Overview of FirstState
FirstState, established in 2015 in Indonesia, is a trading company regulated by JFX but flagged as a suspicious clone by BAPPEBTI and ICDX.
It offers a single platform for trading stocks, currencies, metals, energy, and stock indices, alongside multilateral micro and commodities trading in various assets like gold, tin, olein, cacao, and coffee. The company provides leverage up to 1:100 and supports Meta Trader 4 and JAFeTS now platforms.
Clients can experiment with trading strategies using a demo account and reach customer support via phone or email. Additionally, FirstState offers educational resources including company news, market analysis, and market development insights.
Is FirstState Limited Legit or a Scam？
FirstState is regulated by the Jakarta Futures Exchange with a Retail Forex License, as indicated by its regulation status and license number SPAB-058/BBJ/01/04. This license is granted by JFx under the Ministry of Trade, ensuring that FirstState complies with the necessary regulatory standards and practices in Indonesia.
However, FirstState is also flagged as a “Suspicious Clone” by BAPPEBTI, with a separate license number 18/BAPPEBTI/PN/3/2010, which raises concerns about its authenticity and the legitimacy of its operations. This indicates that there will be potential issues with how FirstState represents its regulatory status or its adherence to the established regulatory frameworks.
Additionally, FirstState is marked as a “Suspicious Clone” by the Indonesia Commodity and Derivatives Exchange(ICDX), with the license number 037/SPKB/ICDX/Dir/VIII/2010. There are concerns about its operations or its representation of regulatory compliance, which could affect the trust and safety perceived by its clients and partners.
Pros and Cons
Pros of Trading with First State Futures:
Ease of Use and Accessibility: First State Futures offers a user-friendly platform that is easy, fast, safe, and legal, with the added convenience of mobile access through the FSF Mobile app.
Competitive Commissions: They offer low commission rates starting at $0.1, making it an attractive option for traders looking to minimize trading costs.
Product Variety: Traders have access to a large selection of products, allowing for diversified trading strategies and the opportunity to trade in various markets.
Educational Support: Priority customers benefit from free education, which can enhance their trading knowledge and skills, contributing to better-informed trading decisions.
Support Services: The availability of free customer consultation services and a free signal transaction guide provides additional support to traders, aiding them in navigating the markets more effectively.
Cons of Trading with First State Futures:
Regulatory Concerns: Despite being regulated by the Jakarta Futures Exchange, First State Futures is flagged as a suspicious clone by both BAPPEBTI and the Indonesia Commodity and Derivatives Exchange, raising questions about its credibility and reliability.
Potential Risks: The clone status could imply potential risks associated with transparency and operational integrity, which will affect investor confidence and the safety of their investments.
Withdrawal Speed: Although they advertise a fast withdrawal process, the actual speed and efficiency can be crucial for traders needing timely access to their funds, and any discrepancies here can be a significant downside.
Specific Focus: While a large selection of products is an advantage, the focus on futures trading will not attract all investors, especially those looking for a broader range of investment options.
Selective Educational Benefits: The provision of free education only for priority customers will limit access to valuable learning resources for all traders, potentially disadvantaging those who do not qualify as priority clients.
Products & Services
First State Futures offers a diverse array of trading products categorized into three main groups:
Single Platform: This category encompasses a variety of asset classes, providing clients with the ability to trade stocks, various world currencies, different metals, and energy resources, as well as stock indices. This integrated platform allows traders to engage in a comprehensive trading experience, accessing multiple markets through a single account.
Multilateral Micro: This segment focuses on smaller scale trading in currencies, energy, and commodities, making it accessible for traders who prefer dealing with micro contracts. The micro contracts start from 1 lot or equivalent to 0.01 micro lot, offering an entry point for investors interested in participating in various markets without a significant initial investment.
Multilateral Commodities: First State Futures offers trading in a range of commodities, including gold, tin, olein (palm oil), cacao, and coffee. These commodities represent crucial sectors in the global and particularly Indonesian markets, reflecting the country's strong presence in these commodity markets. Traders can engage in multilateral trading systems, where many sellers and buyers interact, creating a dynamic and open trading environment.
How to Open an Account？
To open an account and begin trading, follow these three simple steps:
Fill in Your Personal Data: Complete the account opening agreement by providing your personal and experience information.
Find the Appropriate Account: After your application is approved, you will be assigned an account suitable for your trading needs.
Start Trading: Deposit funds into the segregated account provided, and once the funds are processed, you're ready to start trading.
Leverage
The leverage provided in the trading terms and conditions is 1:100. This means that traders can control a large contract size with a relatively small amount of capital. For example, with this leverage, a trader can control a position of $100,000 with an equity of $1,000.
Trading Platform
PT. First State Futures offers two main trading platforms for its clients:
MetaTrader 4: This platform is a widely recognized trading software provided by MetaQuotes Software Corp. It supports various devices, including Windows, macOS, Android, and iOS, allowing traders to access their accounts, execute trades in real time, and utilize a suite of analytical tools and charts from any location.
JAFeTS NOW: This is a commodity multilateral trading platform designed to accommodate the latest technology and future developments. It's tailored to meet the specific needs of traders in the commodity market, offering features that facilitate electronic-based trading efficiently and effectively.
Customer Support
The customer support for PT First State Futures is located at the FIRSTALINDO BUILDING, Jl. Sulawesi No. 48, Surabaya, Jawa Timur, Indonesia.
Clients can reach out to them via phone at +6231-505-5599 (Ext: 212) or +6231-503-8885. For email inquiries, they can be contacted at info@firststate-futures.com. The customer service hours are from 09:00 to 17:00 WIB.
Educational Resources
PT First State Futures provides a comprehensive set of educational resources aimed at enhancing the trading knowledge and skills of its clients. These resources are categorized into three main areas:
Company News: This section offers the latest updates and insights about PT First State Futures itself, including any new services, changes in trading hours, or special announcements that can impact traders' decision-making and strategies.
Market Analysis: Traders can access detailed analyses of various market dynamics, including technical and fundamental analysis articles. These analyses cover a wide range of markets, offering insights into price movements, trend predictions, and potential trading opportunities.
Market Development: This area focuses on broader market trends and developments, providing traders with a deeper understanding of the factors that influence market conditions. This includes analysis of economic indicators, geopolitical events, and other macroeconomic factors that can affect trading across different asset classes.
Conclusion
PT First State Futures is a comprehensive trading platform offering a wide range of services and educational resources to its clients. With trading platforms like MetaTrader 4 and JAFeTS NOW, it meets various trading needs and preferences.
The firm emphasizes customer support, market analysis, and continuous learning through its educational resources, ensuring traders are well-equipped to navigate the markets.
FAQs
Q: What trading platforms does PT First State Futures offer？
A: PT First State Futures offers MetaTrader 4 and JAFeTS NOW as its primary trading platforms.
Q: How can I open an account with PT First State Futures？
A: You can open an account by filling in your personal data, choosing the appropriate account, and then making a deposit to start trading.
Q: What types of educational resources does PT First State Futures provide？
A: They provide company news, market analysis, and market development insights.
Q: What is the leverage offered by PT First State Futures？
A: The leverage offered is 1:100.
Q: How can I contact customer support？
A: You can contact customer support via phone at +6231-505-5599 or email at info@firststate-futures.com.
2023-03-27 10:22
2022-12-12 12:11
