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Contract reading

What FIRST STATE FUTURES legally published, but does not want you to read

Every clause below is published by FIRST STATE FUTURES itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: PT. First State Futures

hidden feeunilateral amendmentclient agreementcomplaintsconflict of interestcountry restrictioncurrency conversiondata retentiondeemed acceptancedispute resolution

First State Futures can take $50 from your account after 30 quiet days. That charge sits in an FAQ answer, not in any contract. The agreement you sign is not published at all: you first see it inside the signup form. The site promises your funds are protected, while the risk disclosure says your loss can pass your deposit.

Back to FIRST STATE FUTURES

Contract risk

Money at risk
6.0/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
2
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
16
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
12
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
5

How the 16 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical2
Warning11
Notice3

section 43 of 60is where the deepest clause sits, 72% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

2 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical$50Fee on an unused account. Jump to the clause this comes from.A $50 fee after 30 idle days, in the FAQ onlyCritical0.5%In the contract. Jump to the clause this comes from.Losses can pass your deposit, and the site says otherwise3 daysAccount limit. Jump to the clause this comes from.Terms change in 72 hours, read or not2 working daysWithdrawal limit. Jump to the clause this comes from.Money returns only to the account it came from

What the documents say

16 clauses worth knowing about, worst first, each quoted from FIRST STATE FUTURES's own files

01

Stop trading for 30 days in a row and First State Futures can take $50 from your account. The charge is in none of its legal documents. It sits in one FAQ answer.

Why this matters

A quiet month costs you $50, even if you never asked to close anything. Nothing in the terms you accepted mentions this charge, so you would not know to trade before day 30.

Exhibit 1CriticalHarder than usual$50

Ya, First State Futures berhak mengenakan biaya ketidakaktifan sebesar USD 50 ketika akun klien telah tidak aktif selama yang tidak melakukan transaksi selama 30 (tiga puluh) hari secara berturut-turut.
Clause Pembukaan Akun in Pertanyaan Umum
Read from the broker's site on Open the reference

What it costsA $1,000 account that goes 30 days without a trade can be charged $50. That is 5% of the balance, for doing nothing.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must set out costs and charges to a retail client before that client trades. First State Futures puts this $50 charge in an FAQ answer, and none of its published legal documents mention it.

FIRST STATE FUTURES is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

02

Every page carries a line saying your money is protected. The risk disclosure says the opposite. Margin can be as little as 0.5%, and a loss can pass what you paid in. First State Futures can then close your positions and hold you liable for the shortfall.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

You can end the day owing First State Futures money, not simply losing what you deposited. No published document caps your loss at the balance in the account.

Exhibit 3CriticalStandard wording0.5%

Ketahuilah bahwa saat berdagang menggunakan margin, kerugian Anda dapat melebihi jumlah yang disetorkan Anda dan dapat menimbulkan kehilangan uang lebih banyak daripada modal yang Anda investasikan pada awalnya.
Clause PERDAGANGAN ALTERNATIF DAN DERIVATIF in Pengungkapan Risiko
Read from the broker's site on Open the reference
Our own capture of fsf.co.id, taken on Aug 30, 2026The claim, on Banner block repeated at the foot of every page on fsf.co.idVisit this page on the broker's siteDownload the full size image file
Our own capture of fsf.co.id, taken on Aug 30, 2026What the contract says, clause PERDAGANGAN ALTERNATIF DAN DERIVATIFVisit this page on the broker's siteDownload the full size image file

What it costsAt 0.5% margin, $50 controls a $10,000 position.

Set against a regulated standard: FCA (UK), CySEC (Cyprus), ESMA (EU)

Firms licensed by the FCA or CySEC, and firms under ESMA rules, must give a retail client negative balance protection, which caps a loss at the money in the account. First State Futures publishes no such cap.

FIRST STATE FUTURES is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 14Positions can be closed without a message, and whatever is still owed after that closure is yours to pay.
03

First State Futures publishes a website terms page, an AML policy, a privacy policy and a risk warning. The agreement that governs your money, the Perjanjian Pemberian Amanat, is not among them. You first see it inside the account opening form. By then you have uploaded your ID, your bank book and a utility bill.

Why this matters

You cannot read what you are agreeing to before you commit. The rules on withdrawals, fees, profit and disputes all sit in that document, and none of them are on the site.

