Being an experienced trader does not guarantee you will never be deceived by a fake forex broker. Chances are, you trust the forex broker because of a friend. Then, without thinking, you trade there and experience some irregularities, until the peak you can't withdraw funds.

To prevent this from happening, find out the list of fraudulent forex brokers operating in Indonesia. Here's the review. But before reviewing, you can download application of the GIC Mobile on the Play Store or App Store.

Easily recognize scam forex brokers

There are several reasons why many traders can fall victim to forex scams. First, there is a lack of interest in traders to choose a forex broker that is already registered with the regulator because most reliable forex brokers require a large deposit. Second, the lure of greater profits if trading at a fraudulent forex broker, thus making traders interested.

Third, the lack of knowledge and information about how forex brokers deceive customers, this causes many traders or investors to choose brokers who have actually been declared fraudsters by regulators. There are several factors that cause a forex broker to be declared a fraudulent forex broker, such as the following:

1. Not registered with an official regulator such as Bappebti or the regulator of the home country (if an international forex broker). However, it has a claim that it has been registered with the regulator.
2. The forex broker's official license has been revoked by the regulator for committing serious violations.
3. There was a case of failed withdrawal of funds without any obvious reason and proven to deceive traders or investors.

Before trading or investing, you can also find out the reputation of the forex broker first, find out the list of trusted forex brokers that are most reviewed by traders and investors. It is easiest to do an internet search or ask directly with experienced traders. The experience of traders can be a source of reference for you. Take note of the list of scam forex brokers that you often hear from experienced traders or investors. 

Also, make sure that you can distinguish between facts and opinions that are only emotional. Before proceeding to the list of fraudulent forex brokers, you can register with GIC to become an IB in the GICAaffiliate program to be able to increase your income in addition to trading.

Daftar broker forex penipu yang ada di Indonesia

Choosing the best forex broker is one of the essential keys to achieving success in trading or investing. So that you avoid scams that not only drain you financially and emotionally. The following is a list of fraudulent forex brokers based on a report released by Bappebti:

1. PT Arta Mas Futures was formerly known as PT Bimasakti Berjangka

Bappebti officially revoked PT Arta Mas Futures' license on April 9, 2020. This revocation was carried out because the membership status of this brokerage company had previously been frozen by the Jakarta Futures Exchange. Reporting from Kontan, Arta Mas Futures faced a lawsuit from three customers for not disbursing customer investment funds with a value of IDR 2.48 billion, IDR 760.61 million, and IDR 30.39 million, respectively.

2. PT Arta Berjangka Nusantara

On June 5, 2008, the Jakarta Futures Exchange froze the membership status of Artha Berjangka Nusantara. Quoted from Detik, this brokerage company was proven to have committed several serious violations so that it was included in the list of fraudulent forex brokers due to several things such as unclear office addresses and phone numbers that made it difficult for customers to hold accountable, customers found it difficult to withdraw funds from the remaining equity owned by customers, and resignations made by the management of Artha Futures Futures, So that no party is responsible for the company's operations.

3. PT Axo Capital Futures

Bappebti revoked the license of PT Axo Capital Futures on June 30, 2014. This revocation was also carried out by the Jakarta Futures Exchange because a number of violations were found so that it was included in the list of fraudulent forex brokers that you should be aware of. Reporting from Bisnis, Bappebti found that Axo Capital Futures has changed offices. This brokerage company also misuses customer money for the company's operational activities.

Not only that, Axo made an agreement that had been added articles aimed at weakening the customer's position and the existence of customer transactions that were not reported to the Jakarta Futures Exchange and not registered with the Indonesian Futures Clearing. The 3 brokers have been explained, then you can invite your friends to trade together on GIC and get various kinds of bonuses that have been offered!

4. PT Buana Investment Global Futures

Bappebti and the Jakarta Futures Exchange froze the license of PT Buana Investment Global Futures on January 7, 2011. Quoted from the Business page, this brokerage company is included in the list of fraudulent forex brokers because they commit illegal actions, namely misusing customer funds in segregated accounts.

5. PT Cayman Trust Futures

Quoted from Antara News, Bappebti revoked the license of Cayman Trust Futures on September 9, 2008. This revocation was carried out because the membership status of this brokerage company had previously been frozen by the Jakarta Futures Exchange. Cayman Trust Futures is included in the list of fraudulent forex brokers because it has committed serious violations such as not keeping customer funds in a segregated account or segregated account but in the company's account. 

