Reason for this visit

While Bank Indonesia (Indonesia's central bank) aims to keep the rupiah stable, BAPPEBTI governs all entities operating on the Indonesian financial market, including forex and CFD brokers, and the agency is directly overseen by the Ministry of Finance. In 2013, the Indonesian government began cracking down on a large number of fraudulent brokers targeting Indonesian citizens, causing overseas brokers operating in the country to shut down their websites. Later, the Indonesian government decided to open it up again to overseas brokers on the condition that they set up an office in the country and follow the guidelines of BAPPEBTI (if any). But these conditions turned out to be short-lived as currently Indonesian investors are free to choose any international broker. With a population of nearly 270 million, Indonesia is the largest Muslim country in the world, and all forex brokers in the Indonesian market offer Islamic trading accounts that are compatible with Sharia law. In order to help investors or practitioners have a more comprehensive understanding of foreign exchange dealers in Indonesia, the survey team is going to the country for on-site visits.

On-site visit

This time the survey team went to Indonesia to visit the foreign exchange dealer TRFX Garuda Berjangka as planned. The survey address is Gedung SOHO CAPITAL Lantai 16 Unit 1607-09 Jl. Jend. S. Parman Kav.28 RT.003/005 Kel. Tanjung Duren Kec. Grogol Petamburan, Jakarta Barat, 11470.

According to the above address, the survey personnel came to the destination of this survey, which is a building located in the busy downtown area of Jakarta, Indonesia. The transportation is quite convenient as the office is close to the shopping center in Jakarta.

The investigators came to the 16th floor, but could not find the trader's name on the water sign, and the office found there belongs to another company. According to the security guard, the trader TRFX Garuda Berjangka has already moved out of there and its whereabouts is unknown. The investigators confirmed that the dealer's office does not exist there.

Conclusion

The investigators went to Indonesia to visit the foreign exchange dealer TRFX Garuda Berjangka as planned, but did not find the dealer's office at its publicly displayed business address. The dealer may have just registered a company at this address without a real business venue. Please choose this dealer carefully.

Disclaimer

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