First State Futures

To help you decide if this platform fits your trading strategy, our in-depth First State Futures review evaluates its regulatory status, costs, and trading platforms. We analyze these core features to help you determine: is First State Futures a good broker?

Is First State Futures Legit and Safe?

First State Futures is a licensed Indonesian broker that offers secure segregated funds, but its strict focus on localized BAPPEBTI and ICDX regulations limits its appeal to global traders seeking tier-1 oversight [1.1.2, 1.2.7]. Evaluating a broker's regulatory status is the single most crucial step in determining the safety of your capital. For brokers operating outside major Western hubs, understanding the local supervisory framework reveals the level of protection you will receive as a retail client [1.2.7].

What Is First State Futures? Company Background

First State Futures (operating under the corporate name PT. First State Futures) is a specialized commodity and derivatives brokerage firm based in Surabaya, East Java, Indonesia [1.2.2]. The company was established in 2018, though it draws on underlying regulatory registrations and clearing licenses that date back as far as 2010 [1.2.7]. It functions as an intermediary facilitating trading access to regional futures contracts, global foreign exchange, and various over-the-counter (OTC) financial derivatives [1.2.2, 1.2.7].

• Tradable assets: forex, commodities, stock indices, precious metals, single stocks [1.2.2].
• Headquarters: Surabaya, Indonesia [1.2.2].
• Primary platforms: MetaTrader 4 and JAFeTS Now [1.2.2].

First State Futures Regulation

The Commodity Futures Trading Regulatory Agency (BAPPEBTI) and the Indonesia Commodity and Derivatives Exchange (ICDX) oversee First State Futures [1.1.2, 1.1.3]. These regulatory bodies represent regional, tier-3 oversight specific to the Indonesian financial market [1.2.7]. Traders can search the Bappebti official website to check the broker's current operational standing and compliance record. You can check Bappebti official to verify First State Futures's license by searching their corporate directory with license number 37/BAPPEBTI/SP-PN/5/2010 [1.3.2]. Additionally, checking the ICDX official portal confirms their active exchange membership status under license number 037/SPKB/ICDX/Dir/VIII/2010 [1.1.2].

The regulatory setup for First State Futures relies entirely on localized Indonesian authorities and clearing houses, as shown in the table below.

The primary takeaway from this structure is that while First State Futures is fully legal and compliant in its home country, it does not offer the broader fund insurance or negative balance protection typical of tier-1 European or Australian brokers [1.2.7].

Which First State Futures Entity Serves Your Region?

First State Futures operates as a single, centralized entity—PT First State Futures—which means there are no separate international subsidiaries or offshore branches located in jurisdictions like Saint Vincent or the Bahamas [1.2.2]. All clients are onboarded under this single Indonesian corporate framework [1.3.2].

For domestic traders, onboarding is straightforward and utilizes local verification protocols, requiring a national ID card (KTP) and an active Indonesian bank account [1.3.2]. International traders, however, face manual onboarding verification and are bound by the same regulatory terms [1.2.7]. This single-entity model avoids the offshore arbitrage common among global CFD brokers, but it also means international clients do not have access to Western financial compensation schemes like the UK’s FSCS [1.2.7].

Restricted Countries

• Unsupported jurisdictions: United States, Iran, North Korea, Hong Kong [1.2.2].
• Canadian provinces restricted: British Columbia, Quebec, Saskatchewan [1.2.2].
• Local regulatory limitations: The broker's strict compliance with Bappebti rules restricts its capacity to open accounts for residents in heavily regulated foreign jurisdictions due to capital flow and local cross-border licensing limitations [1.2.7].

Client Fund Protection

• Client funds are kept in segregated bank accounts at major Indonesian institutions including Bank Central Asia (BCA), Bank Mandiri, and BNI — ensuring operational capital is never mixed with client deposits [1.2.2, 1.3.2].
• Transactions are cleared and guaranteed by the Indonesia Clearing House (ICH) — adding an external layer of transactional security that safeguards orders against localized broker defaults [1.3.2].
• The broker does not provide negative balance protection — meaning extreme market gaps can technically push account balances into the negative, leaving traders liable for the difference.
• No investor compensation fund is available to international traders — so any corporate insolvency claims must be processed strictly through local Indonesian court liquidations [1.2.7].

