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 LABAFX as planned according to its regulatory address that Lippo Thamrin Office, 17th Floor, Jl. M.H Thamrin Kav 20, Jakarta Pusat 10350.

A seasoned and professional inspection team, committed to safeguarding investor interests, conducted a meticulously planned on-site verification of the forex broker LABAFX at Lippo Thamrin in Central Jakarta.

The investigators successfully arrived at Lippo Thamrin Tower, located at 20 Jl. M.H. Thamrin in Central Jakarta, based on the provided information. The building is a high-end office tower with a modern exterior and well-maintained facilities. The surrounding area offers comprehensive commercial amenities and convenient transportation, presenting an overall excellent environment. No broker signage was observed on the exterior of the building.

Next, the survey team proceeded to explore the interior of the building. Security was extremely strict—visitors were required to present ID, complete a guest registration, and have their pre-scheduled appointment verified by the front desk before being granted access. Public areas were equipped with digital navigation screens, which confirmed that LABAFX was located on the 17th floor.

Upon reaching the 17th floor, the investigators followed the directions to the company‘s office unit, where the signage indicated it was a co-working space. Although they were granted access to the shared corridor of the co-working area, LABAFX’s dedicated office section had a separate access control system. After communication with staff, the inspection team was permitted to take photos of the reception area from outside but was not allowed inside the main office. Through the glass door, a standard reception desk and partitioned workstations were visible—the environment appeared neat but compact. Due to restricted access, details such as the number of workstations or private offices could not be verified.

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 LABAFX 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.