Reason for this visit

Bank Indonesia (the Central Bank of Indonesia) is mandated to establish and maintain the stability of the Rupiah, while the Commodity Futures Trading Regulatory Agency (BAPPEBTI), which operates under direct supervision of the Ministry of Finance, regulates all entities operating in Indonesia‘s financial markets, including forex and CFD brokers. In 2013, the Indonesian government began a strict crackdown on numerous fraudulent brokers targeting Indonesian citizens. This, however, led to many overseas brokers closing their websites in the country. Subsequently, the Indonesian government decided to reopen access to overseas brokers on the condition that they establish local offices and comply with BAPPEBTI guidelines (where applicable). However, these conditions proved to be temporary, and currently Indonesian investors are free to choose any international broker. With a population of nearly 270 million, Indonesia is the world’s largest Muslim country. Therefore, all forex brokers in the Indonesian market offer Sharia-compliant Islamic trading accounts. To help investors and practitioners better understand the countrys forex brokers, WikiFX survey team plans to conduct on-site visits to the local companies.

On-site visit

In this issue, the survey team went to Indonesia to visit forex broker Menara Mas Future as planned according to its regulatory address that Kompleks, Jl. Mangga Dua Square Jl. Gn. Sahari No.1 Blok G No. 5, RT.12/RW.6, Ancol, Pademangan, North Jakarta City, Jakarta 14420, Indonesia.

A seasoned and professional inspection team, committed to safeguarding investor interests, conducted a meticulously planned on-site verification of the forex broker Menara Mas Future at Mangga Dua Square complex in North Jakarta, Indonesia.

The target building is located in a relatively secluded section of the complex, near the warehouse area. After repeated verification of signage, it was finally identified as an independently operated office unit (marked as Block G No. 5) functioning in a storefront format. The exterior environment of the building is well-maintained, with clear visibility of the broker‘s logo displayed on the street-facing façade. However, when the investigators attempted to access the broker’s designated area, they were explicitly denied entry by staff, preventing access to the interior office space.

Through the on-site investigation, it is confirmed that the broker maintains a physical presence at the location.

Conclusion

The survey team went to Indonesia to visit forex broker Menara Mas Future as scheduled and found the company at the regulatory address. It indicates that the broker has a physical office at the place. Meanwhile, investors are advised to make a judicious decision following much deliberation.

Disclaimer

The content is for informational purposes only and shall not be taken as a final order for making a choice.