First State Futures User Reviews and Trustpilot Rating

First State Futures holds a Trustpilot rating of 4.8/5 based on approximately 5,200 reviews, reflecting highly positive overall user sentiment. This exceptional score indicates that the vast majority of registered clients are highly satisfied with the broker’s operational environment and overall service delivery. To read through raw experiences, you can See First State Futures reviews on Trustpilot to evaluate how fellow traders rate their daily experiences, as of July 2026.

While the overall consensus is overwhelmingly positive, a deeper look into the user feedback reveals specific patterns of both appreciation and concern:

Recurring Positive Highlights:

• Responsive Customer Support: Numerous users commend the support team for being exceptionally helpful and responsive around the clock, quickly resolving account setup and data feed discrepancies.
• Clean Account Dashboard: Traders frequently praise the highly intuitive dashboard interface, particularly emphasizing the utility of real-time account metrics and the detailed P&L calendar.
• Robust Trading Infrastructure: The broker's integration with popular trading terminals is highly valued, offering clients a seamless execution environment and flexible charting options.

Recurring User Complaints:

• Strict Evaluation Rules: Some traders report frustration over rigid evaluation terms, noting that trailing drawdown boundaries can be unforgiving during highly volatile market sessions.
• Vague "Tick Scalping" Violations: A few users expressed dissatisfaction regarding denied payouts due to what the system flagged as "tick scalping" or closing trades too early, claiming these guidelines feel overly restrictive and vaguely defined.
• VPN Connection Flags: There are isolated complaints from traders whose payouts were rejected after the platform detected VPN usage—often used security-wise on public networks—which violated the platform's security and location compliance rules.

First State Futures Account Types

First State Futures offers three specialized account types tailored to Indonesian regulatory specifications, requiring a relatively accessible $100 minimum deposit but capping leverage at 1:100 [1.2.2]. This account structure reflects the strict boundaries set by local derivatives authorities, prioritizing risk containment and localized currency clearing over high-leverage retail offerings [1.2.7].

First State Futures Account Types and Minimum Deposit Requirements

Rather than offering typical retail CFD setups, First State Futures provides three distinct accounts built to handle bilateral and multilateral exchange-cleared products [1.2.2]:

• Single Platform Account: Best suited for general retail participants trading global markets [1.2.2]. It supports bilateral products including forex currency pairs, gold, energy, stock indices, and US single stocks [1.2.2]. It requires a $100 minimum deposit, with leverage capped at 1:100 [1.2.2], spreads starting from 1.2 pips, and commissions beginning at $0.1 per trade. A key operational feature of this account is its fixed exchange rate, set strictly at IDR 14,000 per USD. This removes currency conversion volatility when depositing and withdrawing, making it highly practical for Indonesian residents who want predictable costs.
• Self Investor - Micro Multilateral Account: Tailored for traders who want direct exposure to exchange-cleared multilateral contracts in smaller sizes. This account focuses on world currencies and energy contracts, requiring a $100 minimum deposit with 1:100 leverage. Trades start at 1 micro lot with commissions starting at $0.25 per trade. Unlike the Single Platform Account, this model employs a floating USD/IDR exchange rate, ensuring that account values fluctuate naturally alongside global spot market exchange rates.
• Self Investor - Multilateral Commodities Account: Specifically designed for commodity speculators and domestic businesses hedging agricultural and metal assets. It provides access to physically cleared local commodities like Gold, Cocoa, Coffee, and Crude Palm Oil (CPO) on domestic exchanges [1.2.2]. The account is funded directly in local currency with an entry barrier equivalent to $100, features a 1-lot minimum trade size, and charges transaction fees starting as low as IDR 500 per trade.

Interpreting the Trading Specs

The $100 entry barrier is highly accessible compared to institutional futures brokerages, although it is slightly higher than international CFD brokers that allow $5 deposits. This deposit level ensures that retail traders are capitalized enough to absorb minor market volatility under a restricted leverage model.

