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Contract reading

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

Every clause below is published by Esandar 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 Esandar Arthamas Berjangka

disclosurecomplaintsdata sharingdeadlinekyc documentsleveragewithdrawalsaccount openingbiometricsclient agreement

PT Esandar Arthamas Berjangka publishes no client agreement.
Its anti-fraud notice names three bank accounts as the only official ones, and its deposit page sends you to two more.
The site sells a US$10 account at 1:500 leverage. The live registration form opens a Rp3.000.000 account at 1:200.
Withdrawal terms are three notes on a form, with no deadline for a request sent after noon.

Back to Esandar

Contract risk

Money at risk
6.0/10

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.
1
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
19
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
10
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
8

How the 19 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.

Critical1
Warning12
Notice6

section 25 of 45is where the deepest clause sits, 56% of the way into the document it is in

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.

1 of these 2 figures comes from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical3In the contract. Jump to the clause this comes from.Three published lists of the only bank accounts21 working daysTime to complain. Jump to the clause this comes from.Complaint handling starts only after the regulator agrees

What the documents say

19 clauses worth knowing about, worst first, each quoted from Esandar's own files

01

EsaFX tells you to pay only into its registered accounts, then publishes three different lists of what those are. Its anti-fraud notice names three accounts as the only ones. The deposit page sends you to two accounts that notice does not list.

Why this matters

A notice published to protect you from impostors is the thing you would check before transferring money. Check it today and the Mandiri and BNI accounts shown on the deposit page are missing from it. Confirm the account with EsaFX on a number from its own site before you send anything.

Exhibit 1CriticalRarely seen3

PT ESANDAR ARTHAMAS BERJANGKA hanya memiliki rekening terpisah yang telah terdaftar di BAPPEBTI sebagai berikut:
Clause 2 in Waspada Penipuan Mengatasnamakan PT Esandar Arthamas Berjangka
Read from the broker's site on Open the reference
Our own capture of esafx.co.id, taken on Oct 10, 2026The claim, on Official anti-fraud notice on esafx.co.id, published 2 April 2025, listing three accountsVisit this page on the broker's siteDownload the full size image file
Our own capture of esafx.co.id, taken on Oct 10, 2026What the contract says, clause Bank TransferVisit this page on the broker's siteDownload the full size image file
Our own capture of esandar.co.id, taken on Oct 10, 2026The claim, on Official notice on esandar.co.id listing four accounts as the only registered onesVisit this page on the broker's siteDownload the full size image file
Our own capture of esafx.co.id, taken on Oct 10, 2026What the contract says, clause 2Visit this page on the broker's siteDownload the full size image file

What it costsAcross the three lists, five different bank accounts appear. Only one, the BCA account ending 6019, is on all three.

Our readingAn account list exists so a client can tell a real transfer instruction from a fake one. Three lists that disagree remove the check the notice was written to provide.

02

You can open and fund an account without ever seeing a trading contract. EsaFX publishes a privacy policy, a complaint procedure, a website disclaimer and a staff code of conduct. Not one of them covers your trades or your balance.

Why this matters

The registration form tells you to read the risk disclosure document and the mandate agreement in detail. Neither is on any EsaFX domain. Nothing published says when a withdrawal must be paid, or whether EsaFX can cancel a trade.

Exhibit 2WarningRarely seen

SECARA DETAIL BACA DOKUMEN PEMBERITAHUAN ADANYA RISIKO DAN DOKUMEN PERJANJIAN PEMBERIAN AMANAT.
Clause Pernyataan Pengungkapan (Disclosure Statement) in Registrasi Online
Read from the broker's site on Open the reference
Our own capture of agreement.esandar.co.id, taken on Oct 10, 2026No client agreement is published anywhere (clause Pernyataan Pengungkapan (Disclosure Statement))Visit this page on the broker's siteDownload the full size image file

Where it sits: section 23 of 45 in the Registrasi Online, 51% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must give a retail client the written terms of business before that client trades, in a form the client can keep. EsaFX publishes a privacy policy, a complaint procedure and a website disclaimer, and no trading contract.

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

Our readingThe contract is normally the first document a broker publishes, because it is the thing a client has to accept before trading. Here the published set covers the website, privacy and staff conduct, and never the trading relationship.

  • Worse together with Exhibit 5With no contract published, the website is the only place any term appears, and the terms page says those pages carry no warranty.
03

EsaFX sells a US$10 account at 0.01 lot with leverage up to 1:500. The registration form that esandar.co.id still links offers three account types. The smallest asks for Rp3.000.000 at 0,1 lot, and the top leverage on the form is 1:200.

Why this matters

Arriving with Rp100.000 because the website quoted it, you cannot open even the cheapest account on that form. Whichever route you take, nothing published tells you which account terms you end up signing.

