How Does the Fund Distribution Process Work for US Stocks on Pluang?
When you top up and trade US Stocks on Pluang, your funds pass through a regulated chain before reaching the market: from your Pluang balance, funds are received by PT PG Berjangka, forwarded to Kliring Berjangka Indonesia (KBI) for clearing, and finally routed to Alpaca Securities LLC, the designated US broker partner that actually executes your trade on the exchange. Every transaction you place is also recorded on the Jakarta Futures Exchange (JFX), so there is a clear audit trail from the moment you fund your account to the moment your order fills. Alpaca is the sole overseas broker partner used for US Stock execution — there is no other designated securities partner in this flow, and the same chain applies whether you top up with direct USD or convert IDR to USD first.
The fund flow, step by step:
- You top up on the Pluang app — either a direct USD top-up or an IDR-to-USD conversion within the app.
- Your funds are received by PT PG Berjangka, the OJK-licensed Financial Derivatives Trading Intermediary that facilitates your US Stock trading.
- Funds are then forwarded to Kliring Berjangka Indonesia (KBI), the clearing house that guarantees the transaction.
- KBI forwards the funds onward to Alpaca Securities LLC, the registered offshore broker that executes your order on the US market.
- Your transaction is simultaneously recorded on the Jakarta Futures Exchange (JFX), the exchange infrastructure that logs the trade for regulatory purposes.
Who is the fund holder? Alpaca Securities LLC is the entity that ultimately holds and executes against your funds on the US side, once they have passed through PT PG Berjangka and KBI. This is the same broker partner referenced elsewhere as your shares' custodian.
Related questions:
Q: Is Alpaca the only broker partner Pluang uses for US Stocks?
Yes — Alpaca Securities LLC is the designated overseas broker partner for all US Stock and ETF transactions on Pluang. There is no alternate securities partner in this fund flow; every trade you place, regardless of size or order type, is routed through the same PT PG Berjangka → KBI → Alpaca chain before it reaches the US exchange, with no exceptions for leveraged positions either.
Q: Does it matter if I top up in USD directly or convert IDR to USD first?
No — both funding methods feed into the exact same downstream chain once the funds are in your Pluang balance as USD. Whether you did a direct USD top-up or converted from IDR inside the app, your funds follow the identical path through PT PG Berjangka, KBI, and Alpaca before being used to execute your US Stock order, with no difference in processing.
Q: Why does my money pass through PT PG Berjangka and KBI instead of going straight to Alpaca?
This routing reflects Pluang's regulated structure in Indonesia — PT PG Berjangka is the OJK-licensed intermediary that facilitates your trade domestically, and KBI is the clearing house that guarantees the transaction before funds are forwarded internationally. This layered structure is what gives your trade a regulatory audit trail on the Indonesian side, not just on Alpaca's side in the US, end to end.
Q: Where is my transaction actually recorded once it's placed?
Your transaction is recorded on the Jakarta Futures Exchange (JFX) on the Indonesian side, which logs the trade as part of the regulated derivatives infrastructure, while the underlying US Stock trade itself executes on the relevant US exchange through Alpaca. Both records exist so the transaction is traceable from both the Indonesian regulatory side and the US execution side, at any point you need to check it.