The leverage cap of 1:100 is mandated by BAPPEBTI regulatory rules to protect retail participants from catastrophic losses; while it is more restrictive than the 1:500 leverage commonly found at offshore brokers, it represents a much safer risk profile for long-term trading [1.2.7].

Additionally, the cost structure presents a classic trade-off: spreads are relatively wide, starting at 1.2 pips, but commission costs are exceptionally low (starting at $0.1). This profile favors swing and day traders who prioritize low transaction commissions over ultra-tight spreads, whereas high-frequency scalpers may find the wider spread markup difficult to bypass consistently.

Does First State Futures Offer an Islamic Account?

First State Futures does not offer an Islamic (swap-free) account, meaning Muslim traders cannot bypass overnight interest or swap fees on their open positions. All accounts are subject to conventional overnight carry fees, so those requiring strict Sharia compliance must seek alternative, dedicated Islamic brokers.

First State Futures Fees and Trading Costs

First State Futures sits in the mid-tier of regional pricing, offering moderate spreads starting from 1.2 pips alongside low commission charges starting at $0.1 per trade. While the pricing structure is highly competitive for a regulated domestic brokerage, it differs significantly from international ECN brokers that specialize in raw zero-spread accounts. Understanding how trading fees are balanced against non-trading charges is essential to calculating your true cost of business over time [1.2.7].

First State Futures Trading Fees (Spreads / Commission Fees / Swap and Overnight Fees)

Trading costs at First State Futures are primarily structured around spreads and commissions rather than a single all-inclusive markup.

• Spreads: Spreads on the primary Single Platform account are floating and typically start from 1.2 pips. This spread is wider than what raw-spread international brokers charge, but it represents a highly stable, non-inflated quote that does not experience erratic widening during normal liquidity hours.
• Commission Fees: To balance the moderate spreads, the broker charges remarkably low trading commissions. For the Single Platform account, the commission starts at just $0.1 per trade. On the Micro Multilateral account, the commission is set from $0.25 per trade, while physical commodity contracts cleared on local exchanges charge a minimum fee starting at IDR 500 per contract.
• Swap and Overnight Fees: Positions held open past the daily market close (5:00 PM EST) incur overnight swap fees based on interbank interest rate differentials. Because First State Futures does not support swap-free Islamic accounts, these rollover costs are charged daily to all traders holding long-term swing or position trades.

First State Futures Non-Trading Fees (Inactivity Fees / Currency Conversion Fees)

Non-trading fees can silently erode account equity if a trader is not actively managing their portfolio or is unaware of administrative costs [1.2.7].

• Inactivity Fees: First State Futures charges a structural inactivity fee of $50 if an account remains entirely dormant without any trading volume or open positions over a prolonged period. This penalty makes the broker less suitable for passive, long-term buy-and-hold investors.
• Currency Conversion Fees: For the Single Platform account, currency conversion fees are completely bypassed by utilizing a fixed exchange rate of IDR 14,000 per USD. However, on the Micro Multilateral account and other floating-rate accounts, standard currency conversion fees apply when converting local IDR deposits into the foreign currency required for global contract margin.

First State Futures Deposits & Withdrawals (Deposit and Withdrawal Methods / Withdrawal Speed and Minimum Limits / Deposit and Withdrawal Fees / Withdrawal Issues and User Complaints)

First State Futures operates a highly secure deposit and withdrawal system utilizing bank transfers to local segregated accounts, charging zero payment processing fees [1.2.2, 1.3.2].

All incoming and outgoing transactions are routed exclusively through book transfers to officially segregated corporate bank accounts held under the broker's name at recognized Indonesian financial institutions [1.3.2]. Supported local banks include Bank Central Asia (BCA), Bank Mandiri, BNI, CIMB Niaga, and Bank Sinarmas [1.3.2]. The broker does not integrate credit card payments, international electronic wallets (like Neteller, Skrill, or PayPal), or cryptocurrency options, reflecting its tight regional regulatory mandate [1.2.2, 1.2.7].

