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Contract reading

What CFForex legally published, but does not want you to read

Every clause below is published by CFForex itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: PT. Cyber Futures

withdrawalssole discretiondeemed acceptancehidden feekyc freezeliability disclaimermissing documentconflict of interestcurrency conversiondata retention

PT. Cyber Futures publishes two short pages of terms and no client agreement. Neither page promises you a withdrawal, names a fee, or sets a way to complain. One clause lets CFForex freeze your account on what it calls an indication of cheating, intentional or not. Its own FAQ says a loss can pass the money you paid in.

Back to CFForex

Contract risk

Money at risk
8.0/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
4
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
10
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
3
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
4

How the 10 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical4
Warning3
Notice3

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

3 of these 3 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical2Time to complain. Jump to the clause this comes from.Two notices stand in for a client agreementCritical200In the contract. Jump to the clause this comes from.You can lose more than you depositCritical2 working daysWithdrawal limit. Jump to the clause this comes from.Instant withdrawal promised, two working days stated

What the documents say

10 clauses worth knowing about, worst first, each quoted from CFForex's own files

01

Everything CFForex publishes as terms fits on two short pages, and both are notices about how to pay money in. Neither one promises you a withdrawal, names a fee, sets a complaint deadline, or says which court hears a dispute.

Why this matters

You send money to a company that has put nothing in writing about sending it back. If it does not arrive, you have no clause to point at and no complaints procedure to escalate to.

Exhibit 1CriticalRarely seen2

Pihak PT. Cyber Futures tidak bertanggung jawab atas segala risiko yang ditimbulkan apabila terjadi kelalaian dalam melakukan proses deposit yang mengatasnamakan nama pribadi.
Clause paragraph 1 of 2 in Syarat dan Ketentuan
Read from the broker's site on Archived copyOpen the reference
Our own capture of cfforex.com, taken on Aug 31, 2026Two notices stand in for a client agreement (clause paragraph 1 of 2)Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must give a retail client written terms of business before that client trades. They must also publish a complaints procedure with a route to an independent ombudsman. CFForex publishes two deposit notices and no complaints procedure.

CFForex is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingA client agreement is where a broker takes on duties: to hold your money, to pay it out, to answer a complaint. CFForex publishes no such document. The two pages it labels as terms create obligations for you and none for the firm.

  • Worse together with Exhibit 3With no agreement and no complaints route, a frozen account has nothing written to appeal to.
02

One answer near the bottom of the CFForex FAQ says you will generally not lose more than you paid in. The same answer then says market conditions can push your loss past it, at leverage of 1:200.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

A loss bigger than your balance is a debt, and nothing published says CFForex will write it off. The one warning it prints on every page is in English, on a site whose terms, FAQ and marketing are all Indonesian.

Exhibit 2CriticalHarder than usual200

Pada umumnya, para nasabah tidak akan mengalami kerugian melebihi jumlah dana yang disetorkan ke akun perdagangannya.
Clause Dapatkah saya mengalami kerugian dari apa yang telah saya setorkan? in Frequently Asked Questions
Read from the broker's site on Open the reference
Our own capture of cfforex.com, taken on Aug 31, 2026You can lose more than you deposit (clause Dapatkah saya mengalami kerugian dari apa yang telah saya setorkan?)Visit this page on the broker's siteDownload the full size image file

What it costsAt 1:200, a $1,000 deposit controls a position worth $200,000.

Set against a regulated standard: FCA (UK), CySEC (Cyprus), ESMA (EU), ASIC (Australia)

Firms licensed by the FCA, CySEC or ASIC, and firms under ESMA rules, must give retail clients negative balance protection, so a loss cannot take the account below zero. Those regimes also cap retail leverage well below 1:200. CFForex offers 1:200.

CFForex is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 1With no client agreement, nothing written caps what CFForex can ask you for once a loss passes your balance.
03

An indication of cheating is enough for CFForex to freeze your account, and its security page says that indication can be unintentional. PT. Cyber Futures claims full authority to do it, hands the matter to the authorities, and sets no time limit.

Why this matters

A frozen account is a withdrawal you cannot make. Nothing on the site says how long the freeze lasts or who reviews it. If the suspicion turns out to be wrong, no page says how you get your money back.

