WikiFX Visited Forex Broker Phillip Futures in Jakarta

Recently WikiFX learned that Indonesian Forex broker Phillip Futures may be holding cloned license. As Indonesia has a more risky investment environment due to slack Forex regulation, WikiFX visited the broker in Jakarta to bring investors more valid information and help them avoid possible risks.

Regulatory information shows Phillip Futures holds two retail Forex brokerage licenses, regulated by the Trade Ministry's Futures Exchange Supervisory Board(BAPPEBTI) and Indonesia Commodity & Derivatives Exchange(ICDX) respectively. Both licenses are issued within a year, and the ICDX license is suspected to be cloned. In addition, the broker uses non-MT4/5 trading software.

According to the regulatory information, WikiFX team arrived at Phillip Futures in Jakarta, an Indonesian licensed broker, located at ANZ Tower Level 23 B, Jl. Jend. Sudirman Kav. 33 A Karet Tengsin, Tanah Abang.

WikiFX team did find “Phillip Futures” on the company directory of 23rd floor in ANZ Tower. Surprisingly, there were three different offices of Phillip, with Phillip Futures being one of them.

WikiFX team saw the stylish reception of Phillip Futures, and received a warm welcome after expressing the intention. The office has approximately 60 cubicles with an agreeable working environment. 

As per the investigation, the address of Phillip Futures, an Indonesian licensed company, matches with that on the regulatory information. Information on the broker’s official website shows Phillip Futures was established in 2005 as a branch of Phillip Capital. Being a member of Jakarta Futures Exchange and a clearing member of ICDX, Phillip Futures actively participates in Indonesia’s commodity trading and aspires to help clients succeed financially on the commodity and derivatives market.

WikiFX App shows Phillip Futures has acceptable software index and risk-control level, and holds retail Forex brokerage licenses from BAPPEBTI and ICDX respectively. But both licenses are issued within a year and under relatively weak regulation, while the ICDX license is suspected to be cloned, thus the broker doesn’t have a high rating. According to the visit, WikiFX team concludes that Phillip Futures does exist with a considerable size. Nevertheless, investors are advised to stay cautious about the investment risks.