Exhibit 2WarningHarder than usual

Nasabah yang akan membuka akun baru diwajibkan untuk melengkapi seluruh isian data dengan benar, membaca, memahami, dan menyetujui isi Formulir Penerimaan Nasabah Secara Elektronik (online) antara lain :
Clause Melengkapi Formulir Penerimaan Nasabah in Panduan Pembukaan Akun
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC publish the client agreement in full before an account is opened. First State Futures shows it inside the signup form, and the risk disclosure it does publish refers to general business terms that appear nowhere on the site.

FIRST STATE FUTURES is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 7The document that prices your trading and the document that governs it both arrive after you have handed over your identity papers.
04

The flagship Single Platform account holds bilateral products. First State Futures explains that bilateral trading happens off exchange, over the counter, against a fixed counterparty. Its own comparison table gives that side a profit motive. The FAQ also tells you the firm sends your orders to the exchange to avoid conflicts of interest.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Why this matters

On those products the price you get comes from the side that gains when you lose. First State Futures publishes no conflict of interest policy, so you cannot see how it handles that.

Exhibit 4WarningStandard wording

Perdagangan bilateral adalah transaksi yang hanya dilakukan oleh satu pihak dengan satu pihak yang biasanya terjadi di luar bursa atau dikenal dengan over the counter (OTC).
Clause Pertanyaan Umum Lainnya in Pertanyaan Umum
Read from the broker's site on Open the reference
Our own capture of fsf.co.id, taken on Aug 30, 2026What the contract says, clause Over-the-counter OperationVisit this page on the broker's siteDownload the full size image file
Our own capture of fsf.co.id, taken on Aug 30, 2026Bilateral trades face a counterparty trading for profit (clause Pertanyaan Umum Lainnya)Visit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 2The document that would spell out how orders are priced and routed is the one you only see inside the signup form.
05

First State Futures can rewrite its public documents and post a notice on its own website. Three days, or 72 hours, later the new version binds you. Its terms say that notice counts whether you read it or ignored it. The AML policy applies its changes to accounts opened before the change.

Why this matters

You are held to a version you may never have seen. Keeping up means rereading every document on the site every few days.

Exhibit 5WarningHarder than usual3 days

Fakta posting pemberitahuan yang relevan di situs Web Perusahaan dan mengirim pesan melalui surat internal dianggap pemberitahuan Klien dari amandemen dan / atau penambahan, baik Klien membaca dan memahami teks yang sesuai atau mengabaikannya.
Clause Prosedur Amandemen in Syarat Penggunaan
Read from the broker's site on Open the reference
  • Worse together with Exhibit 2Terms you cannot read before signing can also be replaced three days after a notice you never opened.

The banner says protected, the risk disclosure says otherwise

Every page of fsf.co.id ends with two promises: your funds are protected, and no client information reaches third parties. The risk disclosure says a loss can pass what you deposited and leaves the shortfall with you, and the AML policy describes reporting to law enforcement without telling you. Both halves of each pair are published by First State Futures itself.

Promise against text1 clause flagged

Every page ends with a line saying no client information is shared with third parties. The AML policy on the same site says First State Futures reports suspicious activity to law enforcement bodies. It also says the firm may not tell you when it has reported you.

Why this matters

Reporting suspicious activity is the law and every broker does it. The gap is the promise: you are told nothing leaves the firm, and the same site says otherwise.

Exhibit 11WarningStandard wording

First State Futures berhati hati dalam melacak aktivitas transaksi yang mencurigakan dan signifikan, dan mengumpulkan laporan kegiatan dengan memberikan informasi yang tepat waktu dan komprehensif untuk badan penegakan hukum.
Clause I. PROSEDUR ANTI PENCUCIAN UANG in Kebijakan Anti Pencucian Uang
Read from the broker's site on Archived copyOpen the reference
Our own capture of fsf.co.id, taken on Aug 30, 2026What the contract says, clause I. PROSEDUR ANTI PENCUCIAN UANGVisit this page on the broker's siteDownload the full size image file

Where it sits: section 4 of 60 in the Kebijakan Anti Pencucian Uang, near the start.

The numbers that price your account arrive after you sign

First State Futures sends the trading rules for each asset when you open a live account, while its own risk disclosure tells you to get every charge in writing before you trade. The swap charge is published as a percentage of the price per lot with no percentage anywhere. The fixed rupiah to dollar rate is 14.000 on the home page and 12.000 on the currency trading terms.

