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 CFForex as planned according to its regulatory address that Menara Sudirman lantai 22, Jl. Jenderal Sudirman No. Kav 60, Senayan, Kec. Kby. Baru, Kota Jakarta Selatan, Daerah Khusus Ibukota Jakarta 12930, Indonesia.

A seasoned and professional field survey team, committed to safeguarding investor interests, conducted a meticulously planned on-site verification of the forex broker CFForex at Menara Sudirman in South Jakarta, Indonesia.

The Sudirman Tower is located in Jakartas central business district (Jl. Jenderal Sudirman No.60), boasting a prime location that underscores its role as a key commercial hub. Despite its prestigious address, the building itself shows signs of aging, with a somewhat dated structure.

The investigators easily accessed the buildings interior, where a floor directory indicated that CFForex was situated on the 22nd floor.

To conduct a thorough verification, the team proceeded to the target floor and successfully located CFFores office in Zone A of the 22nd floor, with its company logo clearly displayed at the entrance.

Upon stating their purpose, the investigators were granted access inside the office. It was confirmed that the premises were exclusively used by CFForex and not a shared workspace. The overall office environment was average, meeting basic business standards but not exceptional. Since deeper access to the working areas was not permitted, details such as internal zoning, the number of rooms, and employee workstations could not be verified.

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 CFForex 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.