What Indonesia Commodity & Derivatives Exchange does

Indonesia Commodity & Derivatives Exchange (ICDX) is a Jakarta-headquartered, BAPPEBTI-regulated multilateral commodity and derivatives exchange founded in 2009. It operates a vertically integrated stack comprising the ICDX trading venue, its wholly owned clearing house Indonesia Clearing House (ICH), and logistics arm ICDX Logistik Berikat (ILB), which also serves as a regulated gold storage facility. The exchange offers exchange-traded spot and futures contracts across gold, crude oil, forex (GOFX, including GOLD NANO at 1-gram denomination and micro forex lots), Crude Palm Oil futures (CPOTR and OLEINTR), Indonesian Tin contracts, Sharia Commodity Murabahah for Islamic finance, OTC bilateral derivatives, Renewable Energy Certificates, and a Digital Gold Physical Market, plus foreign board of trade (FBOT) order routing to CME Group, CBOT, NYMEX, ICE, and SGX through licensed domestic brokers.

The technical platform combines the MetaTrader 5 front-end on iOS, Android, and desktop, a Cerebro ECN matching engine with no-requote/no-last-look execution, an EPACT-CD electronic warehouse receipt system for dematerialized physical commodities, and the Nexus tin trading system hosted on Google Cloud Platform with a 99.9% availability standard and Sophos NGFW security. ICDX's CPOTR settlement price has been incorporated into Indonesia's CPO Export Benchmark Price formula since 2013, and the firm holds ISO/IEC 27001:2022 information security commitment alongside DSN-MUI fatwa coverage for Sharia products.

ICDX monetizes through exchange trading fees, clearing and settlement fees via ICH, and logistics/storage fees via ILB, all on unit-pricing, pay-as-you-go terms. The company distributes through a multi-tier broker network (Phillip Futures, CGS International, Ajaib, Rajawali XTB, PT Nano Megang Futures), Islamic bank members (BSI, CIMB Niaga, Maybank Syariah), digital gold merchants (ANTAM, Treasury, Pluang, Indogold), and its MT5-based retail self-serve channel. Anchored customer verticals include Islamic financial institutions, precious metals traders and refiners, jewelry retailers, palm oil producers, tin exporters, and corporate sustainability buyers.

Name

Indonesia Commodity & Derivatives Exchange

Legal name

Indonesia Commodity & Derivatives Exchange (ICDX)

Website

https://icdx.co.id

Company type

Private

Founded year

2009

Operating status

Operating

Short description

Indonesia Commodity & Derivatives Exchange (ICDX) is a BAPPEBTI-regulated, Jakarta-based multilateral exchange offering spot and futures trading in gold, oil, forex, tin, and CPO, plus Sharia, REC, digital gold, and FBOT access, supported by integrated clearing (ICH) and logistics (ILB).

Ownership category

akta.pro rank

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Exchange Trading Fees: Revenue generated from trading fees charged to broker members and market participants executing trades on the ICDX multilateral exchange platform for commodities and derivatives.
2. Clearing and Settlement Services: Through integrated clearing institution Indonesia Clearing House (ICH), the exchange provides clearing and guaranteeing of all transactions conducted on ICDX.
3. Logistics Services: Through ICDX Logistik Berikat (ILB), integrated logistics services for procurement, storage and delivery of commodities traded at ICDX.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

ICDX operates a multilateral commodity and derivatives exchange in Indonesia, offering exchange-traded contracts for gold (GOLDUD, GOLD NANO at 1 gram), crude oil, and forex via MetaTrader 5 under the GOFX initiative, as well as physical markets for digital gold with insured vault storage, tin, crude palm oil, Sharia Commodity Murabahah, and Renewable Energy Certificates. All transactions are cleared and guaranteed by its subsidiary Indonesia Clearing House (ICH), and physical commodity logistics and gold vault storage are handled by ICDX Logistik Berikat (ILB).

Product overview

ICDX operates as a multilateral commodity and derivatives exchange offering a diversified portfolio of trading products and services. The core platform consists of GOFX (Gold, Oil, Forex), which encompasses spot and futures contracts including GOLDUD, GOLDUDMic, and the pioneering GOLD NANO (1 gram, IDR-denominated), alongside crude oil futures (COFR, COFU) and forex micro/spot contracts tradable via MetaTrader 5. Beyond GOFX, ICDX provides specialized markets including Digital Gold Physical Market, Sharia Commodity (Commodity Murabahah), Renewable Energy Certificates (REC), FBOT (foreign exchange access), OTC derivatives, Tin Physical Market, and CPO Physical Market (CPOTR and OLEINTR futures). The group is supported by Indonesia Clearing House (ICH) for clearing and settlement, and ICDX Logistik Berikat (ILB) for commodity logistics and gold storage. Technology infrastructure includes the Cerebro ECN Matching Engine, EPACT-CD warehouse receipt platform, and Nexus system on Google Cloud Platform.