Cost disclosure2 clauses flagged

First State Futures prices each product in trading rules it hands you when you open a live account. Its own risk disclosure tells you to get every commission and charge in writing before you trade. The overnight swap charge is published as a percentage of the price per lot, with no percentage given anywhere.

Why this matters

You pick this broker without the numbers you would use to compare it with another. The swap charge has no figure at all, so you cannot work out what holding a position overnight costs you.

Exhibit 7WarningHarder than usual

Informasi mengenai kontrak perdagangan diatur dalam ketentuan perdagangan (trading rules) pada setiap aset yang akan anda perdagangkan yang akan disampaikan selanjutnya pada saat Anda melakukan pembukaan rekening perdagangan Live.
Clause Penutup in Pengungkapan Risiko
Read from the broker's site on Open the reference
Our own capture of fsf.co.id, taken on Aug 30, 2026The claim, on Single Platform account card on the home pageVisit this page on the broker's siteDownload the full size image file
Our own capture of fsf.co.id, taken on Aug 30, 2026What the contract says, clause Syarat & Ketentuan Perdagangan, Ketentuan UmumVisit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must give a retail client the costs and charges of a product before that client trades it. First State Futures sends its trading rules at live account opening and prints no swap rate on the product page.

FIRST STATE FUTURES is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

First State Futures turns your rupiah into a dollar balance at a rate it fixes itself. The front page advertises IDR 14.000 to the dollar for the Single Platform account. The currency product page sets 12.000 for the same dollar. No legal document names a rate at all.

Why this matters

That rate decides how many rupiah each dollar of profit is worth to you. Two pages of the same site are 2.000 apart. No document tells you which one applies to your account, or whether it can move.

Exhibit 8WarningHarder than usual

Kurs Tetap 1 USD 12.000 IDR
Clause Syarat & Ketentuan Perdagangan, Ketentuan Umum in Syarat & Ketentuan Perdagangan: Mata Uang Dunia
Downloaded from the broker's site on Open the reference
Our own capture of fsf.co.id, taken on Aug 30, 2026The claim, on Single Platform account card on the home pageVisit this page on the broker's siteDownload the full size image file
Our own capture of fsf.co.id, taken on Aug 30, 2026What the contract says, clause Syarat & Ketentuan Perdagangan, Ketentuan UmumVisit this page on the broker's siteDownload the full size image file

Withdrawals return only to the account they came from

The AML policy gives First State Futures up to 2 working days to send a withdrawal, and only to the same bank, the same account and the same currency the deposit came from. A request made after 10:00 WIB waits for the next working day, a cut off that appears in the FAQ and in no legal document. Nothing published says what happens if that bank account no longer exists.

Getting money out1 clause flagged

Your money goes back to the same bank, the same account and the same currency you sent it from. First State Futures gives itself up to 2 working days to send it. Ask after 10:00 WIB and the request waits for the next working day. That cut off appears only in the FAQ.

Why this matters

If that bank account is closed, sold or frozen, the published documents give you no other route to your money. Nothing says what First State Futures does then.

Exhibit 6WarningStandard wording2 working days

Uang akan dikirimkan ke rekening yang telah tervalidasi dalam waktu maksimal 2 hari kerja.
Clause V. KEBIJAKAN PERPINDAHAN DANA - DEPOSIT DAN PENARIKAN in Kebijakan Anti Pencucian Uang
Read from the broker's site on Archived copyOpen the reference

Buried at section 43 of 60 in the Kebijakan Anti Pencucian Uang, 72% of the way through.

Terms move in 72 hours and positions close without a message

First State Futures can amend its public documents on 72 hours notice, and its terms say the notice counts whether you read it or ignored it. The AML policy applies its own amendments to accounts opened before the change. Separately, the firm can close positions at a 10% equity stop out with no duty to tell you, and its AML policy bars civil servants, military and police from being clients at all.

What can change2 clauses flagged

First State Futures can close part or all of your open positions once your equity reaches the stop out level of 10%. It says it has no duty to tell you that a margin call or a stop out has happened. The biggest losing position goes first.

Why this matters

You have to watch the account yourself, every session. A position can be gone before you know a margin call ever started.