The customer's funds were also misused by using them for the company's operational purposes and opening accounts at other brokerage companies. As a result, customers have difficulty withdrawing funds. CTF also manipulates data in compiling monthly reports submitted to Bappebti and BBJ as well as KBI. The numbers listed are not in accordance with the actual conditions.

6. PT Danagraha Futures

Next on the list of fraudulent forex brokers whose licenses have been revoked by Bappebti is Danagraha Futures. This brokerage company was officially frozen on July 9, 2018, followed by BBJ which revoked its membership of Danagraha Futures on July 11, 2018. Reporting from several news pages, this brokerage company provides a profit lure for traders or investors of 2%-3% per month through signal trading and the excess of this signal trading is believed to be able to detect a maximum loss of 6% with the promise of withdrawing funds can be done at any time. However, the customer's funds were never returned. The total losses experienced by Danagraha Futures customers reached IDR 13 billion-14 billion.

7. PT Graha Finesa Berjangka

Suspected of collecting customer funds of up to 2.1 trillion, Bappebti has revoked the license of PT Graha Finesa Berjangka following the freezing of the membership of this brokerage company by the Jakarta Futures Exchange. A total of 61 customers reported Graha Finesa to the Central Jakarta District Court. According to several news sites, Graha Finesa provides incomplete and misleading information that is indeed aimed at harming customers. This forex broker persuades potential customers in improper ways through mass media such as opening job vacancies. These job seekers are persuaded to invest in this brokerage firm. Graha Finesa always provides an explanation of the multiplied profits without informing the investment risk. 

This case caused Graha Finesa Futures to be included in the list of fraudulent forex brokers. This list of seven fraudulent forex brokers was made based on press releases released by Bappebti, Jakarta Futures Exchange, and Indonesia Futures Clearing.

Fraudulent Forex Brokers Outside Indonesia

In addition, there are also fraudulent brokers outside Indonesia such as:

1. Sunton Capital

Sunton Capital or commonly referred to as Suntonfx. Which is a foreign trading robot from the United Kingdom. Known for brokers who have accurate predictions with greater income than other foreign brokers. Sunton Capital committed fraud by conducting a mass Margin Call on their site. Sunton even continued his action through a site called ELIFX.

2. Mark AI

In addition, there is also Mark Al who is scamming similar to Sunton Capital. In fact, Mark Al scammed first than Sunton Capital.

3. HTFox

There is also HTFox which also commits similar scams.

The domain of illegal forex broker sites that are buzzing in Indonesia

In contrast to the seven list of fraudulent forex brokers that have been mentioned. The forex brokers below are the domain of illegal site entities whose appearance shocked traders in Indonesia. This forex broker has never had a license from a regulator. Arbitrary?

1. Binomo

Binomo is a platform formed by stockbrokers. They offer binary options trading scheme services, which are in the form of analysis of price fluctuations over a certain period of time. In Indonesia, they expanded their expansion through Youtube ads. Bappebti together with the Ministry of Communication and Information blocked the domain of this illegal entity's website on May 17, 2019 and entered the list of fraudulent forex brokers.

According to Bappebti, Binomo commits fraud because it uses duplication or support business licenses from other futures brokers and has the potential to harm the community. Binomo ads are also considered manipulative because they give the impression that the target of the ad is ordinary people who do not understand the world of trading or investment such as high school students, college students, and labor workers, thus providing an opening to commit fraud.

2. Masterforex aka MFX

MFX had become one of the favorite forex brokers for Indonesian traders. This international forex broker is suspected of committing fraud to customers. Many traders previously wanted to withdraw funds but were rejected and delayed for months. At the peak, on one of the well-known internet forums in Indonesia, there was a lot of talk that the manager of the MFX Indonesia forex broker website stated that it had severed relations with the central MFX because of the very difficult withdrawal process. 

The victims of MFX fraud are not only Indonesian traders or investors, but also traders or investors from all over the world. There is a strong suspicion that Masterforex changed its name to MFX without permission from the regulator or in other words the unregulated forex broker MFX from the beginning of its existence and entered the list of fraudulent forex brokers.

How not to fall victim to a forex broker scam?

Although some of the cases of scam forex brokers above occurred 10 years ago, it does not guarantee that forex broker scams will not happen again. It is evident that to date, there are many traders or investors who are still victims of forex scams. The total losses experienced are not small. So, how do you avoid falling victim to forex broker scams?

