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In my experience as an independent trader, regulatory oversight is one of the first things I examine before even considering a broker. When researching First State Futures, I found that they are currently regulated by the Indonesia Commodity and Derivatives Exchange (ICDX), holding a Retail Forex License under license number 037/SPKB/ICDX/Dir/VIII/2010. This means, at least for the present, they are officially monitored for compliance by ICDX—a key regulatory authority for trading activities in Indonesia, intended to provide some layer of client protection. However, I have to be cautious here. I also noticed that First State Futures previously held a license from BAPPEBTI, Indonesia's official commodity regulator, but that license has been revoked. Plus, there’s a noted issue with what’s described as a “suspicious clone” license under the Jakarta Futures Exchange (JFX). These red flags make me proceed with extra care, because a revoked or questionable license history can signal limitations in oversight or inconsistencies in regulatory adherence. So while First State Futures is presently regulated by ICDX, I personally view the revocation from BAPPEBTI and the JFX license confusion as critical factors. As a trader who prioritizes fund safety, regulatory clarity, and broker transparency, I would be vigilant—and would recommend others approach any broker with regulatory complications cautiously.