Exhibit 3CriticalRarely seen

Apabila ditemukan indikasi kecurangan secara sengaja / tidak sengaja dalam melakukan transaksi tersebut, maka pihak Cyber Futures memiliki otoritas / hak penuh untuk membekukan sementara akun nasabah untuk di tindak lanjuti oleh pihak otoritas.
Clause Privacy and Security, paragraph 2 of 2 in Kerahasiaan dan Keamanan
Read from the broker's site on Archived copyOpen the reference
Our own capture of cfforex.com, taken on Aug 31, 2026The claim, on Indonesian front page, in the list headed KEUNGGULAN TRADING DENGAN CFFOREX, the advantages of trading with CFForexVisit this page on the broker's siteDownload the full size image file
Our own capture of cfforex.com, taken on Aug 31, 2026What the contract says, clause Privacy and Security, paragraph 2 of 2Visit this page on the broker's siteDownload the full size image file

Our readingMost agreements let a broker suspend an account where it suspects abuse, and they ask for suspicion of deliberate conduct. This clause reaches unintentional conduct, and it triggers on an indication rather than a finding. An honest mistake in placing an order meets the test as written.

  • Worse together with Exhibit 4A stated maximum of two working days for a withdrawal means nothing while the account sits frozen with no end date.
04

CFForex lists instant fund withdrawal as an advantage on its Indonesian front page. Its FAQ says the process takes up to 2 working days. No legal document promises you a withdrawal at all.

Why this matters

You cannot ask CFForex to keep a promise that exists only on a marketing page. Every request goes to support and telesales staff by email or phone, so a person decides when your money moves.

Exhibit 4CriticalHarder than usual2 working days

Maksimal proses penarikan dana memakan waktu maksimal 2 hari kerja.
Clause Bagaimana cara penarikan dana dari akun/rekening saya? in Frequently Asked Questions
Read from the broker's site on Open the reference
Our own capture of cfforex.com, taken on Aug 31, 2026The claim, on Indonesian front page, in the list headed KEUNGGULAN TRADING DENGAN CFFOREX, the advantages of trading with CFForexVisit this page on the broker's siteDownload the full size image file
Our own capture of cfforex.com, taken on Aug 31, 2026What the contract says, clause Bagaimana cara penarikan dana dari akun/rekening saya?Visit this page on the broker's siteDownload the full size image file

What it costsTwo working days is the stated maximum, so a request made on Friday is not due until Tuesday.

  • Worse together with Exhibit 5The staff who help you place trades are the same staff who move your withdrawal request along.
05

Every CFForex transaction goes through a dealer its security page calls only LP, and no page says who that dealer is. The admission sits in one half of one sentence, on the privacy page.

Why this matters

A dealer on the other side of your order makes money when you lose it. CFForex publishes no conflict of interest policy, and its own gold page says that product trades on the alternative trading system rather than through an exchange.

Exhibit 5WarningHarder than usual

PT. Cyber Futures adalah pialang berjangka (broker) yang memiliki izin resmi sejak 2004 dan semua transaksi melalui LP (Pedagang).
Clause Privacy and Security, paragraph 2 of 2 in Kerahasiaan dan Keamanan
Read from the broker's site on Archived copyOpen the reference
Our own capture of cfforex.com, taken on Aug 31, 2026The claim, on Indonesian about page, opening paragraph under Tentang Cyber FuturesVisit this page on the broker's siteDownload the full size image file
Our own capture of cfforex.com, taken on Aug 31, 2026What the contract says, clause Privacy and Security, paragraph 2 of 2Visit this page on the broker's siteDownload the full size image file

The CFForex front page sells advantages its own FAQ takes back

Leverage of 1:200 sits on the CFForex front page. An answer near the bottom of its FAQ says a loss can pass the money you paid in. The same FAQ says PT. Cyber Futures gives no investment advice of any kind, while a front page testimonial credits its Trading Advisors with turning losses into profits.

Promise and paperwork1 clause flagged

A testimonial on the CFForex front page credits its Trading Advisors with turning losses into profits. The FAQ says PT. Cyber Futures offers no investment advice of any kind.

Why this matters

If a member of staff tells you what to trade and the trade loses, the FAQ is the page CFForex can point at. Nothing published makes anyone responsible for what its advisors tell you.