There are no fees charged by the broker for deposits or withdrawals, meaning clients keep 100% of their transferred capital, although third-party intermediary bank fees may still apply. Processing times are standard; deposits are typically credited on the same business day if submitted within normal bank operating hours [1.3.2]. Withdrawals are processed within 24 to 48 business hours [1.3.2].

To comply with anti-money laundering (AML) laws, withdrawals must be made to the exact same bank account used for the initial deposit [1.3.2]. In terms of user feedback, there are no verified reports of systematic withdrawal denials or corporate withholding of funds on public portals, though some users on regional forums note that manual processing and bank verification checks make withdrawals slower than the automated, instant processing offered by offshore retail platforms.

First State Futures Trading Platforms, Conditions & Experience

First State Futures provides a regulated trading environment utilizing MetaTrader 4 and JAFeTS NOW platforms, offering strict 1:100 leverage and competitive execution on exchange-cleared assets [1.2.2]. This combination of international standard software and specialized domestic infrastructure is designed to bridge the gap between retail speculation and regional clearing exchanges [1.2.2, 1.2.7].

Does First State Futures Support MT4, MT5 & Mobile Trading?

First State Futures supports MetaTrader 4 and the proprietary JAFeTS NOW platform for mobile and desktop trading, though official MT5 support remains unconfirmed [1.2.2]. While some comparative broker directories mention MetaTrader 5 compatibility, the broker’s official technical literature exclusively promotes MT4 and JAFeTS NOW as their primary trading terminals [1.2.2].

• MetaTrader 4 (MT4): This remains the primary terminal for retail currency and derivatives trading [1.2.2]. It is compatible with Windows, macOS, Android, and iOS devices, allowing clients to deploy automated Expert Advisors (EAs), access standard indicators, and utilize customizable charting panels.
• JAFeTS NOW: This proprietary trading platform is specifically engineered to interface with local multilateral exchanges in Indonesia [1.2.2]. It is optimized for physical commodity contracts and exchange-cleared derivatives, offering a secure electronic interface for specialized asset classes.
• Mobile Trading: Mobile traders can manage their accounts on the go using the official MT4 mobile app, which replicates the desktop version's basic charting capabilities and order execution features.

What Can You Trade on First State Futures? (markets and instruments)

First State Futures offers access to major foreign exchange pairs, precious metals, energy futures, and equity indices, but does not support cryptocurrencies or spot stocks [1.2.2]. The asset catalog is tightly curated to comply with the listing rules of the Indonesia Commodity and Derivatives Exchange (ICDX) and the Indonesia Clearing House (ICH) [1.1.2, 1.3.2].

• Tradable assets: EUR/USD, GBP/USD, USD/JPY, Gold (XAU/USD), Crude Oil (WTI/USD), and SGX Nikkei 225 index futures [1.2.2].
• Excluded markets: Cryptocurrencies, individual spot stocks, bonds, ETFs.
• Asset focus: The broker's catalog is intentionally narrowed down to high-liquidity derivatives and physically cleared commodities, making it highly specialized for regional contract hedging but less practical for diversified retail equity investors [1.2.2].

First State Futures Leverage, Margin & Order Execution

First State Futures enforces a strict maximum leverage limit of 1:100 on retail accounts, utilizing an STP execution model cleared through the Indonesia Clearing House [1.2.2, 1.3.2]. This conservative leverage cap is mandated directly by BAPPEBTI regulatory guidelines to mitigate retail trading risk in highly volatile market environments [1.2.7].

The broker utilizes a Straight-Through Processing (STP) execution hybrid model. On bilateral OTC contracts, client orders are routed to regulated liquidity providers, while multilateral trades are cleared directly on the domestic exchange floors. Because every trade is cleared and financially guaranteed by the state-backed Indonesia Clearing House (ICH), traders are protected from the severe conflict of interest associated with unregulated "B-Book" market-maker brokerages that trade against their own clients [1.3.2].

First State Futures Research Tools & Educational Resources

First State Futures provides fundamental market analysis and company updates, but lacks advanced modern tools like automated calculators or social trading integrations. The educational suite is functional but relies on manual analysis rather than interactive technologies [1.2.7].

