FIRST STATE FUTURES

PT. First State Futures, operating under the brand FIRST STATE FUTURES, is a retail forex and futures broker headquartered in Surabaya, East Java, Indonesia. The company was established on 12 April 2023 and is registered at Jl. Sulawesi No. 48, Surabaya. It operates multiple branch offices in cities including Bali, Jember, and Solo, indicating a regional presence across Indonesia.

Despite its recent founding, the broker has secured regulatory licenses from two key Indonesian authorities: BAPPEBTI (the Commodity Futures Trading Regulatory Agency) and ICDX (Indonesia Commodity & Derivatives Exchange). Both licenses are listed as active and regulated, which is a positive sign for traders seeking a legally compliant intermediary.

FIRST STATE FUTURES holds a Forex Trading License (EP) from BAPPEBTI, which is the primary regulator for commodity futures and forex brokers in Indonesia. This license is classified as 'Regulated' in our records. Additionally, it has a Derivatives Trading License from ICDX, also listed as 'Regulated'. These dual regulatory endorsements suggest that the broker operates under the oversight of Indonesia's statutory bodies, though the specific license numbers and details are not publicly available in the known facts.

For Indonesian traders, regulation by BAPPEBTI is considered a minimum requirement for legal operation. The involvement of ICDX adds a layer of exchange membership, which may provide additional trade execution guarantees. However, traders should note that BAPPEBTI regulations do not typically offer the level of investor protection found in more rigorous jurisdictions such as the FCA or ASIC.

According to the available information, FIRST STATE FUTURES offers trading through two platforms: JAFeTS NOW and MetaTrader 4 (MT4). JAFeTS NOW is a platform commonly used in the Indonesian futures market, while MT4 is globally recognized for forex and CFD trading. This dual-platform offering allows traders to choose between a local-specific interface and an internationally-standardized solution.

The broker does not publicly list the specific instruments available on its website in the known data, but given its licenses, it likely provides access to forex pairs, commodities (e.g., gold, oil), stock indices, and futures contracts. The absence of detailed spreads, commissions, and leverage information in our records means traders must verify these directly with the broker.

Details on account types, minimum deposits, and spreads are not included in the known facts provided to us. This lack of transparency in our data may extend to the broker's public information, which could be a concern for potential clients who demand clear pre-trade disclosures. We recommend that traders contact the broker directly or visit its official website (fsf.co.id) to obtain the most current account specifications.

The broker maintains a presence on social media platforms including Facebook, Instagram, LinkedIn, and YouTube. This suggests an active effort to engage with clients and provide updates. However, the effectiveness and responsiveness of these channels in handling client queries are not independently verified in our review.

FXCanary's Scam Risk Score for FIRST STATE FUTURES is 28 out of 100, which falls into the 'Guarded' category. This low risk score indicates that there are no immediate red flags such as unresolved complaints or regulatory warnings, but it does not imply a clean bill of health. The score reflects the broker's regulated status, but also factors in the inherent risks of trading with a relatively new and regionally-focused entity.

Traders should exercise standard precautions: verify the broker's licenses independently on the BAPPEBTI registry, start with a small deposit, and test customer support responsiveness. While the regulatory framework provides a baseline of legality, it does not guarantee against operational issues or poor trading conditions.