Exhibit 6WarningHarder than usual

Harap diperhatikan pihak CF Forex tidak menawarkan saran investasi dalam bentuk apapun.
Clause Apakah CF Forex menawarkan sinyal trading? in Frequently Asked Questions
Read from the broker's site on Open the reference
Our own capture of cfforex.com, taken on Aug 31, 2026The claim, on Front page testimonial attributed to Jessica Thania, under TESTIMONI NASABAH KAMIVisit this page on the broker's siteDownload the full size image file
Our own capture of cfforex.com, taken on Aug 31, 2026What the contract says, clause Apakah CF Forex menawarkan sinyal trading?Visit this page on the broker's siteDownload the full size image file

CFForex answers the fee question for deposits and stops there

One fee answer appears in the CFForex FAQ, and it covers deposits only: no charge to pay money in. Nothing published says what a withdrawal costs. CFForex takes deposits in Rupiah, prices its accounts in dollars, and states no conversion rate anywhere.

Cost disclosure1 clause flagged

The CFForex FAQ answers its one fee question for deposits only: no charge to pay money in. Nothing published says what it costs you to take money out. No page states the rate that turns your Rupiah deposit into a dollar balance.

Why this matters

A conversion rate the broker sets and does not publish is a fee you cannot check. CFForex takes Rupiah, prices its accounts in dollars, and leaves the difference undocumented.

Exhibit 7WarningHarder than usual

Tidak, CF Forex tidak mengenakan biaya transfer untuk penyetoran dana
Clause Apakah CF Forex mengenakan biaya transfer? in Frequently Asked Questions
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must disclose all costs and charges to a retail client before that client trades, including conversion costs. CFForex publishes a deposit fee answer, a commission figure on its front page, and no fee schedule in any document.

CFForex is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

CFForex locks your name and collects family data without a consent step

CFForex switches off name and email changes once you register. It accepts deposits only from a bank account in that same name. The signup form asks for your marital status and your spouse's name with no privacy notice attached, and the security page sets no retention period and no route to deletion.

Your details2 clauses flagged

CFForex switches off name and email changes once you register, and accepts deposits only from a bank account in that same registered name. Fixing a mistake means emailing support with your passport or KTP.

Why this matters

A typo in your name at signup can block your own deposit. No page sets a deadline for CFForex to fix it, and no page says where your money sits while you wait.

Exhibit 8NoticeStandard wording

CATATAN: Anda tidak dapat mengubah NAMA atau EMAIL anda sebagaimana fitur ini telah di non-aktifkan untuk alasan keamanan dan kenyamanan.
Clause Bagaimana saya bisa mengubah informasi pribadi saya? in Frequently Asked Questions
Read from the broker's site on Open the reference

The CFForex signup form asks for your marital status, your spouse's name and your date of birth. It shows no privacy notice, no consent box and no link to the security page that governs the data.

Why this matters

The security page promises PT. Cyber Futures will not pass your data to third parties, then allows disclosure to public authorities. It sets no retention period, and no page tells you how to have your data deleted.

Exhibit 9NoticeStandard wording

PT. Cyber Futures dan karyawannya berkewajiban menjaga kerahasiaan informasi tersebut dan tidak akan memberikannya kepada pihak ketiga.
Clause Privacy and Security, paragraph 1 of 2 in Kerahasiaan dan Keamanan
Read from the broker's site on Archived copyOpen the reference

A licence claimed since 2004, with the proof published as pictures

CFForex states on its security page that PT. Cyber Futures has held an official licence since 2004. No licence number appears on any page we read. The front page shows seven certificate images under a legality heading, with no text, no number and no link to a regulator's register.

Checking the licence1 clause flagged

CFForex says on its security page that PT. Cyber Futures has held an official licence since 2004. No licence number appears on any page we read, and the front page makes its legality claim in seven pictures of certificates.

Why this matters

You cannot check a registration you cannot read. Pictures carry no number you can type into a regulator's register, and neither document names a regulator you could complain to.

Exhibit 10NoticeStandard wording

PT. Cyber Futures adalah pialang berjangka (broker) yang memiliki izin resmi sejak 2004 dan semua transaksi melalui LP (Pedagang).
Clause Privacy and Security, paragraph 2 of 2 in Kerahasiaan dan Keamanan
Read from the broker's site on Archived copyOpen the reference
  • Same clause as Exhibit 5One sentence carries both the licence claim and the admission that a dealer stands behind every transaction.

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

CFForex sells protection from cheating on its front page, and the only place its documents use that word is the clause that freezes your account.