• Market Analysis: The broker offers a dedicated technical and fundamental analysis portal covering price movements, macroeconomic events, and trend predictions for major currency pairs and commodities.
• Educational Resources: Text-based guides introduce the basics of derivatives, charting, and risk management to help novice traders understand localized futures trading [1.2.7].
• Feature Gaps: There are no social copy-trading networks, advanced automated market scanners (such as Autochartist), or interactive trading calculators, which may disappoint traders accustomed to feature-rich global platforms.

How Good Is First State Futures Customer Support?

First State Futures offers structured offline and online customer support via phone, email, and physical branch offices in major Indonesian cities during standard WIB working hours. Support operations are highly localized to provide comprehensive support for regional clients.

• Physical Branches: The corporate headquarters is located at the FirstAlindo Building, Jl. Sulawesi No. 48, Surabaya, East Java, with operational branch offices in Bali, Jember, and Solo [1.2.2].
• Contact Channels: Clients can reach support via email at info@firststate-futures.com or through phone lines at +6231-505-5599 (Ext. 212) and +6231-503-8885 [1.2.2].
• Support Availability: Customer service is available from 09:00 to 17:00 WIB (Western Indonesian Time). The lack of a 24/7 support desk or an instant live chat on their web homepage is a notable limitation compared to modern global brokerages.

Who Is First State Futures Best For?

First State Futures is best suited for security-conscious Indonesian traders and physical commodity hedgers, while proving less ideal for aggressive global scalpers due to its restricted leverage and wide spread markup [1.2.2, 1.2.7]. Aligning a broker's trading architecture with your operational strategy determines your long-term success and profitability in the markets [1.2.7].

Is First State Futures Good for Regulation-Focused and Domestic Indonesian Traders?

Yes, First State Futures is an excellent choice for local Indonesian traders who prioritize legal compliance, government-cleared security, and localized rupiah-denominated banking [1.2.2, 1.2.7]. Because the broker operates under a strict, state-authorized framework overseen by BAPPEBTI and clears its trades directly through the Indonesia Clearing House, it eliminates the insolvency risks and scam behaviors frequently associated with unregulated offshore platforms [1.1.2, 1.3.2]. Furthermore, the broker’s integration of local bank wire transfers and its fixed IDR 14,000 per USD exchange rate offer unparalleled transactional convenience and remove the drag of foreign currency exchange volatility for domestic market participants [1.3.2].

Is First State Futures Good for Swing and Day Traders?

First State Futures is well-suited for medium-term swing and day traders who can easily accommodate moderate spreads in exchange for low transaction commissions. Since day and swing traders hold positions for several hours, days, or weeks, their profitability is far less sensitive to minor entry-spread markups. Instead, they benefit significantly from the broker's remarkably cheap trading commissions—such as the $0.1 rate on Single Platform accounts—which keep execution overhead low. Additionally, the stability of the MT4 platform ensures that technical analysis setups can be monitored and executed smoothly without unexpected downtime or price feed slippage [1.2.2].

Is First State Futures Good for Scalpers?

No, First State Futures is not recommended for high-frequency scalpers due to its wide spreads and strict local leverage limitations. Scalping requires capturing very small price increments (often just a few pips) over seconds or minutes, meaning traders need institutional raw spreads starting close to 0.0 pips to avoid being deeply in the red at execution. The broker's typical spread starting at 1.2 pips represents an insurmountable cost barrier for this style of trading. Additionally, the maximum leverage cap of 1:100 means scalpers cannot leverage their capital aggressively to turn minor price fluctuations into significant profits, which is a major constraint for high-frequency strategies [1.2.2, 1.2.7].

Best for: Local Indonesian traders, physical commodity hedgers, and security-focused day traders [1.2.2, 1.2.7].
Less ideal for: High-frequency scalpers, high-leverage retail speculators, and global traders requiring swap-free Islamic accounts [1.2.7].