1. Always check regulations

A forex regulator is a government agency or autonomous institution that plays a role in maintaining the legal compliance and order of brokers, as well as providing guaranteed protection for traders. If you prefer an international forex broker, make sure that this forex broker is regulated in your home country. The following forex regulatory agencies are authorized to provide regulation for brokers in various countries:

1. Commodity Futures Trading Supervisory Board (Bappebti). Forex broker regulators in Indonesia
2. Financial Conduct Authority (FCA). The regulator of forex brokers in the UK.
3. CFTC (Commodity Futures Trading Commission) dan NFA (National Futures Association). The regulator of forex brokers in the United States.
4. Australia Securities and Investments Commission (ASIC). The regulator of forex brokers in Australia.
5. Financial Service Agency (FSA). Forex broker regulator in Japan.
6. MAS Monetary Authority of Singapore. Forex broker regulator in Singapore.
7. SFC Securities and Futures Commision. Regulator of forex brokers in Hong Kong.
8. Autorite des Marches Financiers (AMF). Forex broker regulator in France.
9. Federal Financial Supervisory Authority (BaFIN). Regulator of forex brokers in Germany.
10. Commissione Nazionale per le Societ e la Borsa (CONSOB). Regulator of forex brokers in Italy.

You can check the list of forex brokers registered with Indonesian regulators on the official website of Bappebti. For those who prefer international forex brokers, you can check the official website of the regulator above according to the country of origin. If the forex broker does not exist after you check, then you should be suspicious that the forex broker is on the list of fraudulent forex brokers.

2. Don't fall for the lure of big profits

If there is a forex broker that promises 100% profit certainty and no loss, don't be easily tempted. Similar to any other business or investment, losses are very likely to occur in the trading world. Many cases of scammer forex brokers like the above start with promising lures. Large deposit bonuses are also often used as a lure to make you interested in becoming a trader or investor. These two ways are usually used as fake forex broker strategies to deceive you.

3. Check the address of the forex broker's office

Fraudulent forex brokers will usually provide fictitious addresses to potential clients. Although forex trading is done online, information regarding the location of the forex broker's office is important. If the office is not there, what if one day you encounter obstacles or problems and hold them accountable?

4. Find out the reputation of a forex broker

Participating in the trader community is the easiest way to stay up to date with the latest news about the world of trading. In this community, traders will usually share their experiences during trading including information regarding the list of trusted forex brokers and the list of fraudulent forex brokers. 

You can also do a search on the internet regarding the reputation of a forex broker before you start trading at a particular forex broker. If you are still confused about the broker you want, you can join GIC and fill out the Trader Assessment survey to be able to consult about the trade to be carried out.

5. Pay attention to the website domain address

Have you checked the regulations, office address, and reputation of the forex broker, but still scammed? Chances are you are being deceived by clone forex brokers, this type of forex broker usually profits from the name of a popular broker that has been widely trusted by the public through a website domain. Clone forex brokers usually use domain urls that are similar to the original regulated forex brokers.

How do you avoid these scams? First, take note of the domain address of the forex broker you have chosen. When logging into the broker's site, make sure it has the same domain. If you visit a new broker, make sure you get a link from a trusted source, not from an email that suddenly appears without knowing the origin. Before signing up for a broker, it's a good idea to listen to reviews that are widely available on the internet or ask questions on discussion forums among traders. Clone forex brokers will be much different and look less professional. Bappebti together with Kominfo will usually release a list of fraudulent or fake forex brokers along with the domain addresses of blocked illegal forex broker websites.

6. View services provided

Unlike the case of the list of fraudulent forex brokers above that disappeared suddenly, a trusted and regulated forex broker will provide a special channel so that customer problems are resolved quickly and not allowed to drag on because it has an impact on the company's reputation.

Educational services are also an important factor, because forex trading is a high-risk activity. Education is useful for minimizing the risk of loss and providing you with knowledge about the potential profits you can achieve in the trading world.

Still confused about where to start? Join GICTrade Now!

Check out the educational classes that GIC often holds, you can learn directly from the master trader! What if you're a beginner? Don't worry, you can customize the classes you want to take. Or you can also take the Preliminary Test to be able to measure how far you are at trading.

Now you know the list of scam forex brokers and how to avoid scams. Make sure you make more careful observations. Many new traders who enter the forum immediately ask for broker recommendations without wanting to do any further research. Many scam brokers are looking for this opportunity to offer their fake services, so you need to be careful. 

However, you are lucky, you can join the GIC ecosystem without worrying about being scammed by a fraudulent forex broker. GIC offers many benefits for people who join.

Examples include education through forex articles and also learning in advanced classes from GIC. We also provide an internal survey for those of you who want to review the services of GIC.