of various financial institutions.
Even though the financial services sector in Indonesia is still in its infancy and until recently forex trading was forbidden, there are some requirements for the forex brokerages operating in the country. They must operate in accordance with Sharia law, as the country is predominantly Muslim. This means the brokers have to offer swap-free Islamic trading accounts.
Also, in order to have an office in Indonesia, a brokerage house must hold a BAPPEBTI license. Besides, local brokers can only obtain liquidity and trading lines via local and registered market makers.
Mentari Online is also registered with the Jakarta Futures Exchange (JFX) and keeps client funds in segregated accounts.
Trading conditions
Minimum initial deposit
The minimum deposit required by Mentari Online is $200. We cannot tell if this is a lot or not by Indonesian standards. For comparison, however, the forex brokers FXTM and XM, which also operate in Indonesia require just $5 for some of their accounts.
Spreads and commissions
Mentari Online says that the spreads on some pairs start at 0.1 or 0.7 pips, but the normal high rate is 3 pips, which is somewhat higher than the average. Additionally, the broker charges a commission of $1 per 0.1 lot, which makes trading even more expensive.
Leverage
The maximum leverage offered by Mentari Online is 1:200. This is not very high, compared to FBS, which offers leverage of up to 1:1000, or FxPro whose max leverage is 1:500, but is the same as that of another local forex broker: Pruton Capital.
Trading platform
Mentari Online offers the popular multiasset trading platform MetaTrader 4 (MT4). It is still preferred by traders and brokers alike, as it is user-friendly, has multiple options, charting and analysis tools and various third party applications.
Other regulated forex brokers operating in Indonesia who offer MT4 are FXTM, FBS, FxPro, and FXCM.
Methods of payment
Mentari Online accepts payments only through local (Indonesian) bank transfers. The company does not provide other payment options such as PayPal, Neteller, Skrill or debit/credit cards.
Mentari Online is a local Indonesian broker, regulated by the relevant authorities. Its trading conditions are not very attractive, compared to other forex brokers operating at the market in Indonesia. Its deposit requirement of $200 is rather high, whereas FBS requires just $1, for example.
Furthermore, its spreads are higher than the average, plus a commission, which is not very attractive. We also got the impression that the forex trading portfolio is somewhat limited, compared to other brokers.
Another minus are the limited deposit options.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
Mentari Online Review Conclusion
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