Overview of First State Futures
First State Futures, established in 2009 in Indonesia, is a regulated brokerage firm under BAPPEBTI and ICDX. It offers a huge range of market instruments including Forex, commodities, indices, stocks, and world currencies.
The company is known for its competitive transaction fees starting from $0.1. Clients can trade using the popular Meta Trader platform and also have the option to practice with a demo account.
First State Futures provides customer support via email and phone, and facilitates deposits and withdrawals through credit/debit cards and bank transfers. Additionally, they offer educational resources including company news updates.
Is First State Futures Limited Legit or a Scam？
First State Futures is regulated by the Badan Pengawas Perdagangan Berjangka Komoditi Kementerian Perdagangan (BAPPEBTI) in Indonesia. This regulatory body has granted First State Futures a Retail Forex License, under license number 18/BAPPEBTI/PN/3/2010. The license ensures that First State Futures adheres to the regulatory standards set by BAPPEBTI for forex trading.
Additionally, First State Futures is regulated by the Indonesia Commodity and Derivatives Exchange (ICDX). This institution has also provided First State Futures with a Retail Forex License, distinguished by license number 037/SPKB/ICDX/Dir/VIII/2010. This regulation confirms that First State Futures operates in compliance with ICDX guidelines, particularly for commodities and derivatives trading in Indonesia.
Pros and Cons
Pros of First State Futures:
Diverse Market Instruments: Offers a wide range of trading options including Forex, commodities, indices, stocks, and world currencies, providing various investment preferences and strategies.
Competitive Fees: Transaction fees start from as low as $0.1, making it an affordable option for traders looking to minimize costs.
Regulated by Reputable Authorities: Holds licenses from both BAPPEBTI and ICDX, ensuring a high standard of regulatory compliance and security for its clients.
Advanced Trading Platform: Utilizes the popular and user-friendly Meta Trader platform, which is beneficial for both novice and experienced traders.
Educational Resources and Support: Provides educational materials like company news and offers customer support via email and phone, enhancing the trading experience for users.
Cons of First State Futures:
Geographic Limitation: Being based in Indonesia, the services and market familiarity will be more suitable for local or regional traders as opposed to global investors.
Limited Information on Leverage: There is a lack of clear information regarding leverage options, which can be a crucial factor for traders in managing risk.
Restriction in Payment Methods: Payment options are limited to credit/debit cards and bank transfers, which may not attract all users, especially those preferring digital wallets or other payment methods.
No Mention of Risk Management Tools: There is no explicit mention of risk management tools or features, which are essential for traders to protect their investments.
Potential Language Barrier: The primary operations being in Indonesia poses a language barrier for international traders who are not proficient in the local language.
Market Instruments
First State Futures offers a diverse range of market instruments for trading, which includes:
American Single Stock (Bilateral): First State Futures offers trading in American single stocks under its bilateral products. For these transactions, the commission is set at 0.15% per transaction, with trading starting from multiples of 10 sheets. A fixed rate of IDR 14,000 is applied to each transaction.
Forex, Metals, Energies, Stock Indices (Bilateral): This category allows clients to engage in diverse markets including Forex, metals, energies, and stock indices. The transaction fees are competitively set starting at $0.1, with the minimum trading volume beginning from 0.1 lot. For these trades, a fixed rate of IDR 12,000 is charged.
All Bilateral Products in One Account (Single Platform): First State Futures introduces a streamlined trading experience where clients can access all bilateral products through a single account. This new offering starts with transaction fees at $0.1 and a minimum trading size of 0.1 lot. The fixed rate for these transactions is IDR 14,000.
World Currencies, Energy, Commodities (Multilateral Micro): In the multilateral micro category, clients can trade in world currencies, energy, and commodities. The transaction fees for these markets start at $0.25, with trading commencing from 1 lot (Micro).
Commodities (Multilateral Commodities): Specializing in commodities trading, this category includes products like Gold, CPO, Olein, Cocoa, and Coffee. The transaction fee begins from as low as Rp 500, and trading starts from 1 lot. The pricing is in IDR according to the purchase value.
How to Open an Account？
Opening an account with First State Futures can be accomplished in a few straightforward steps:
Visit the Website:
Start by navigating to the official website of First State Futures. Look for the account registration or sign-up option, which is typically prominently displayed on the site.
Fill Out the Application Form:
Complete the online application form with your personal details. This will usually include your name, address, contact information, and possibly financial details or trading experience. Ensure that all the information provided is accurate and up-to-date.
Submit Required Documentation:
As part of the regulatory requirements, you will need to submit certain documents for identity and residence verification. This may include a government-issued ID (like a passport or drivers license) and a utility bill or bank statement for proof of address. Ensure these documents are valid and clearly legible.
Deposit Funds and Start Trading:
Once your account is approved, you can proceed to deposit funds using the available methods such as credit/debit card or bank transfer.
