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 SagaFX as planned according to its regulatory address that Pusat Bisnis Tamrin City, LT.6 No.608 AD. JL. Thamrin Boulevard, Jakarta Pusat 10230.

A seasoned and professional inspection team, committed to safeguarding investor interests, conducted a meticulously planned on-site verification of the forex broker SagaFX at Tamrin City on JL. Thamrin Boulevard in the heart of Jakarta, Indonesia.

This target commercial building boasts an ordinary shopping mall on the ground floor. One must navigate through the crowded central shopping area and go through great trouble to find a concealed elevator before arriving at the office zone. The entrance environment significantly contrasts with the positioning of a high-end business center.

After entering the building, the survey team found a floor directory and confirmed that the SagaFXs office is located in Room 608 on the 6th floor.

To gain a more comprehensive understanding of the situation, the investigators proceeded to the 6th floor. However, upon arriving at Room 608, they found the offices glass door locked and inaccessible. Despite this, the company name and logo of SagaFX were clearly visible.

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 SagaFX 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.