Exhibit 14WarningStandard wording10%

Nasabah Peserta SPA wajib memonitor posisi terbukanya sendiri. Pedagang Penyelenggara SPA dan Pialang Peserta SPA tidak mempunyai kewajiban untuk memberitahukan Nasabah Peserta SPA saat terjadi Margin Call maupun Auto Liquidation/Stop Out.
Clause Dasar-dasar Perdagangan in Pertanyaan Umum
Read from the broker's site on Open the reference

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Margin call at 100%You must top the account up to the full margin requirement before the market closes.
Stop out at 10% equityFirst State Futures can close part or all of your positions without your agreement.
Biggest loss firstWhere several positions are open, the one with the largest loss is closed first.
No noticeFirst State Futures has no duty to tell you that a margin call or a stop out happened.

First State Futures bars three jobs from holding an account: civil servants (PNS), the military (TNI) and the police. The rule is in the AML policy, under the section on knowing your customer. It is not on the signup form.

Why this matters

If you hold one of those jobs, the policy says you cannot be a client here. You would find that out after reading a document most people open only when something has gone wrong.

Exhibit 15NoticeRarely seen

Dari klausula diatas jenis pekerjaan yang tidak diperbolehkan menjadi nasabah atau nasabah terlarang yakni :
Clause IV. KEBIJAKAN TENTANG PRINSIP MENGENAL NASABAH OLEH PIALANG BERJANGKA in Kebijakan Anti Pencucian Uang
Read from the broker's site on Archived copyOpen the reference

Buried at section 37 of 60 in the Kebijakan Anti Pencucian Uang, 62% of the way through.

Our readingA clause naming specific professions as barred clients is rare in a retail trading policy. Most firms screen politically exposed persons and source of funds; this one treats public service, military and police employment as a bar in itself.

No deadline for an answer, and a duty to stop trading

First State Futures publishes no complaint procedure with a deadline, a response time or an appeal, and the link labelled customer complaints opens a news article about the regulator's own portal. Its FAQ says to raise a ticket and wait for a call back. The acceptance clause you agree to says you will stop using the service as soon as a dispute arises.

If it goes wrong1 clause flagged

First State Futures publishes no complaint procedure with a deadline, a response time or an appeal. Its FAQ says to contact support and wait for a call back. The acceptance clause you agree to says you will stop using the service as soon as a dispute arises.

Why this matters

You have no date by which the firm must answer you. The link labelled customer complaints on its own site opens a news article about the regulator's complaint portal.

Exhibit 12WarningRarely seen

Saya setuju dengan semua kondisi dokumen publik Perusahaan selama menggunakan layanan dan jasa Perusahaan dan akan segera berhenti menggunakan layanan Perusahaan Ketika timbul kasus perselisihan.
Clause PENERIMAAN OLEH KLIEN in Syarat Penggunaan
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must answer a complaint within a set time and point the client to an independent scheme. First State Futures names no deadline and no scheme.

FIRST STATE FUTURES is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingAn acceptance clause requiring the client to stop using the service when a dispute arises is unusual. It reverses the normal order, where the account keeps working while the complaint is looked at.

Three documents in, and a policy that can change without notice

First State Futures asks for a government ID, the first page of your bank book and a utility bill under 3 months old, and blocks the trading account if you refuse the bank book copy. Its privacy policy says the risk of handing over information is yours. That policy can be changed at any time without prior notice, and data is kept for as long as the firm considers it needed.

Your documents2 clauses flagged

Before it verifies you, First State Futures asks for three documents. A government ID, the first page of your bank book, and a utility bill no more than 3 months old. Refuse the bank book copy and it blocks your trading account and sends the money back to the registered account.

Why this matters

Your bank details and your home address sit with the firm, and its privacy policy says the risk of handing them over is yours. The account stops working until you comply.

Exhibit 9WarningStandard wording

Untuk tujuan mematuhi undang-undang anti pencucian uang, First State Futures membutuhkan tiga dokumen yang berbeda untuk memverifikasi identitas klien.
Clause II. IDENTIFIKASI in Kebijakan Anti Pencucian Uang
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 6 of 60 in the Kebijakan Anti Pencucian Uang, near the start.

  • Worse together with Exhibit 10You hand over four documents under one policy, and that policy can be rewritten the next day without anyone telling you.

First State Futures can change or update its privacy policy at any time, with no notice first. Its own wording puts the job of checking on you. It keeps your data for as long as it considers it needed, with no end date.

Why this matters

The rules covering your ID, your bank book and your address can change on a day you never visited the site. Nothing in the policy says you will be told.

