First State Futures

As an experienced trader, when considering any broker—especially one like First State Futures—I always pay close attention to transaction details, including minimum deposit and withdrawal policies. From what I’ve gathered, First State Futures does provide some transparency about fees (not charging for deposits or withdrawals) and emphasizes transfers via segregated accounts in the company’s name for security. However, I have not found specific, disclosed information regarding the minimum withdrawal amount for a single transaction. This lack of explicit detail is something I approach cautiously. Even though the broker seems to have its operational procedures regulated by the ICDX in Indonesia, with segregated accounts as an added safety layer, I find it less than ideal that concrete withdrawal minimums aren’t clearly published. In my experience, this could potentially lead to confusion or inconvenience down the road—so before funding any account, I always recommend reaching out directly to their support for written confirmation of such policies. For me, not having this information upfront means I’d proceed with extra care and not assume full operational flexibility until verified. This conservative stance helps me manage risk, especially with newer or less internationally established brokers.

Based on my experience opening and withdrawing funds from various forex brokers, including regional entities such as First State Futures, I always start by ensuring that my identity is fully verified to avoid any unnecessary delays. First State Futures, as per its regulatory obligations in Indonesia, typically requires personal identification documents and proof of account ownership, especially since deposits and withdrawals are only processed to and from bank accounts in the client’s own name. For my initial withdrawal, I prepared a valid government-issued photo ID (such as a passport or national ID card), proof of address (for example, a recent utility bill or bank statement showing my name and residential address), and documents showing the bank account matches my registration details. This is standard practice in the industry to comply with anti-money laundering regulations and to confirm the source and destination of funds. I also made sure to use the same payment method and bank account that I used during my deposit, as their procedures only allow withdrawals via the original deposit channel. In my cautious view, contacting their customer support before initiating a withdrawal is prudent. This approach helps me verify which documents are currently required, as requirements can change, and ensures my withdrawal request is processed smoothly. Carefully following these steps gives me peace of mind and reduces the risk of complications.

In my experience as an independent trader, regulatory oversight is one of the first things I examine before even considering a broker. When researching First State Futures, I found that they are currently regulated by the Indonesia Commodity and Derivatives Exchange (ICDX), holding a Retail Forex License under license number 037/SPKB/ICDX/Dir/VIII/2010. This means, at least for the present, they are officially monitored for compliance by ICDX—a key regulatory authority for trading activities in Indonesia, intended to provide some layer of client protection. However, I have to be cautious here. I also noticed that First State Futures previously held a license from BAPPEBTI, Indonesia's official commodity regulator, but that license has been revoked. Plus, there’s a noted issue with what’s described as a “suspicious clone” license under the Jakarta Futures Exchange (JFX). These red flags make me proceed with extra care, because a revoked or questionable license history can signal limitations in oversight or inconsistencies in regulatory adherence. So while First State Futures is presently regulated by ICDX, I personally view the revocation from BAPPEBTI and the JFX license confusion as critical factors. As a trader who prioritizes fund safety, regulatory clarity, and broker transparency, I would be vigilant—and would recommend others approach any broker with regulatory complications cautiously.

From my experience reviewing and evaluating brokers, one of my top concerns is always transparency around trading costs—especially spreads. With First State Futures, despite its regulatory history and recent changes, I found that specific information about whether spreads are fixed or variable is not directly disclosed in the public materials available. This lack of clarity makes me cautious. In my own trading, fixed spreads help with predictability, while variable spreads can widen significantly in times of high market volatility or major news releases. When reviewing First State Futures, there is no mention of fixed spreads as a feature on their platforms. Since they provide access to MT4, which commonly uses variable spreads—especially among brokers in the region—it's reasonable to assume spreads here are most likely variable, though without official confirmation, I can’t say this with certainty. Based on my understanding of how variable spreads work, during important economic events or sharp market movements, the cost of trading—expressed through wider bid-ask spreads—typically increases. For me, this exposes traders to higher transaction costs during precisely those periods when quick execution and stable pricing matter most. The absence of concrete spread details from First State Futures means I’d approach active news trading or event-driven strategies with heightened caution, as unexpected costs could arise. In summary, while First State Futures offers a range of instruments and claims medium risk, the uncertainty around spread type and behavior during volatility prompts me to be vigilant, seek direct clarification from their support, and possibly test actual trading conditions with a demo or small live account before any significant commitment.