There is more than one reason why many traders can fall victim to forex scams. First, the lack of interest for traders to choose a forex broker that has been registered with the regulator because usually a trusted forex broker requires a large deposit. Second, the lure of bigger profits unless you trade at fraudulent forex brokers, so that traders are interested.
Third, the lack of knowledge and information regarding how forex brokers deceive customers, this has caused many traders or investors to choose brokers who have been declared fraudulent by regulators. There are several factors that cause a forex broker to be declared a fraudulent forex broker, like the following:
Not registered with a formal regulator like Bappebti or the regulator of the country of origin (if the forex broker is international). However, the claim has been registered with the regulator.
The formal license of the forex broker has been revoked by the regulator due to serious violations.
There have been cases of failing to withdraw funds without a known reason and it has been 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 widely reviewed by traders and investors. At least you can do an internet search or inquire directly with experienced traders. The experience of traders can be a source of reference for you. Take note of the list of fraudulent forex brokers that you often hear from experienced traders or investors.
Also make sure, you are able to distinguish between facts and opinions which are only emotional. Before proceeding to lists of fraudulent forex brokers, you can register with GIC to become an IB in the GICAffiliate program to be able to increase your income, not just trading.
List of fraudulent forex brokers available in Indonesia
Choosing the best forex broker is one of the absolute keys to achieving success in trading or investing. So that you avoid scams that don’t only drain you financially and emotionally. The following is a list of fraudulent forex brokers based on reports 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 firm had previously been frozen by the Jakarta Futures Exchange. Reporting from Kontan, Arta Mas Futures is facing lawsuits from three customers because they are deemed not to have disbursed customer investment funds with a value of Rp. 2.48 billion, Rp. 760.61 million and Rp. 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 for several reasons, such as office addresses and telephone numbers that were not known to make it difficult for customers to expect accountability, customers had difficulty withdrawing funds comes from the remaining equity that the customer has, and the resignation carried out by the management of Artha Berjangka Futures, so that there is no party responsible for the company’s operations.
3. PT Axo Capital Futures
Bappebti revoked PT Axo Capital Futures’ license on June 30 2014. This revocation was also carried out by the Jakarta Futures Exchange due to the discovery of a number of violations to enter into the list of fraudulent forex brokers that you should be aware of. Reporting from Bisnis, CoFTRA found that Axo Capital Futures had changed offices. This brokerage firm also misuses customer money for the company’s operational activities.
Not only that, Axo created an agreement with added articles aimed at weakening the customer’s position and there were customer transactions that were not reported to the Jakarta Futures Exchange and were not registered with the Indonesian Futures Clearing House. 3 brokers have been explained, after that you can invite your friends to trade with GIC and get the various types of bonuses that have been offered!
4. PT Buana Investment Global Futures
Bappebti and the Jakarta Futures Exchange suspended PT Buana Investment Global Futures’ license on January 7 2011. Quoted from the Bisnis website, this brokerage company is included in the list of fraudulent forex brokers because it carried out illegal actions, namely misusing available customer funds from segregated accounts.
5. PT Cayman Trust Futures
Quoted from Antara News, CoFTRA revoked the Cayman Trust Futures permit on September 9, 2008. This revocation was carried out because the membership status of this brokerage firm had previously been frozen.
by the Jakarta Futures Exchange. Cayman Trust Futures is included in the list of fraudulent forex brokers because they have committed serious violations such as not placing customer funds in segregated accounts or separate accounts but in company accounts.
Subsequently, customer funds were misused by using them for the benefit of the company’s operations and opening accounts at other brokerage firms. As a result, customers have problems withdrawing funds. CTF also carries out knowledge manipulation in compiling monthly reports that are submitted to CoFTRA and BBJ and also to the KBI. The numbers listed do not match the actual situation.
6. PT Danagraha Futures
Next on the list of fraudulent forex brokers whose licenses were revoked by Bappebti is Danagraha Futures. This brokerage company was officially frozen on July 9 2018 followed by BBJ revoking Danagraha Futures membership on July 11 2018.
Reported from several news pages, this brokerage company offers traders or investors an additional profit of 2% -3% per month through trading signals and the advantages of this trading signal are believed to be able to detect a maximum loss of 6% along with a promise to withdraw funds can be executed at any time. However, the customer’s funds have not been returned. Total losses experienced by Danagraha Futures customers reached IDR 13 billion-14 billion.
7. PT Graha Finesa Berjangka
Allegedly collecting customer funds of up to 2.1 trillion, CoFTRA has revoked PT Graha Finesa Berjangka’s license, following the suspension of the membership of this brokerage firm by the Jakarta Futures Exchange. In total, there were 61 customers who reported Graha Finesa to the Central Jakarta District Court.
According to several news pages, Graha Finesa provides incomplete and misleading information which has the aim of harming customers. These forex brokers seduce potential customers with improper steps through mass media such as opening job vacancies. These job seekers are persuaded to invest in this brokerage firm. Graha Finesa continues to provide explanations regarding multiplied profits without informing that there is an investment risk.
This case caused Graha Finesa Berjangka 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 CoFTRA, the Jakarta Futures Exchange and Indonesian Futures Clearing House.
Also Read :