The list of fraudulent forex brokers in 2021 was widely discussed by media coverage and social media in Indonesia. How could it not be? The rampant uncontrolled brokerage companies in Indonesia have opened up opportunities for fraudulent companies to carry out their actions. Not to mention the hot case in the last few months in 2022 that dragged the name Indra Kenz and shocked the public.


The case of Indra Kenz is of course related to the world of trading. Forex trading itself is currently a side job for millennials who want to get passive income quickly. It is undeniable that forex trading does bring many benefits today, but it seems that many Indonesians still do not know the dangers behind fraudulent brokers who roam without permission from BAPPEBTI.

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List of Fraudulent Forex Brokers in Indonesia

To avoid incidents like those mentioned above, in this article about forex, GIC Jurnal will share information on a list of fraudulent forex brokers in Indonesia. Here is the review below. However, before discussing the list of fraudulent brokers in Indonesia, you also need to know the characteristics of fraudulent brokers. Below are the characteristics.

How to Recognize Fraudulent Brokers:


  1. Promising high profits in a short time

You should be careful if you find a broker with the lure of being given big profits in a short time. Basically, in the world of trading itself, it takes time for you to enjoy the profit. Many fraudulent brokers promise you to be able to profit quickly and easily, especially without any risk. You should be careful about this because brokers only want to get money from traders quickly.


  1. Not Registered with Bappebti

Bappebti is a government agency that has the authority to supervise and issue business licenses for futures exchanges to brokers. Usually to find out whether the broker is illegal or legal is to check it directly through the official Bappebti website, if the broker's name is not registered then it is likely a fraudulent broker.


  1. Unclear Office Address

Usually fraudulent brokerage firms have the same address with a different company name. Although trading is done online, it is important for you to check the physical office of the broker you are targeting, because usually the address of fraudulent brokers is unclear.


  1. Failed Withdraw

In many cases, fraudulent brokers often fail to withdraw funds without any clear explanation.


Before you trade or even become an investor, it's a good idea to first find out the reputation of the broker. The easiest way is to do an internet search, usually the company name will appear on the Bappebti page. The second way is to search for information and ask experienced traders directly. One of the trusted broker lists in Indonesia is GIC. At GIC itself, you can also learn about the world of forex through the GIC Academy, where there are several class levels.


GIC collaborates with several lists of educators and community leaders from various trading styles who provide classes such as beginners, intermediate, to professional classes directly from the experts.

List of Fraudulent Forex Brokers in Indonesia


  1. PT Artamas Futures (Previously Named PT Bimasakti Futures)

 

Bappebti has revoked the license of PT Artamas Futures since April 9, 2020. The broker's license was revoked because the broker's membership status was previously frozen by BBJ (Jakarta Futures Exchange). In the case, Artamas Futures received a lawsuit from 3 customers because they were considered to have cheated by not disbursing investment funds of up to billions of Rupiah.


  1. Sunton Capital Ltd

The next list of fraudulent forex brokers comes from Sunton Capital. Social media in 2021 was abuzz with news of fraud committed by one of the fraudulent brokers. This broker claimed to be a trading company based in England, the case that befell Sunton Capital was first raised by a musician, Ananda Sukarlan, who told it on his personal Twitter account.


Sukarlan reported that the Sunton Capital broker at that time promised a profit of 5-20% every day and was about to pay the promised interest, but Sunton Capital argued that their system was under repair at that time until finally the broker manipulated the chart completely.


  1. Binomo


Surely you are already familiar with this broker, right? This trading broker was booming on social media because it was actively advertising forex trading profits. As we mentioned earlier about the name Indra Kenz, he is an affiliate of this broker platform. The Binomo platform is known to not have a permit to operate in Indonesia, even Bappebti and OJK themselves have blocked this company's website several times. In the case of Indra Kenz himself, he has deceived many people and until now his case is being handled by the Tangerang District Court with a criminal threat of 15 years in prison and a fine of 10 billion.


  1. PT AXO Capital Futures


Another list of fraudulent forex brokers banned by Bappebti is PT Axo Capital Futures. This broker has been proven to have committed violations that have caused many people to lose money. The violations committed by this broker are misuse of customer money for company activities. Not only that, this broker also relocated offices to businesses and also falsified agreements by imposing articles that weakened their own customers.


  1. Kato Prime

You may ask whether Kato Prime is a scam? The answer is of course yes. This broker platform is based in the UK and does not have a license related to their operations. According to information we obtained from forexdepositbonuses.com, they conducted a survey by searching the company database through the registered postal code, but no results appeared related to the broker.


  1. PT Cayman Trust Futures

The next list of fraudulent forex brokers is Cayman Trust Futures. This company has had its license revoked by Bappebti because it was proven to have committed fraud and violations that had a major impact, especially on customers. It is known that the violations committed were that this company stored customer money through separate accounts from the accounts in the company. The company used the money for business and opened other illegal brokerage branches.


  1. PT Graha Finesa Berjangka

Another brokerage company that is on the list of fraudulent forex brokers in Indonesia is Graha Finesa Berjangka. Bappebti also revoked the operating license of this broker because it had defrauded its customers of a fantastic total! The amount of funds reported was 2.1 trillion, and because it was classified as a large embezzlement of funds, this company was reported to the Jakarta District Court for embezzlement and fraud of customer funds. Many fraudulent brokers take the opportunity to offer their fake products, of course you need to be vigilant. However, you don't need to worry, because you can join us at GICTrade without having to worry about being scammed by a broker! GIC offers many benefits for those of you who join.


Above is an article about forex "list of fraudulent forex brokers". Continue to update the latest information through the GIC journal which will be announced every day. You can also trade on the GICTrade application with its latest feature, an ECN account, enjoy the advantages of the latest features with the lowest spread starting from 0!