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SIBFX (PT. SENTRATAMA INVESTOR BERJANGKA) Review - is it scam or safe?

SIBFX Review - Is sibfx.co.id scam or good forex broker?

RATING: 2.4 / 1 REVIEWS ForexBrokerz SIBFX (PT. SENTRATAMA INVESTOR BERJANGKA)
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Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage Spread
Standard Unspecified 1:100 From 3 pips + $30 commission per lot


PT. SENTRATAMA INVESTOR BERJANGKA (or SIBFX) is an Indonesian investment intermediary. The company offers a lot of different services, but in this review, we will focus on the way they allow retail clients to trade forex.


SIBFX Advantages


Regulated in Indonesia

SIBFX is affiliated with all the appropriate Indonesian institutions. They include: the Supervisory Board and the Commodity Futures Trading Regulatory Agency (BAPPEBTI), the Indonesian Derivatives Clearing House (ICDX) and the Jakarta Futures Exchange (BBJ). While this sounds like a lot, it’s simply how the legal system in country works presently.


>>Indonesian forex brokers<<


Running since the year 2000
SIBFX is a longstanding company in the field. With experience of almost two decades, they have probably met with all the possible technical and market issues you can imagine.


Offers managed accounts
We usually mention this as a negative, especially when the service is offered by an offshore market maker. That being said, this is a highly regulated company, which follows a lot of rules. While we haven’t seen SENTRATAMA INVESTOR BERJANGKA’s record, given their experience, they may have a decent offer.


MetaTrader4 available
Trading at SIBFX is done via one of the best trading platforms, especially when it comes to forex. MT4 has arguably the best charting package in the business and also packs a lot of extra functionality to back it up. We are talking about the extra tools, available at the MQL marketplace (and some third party vendors). Expert Advisors are the easiest way for a regular trader to automate his trading. MetaTrader is also available on mobile and web based versions. Here is a preview of the one provided by this broker:



The platform at SIBFX (click to zoom)


 >>Find other MT4 brokers here<<


1:100 leverage
This is a “classic” ratio, which was implemented by a lot of brokers in the past. We find it to provide a nice balance in terms of risk. Be sure to understand the basics of position sizing, before you start trading.


SIBFX Disadvantages


Very wide spreads
The biggest negative of SIBFX is the high costs of trading. While this shouldn’t be your most important factor when comparing brokers, the conditions with this one aren’t in line with the current state of the industry. When testing their platform we saw slightly tighter spreads than the advertised 3 pips + $30 commission – the EUR/USD one was around 2.6 pips with the same additional cost.


Every dollar in “roundturn” commissions (charged once per trade, instead of on the opening and closing of the position) is the equivalent of 0.1 pips (for pairs where the USD is the second currency). This means the effective spread at SIBFX will be 5.6 to 6.0 pips, which is way higher than what you should expect 


 >>Find competitive spreads here<<


Only Bank Transfers supported

SIBFX deals with clients only via the banking system. This isn’t that big of a concern, but a lot of other brokers accept alternative methods, like Credit/Debit Cards, Skrill, Neteller or even Bitcoin.


No info on minimum deposit
Additionally, SIBFX does not specify a minimum deposit level. This is standard practice in the industry, as the work necessary to process a $10 transaction is similar to the one for a $10,000 deposit. Obviously one of the clients will bring more business to the broker. Nowadays some companies accept even the smallest possible clients, but the average deposit requirement is around $100.


Conclusion


PT. SENTRATAMA INVESTOR BERJANGKA or SIBFX is a well-established Indonesian financial markets intermediary. With 18 years of experience, they will have the knowhow required to run a brokerage. That being the case, their forex offering, which was the main object of this review isn’t that impressive, mostly due to the high spread,.


If you are looking for better trading conditions, going with a globally oriented company may be the better way to go. Be sure to look for well regulated ones. Some of the biggest players are overseen by the United Kingdom’s Financial Conduct Authority (FCA). We will briefly mention two of the benefits of dealing with them (similar rules are also implemented by the Indonesian watchdog – BAPPEBTI):


 >>Globally renowned FCA brokers<<

 

The rules in question concern the security of your investment. They are the principle of segregated client accounts and the Financial Services Compensation Scheme (FSCS). The first one means, client funds must be kept separate from the company’s main funds. This prevents many forms of fraud. The FSCS on the other hand offers protection, in case your broker goes bankrupt. Each trader is insured for the value of his account, up to £50,000.


Here are the key points about this broker:

Pros Cons
Regulated in Indonesia Very wide spreads
Running since the year 2000 Only Bank Transfers supported
Offers managed accounts No info on minimum deposit
MetaTrader4 available   
1:100 leverage  

 

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Traders` reviews for SIBFX (PT. SENTRATAMA INVESTOR BERJANGKA)

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