Transaction Fees
American Single Stock (Bilateral): First State Futures offers trading in American Single Stocks with a transaction fee of 0.15% per transaction. Trades start from multiples of 10 sheets, with a fixed rate of IDR 14,000. The trading platform used for these transactions is FSF - MetaTrader 4.
Forex, Metals, Energies, Stock Indices (Bilateral): This option includes trading in Forex, metals, energies, and stock indices with a low starting transaction fee of $0.1. The minimum trading volume is set at 0.1 lot, and a fixed rate of IDR 12,000 is applied. The platform provided for these trades is FSF - MetaTrader 4.
All Bilateral Products (Single Platform): A new offering from First State Futures, this allows trading in all bilateral products from a single account. Transaction fees start at $0.1, with a minimum trade size of 0.1 lot and a fixed rate of IDR 14,000. The designated platform for these transactions is FSF - MetaTrader 4.
World Currencies, Energy, Commodities (Multilateral Micro): This category is for trading world currencies, energy, and commodities, with transaction fees starting at $0.25. The minimum lot size is 1 lot (Micro), and the rate is based on the daily USDIDR rate. Trading is conducted on the GoFX - MetaTrader 5 platform.
Trading Platform
First State Futures offers a trading experience that is characterized by its ease of use, speed, safety, and legality.
They provide a mobile platform, FSF Mobile, allowing traders to access their accounts and execute trades conveniently from anywhere.
Additionally, First State Futures stands out for its low commission fees starting at just $0.1, a swift withdrawal process, and a broad selection of available products.
They enhance their service with free customer consultations, signal transaction guides, and specialized educational resources for priority customers, making it a comprehensive platform for various trading needs.
Deposit & Withdrawal
First State Futures provides a range of options for deposit and withdrawal through various segregated bank accounts.
They have accounts with several major banks, including Bank Central Asia (BCA) with both IDR and USD accounts, Bank Mandiri, CIMB Niaga Bank, BNI BANK, and Bank Sinarmas, all holding IDR accounts.
These accounts are spread across different branches in Surabaya, such as Veteran, Panglima Sudirman, Gubeng, and Diponegoro. Clients of First State Futures can choose any of these banks for their financial transactions, ensuring convenience and safety in their banking operations.
Customer Support
First State Futures offers dedicated customer support from their office located in the FIRSTALINDO BUILDING on Jl. Sulawesi No. 48, Surabaya, East Java, Indonesia.
Customers can reach out to them via phone at 031-505-5599 (Ext: 212) or 031-503-8885 for assistance. They also provide support through email at info@firststate-futures.com. The customer service team is available from 09:00 to 17:00 WIB, ensuring timely assistance during these hours for any queries or issues clients may have.
Educational Resource
First State Futures provides educational resources through their company news section, where they offer a variety of articles and updates.
Recent highlights include a feature on how they closed 2023 by maintaining their position as the “Most Active Single Stock Broker” from the Jakarta Futures Exchange for the 15th consecutive year.
Additionally, they hosted a webinar focusing on predictions for 2024, offering valuable insights for traders. They also provide information on national holidays and other relevant events, keeping their clients informed and educated about important occurrences that impacts the trading environment.
Conclusion
In conclusion, First State Futures stands out as a prominent brokerage firm in Indonesia, offering a comprehensive trading experience.
It provides a diverse range of market instruments, competitive transaction fees, and a user-friendly platform. The firm is regulated by reputable authorities, ensuring a secure trading environment.
Additionally, First State Futures supports its clients with educational resources, timely customer service, and convenient banking options for deposits and withdrawals.
Their recognition as the “Most Active Single Stock Broker” and the provision of insightful webinars further underline their commitment to excellence in the trading sector.
FAQs
Q: What market instruments can I trade with First State Futures？
A: First State Futures offers a wide range of market instruments, including Forex, commodities, indices, stocks, and world currencies.
Q: Are there any demo accounts available for new traders？
A: Yes, First State Futures provides demo accounts, allowing new traders to practice trading without risking real money.
Q: What are the transaction fees for trading with First State Futures？
A: The transaction fees at First State Futures start from as low as $0.1, varying based on the market instrument and account type.
Q: Is First State Futures a regulated brokerage firm？
A: Yes, First State Futures is regulated by BAPPEBTI and ICDX in Indonesia, ensuring compliance with financial regulations and security standards.
Q: How can I contact customer support at First State Futures？
A: Customer support can be reached via email at info@firststate-futures.com or by phone at 031-505-5599. They are available from 09:00 to 17:00 WIB.
Q: What are the options for depositing and withdrawing funds？
A: First State Futures offers multiple banking options for deposits and withdrawals, including major banks like Bank Central Asia, Bank Mandiri, CIMB Niaga Bank, BNI BANK, and Bank Sinarmas.
