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Score

5.25 /10
Average

First State Futures

Indonesia

2-5 years

Regulated in Indonesia

Retail Forex License

Suspicious Scope of Business

Indonesia Retail Forex License Revoked

Medium potential risk

https://www.fsf.co.id

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Score

Regulatory Index4.94

Business Index5.49

Risk Management Index7.63

Software Index4.44

License Index4.94

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WikiFX Risk Alerts 2
Previous Detection : 2025-01-07
  • IndonesiaBAPPEBTI (license number: 18/BAPPEBTI/PN/3/2010) The regulatory status is abnormal, the official regulatory status is Revoked. Please be aware of the risk!
  • The IndonesiaJFX regulation (license number: SPAB-058/BBJ/01/04) claimed by this broker is suspected to be clone. Please be aware of the risk!

WikiFX Verification

First State Futures · Company summary
First State Futures Review Summary
Founded2022
Registered Country/RegionIndonesia
RegulationRegulated by ICDX
Market InstrumentsAmerican single stocks, currencies, metals & energy, stock indices, micro multilateral, commodities (CPO, Olein, Cocoa, coffee)
Demo Account✅
Leverage/
Spread/
Trading PlatformJAFeTS NOW and MT4 trading platform
Min Deposit/
Customer Support09:00 - 05:00 WIB
Tel: +6231-505-5599 (ext: 212)
Fax: +6231-503-8885
Email: info@firststate-futures.com
Facebook, Twitter, Linkedin, Telegram
Address: Jl. Sulawesi No. 48, Surabaya, East Java, Indonesia PPFX+4F
Regional RestrictionsBritish Columbia, Quebec, and Saskatchewan in Canada, as well as the Democratic People's Republic of Korea (North Korea), Iran, the United States, and Hong Kong.

PT. First State Futures, based in Surabaya, operates multiple branch offices in cities such as Bali, Jember, and Solo. As a licensed member of the futures exchange and with BAPPEBTI endorsement, the company offers trading platforms like JAFeTS NOW and MT4.

Here is the home page of this brokers official site:

PT. First State Futures' homepage

Pros and Cons

Pros Cons
Regulated by ICDXRevoked BAPPEBTI license
Security measures providedSuspicious clone JFX license
Diverse market instrumentsRegional restrictions
Demo accountsLimited info on trading conditions
MT4 platformInactivity fee charged
No fees for deposits and withdrawalsLimited payment options
Multiple contact channels

Is First State Futures Legit?

First State Futures is regulated by Indonesia Commodity and Derivatives Exchange (ICDX). It holds Retail Forex License with No. 037/SPKB/ICDX/Dir/VIII/2010. Besides, it also offers security measures including segregated accounts.

ICDX
Indonesia Commodity and Derivatives Exchange (ICDX)
Regulatory Status Regulated
Regulated by Indonesia
Licensed Institution First State Futures, PT
Licensed TypeRetail Forex License
Licensed Number037/SPKB/ICDX/Dir/VIII/2010
Regulated by ICDX

However, their license of Badan Pengawas Perdagangan Berjangka Komoditi Kementerian Perdagangan (BAPPEBTI) is revoked and Jakarta Futures Exchange (JFX) is suspicious clone.

BAPPEBTI
Badan Pengawas Perdagangan Berjangka Komoditi Kementerian Perdagangan (BAPPEBTI)
Regulatory Status Revoked
Regulated byIndonesia
Licensed InstitutionPT. First State Futures
Licensed TypeRetail Forex License
Licensed Number18/BAPPEBTI/PN/3/2010
Revoked BAPPEBTI license
JFX
Jakarta Futures Exchange (JFX)
Regulatory Status Suspicious Clone
Regulated by Indonesia
Licensed Institution First State Futures
Licensed TypeRetail Forex License
Licensed NumberSPAB-058/BBJ/01/04
Suspicious clone JFX license

What Can I Trade on First State Futures?

First State Futures offers American single stocks, currencies, metals & energy, stock indices, micro multilateral, and commodities (CPO, Olein, Cocoa, coffee).

Tradable Instruments Supported
Forex✔
Commodities✔
Metals✔
Energy✔
American Single Stocks✔
Stock Indices✔
Cryptocurrencies❌
Bonds❌
Options❌
ETFs❌
What Can I Trade on First State Futures?

Account Type

First State Futures offers three kinds of accounts: Single Platform Account, Micro Multilateral Account and Multilateral Commodities Account. Also, demo accounts are also available.

Account TypeProducts CoveredLot SizeExchange Rate/Currency
Single Platform AccountAll Bilateral productsFrom 0.1 lotsFixed at IDR 14,000
Self Investor - Micro Multilateral AccountWorld Currencies, Energy, CommoditiesFrom 1 lot (Micro)Daily USDIDR rate
Self Investor - Multilateral Commodities AccountGold, CPO, Olein, Cocoa, CoffeeFrom 1 lotIDR per purchase
Account comparison

To open an account of First State Futures, you need to have a demo account before applying for a live account. Additionally, log in to the cabinet registration page provided. Open your email and click the Activation link on the email that has been sent to verify the email.

Account creation process

First State Futures Fees

Account TypeTransaction Fees
Single Platform AccountFrom $0.1
Self Investor - Micro Multilateral AccountFrom $0.25
Self Investor - Multilateral Commodities AccountFrom IDR 500

Besides, it charges an inactivity fee of USD 50 when the client's account has been inactive for 30 (thirty) consecutive days of inactivity.

Trading Platform

First State Futures offers JAFeTS NOW and MT4 trading platform.

Trading PlatformSupported Available Devices Suitable for
JAFeTS NOW✔Electronic-based/
MT4✔Web, desktop, phoneBeginners
MT5❌/Experienced traders

JAFeTS NOW Trading Platform:

This platform is built on the latest technology to support future technological developments and can be further developed as market needs change. It also supports the simulation of multilateral commodity trading.

JAFeTS NOW Trading Platform

MetaTrader 4 (MT4) Trading Platform:

Based on software from Metaquotes Software Corp, MT4 is a versatile platform that supports all types of devices. The platform provides real-time quotes, charts, market news, and offers full instant execution of trades.

MT4

Deposit and Withdrawal

In First State Futures, deposits are only made using book transfers to segregated accounts (separate accounts) in the name of PT. It does not charge deposit or withdrawal fees.

Withdrawals can only be processed and transferred through the payment method you used to deposit the deposit.

Deposit

User Reviews

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User comment

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Comments

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☆Purple♂
more than one year
The low transaction fees and variety of products are great, and the mobile app is user-friendly. However, customer service response times could be improved.
The low transaction fees and variety of products are great, and the mobile app is user-friendly. However, customer service response times could be improved.
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2024-08-16 12:26
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Genter83794
more than one year
First State Futures has a visually appealing trading platform, but my experience over the past month has been marred by frequent trading execution errors and unexpected logouts. The platform's aesthetic charm is overshadowed by its operational shortcomings. It's been a perplexing and frustrating experience navigating through a seemingly beautiful but error-prone interface.
First State Futures has a visually appealing trading platform, but my experience over the past month has been marred by frequent trading execution errors and unexpected logouts. The platform's aesthetic charm is overshadowed by its operational shortcomings. It's been a perplexing and frustrating experience navigating through a seemingly beautiful but error-prone interface.
Translate to English
2024-01-08 10:56
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