FirstState-Futures

FirstState-Futures, operating as PT. First State Futures, is an Indonesian brokerage firm headquartered in Surabaya, East Java. Founded in March 2019, the company provides trading services in forex, commodities, and CFDs to retail investors. Its registered address is at Jl. Sulawesi No. 48, Surabaya 60246.

The broker is regulated by the Jakarta Futures Exchange (JFX), holding a Derivatives Trading License (AGN). However, it has been flagged as a suspicious clone by BAPPEBTI (Indonesia's Commodity Futures Trading Regulatory Agency) and ICDX (Indonesian Commodity and Derivatives Exchange), indicating potential regulatory concerns. Despite this, the broker prominently claims BAPPEBTI supervision on its website, which may create confusion among traders.

FirstState-Futures offers three trading platforms to cater to different market segments. For bilateral trading (e.g., forex, indices, gold, oil, and US stocks), it provides MetaTrader 4 (MT4) and MetaTrader 5 (MT5) – the latter specifically for multilateral micro trading. Both platforms are available on desktop and mobile devices.

For multilateral commodity trading, the proprietary JAFeTS NOW platform is used, which is an electronic system designed by JFX. The broker highlights that these platforms support algorithmic trading, demo accounts, and a range of order types, allowing clients to test strategies before committing real funds.

The broker appears to offer two main account structures aligned with its product categories. The 'Self Investor' account for bilateral instruments requires a minimum trade size of 0.1 lots, with transaction costs starting at $0.1 per lot. For multilateral commodities, minimum trades are 1 lot, with fees from IDR 500 per lot.

Leverage is capped at 1:100, and the broker uses a fixed IDR exchange rate of 14,000 for bilateral trading. Account opening involves a process with a licensed futures representative (WPB), submission of personal documents, and a mandatory demo simulation, as outlined on the website's 'Panduan Pembukaan Akun' page.

FirstState-Futures advertises access to five asset classes in its bilateral offering: currencies, gold, oil, indices, and single US stocks. The multilateral segment focuses on physical commodity futures, including gold (emas), crude palm oil (CPO), olein, cocoa, and coffee.

The broker positions itself as a single-platform solution for diversification, enabling traders to spread their exposure across different markets. However, the range of instruments may be limited compared to international brokers, as it appears largely geared toward local Indonesian commodity products.

Specific payment methods are not detailed on the website, but the broker states that client funds are secure and supports multiple deposit options. Customer support is available via phone, email, and a contact form on the site, with an office in Surabaya and branches in Bali, Jember, and Solo.

The company emphasizes 'fast, easy, and legal' transactions and offers free signals and premium client services for eligible accounts. The website is available in Indonesian, targeting domestic traders.

While FirstState-Futures holds a JFX license, its status with BAPPEBTI is problematic. The broker claims BAPPEBTI supervision on its website (license SK 18/BAPPEBTI/PN/3/2010), but independent records from FXCanary indicate it has been flagged as a suspicious clone by BAPPEBTI and ICDX. This discrepancy raises red flags for potential clients.

Traders are advised to verify regulatory standing directly with the relevant authorities. The broker's FXCanary Scam Risk Score is 25/100 (Guarded), reflecting the regulatory ambiguity and lack of independent user reviews. Caution is recommended when considering this broker for live trading.