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). However, 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 the Sharia Law. In order to help investors or practitioners get a more comprehensive understanding of foreign exchange dealers in Indonesia, the survey team is going to the country for field visits.

On-site visit

This time the survey team visited the dealer PIB in Indonesia, with the specific address at APL Tower Central Park Lantai 21 T7, Jl. S. Parman Kav. 28 Jakarta Barat 11470.

Based on the above address, the survey team came to the destination of this survey, which was located in the downtown area of Jakarta, Indonesia. The traffic congestion was serious because there were many construction works around. However, the environment of the office building was relatively good.

Entering the building, the surveyors failed to find PIB's name on the directory in the lobby. Thus, they confirmed that the dealer did not have an office here.

Conclusion

The survey team went to Indonesia, to visit the dealer PIB and found no office at its business address. It was supposed that the dealer might just use that address to register its company, or there was no offline exhibition place. Please be prudent when trading with this broker.

Disclaimer

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