Exhibit 10WarningHarder than usual

Kami sewaktu-waktu dapat melakukan perubahan atau pembaharuan Kebijakan Privasi ini demi keamanan dan kenyamanan transaksi pengguna layanan kami tanpa pemberitahuan sebelumnya.
Clause PERUBAHAN KEBIJAKAN PRIVASI in Kebijakan Privasi
Read from the broker's site on Open the reference

No court is named and only the Indonesian text binds

The published terms of First State Futures name no governing law and no court, saying only that disputes go by applicable law and the company's own public documents. The risk disclosure states that Indonesian is the official language and that translations carry no legal force. The client agreement may settle the question, and it is not published.

Which law, which language1 clause flagged

The published terms name no court and no governing law. They say disputes go by applicable law and by the company's own public documents. The risk disclosure adds that Indonesian is the official language, and that a translation carries no legal force. The unpublished client agreement may settle the point, and we could not read it.

Why this matters

If you read this site through a translator, the version that binds you is the Indonesian one. Nothing published tells you which court would hear a claim about your money.

Exhibit 13NoticeHarder than usual

Semua perselisihan yang mungkin terjadi harus diselesaikan sesuai dengan undang-undang yang berlaku dan dokumen publik Perusahaan dengan cara negosiasi atau klaim.
Clause KETENTUAN AKHIR in Syarat Penggunaan
Read from the broker's site on Open the reference

A BAPPEBTI broker whose client agreement is not on the site

PT. First State Futures holds BAPPEBTI licence 18/BAPPEBTI/PN/3/2010 and publishes four legal pages. The agreement that governs your money, the Perjanjian Pemberian Amanat, is not one of them: you meet it inside the account opening form, after uploading your ID and bank book. The legality page gained an OJK approval in principle and a Bank Indonesia licence after August 2025.

Who you contract with1 clause flagged

You contract with PT. First State Futures, a futures broker in Surabaya. It holds BAPPEBTI licence 18/BAPPEBTI/PN/3/2010, dated March 2010. Two entries appeared on its legality page since August 2025. One is an OJK approval in principle from June 2025, and the broker calls it that itself.

Why this matters

Your money sits with an Indonesian entity under Indonesian supervision, and no compensation scheme is named anywhere on the site. An approval in principle is a step in an application, not a finished licence.

Exhibit 16NoticeStandard wordingNew

Izin Pialang Berjangka : 18/BAPPEBTI/PN/3/2010 tanggal 17 Maret 2010
Clause BAPPEBTI in Legalitas & Regulasi
Read from the broker's site on Open the reference

Where it sits: section 7 of 32 in the Legalitas & Regulasi, near the start.

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The page promises protected funds; the risk disclosure says the loss can be bigger than the deposit and the shortfall is yours.

Said in public, in Indonesian

Keamanan dana Anda terlindungi, didukung berbagai metode deposit.

Word for word in English: The safety of your funds is protected, supported by various deposit methods.

Banner block repeated at the foot of every page on fsf.co.id

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of fsf.co.id

In the contract · clause PERDAGANGAN ALTERNATIF DAN DERIVATIF

Ketahuilah bahwa saat berdagang menggunakan margin, kerugian Anda dapat melebihi jumlah yang disetorkan Anda dan dapat menimbulkan kehilangan uang lebih banyak daripada modal yang Anda investasikan pada awalnya.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of fsf.co.id

02

The FAQ says orders go to the exchange to avoid conflicts of interest, while the risk disclosure says the firm can be your counterparty off exchange.

Said in public, in Indonesian

First State Futures membatasi setiap posisi, dan kekuatan perusahaan ada teknologinya serta menyalurkan penawaran perdagangan Anda ke bursa, untuk menghindari konflik kepentingan.

Word for word in English: First State Futures limits every position, and the strength of the company is in its technology and in routing your trading offers to the exchange, in order to avoid conflicts of interest.

FAQ answer under Dasar-dasar Perdagangan

In the contract · clause Over-the-counter Operation

Perusahaan tempat Anda bertransaksi bisa bertindak sebagai rekanan untuk operasi tersebut.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of fsf.co.id

03

The footer says nothing is shared with third parties, while the AML policy describes reporting to law enforcement without telling the client.

Said in public, in Indonesian

Seluruh informasi pengguna layanan tidak dibagikan kepada pihak ketiga.

Word for word in English: No user information is shared with third parties.

