After being officially named an online Getting To Know Quotes Trade Ilegal Trading Application By Doni Salman. gambling application under the guise of online trading.
Doni Salmanan was previously Crazy Rich Bandung because of his hobby of showing off his wealth on social media and through videos on his Youtube account.
Trading application that caused Doni Salmanan to be involved in this law is Quotex Trade application is one of the binary options trading such as Binomo which is also an illegal online trading that is prohibited in Indonesia.
But What Is Binary Option Trading?
The President Commissioner of HFX International Futures, Sutopo Widodo, explained that binary options are a form of online trading instrument in which traders will predict or guess that the price of a certain asset will rise or fall within a certain time frame.
Generally, transactions in Binary Options use forex assets or stock indexes in practice. If the Trader guesses incorrectly, then they will lose, and the Getting To Know Quotes Trade Ilegal Trading Application By Doni Salman provider will profit from the trader’s loss. This is what makes binary options trading illegal. Because of its similarity to gambling.
Another reason that makes binary options trading illegal is because it has not yet had a license in Indonesia. This was conveyed by the Commodity Futures Trading Supervisory Agency (Bappebti).
The licensing is option regulated in Article 1 point 8 of Law Number 10 of 2011 concerning the amendment to Law Number 32 of 1997 and concerning Commodity Futures Trading (PBK).
Head of CoFTRA, Indrasari Wisnu Wardhana, said that CoFTRA has never issued a license for Binary Options because it is an activity prohibited by the PBK Law.
CoFTRA itself has blocked 1,191 domains of illegal investment entities in the field of PBK including 92 domains for Binary Options entities.
What Is Quotex Trade? Illegal Online Trading Applications That Had Become A Spotlight
Quotex is a brokerage company belonging to the Awesome Ltd trademark which is located in the Seychelles. However, there are also those who mention that Quotex is a gambling site under the guise of trading. Quotex was founded in 2020. Quotex provides market signals and simulates trading on custom web platforms.
Awesome Ltd as the developer is a member of the International Financial Market Relations Regulation Center (IFMRRC). Even though the with the IFMRRC, Awesome Ltd and Quotex are not registered with any country regulator.
Apart from that Quotex is also not registered with the Commodity Futures Trading Supervisory Agency (CoFTRA). Meanwhile, based on the official Quotex website, there are already more than 100 thousand trades carried out every day.
The sites was blocked by the government because it was considered an illegal or fraudulent investment site. There are also many people who say that Quotex is a gambling site under the guise of trading.
The IFMRRC, which oversees the platform, is an independent third-party dispute resolution service and is not an official regulator. Despite this, the Quotex platform already exists in several countries. In fact there are more than 4 million users.
Quotex trading platform, there are several investment products that can be traded, namely 27 currency pairs, major stock exchanges such as the 15th Index and FTSE 100 Dow Jones.
Quotex also provides commodity assets such as gold, silver, oil and other popular energy sources and metals. In fact, several cryptocurrencies are also included in it such as Litecoin, Bitcoin, Ripple, and Ethereum.
How Quotex App Works
In order to avoid other fake online trading apps, it’s important to know how fake online trading apps like Quotex work in comparison when you’re trying to trade on another app. So, if you see that there are some similarities, you can take preventive measures so you don’t fall victim to fraudulent trading applications.
This is how the Quotex Trade application works :
- Users must register themselves first
- Then select the desired digital asset or trading instrument (Each selected instrument will show the percentage of profit from the investment)
- After selecting an investment asset, users are required to select a time range to exercise the option, from one minute to four hours.
- Then the user must deposit the bet balance, the minimum deposit in the Quotex application is 5 USD or around IDR 27 thousand (deposits can be in dollars, euros, pounds and bitcoins)
- Next, the user will bet up (up) or down (down) against one asset
- There will be a live price chart display that users can see
- If the guess is correct, the user can win 80% of the profit of the paid-in capital
- However, if wrong, the user will lose 100% of the invested capital
The working method which is also applied in various binary options trading is considered to have similarities with the concept of online gambling and which causes Quotex to be an illegal trading application and is prohibited from operating by the Indonesian government.
In playing binary options, users just need to download the application on the PlayStore, AppStore or website. The user then registers with the binary options Getting To Know Quotex Trade provider and makes a deposit. The deposit amount for each provider varies, but generally it is US$ 10.
In the transaction, the user can choose an asset index, ranging from currency (forex), stock indexes, to commodities. After selecting the asset index, enter the capital that will be staked. The minimum amount of capital to be used depends on the asset.
Because it includes forex and stocks. Many people are deceived by trading binary options into thinking all three are the same thing. Even though forex trading and stocks and binary options are very different. Starting from the registration process, how to play and strategies.
How Not To Get Entangled In Fake Trading
Observer and trader, Desmond Wira said to avoid fraudulent trading such as binary options. In addition to understanding well what is the definition of a binary option, prospective traders must also understand the difference between it and actual trading.
The way you can check the legality of the company from the selected trading application. In addition, for those who trade stocks or forex, of course they know the importance of regulation from brokers.
Legal stock or forex brokers must of course be regulated by their respective country government agencies. If stock brokers in Indonesia, for example, by the OJK (Financial Services Authority).
It should be noted that all binary options are not regulated under state financial institutions. Even if they claim to be regulated, at least they are under certain non-governmental organizations or under gambling organizations. Without the support of strict regulations from the government, and usually ends in scam or fraud.
Become A Smart And Wise Trader
Getting a big profit is indeed the goal of trading. But that does not mean in an arbitrary way. Don’t be easily tempted by the lure of big profits in a short time which will end up being fraudulent.
Before trading, try to do a detailed legal check before investing your money in any trading platform. Find out more about the differences between bogus trading apps and those that have been authorized by the government.