Trusted broker proven to pay

@Pelo: Here is a list of brokers that Admin has written for Indonesian traders based on the criteria:

• More than 3 years old and widely chosen by Indonesian traders.
• Ease and speed in administration (Registration, Deposit, Withdrawal).
• Adequate service level, with reasonable complaint limits.
• Supports Metatrader, which is currently the most popular forex application.
• As much as possible must be Regulated, even only at the level of the country where the broker is based.

List of brokers:

• FBS
• Exness
• Instaforex
• XM
• ICmarkets
• etc

@Pelo
Brokers with good regulations have all proven to pay WD. If there are forex trading brokers who don't pay, please vent here and in other trading forums, within 3x24 hours that broker will definitely beg for mercy, because trust is key for a broker. If proven to be fraudulent with video evidence, all their clients will definitely run away.

I'm a newbie, a foreign friend helped me trade through a Chinese broker. I got a considerable amount of profit, but when I wanted to withdraw, they said there was a 30% tax and it had to be paid first before the withdrawal could be processed because it couldn't be deducted from my account. Is this fraud or a scam? Please enlighten me.

@Muhamad: First of all, all the information you need regarding your trading account including deposit and withdrawal (WD) is in the account registration document. This document is your guide as proof of the agreement between you and the Chinese broker.

In other words, if there is a 30% tax that must be paid first at the time of WD, then you should refer to the agreement/document. If there isn't? That means fraud or deception.

Secondly, my experience trading since 2012, I have never encountered any tax (in this case 30%) at the time of WD like you are experiencing. Therefore, I suspect this is a form of fraud. However, I personally don't dare to say it firmly because I have never traded using a Chinese broker (I don't know the regulations there). On average, I use brokers from the UK, Australia, and offshore countries.

I suggest requesting the initial document at the time of account opening (point one above). From there, you can have a basis for the WD issue.

Hopefully it can help, thank you

@Muhamad
The brokers recommended by the masters here come from credible regulatory bodies such as the American CFTC, American NFA, British FSA, Australian ASIC, and Hong Kong SFC. This means you should look for brokers from America, Britain, Australia, or Hong Kong. Or meet fellow traders in your city, find traders who successfully trade for a living and ask what broker they use? The more enticing the bonus, the more you should be wary of that broker, there's something fishy going on.

Regarding Chinese brokers requiring a 30% tax payment, I have never heard of such a rule. Regarding scams involving car giveaways requiring a 20% payment of the car's price for tax, it's very common for victims to be scammed out of tens of millions. About Chinese brokers, I was once advised by an elder. If you want to buy delicious food, look for restaurants that are crowded, preferably with long queues, that's a sure sign it's good. Conversely, don't buy food from restaurants that are empty, the food is likely to be bad.

Popular brokers among Indonesians come from Australia, Britain, and America. Therefore, look for brokers from those countries because they have a lot of Indonesian clients. Conversely, avoid brokers from countries that do not have credible regulatory bodies. Even if Indonesian clients are ultimately passed on to the CySEC regulatory body in Cyprus because the regulatory body does not accept clients from outside the country, at least the broker's big name is good.

For now, avoid using domestic brokers, wait for Bappebti to improve the quality of its supervision, because there are a lot of complaints from clients of domestic brokers in trading forums. Regarding funds stuck at Chinese brokers, keep trying but don't expect much, just move on to a good broker with a trusted regulator, consider it a lesson on the road to success.