Privacy line in the footer of every page on fsf.co.id

In the contract · clause I. PROSEDUR ANTI PENCUCIAN UANG

First State Futures berhati hati dalam melacak aktivitas transaksi yang mencurigakan dan signifikan, dan mengumpulkan laporan kegiatan dengan memberikan informasi yang tepat waktu dan komprehensif untuk badan penegakan hukum.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of fsf.co.id

04

The home page advertises a fixed rate of IDR 14,000 to the dollar, and the currency trading terms set 12,000.

Said in public, in Indonesian

Kurs Tetap IDR 14.000

Word for word in English: Fixed rate IDR 14,000

Single Platform account card on the home page

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of fsf.co.id

In the contract · clause Syarat & Ketentuan Perdagangan, Ketentuan Umum

Kurs Tetap 1 USD 12.000 IDR

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of fsf.co.id

05

The home page prices transactions from $0.1 while the currency trading terms say $1 per lot, and the footnote says the fee depends on an account type the site does not publish.

Said in public, in Indonesian

Biaya transaksi mulai dari $0.1

Word for word in English: Transaction fee starting from $0.1

Single Platform account card on the home page

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of fsf.co.id

In the contract · clause Syarat & Ketentuan Perdagangan, Ketentuan Umum

Biaya Transaksi * $1 per lot

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of fsf.co.id

What changed quietly

This is our first reading of PT. First State Futures, so there is nothing to compare it with yet.

  • ADDEDClause OJK (Otoritas Jasa Keuangan) · 2025-08-08 (archived) to 2026-08-30

    An OJK approval in principle was added to the legality page after 8 August 2025, where no OJK entry stood before.

    Izin Prinsip : S-455/PM.02/2025 tanggal 30 Juni 2025

  • ADDEDClause BI (Bank Indonesia) · 2025-08-08 (archived) to 2026-08-30

    A Bank Indonesia licence line was added to the legality page after 8 August 2025.

    Izin Bank Indonesia : No. 27/662/DPPK/Srt/B tanggal 11 September 2025

The documents this reading is based on

12 files, all published by FIRST STATE FUTURES. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording FIRST STATE FUTURES publishes.

How this reading was done

Every clause above was read out of a document FIRST STATE FUTURES publishes itself

This reading was published on .

Documents
9 of 12downloaded from the broker's site, and 9 read in full
Pages opened
45pages walked to find those documents, footer links included
Older copies
3earlier versions downloaded
Marketing pages
1public pages set against what the contract says
Position measured
5clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

PT. First State Futures

You contract with PT. First State Futures, an Indonesian futures broker at Jl. Sulawesi No. 48, Surabaya. It holds BAPPEBTI broker licence 18/BAPPEBTI/PN/3/2010 and membership certificates from the Jakarta Futures Exchange and Kliring Berjangka Indonesia. No second company and no offshore entity appears anywhere in the published documents, which is cleaner than most brokers we read. Its risk disclosure says the company you transact with can act as your counterparty on over the counter business, and its flagship account holds bilateral products. The OJK entry added to the legality page is an approval in principle, in the broker's own words.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

First State Futures publishes the bank, branch and account number of every segregated account it uses, which most brokers never do. Its product pages give the stop out level, the margin requirement and the contract size for each instrument. It charges no deposit fee and no withdrawal fee of its own, and it answers the inactivity fee question in plain words instead of hiding it. The risk disclosure is direct about losses passing your deposit.

We read seven pages in full on fsf.co.id: the AML policy, the terms of use, the privacy policy, the risk disclosure, the legality page, the segregated account page and the FAQ. The contract a client signs, the Perjanjian Pemberian Amanat, is not on the website. It appears inside the account opening form, so we did not read it, and every finding here rests on what the site publishes in the open. The fund flow page shows its deposit and withdrawal steps as pictures, so there was no text to quote. The broker's other domain, firststate-futures.com, would not open for us because its security certificate is out of date, and the site links to that domain for its platform downloads. The two older copies stored for this reading would not open, so we read the 8 August 2025 snapshots of the same pages instead and compared them line by line.

How to check any of this yourself

Every quote above links to the FIRST STATE FUTURES file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document FIRST STATE FUTURES publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge FIRST STATE FUTURES on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Aug 30, 2026.

If you represent FIRST STATE FUTURES and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on FIRST STATE FUTURES. Whether its licence is real and current is a separate check on the broker profile.

Back to the FIRST STATE FUTURES profile