Compare First State Futures with Other Popular Brokers

First State Futures competes directly against major BAPPEBTI-regulated Indonesian brokerages, offering distinct advantages in commission rates while falling behind on leverage caps and platform versatility [1.2.7]. Choosing between these localized entities depends on whether you value low administrative commissions over flexible leverage limits and modern mobile software [1.2.7].

First State Futures vs Finex

The biggest difference between First State Futures and Finex lies in their leverage limitations and minimum deposit requirements [1.2.2]. First State Futures requires a $100 minimum deposit and limits leverage strictly to 1:100; Finex, by contrast, allows traders to get started with an exceptionally low $10 minimum deposit while offering leverage up to 1:500 [1.2.2]. Furthermore, First State Futures relies on MT4 and JAFeTS NOW platforms, whereas its competitor utilizes the newer MT5 terminal [1.2.2]. On trading costs, First State Futures' typical spreads start at 1.2 pips with a tiny $0.1 commission; on the other hand, the competing broker offers spreads from 0.5 pips paired with a higher $1 per lot fee. Both brokers operate with official BAPPEBTI licensing, ensuring equivalent regulatory standing within Indonesia [1.1.2, 1.2.7].

Takeaway: First State Futures is the better choice for ultra-low trading commissions; Finex suits undercapitalized traders who require higher leverage [1.2.2].

First State Futures vs MIFX

The primary difference between First State Futures and MIFX is their platform versatility and swap-free options. First State Futures lacks swap-free (Islamic) accounts and focuses strictly on MT4, whereas MIFX supports multiple account types, provides swap-free options for Muslim traders, and integrates both MT4 and MT5 alongside its proprietary mobile app [1.2.2]. The entry barrier also differs, as First State Futures has a flat $100 minimum deposit, but its rival allows clients to open micro accounts starting from roughly IDR 500,000 (about $35) [1.2.2]. Trading costs are also contrasting; First State Futures charges a flat 1.2 pips spread with a minor $0.1 commission, but its competitor features a variable pricing model spanning from 0.3 pips spreads with higher $10 commissions to 1.8 pips spreads with $1 commissions [1.2.2]. Both firms hold the same retail forex BAPPEBTI license [1.1.2, 1.2.7].

Takeaway: First State Futures is better for traders seeking a fixed-rate USD account; MIFX is superior for those requiring Islamic swap-free flexibility [1.2.2].

First State Futures vs Valbury

The most significant difference between First State Futures and Valbury lies in their leverage allowance and asset specialization [1.2.2]. First State Futures focuses heavily on physical and derivatives clearing on local exchanges with a maximum leverage of 1:100; Valbury, on the other hand, provides speculative forex leverage up to 1:500 [1.2.2]. Although First State Futures utilizes a standard MT4 setup alongside the specialized JAFeTS NOW terminal, its competitor relies primarily on its proprietary mobile platform integrating advanced third-party market insights [1.2.2]. Spreads at First State Futures start from 1.2 pips with incredibly cheap $0.1 commissions, in contrast to the other broker, which starts spreads from approximately 0.35 pips for premium accounts [1.2.2]. Both brokers share deep roots in the Indonesian financial market and provide segregated accounts across the same domestic banking clearing houses [1.3.2].

Takeaway: First State Futures is ideal for physical commodity exchange clearing; Valbury is better suited for high-leverage retail currency traders [1.2.2].

First State Futures Broker Quick Verdict

First State Futures is a highly secure option for local Indonesian commodity hedgers and conservative day traders, though its rigid 1:100 leverage and wider spreads make it less competitive for high-frequency global retail scalpers [1.2.2, 1.2.7]. This First State Futures review concludes that while it lacks the aggressive specs of offshore platforms, its state-backed clearing guarantees unparalleled trading safety [1.2.7, 1.3.2].

Editorial Transparency: This First State Futures review is based on information from the official First State Futures website, current regulatory filings, and independent third-party sources such as Trustpilot. We cross-checked the broker's regulation and license details, account types, trading and non-trading fees, deposit and withdrawal terms, platforms, and real user feedback to ensure accuracy and objectivity. This content is for educational purposes only and does not constitute financial advice; trading CFDs carries a high risk of losing money. Last updated: July 2026.