Is Pluang My Counterparty When I Trade Commodities?
When you trade Commodities in the Pluang app, your broker is PT PG Berjangka, a Pialang Berjangka (futures broker) licensed and supervised by Bappebti, and a member of the Jakarta Futures Exchange (JFX) under membership number SPAB/169/BBJ/10/2018. Every Commodities transaction is recorded at JFX and cleared at KBI (Kliring Berjangka Indonesia), and the margin funds you deposit are held in a segregated account at Bank Artha Graha. This set-up means your trades are recorded by an exchange and cleared by a clearing house, under regulatory supervision. It doesn't reduce market risk, though. Commodities is still high-risk leveraged trading, and your profit or loss depends on price movements.
Who does what in a Commodities trade:
| Party | Role in your Commodities trade |
|---|---|
| PT PG Berjangka | Offers Commodities in the Pluang app as your broker (Pialang Berjangka), licensed and supervised by Bappebti, and a member of JFX under membership number SPAB/169/BBJ/10/2018 |
| Bappebti | The regulator that licenses and supervises PT PG Berjangka as a futures broker |
| JFX (Jakarta Futures Exchange) | Records every Commodities transaction |
| KBI (Kliring Berjangka Indonesia) | Clears every Commodities transaction |
| Bank Artha Graha | Holds Commodities margin funds in a segregated account |
- The JFX & KBI fee: US$0.10 per lot, capped at US$1 per order, plus 11% VAT, on opening and on closing. It is collected on behalf of JFX and KBI.
Related questions:
Q: What do JFX and KBI do in a Commodities trade?
JFX (Jakarta Futures Exchange) records every Commodities transaction, and KBI (Kliring Berjangka Indonesia) clears it. This applies to every Commodities instrument: XAUUSD, XAGUSD and UKOUSD. The JFX & KBI fee is US$0.10 per lot, capped at US$1 per order, plus 11% VAT, on opening and on closing. It is collected on behalf of JFX and KBI and shown under Taxes & Third Party Fees in the order summary.
Q: Where are my Commodities margin funds kept?
Margin funds for Commodities are held in a segregated account at Bank Artha Graha. In the app, they sit in your USD Margin (Commodities) wallet, which is used only for Commodities and is fully separate from the USD Margin wallet for leveraged US Stocks, so a loss in one wallet never affects the other.
Q: Is Commodities supervised by Bappebti or OJK?
Bappebti. For Commodities, PT PG Berjangka is a Pialang Berjangka (futures broker) licensed and supervised by Bappebti, and a member of the Jakarta Futures Exchange (JFX) under membership number SPAB/169/BBJ/10/2018. Its Bappebti license is separate from the OJK license PT PG Berjangka uses for US Stocks and Options, so the regulator depends on the product you trade, even though both are offered in the same Pluang app.
Q: Does clearing at KBI mean I can't lose money?
No. Clearing concerns how trades are recorded and cleared; it doesn't protect you from price movements. Commodities uses leverage of up to 100x for XAUUSD, 20x for XAGUSD and 50x for UKOUSD, so small price moves can cause large losses. A margin call comes at an 80% margin level and a second warning at 70%. At 50%, Pluang closes your worst-performing position in full, then checks your margin level again. If it's still at 50% or below, it closes the next one. Commodities is high-risk leveraged trading, not a savings product.