LabaFX Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
Risk Control
Business
The performance of LABAFX's trading platform is stable. I didn't encounter any technical issues such as system crashes or slow response times. The customer service at LABAFX is also decent. They were reliable and responsive to my inquiries and issues whenever I reached out to them.
LabaFX has emerged as a notable player in the forex brokerage industry, particularly within Indonesia. However, while it boasts regulatory backing from Bappebti, various reviews highlight significant concerns regarding its operational practices, user experience, and overall trustworthiness. This review synthesizes key insights from multiple sources to provide a comprehensive overview of LabaFX.
Note: It is important to consider that LabaFX operates under different entities across regions, which may affect regulatory compliance and user experience. We have taken a balanced approach to ensure fairness and accuracy in our assessment.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 6 |
| Customer Service and Support | 5 |
| Trading Experience | 4 |
| Trustworthiness | 4 |
| User Experience | 5 |
How We Rate Brokers: Ratings are based on a combination of user feedback, expert analysis, and factual data regarding the broker's offerings.
Founded in 2021, LabaFX is operated by PT Laba Forex Indo Berjangka, with its headquarters located in Jakarta, Indonesia. The broker is regulated by Bappebti, the Indonesian Commodity Futures Trading Regulatory Agency, and offers trading through the widely used MetaTrader 4 (MT4) platform. LabaFX provides access to various asset classes, including forex, commodities, and precious metals.
LabaFX primarily operates within Indonesia but has extended its services to clients in other regions, including Singapore and Poland. However, it is crucial to note that the broker is not authorized to offer services outside of Indonesia, which raises compliance concerns.
LabaFX does not provide clear information on the currencies accepted for deposits and withdrawals. This lack of transparency can be a red flag for potential clients.
The broker does not disclose a specific minimum deposit requirement, making it challenging for potential traders to gauge their initial investment.
LabaFX does not appear to offer any significant bonuses or promotional incentives, which is common among many regulated brokers aiming to maintain compliance.
LabaFX offers a limited selection of tradable assets, including major forex pairs, commodities like crude oil and natural gas, and precious metals such as gold and platinum. However, the total number of instruments available is notably low compared to competitors.
The cost structure at LabaFX is concerning, with reports indicating that spreads can be excessively high. For example, the floating spread for palladium was noted to be an astonishing 2367 pips, while the EUR/USD spread was around 22 pips. There is also a lack of clarity regarding additional fees, which can potentially reduce overall profitability.
LabaFX offers a maximum leverage of 1:200, which is significantly higher than what is typically offered by more strictly regulated brokers. While high leverage can amplify profits, it also increases the risk of substantial losses.
The primary trading platform provided by LabaFX is MT4, which is accessible on both desktop and mobile devices. However, the broker does not operate its own trading server, and market execution is managed through an offshore entity, TRFX International, which raises concerns about reliability and execution quality.
While LabaFX accepts clients from various regions, it is important to note that U.S. clients are not accepted, which is a common practice among many brokers due to regulatory restrictions.
LabaFX offers customer support primarily in Indonesian and English, which may limit accessibility for non-Indonesian speakers.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 6 |
| Customer Service and Support | 5 |
| Trading Experience | 4 |
| Trustworthiness | 4 |
| User Experience | 5 |
Account Conditions: The lack of transparency regarding minimum deposits and account types limits the appeal of LabaFX. The absence of clear information can deter potential clients.
Tools and Resources: LabaFX provides the MT4 platform, which is a standard in the industry. However, the limited range of trading instruments available may not meet the needs of more experienced traders.
Customer Service and Support: While customer service is reportedly decent, the lack of comprehensive support options and information could lead to frustration among users.
Trading Experience: Users have reported issues with the execution of trades, particularly due to the involvement of a third-party firm for market execution. This can lead to delays and slippage.
Trustworthiness: Despite being regulated by Bappebti, concerns about the broker's operational practices and transparency raise questions about its overall trustworthiness.
User Experience: The overall user experience is mixed, with some users appreciating the platform's stability while others express concerns about the lack of information and high costs.
In conclusion, while LabaFX is a licensed broker with a presence in the forex market, potential traders should exercise caution. The combination of high spreads, lack of transparency, and regulatory concerns may pose significant risks. As always, thorough research and consideration of personal trading needs are essential before engaging with any broker.
