6 minute read
Is JustMarkets Legal in Indonesia? A Comprehensive Review
from JustMarkets
by Exness_India
Yes, JustMarkets is not legally authorized to operate in Indonesia. Despite being a popular global online broker, JustMarkets is not licensed or regulated by the Indonesian Financial Services Authority (Otoritas Jasa Keuangan – OJK) or BAPPEBTI (Badan Pengawas Perdagangan Berjangka Komoditi), which are the official regulatory bodies overseeing financial services and commodities trading in the country. If you’re considering trading with JustMarkets while living in Indonesia, it's crucial to understand the regulatory landscape, the risks involved, and the implications of using an unlicensed broker. This article breaks it all down clearly.
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1. Who Regulates Forex and CFD Brokers in Indonesia?
Indonesia has a strict and well-defined framework when it comes to financial services. Two authorities are primarily responsible for the oversight of trading platforms like JustMarkets:
· BAPPEBTI (Commodity Futures Trading Regulatory Agency): This agency regulates and licenses all entities involved in futures and derivatives trading, including forex brokers.
· OJK (Otoritas Jasa Keuangan): The Financial Services Authority supervises general financial services such as banking, capital markets, and insurance.
To operate legally in Indonesia, a broker must be registered with BAPPEBTI. As of now, JustMarkets does not hold a BAPPEBTI license, which means it cannot lawfully provide forex or CFD services to Indonesian residents.
2. Is It Illegal to Use JustMarkets in Indonesia?
Using JustMarkets is not criminally illegal, but it is not legally protected or officially permitted either.
Let’s clarify:
· As an Indonesian resident, you are technically not prohibited from accessing offshore brokers like JustMarkets. However, you are trading at your own risk.
· Since JustMarkets is not supervised by any Indonesian authority, your funds, trading activities, and disputes are outside the jurisdiction of Indonesian law.
· If any issue arises — such as fund withdrawal problems or fraud — you cannot seek legal support or compensation from local regulators.
3. What Is the Risk of Using JustMarkets Without Local Regulation?
Using an unlicensed broker in Indonesia comes with real and often underestimated risks:
a) No Investor Protection
Unlike licensed brokers, JustMarkets offers no protection under Indonesian law. You won't be able to access investor compensation schemes or legal dispute resolution channels.
b) Risk of Account Restrictions
The government of Indonesia has previously taken action against illegal platforms by blocking websites and restricting access to unauthorized brokers. JustMarkets may face similar bans, resulting in sudden loss of access to your account or funds.
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c) No Tax Reporting Framework
Profits made through JustMarkets are not formally recognized by local tax authorities. This makes compliance difficult and may lead to potential penalties or tax complications.
d) High Volatility with Limited Oversight
JustMarkets offers products such as leverage up to 1:3000, which are considered highly speculative and risky. In a country without strong regulation on such products, this could lead to massive losses if users are not properly educated.
4. Has the Indonesian Government Taken Action Against Offshore Brokers?
Yes. Over the past few years, BAPPEBTI has blacklisted hundreds of illegal trading platforms, including some globally popular names. The agency frequently blocks the IP addresses of unlicensed brokers and issues public warnings urging citizens to avoid these platforms.
For example:
· In 2021 and 2022, BAPPEBTI announced the blocking of more than 1,000 illegal trading sites.
· In many cases, authorities worked with the Ministry of Communication and Information (Kominfo) to restrict digital access to such platforms.
Though JustMarkets has not been publicly singled out in every crackdown, it operates in a similar legal grey area and remains vulnerable to future restrictions.
5. What License Does JustMarkets Have?
JustMarkets is a global brand operated by different entities depending on the region. Its key regulatory status includes:
· Financial Services Authority of Seychelles (FSA): The offshore license under which JustMarkets operates. While legal in its own jurisdiction, this license does not cover or protect clients in Indonesia.
· No EU, UK, Australian, or Indonesian license: JustMarkets is not regulated by top-tier authorities like the FCA (UK), ASIC (Australia), or CySEC (Cyprus), nor is it licensed in Indonesia.
Although an FSA license is better than no license, it is considered a low-tier regulatory status with minimal investor protections compared to more reputable agencies.
6. Can Indonesians Trade with JustMarkets Using a VPN?
Technically, yes — but it comes with significant risks.
Some users in Indonesia choose to bypass website restrictions using VPNs to access JustMarkets. However:
· This does not make your activity legal or protected.
· JustMarkets may not allow withdrawals if they detect violations of their Terms & Conditions or geographic restrictions.
· BAPPEBTI may trace your activity, and you could be subject to future sanctions or legal complications.
In short, using a VPN doesn’t solve the legality issue — it merely hides it, temporarily.
7. Are There Legal Alternatives to JustMarkets in Indonesia?
Yes. BAPPEBTI has licensed a number of legitimate forex and commodity brokers, including:
· PT. Monex Investindo Futures
· PT. Asia Trade Point Futures
· PT. Rifan Financindo Berjangka
· PT. Trijaya Pratama Futures
These brokers:
· Operate under Indonesian law
· Are regulated by BAPPEBTI
· Offer local customer support and education
· Allow easier and legal deposit/withdrawal via local banks
While they may have lower leverage and stricter risk controls, these brokers provide legitimacy, investor protection, and compliance — all of which are critical for long-term traders.
8. Final Verdict: Should You Use JustMarkets in Indonesia?
If you value legality, safety, and investor protection, JustMarkets is not the right choice in Indonesia.
Here’s why:
· It is not licensed by BAPPEBTI or OJK
· Its offshore license does not offer legal protection to Indonesian residents
· The broker may be blocked at any time by the Indonesian government
· You are exposed to unregulated risks, high leverage, and limited accountability
While JustMarkets may appeal to some traders due to its wide product range, MetaTrader platforms, or generous leverage — these features come at the cost of security and compliance.
If you are an Indonesian resident looking to trade legally, it’s highly advisable to choose a BAPPEBTI-regulated broker instead.
9. What Should You Do Next?
· Check the BAPPEBTI website for a list of officially licensed brokers
· Avoid depositing funds with offshore brokers that lack local authorization
· Report suspicious trading websites to BAPPEBTI or OJK for investigation
· Educate yourself about financial laws in Indonesia before committing money
Trading forex or CFDs can be profitable, but only when you operate within the legal framework of your country. Bypassing these rules might offer short-term convenience, but it opens the door to long-term financial loss and legal exposure.
Conclusion
To sum up: JustMarkets is not legal in Indonesia. It operates without approval from BAPPEBTI or OJK, and its offshore license does not meet local regulatory standards. While you might technically be able to use the platform, you do so at your own risk — with no legal protection, no tax clarity, and high chances of access disruption.
If you're serious about trading and want to protect your capital, always choose a regulated broker that complies with your country’s laws. In Indonesia, that means sticking with BAPPEBTI-licensed providers who can give you a legal, safe, and professional trading experience.
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