Are Foreign Trading Apps Legal in Indonesia?

A foreign trading app is only legal to offer to investors in Indonesia if the company behind it holds an Indonesian licence for the products it sells, issued by the Indonesian regulator for that product. For most investment products that regulator is OJK, which supervises stocks, mutual funds, crypto assets and most financial derivatives; Bappebti supervises commodity futures and digital physical gold. A licence from another country's regulator does not count in Indonesia. The government's Task Force for Handling Illegal Financial Activities (Satgas PASTI), coordinated by OJK, regularly orders unlicensed platforms to stop, including apps that claim to be licensed abroad or say an OJK licence is in process. If you use an unlicensed app, no Indonesian regulator supervises it, and none of the Indonesian investor protections applies if it freezes withdrawals or disappears. To check an app, ask Kontak OJK on 157. Pluang gives you access to US stocks through PT PG Berjangka, which is licensed and supervised by OJK.

Which Indonesian regulator licenses what

Warning signs of an unlicensed app

• It promises high or guaranteed returns.
• It says it is licensed abroad, or that its OJK licence is "in process".
• It copies the name, logo or website of a licensed company to look legitimate.

How to check an app

• Ask Kontak OJK: call 157, or WhatsApp 081-157-157-157.
• Check the company name, not just the app name, on OJK's or Bappebti's official channels.
• Report a suspicious offer to Kontak OJK or by email to satgaspasti@ojk.go.id.
• If you have been defrauded, report it to the Indonesia Anti-Scam Centre at iasc.ojk.go.id.

Related questions:

Q: Can I use a foreign broker if it is licensed in its own country?
A foreign licence only covers the country that issued it. To offer trading to people in Indonesia, a company needs an Indonesian licence for that product. Satgas PASTI has stopped platforms that claimed to be licensed abroad, and some apps simply copy the name of a real foreign company. Without an Indonesian licence, no Indonesian regulator supervises the app or handles your complaint if something goes wrong.

Q: How does Pluang let me buy US stocks legally?
US Stocks, ETFs and US Stock Options on Pluang are offered by PT PG Berjangka, which is licensed and supervised by OJK as a Perantara Pedagang Derivatif Keuangan (Financial Derivatives Trading Intermediary). Your orders are forwarded to the overseas exchange through PALN (Penyaluran Amanat Luar Negeri), recorded at the Jakarta Futures Exchange (JFX) and cleared through Kliring Berjangka Indonesia (KBI), and your US stocks are held by the custodian Alpaca Securities LLC.

Q: Is crypto on a foreign exchange app legal?
To offer crypto trading to people in Indonesia, a company must be licensed by OJK as a Pedagang Aset Keuangan Digital (Digital Financial Asset Trader). Unlicensed crypto platforms can be blocked by the authorities. On Pluang, crypto is offered by PT Bumi Santosa Cemerlang, which holds this licence and is supervised by OJK.

Q: What should I do if I already put money into an unlicensed app?
Stop adding money, and report the app as soon as you can to Kontak OJK (157 or WhatsApp 081-157-157-157) or by email to satgaspasti@ojk.go.id, so the authorities can follow up, including on the accounts that received your money. If you were defrauded, also report it to the Indonesia Anti-Scam Centre at iasc.ojk.go.id so the receiving accounts can be blocked quickly. Keep your transfer receipts, chat records and the app's details. Be wary of anyone who offers to recover your money for a fee, as this is a common follow-up scam.