Said in public, in Indonesian

Perlindungan Dari Kecurangan

Word for word in English: Protection From Cheating

Indonesian front page, in the list headed KEUNGGULAN TRADING DENGAN CFFOREX, the advantages of trading with CFForex

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of cfforex.com

In the contract · clause Privacy and Security, paragraph 2 of 2

Apabila ditemukan indikasi kecurangan secara sengaja / tidak sengaja dalam melakukan transaksi tersebut, maka pihak Cyber Futures memiliki otoritas / hak penuh untuk membekukan sementara akun nasabah untuk di tindak lanjuti oleh pihak otoritas.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of cfforex.com

02

The front page calls withdrawals instant and the FAQ gives CFForex up to two working days.

Said in public, in Indonesian

Penarikan Dana Instan

Word for word in English: Instant Fund Withdrawal

Indonesian front page, in the list headed KEUNGGULAN TRADING DENGAN CFFOREX, the advantages of trading with CFForex

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of cfforex.com

In the contract · clause Bagaimana cara penarikan dana dari akun/rekening saya?

Maksimal proses penarikan dana memakan waktu maksimal 2 hari kerja.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of cfforex.com

03

The about page puts CFForex under the Jakarta exchange and its clearing house, while the security page says every transaction goes through a dealer it never names.

Said in public, in Indonesian

Perusahaan ini bergerak di bidang perdagangan berjangka derivatif keuangan dan bernaung pada Bursa Berjangka Jakarta dan Kliring Berjangka Indonesia.

Word for word in English: This company operates in financial derivative futures trading and comes under the Jakarta Futures Exchange and Indonesian Futures Clearing.

Indonesian about page, opening paragraph under Tentang Cyber Futures

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of cfforex.com

In the contract · clause Privacy and Security, paragraph 2 of 2

PT. Cyber Futures adalah pialang berjangka (broker) yang memiliki izin resmi sejak 2004 dan semua transaksi melalui LP (Pedagang).

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of cfforex.com

04

A front page testimonial credits CFForex staff with turning losses into profits, and the FAQ says the firm gives no investment advice at all.

Said in public, in English

Trading Advisors are very helpful. They not only taught me how to trade but also helped me turn losses into profits

Front page testimonial attributed to Jessica Thania, under TESTIMONI NASABAH KAMI

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of cfforex.com

In the contract · clause Apakah CF Forex menawarkan sinyal trading?

Harap diperhatikan pihak CF Forex tidak menawarkan saran investasi dalam bentuk apapun.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of cfforex.com

The documents this reading is based on

3 files, all published by CFForex. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording CFForex publishes.

How this reading was done

Every clause above was read out of a document CFForex publishes itself

This reading was published on .

Documents
3 of 3downloaded from the broker's site, and 3 read in full
Pages opened
23pages walked to find those documents, footer links included
Older copies
2earlier versions downloaded
Marketing pages
2public pages set against what the contract says
Languages
EN vs IDthe language it advertises in, against the language it contracts in

Who the contract is with

PT. Cyber Futures

Both legal pages name PT. Cyber Futures, and so do the three segregated bank accounts printed on the front page. The about page and the member area use a longer form, Cyber Futures Forex and PT. Cyber Futures Forex, and no document says whether that is the same company. The security page states that PT. Cyber Futures has held an official licence since 2004. No licence number appears on any page we read, and the front page makes its legality claim in seven pictures of certificates with no text and no link to a regulator's register.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

CFForex publishes the full destination of your deposit: three named banks, the Rupiah and dollar account numbers, and the swift codes, all in the name of PT. Cyber Futures. Its terms require every deposit to go through those segregated accounts and nowhere else, which is more detail than most brokers give. No clause on the site lets CFForex void a trade, cancel your profit, remove a bonus or charge a dormancy fee, because no such clause exists. The FAQ answers 26 questions in plain Indonesian, and one of them admits you can lose more than you deposit.

CFForex publishes two legal pages and we read both end to end. We also read its FAQ in full, because that is where its deposit, withdrawal and leverage terms actually live. Those FAQ answers sit behind clicks in collapsed panels, and we read them on the broker's own page. There is no client agreement on the site, none in the account opening form, and none behind the member area login, so we could not read one. An archived copy of the terms page from 7 August 2024 matches today's wording word for word. Earlier copies of the security page from August 2024 and February 2026 exist, and their stored fingerprints differ from each other, but the archive would not open either one for us. We cannot say what changed on that page. We did not read the contract specifications for the physical gold and Olein contracts, which CFForex links to the exchange's own website instead of publishing.

How to check any of this yourself

Every quote above links to the CFForex file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document CFForex publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge CFForex on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Aug 31, 2026.

If you represent CFForex and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on CFForex. Whether its licence is real and current is a separate check on the broker profile.

Back to the CFForex profile