First State Futures Forex Broker

First State Futures Forex Broker - Complete Information Guide

1. Broker Overview

　　First State Futures, officially known as PT First State Futures, was established in 2010. The company is headquartered at Jl. Sulawesi No. 48, Surabaya, East Java, Indonesia. It operates as a private entity, providing brokerage services primarily in foreign exchange (forex) and contract for difference (CFD) trading. First State Futures has carved a niche in the Indonesian financial market by offering a range of trading services to both retail and institutional clients.

　　The company has experienced significant growth since its inception, marked by its entry into various financial markets and the establishment of a robust trading platform. First State Futures aims to provide access to a wide range of financial instruments, including forex pairs, commodities, and indices, catering to a diverse clientele that includes individual traders and institutional investors.

　　As a broker, First State Futures operates on a market-making model, facilitating trades for its clients while also providing liquidity in the markets. The companys commitment to offering competitive trading conditions and a user-friendly trading environment has contributed to its reputation in the industry.

2. Regulatory and Compliance Information

　　First State Futures is regulated by several financial authorities in Indonesia, including:

• Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI): License number 18/BAPPEBTI/PN/3/2010
• Jakarta Futures Exchange (JFX): License number SPA B-058/BBJ/01/04
• Indonesia Commodity and Derivatives Exchange (ICDX): License number 037/SP KB/ICDX/DIR/VIII/2010

　　While First State Futures claims to be regulated, there are concerns regarding the effectiveness and credibility of these regulatory bodies, as some sources label them as suspicious clones. The company has a fund segregation policy, ensuring that client funds are kept separate from its operational funds, which is a standard practice aimed at enhancing client protection.

　　In terms of compliance, First State Futures adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, which are essential for maintaining the integrity of financial transactions and preventing illicit activities. However, the lack of a robust regulatory framework raises questions about the overall protection offered to investors.

3. Trading Products and Services

　　First State Futures offers a diverse range of trading products catering to various investor needs:

• 　　Forex Trading: The broker provides access to numerous forex currency pairs, including major, minor, and exotic pairs, allowing traders to capitalize on global currency movements.

• 　　CFD Products: Clients can trade CFDs on various assets, including:

• 　　Indices: Major global indices, allowing for exposure to stock market performance.

• 　　Commodities: A selection of commodities such as gold, oil, and agricultural products.

• 　　Stocks: CFDs on individual stocks from leading companies.

• 　　Cryptocurrencies: While not prominently featured, some reports suggest limited access to crypto trading options.

　　The broker frequently updates its product offerings to align with market trends, ensuring that clients have access to the latest trading opportunities. First State Futures primarily focuses on retail trading services but also extends its offerings to institutional clients, including white-label solutions for other businesses looking to enter the forex market.

4. Trading Platform and Technology

　　First State Futures utilizes the MetaTrader 4 (MT4) platform for its trading operations, which is widely recognized for its user-friendly interface and comprehensive trading tools. The platform is available on multiple devices, including:

• Web Version: Accessible through any browser, allowing for seamless trading without the need for software installation.
• Mobile Applications: MT4 is available for both iOS and Android, enabling traders to manage their accounts and execute trades on the go.

　　The broker does not offer a proprietary trading platform, relying instead on MT4's robust capabilities. The execution model primarily follows a market-making approach, where trades are executed directly by the broker, providing liquidity and price stability.

　　First State Futures maintains its servers in Indonesia and Singapore, ensuring a reliable and secure trading environment. The broker also supports automated trading through APIs, allowing clients to utilize algorithmic trading strategies effectively.

5. Account Types and Trading Conditions

　　First State Futures offers a limited range of account types, which include:

• 　　Standard Account: Designed for typical retail traders, requiring a minimum deposit of $100. The account features competitive spreads, though specific details on commissions are not clearly outlined.

• 　　VIP and Professional Accounts: These accounts are tailored for high-volume traders, offering enhanced features and potentially lower trading costs. Details on these accounts are not extensively provided.

• 　　Demo Account: Available for new traders to practice their strategies without financial risk, allowing them to familiarize themselves with the trading platform.

　　The broker offers leverage of up to 1:100, which is relatively conservative, making it suitable for novice traders. The minimum trade size is generally 0.01 lots, accommodating various trading strategies.

6. Fund Management

　　First State Futures supports several deposit and withdrawal methods to facilitate client transactions, including:

• Bank Transfers: The primary method for both deposits and withdrawals, ensuring secure transactions.
• Credit/Debit Cards: Available for quick deposits, though limited information on fees is provided.
• E-Wallets: Various e-wallet options may be supported, enhancing convenience for clients.

　　The minimum deposit requirement varies by account type, with the standard account starting at $100. Deposits are typically processed within 1-3 business days, while withdrawals may take longer, often requiring up to 5 business days for processing.

　　First State Futures does not charge fees for deposits, but withdrawal fees may apply, depending on the method used. The withdrawal process is subject to the same method utilized for deposits, ensuring a secure transaction flow.

7. Customer Support and Educational Resources

　　First State Futures provides customer support through multiple channels, including:

• Phone Support: Available during business hours, providing direct access to customer service representatives.
• Email Support: Clients can reach out via email for inquiries and support requests.
• Live Chat: An online chat feature is available on the website for immediate assistance.
• Social Media: The broker maintains a presence on platforms like Facebook and Twitter for broader engagement.

　　The support team primarily communicates in Indonesian, but other languages may be accommodated depending on the staff's capabilities.

　　In terms of educational resources, First State Futures offers a range of materials, including:

• Webinars: Regularly scheduled online seminars covering various trading topics.
• Tutorials and Guides: Comprehensive resources to help traders understand the platform and market strategies.
• Market Analysis: Daily market news and research reports to assist traders in making informed decisions.

8. Regional Coverage and Restrictions

　　First State Futures primarily serves clients in Indonesia and surrounding regions, with a focus on the Southeast Asian market. The broker has established several regional offices to cater to local traders.

　　However, certain countries are restricted from opening accounts with First State Futures, including:

• United States
• North Korea
• Iran
• Canada (British Columbia, Quebec, and Saskatchewan)

　　These restrictions are in place to comply with international regulations and ensure that the broker operates within the legal frameworks of its service regions.

　　In conclusion, while First State Futures provides a range of trading services and products, potential clients should conduct thorough research and consider the regulatory landscape before engaging with this broker. The first state futures broker aims to cater to the needs of both retail and institutional clients, but the lack of comprehensive regulatory oversight raises concerns that should not be overlooked.