Differentiator

Problem solved

Functional benefit

Brands

• GOFX: GOFX is ICDX's initiative bringing exchange-traded, regulated contracts in gold, crude oil and forex to the public, including micro and nano versions. It is Southeast Asia's first exchange-traded spot forex contracts platform.
• Gold Nano

Products and services

• GOFX (Gold, Oil, Forex Exchange-Traded Contracts) A suite of exchange-traded futures and spot contracts covering gold (GOLDUD 10 troy ounces USD-denominated, GOLDUDMic 1/100 standard, GOLD NANO 1 gram IDR-denominated), crude oil futures (COFR, COFU), and forex micro and spot contracts, traded on the MetaTrader 5 platform. Designed for retail accessibility with leverage at 1:66 and margin 1–2%, including the first nano gold derivative product in Indonesia.
• Digital Gold Physical Market A physical gold trading mechanism where transactions and ownership records are carried out digitally; gold traders place physical gold at ILB (Gold Storage Manager), which synchronizes with ICH to create digital gold balances for trading, with all transactions reported to ICDX in real time and guaranteed by ICH with physical backing in insured vaults.
• Sharia Commodity (Komoditi Syariah) Market Sharia-principled commodity trading activity (Commodity Murabahah) conducted on the ICDX exchange and facilitated through Islamic financial institutions including Bank CIMB Niaga, Bank Syariah Indonesia, Bank Maybank Indonesia Unit Usaha Syariah, Bank Mega Syariah, and Bank Muamalat Indonesia.
• Renewable Energy Certificate (REC) Market A green energy certificate used to claim electricity consumption from renewable sources, enabling companies to address Scope 2 emissions and meet sustainability reporting aligned with GHG Protocol, CDP, RE100, and SBTi standards.
• FBOT (Foreign Board of Trade) Relay Mechanism enabling Indonesian domestic futures brokers (including CGS International Futures Indonesia, Ajaib, PT Nano Megang Futures, and Rajawali XTB) to relay customer orders to foreign exchanges such as CME Group, CBOT, New York Mercantile Exchange (NYMEX), ICE, and SGX under CoFTRA conditions.
• OTC (Over The Counter) Alternative Trading System Bilateral trading under ICDX's Alternative Trading System using customer margins registered with the clearing house, covering stock index derivatives, single stock derivatives, foreign currency derivatives, and commodity derivatives contracts.
• TIN Physical Market (Indonesian Tin Market) A physical tin trading market introduced by ICDX in 2013 with contracts including TIN PB 300, TIN PB 200, TIN PB 100, TIN PB 50, and TIN 4NINE; serves Indonesian tin producers and exporters (Indonesia is the world's second-largest tin producer) with export destinations spanning 28 countries.
• CPO Physical Market Physical Crude Palm Oil (CPO) trading introduced in 2023 through an exchange auction mechanism, complementing the existing CPOTR and OLEINTR futures contracts to support hedging and price discovery for CPO market participants including producers, exporters, and buyers.
• CPOTR Futures Contract Crude Palm Oil (CPO) futures contract introduced in 2010 as a hedging instrument specifically designed for the CPO industry; its settlement price has been incorporated into Indonesia's Export Benchmark Price (HPE) formula since 2013.
• OLEINTR Futures Contract Cooking oil futures contract launched in 2011 as a hedging instrument and transparent trading solution with quality standards established by ICDX; aims to support price stability in the domestic market, improve supply chain efficiency, and provide a hedging mechanism for producers, distributors, and consumers.
• Indonesia Clearing House (ICH) Clearing and Settlement Services Wholly owned ICDX subsidiary that regulates and provides systems and facilities for clearing and guaranteeing all transactions conducted on ICDX, with a vision to become a world-class clearing and transaction settlement service provider.
• ICDX Logistik Berikat (ILB) Logistics Services Wholly owned ICDX subsidiary that is an integrated logistics company providing procurement, storage, and delivery services for commodities traded at ICDX and companies engaged in export-import of commodities; also serves as the Gold Storage Facility Manager for the Digital Gold Physical Market.

Quantifiable outcome

• 67% increase in GOFX trading volume 2022-2023
• +2 more outcomes

Named customers8 records

Segments6 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered core.

