Reason for this visit

While BANK INDONESIA (Indonesia's central bank) aims to keep the rupiah stable, BAPPEBTI governs all entities operating on the Indonesian financial market, including forex and CFD brokers, and the agency is directly overseen by the Ministry of Finance. In 2013, the Indonesian government began cracking down on a large number of fraudulent brokers targeting Indonesian citizens, causing overseas brokers operating in the country to shut down their websites. Later, the Indonesian government decided to open it up again to overseas brokers on the condition that they set up an office in the country and follow the guidelines of BAPPEBTI (if any). However, these conditions turned out to be short-lived as currently Indonesian investors are free to choose any international broker. With a population of nearly 270 million, Indonesia is the largest Muslim country in the world, and all forex brokers in the Indonesian market offer Islamic trading accounts that are compatible with the Sharia Law. In order to help investors or practitioners get a more comprehensive understanding of foreign exchange dealers in Indonesia, the survey team is going to the country for field visits.

On-site visit

This time the survey team visited the dealer Magnet in Indonesia, with the specific address at SONA TOPAS TOWER LANTAI 18 SUITE 18-04, JALAN JENDRAL SUDIRMAN KAV. 26 kelurahan KARET KUNINGAN kecamatan SETIA BUDI kota JAKARTA SELATAN propinsi DKI JAKARTA.

Based on the above address, the survey team came to the destination of this survey, located in the downtown area of Jakarta, Indonesia. The building had a hotel as well as luxurious office areas. Also, the location was very convenient and accessible by public transportation. Upon entering the building, the surveyors saw the nameplate of Magnet in the lobby.

Because of the epidemic, the surveyors were unable to enter the company to visit and take pictures. However, they confirmed that the office of Magnet did exist there.

Conclusion

The survey team went to Indonesia, to visit the dealer Magnet as planned, and the dealer's logo could be found on its publicly displayed address, indicating that the dealer has a real place of business. Unfortunately, the surveyors were not able to visit and photograph the interior of the company, so the exact scale of its operations was still unknown. Investors are advised to make their choice after comprehensive consideration.

Disclaimer

The content is for informational purpose only, and shall not be taken as final order for making choice.