• Belarus Universal Commodity Exchange (BUCE)coreStrategic or Co-development Partner · 2 July 2026ICDX established trade cooperation with Belarus Universal Commodity Exchange (BUCE), marking a new chapter in trade between Indonesian and Belarusian businesses. The partnership enables bilateral commodity trading opportunities between the two countries.
• Indonesia Clearing House (ICH)coreStrategic or Co-development PartnerICDX is integrated with Indonesia Clearing House which regulates and provides systems and facilities for clearing and guaranteeing transactions at ICDX. ICH has vision to become world-class clearing and transaction settlement service provider.
• ICDX Logistik Berikat (ILB)coreStrategic or Co-development PartnerPT ICDX Logistik Berikat is an integrated logistics company providing procurement, storage and delivery services for commodities traded at ICDX and companies engaged in export-import of commodities.
• Phillip FuturescoreChannel Partner/ Reseller/ DistributorGOFX x Phillip Futures Trading Workshop & Roadshow program. Cooperation includes workshops, webinars, and roadshows across Indonesia for GOFX micro product trading education.
• CGS International Futures IndonesiacoreChannel Partner/ Reseller/ DistributorLicensed domestic broker for FBOT trading through ICDX.
• AjaibcoreChannel Partner/ Reseller/ DistributorLicensed domestic broker for FBOT trading through ICDX.
• PT Nano Megang FuturescoreChannel Partner/ Reseller/ DistributorLicensed domestic broker for FBOT trading through ICDX.
• Rajawali XTBcoreChannel Partner/ Reseller/ DistributorLicensed domestic broker for FBOT trading through ICDX.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Intercontinental Exchange (ICE): ICE is a global exchange operator with commodity and energy derivatives. ICE partners with ICDX via FBOT routing and competes for institutional flow across soft commodities, energy, and metals that overlap with ICDX's product set.
• CME Group: CME Group is the world's largest derivatives exchange and an active partner of ICDX through FBOT routing. It competes with ICDX on global commodity benchmarks and offers far deeper liquidity across metals, energy, and agricultural contracts.
• Singapore Exchange (SGX): SGX operates Asia's leading multi-asset exchange and is a direct FBOT partner of ICDX. It competes with ICDX for regional commodity derivatives flow, especially in rubber, palm oil, and currency products where Indonesian traders can route orders.
• London Metal Exchange (LME): LME is the global benchmark exchange for industrial metals including tin. As the international price-setter for tin, LME represents a structural competitor to ICDX's tin market and sets the reference prices Indonesian producers benchmark against.

Direct peers

• Multi Commodity Exchange of India (MCX): MCX is India's largest commodity derivatives exchange, comparable in business model to ICDX as a regulated multilateral commodity exchange in an emerging Asian market. Both offer commodity futures, have clearing infrastructure, and serve regional commodity producers/exporters.
• Jakarta Futures Exchange (JFX): JFX is Indonesia's other licensed futures exchange, directly competing with ICDX in commodity and derivatives trading under the same BAPPEBTI regulatory framework. Both serve Indonesian commodity traders, brokers, and institutional hedgers with overlapping product categories (CPO, gold, forex).
• National Commodity & Derivatives Exchange (NCDEX): NCDEX is an Indian commodity derivatives exchange focused on agricultural commodities including CPO. Like ICDX, NCDEX provides price discovery and hedging instruments for regional commodity markets with similar regulatory structures under SEBI.

Regional players

• Bursa Malaysia Derivatives: Bursa Malaysia Derivatives operates crude palm oil futures (FCPO), the global benchmark for CPO pricing. It competes with ICDX's CPOTR contract for regional palm oil hedging volumes and serves a similar Southeast Asian commodity customer base.
• Thailand Futures Exchange (TFEX): TFEX is Thailand's derivatives exchange offering agricultural, currency, and index futures. It is a regional comparable in Southeast Asia, competing for cross-border commodity hedging and retail forex flows alongside ICDX's GOFX product.

Others

• Indonesia Stock Exchange (IDX): IDX is Indonesia's securities exchange, operating in the same regulatory ecosystem under OJK oversight. While IDX focuses on equities and bonds, it represents a complementary capital markets infrastructure peer in the same Indonesian regulatory and customer ecosystem.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/icdexchange
• YouTubeyoutube.com/@icdxgroup
• Facebookfacebook.com/icdxgroup
• LinkedInlinkedin.com/company/icdxgroup
• Instagraminstagram.com/icdxgroup

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Indonesia Commodity & Derivatives Exchange