Exhibit 3WarningHarder than usual

Mini (0,1 Lot - Min. Rp3.000.000)
Clause Tipe Akun in Registrasi Online
Read from the broker's site on Open the reference
Our own capture of esafx.co.id, taken on Oct 10, 2026The claim, on Footnote under the ZERO and PRO account comparison tableVisit this page on the broker's siteDownload the full size image file
Our own capture of agreement.esandar.co.id, taken on Oct 10, 2026What the contract says, clause Tipe AkunVisit this page on the broker's siteDownload the full size image file
Our own capture of esafx.co.id, taken on Oct 10, 2026The claim, on Indonesian language EsaFX article on the minimum depositVisit this page on the broker's siteDownload the full size image file
Our own capture of agreement.esandar.co.id, taken on Oct 10, 2026What the contract says, clause LeverageVisit this page on the broker's siteDownload the full size image file

Where it sits: section 25 of 45 in the Registrasi Online, 56% of the way through.

What it costsThe form's smallest account asks for Rp3.000.000. That is 30 times the Rp100.000 the website gives as the minimum deposit.

  • Worse together with Exhibit 2The two sets of account terms disagree, and no published contract settles which one binds you.
04

Send a withdrawal request before 12:00 WIB and the form says it goes out the same day. Nothing published says what happens to a request sent after noon. No document gives a deadline, a limit, a fee, or a ground on which EsaFX could refuse.

Why this matters

Your money leaves on a timetable you cannot read anywhere, and only to the bank account you registered. If that account closes, nothing published tells you how to get paid.

Exhibit 4WarningHarder than usual

Withdrawal yang diisi sebelum Jam 12:00 WIB, akan diproses hari itu juga.
Clause Note 2 in Formulir Withdrawal
Read from the broker's site on Open the reference
Our own capture of esafx.co.id, taken on Oct 10, 2026The claim, on Opening text of the Deposits And Withdrawals pageVisit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 2No contract exists to set a payout deadline, so the form's noon note is the only timing commitment you have.
05

EsaFX puts its spreads, commissions, minimum deposit and leverage on web pages, and no published document fixes any of them. The terms page says the firm gives no warranty about the accuracy or completeness of what its website publishes.

Why this matters

A number you relied on when you deposited can be gone the next day, and the terms put that risk on you. There is no fee schedule or cost document anywhere to hold EsaFX to.

Exhibit 5WarningHarder than usual

Perusahaan tidak memberikan pernyataan, jaminan, atau garansi, baik tersurat maupun tersirat, mengenai akurasi, kelengkapan, keandalan, kesesuaian, atau ketersediaan informasi yang dipublikasikan di situs web atau situs terkait lainnya.
Clause 2.2 in Syarat & Ketentuan
Read from the broker's site on Open the reference
Our own capture of esafx.co.id, taken on Oct 10, 2026Every price you were shown comes with no warranty (clause 2.2)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 and CySEC must disclose costs and charges to a retail client before that client trades. EsaFX publishes its spreads and commissions on a marketing page and warrants nothing about what that page says.

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

  • Worse together with Exhibit 7The same page that disclaims the accuracy of every price also lets EsaFX change it without notice.

The terms can change without notice, and losses can pass your deposit

Clause 7.1 lets EsaFX change, add to or delete any part of its terms at any time without prior notice, and clause 7.2 counts your continued use as acceptance. The disclosure statement warns in capitals that your loss can exceed your initial deposit. The registration form also refuses applicants who are blind or illiterate, which the public requirements page never mentions.

Account terms3 clauses flagged

The terms page lets EsaFX change, add to or delete any part of it at any time without telling you first. A change takes effect once published, and using the site afterwards counts as your agreement.

Why this matters

You are bound by a version you may never have read, and nothing promises you an email, a notice period or a copy of what changed.

Exhibit 7WarningHarder than usual

Perusahaan berhak, atas kebijakannya sendiri, untuk mengubah, memperbarui, menambah, atau menghapus bagian dari informasi atau ketentuan ini kapan saja tanpa pemberitahuan sebelumnya.
Clause 7.1 in Syarat & Ketentuan
Read from the broker's site on Open the reference

The registration form says people with mental disability, blindness, illiteracy or other physical limitations are not allowed to open an account. The public requirements page lists only age, a personal bank account and a demo account.

Why this matters

If this describes you, you can be turned away after assembling every document the form asks for. Nothing on the open account page warns you first.

Exhibit 14WarningHarder than usual

Nasabah dengan keterbelakangan mental, buta, buta huruf dan keterbatasan fisik lainnya yang dapat mengganggu (diperkirakan dapat mengganggu) tidak diperkenankan untuk membuka akun; dan
Clause Persyaratan Nasabah Baru in Registrasi Online
Read from the broker's site on Open the reference
Our own capture of esafx.co.id, taken on Oct 10, 2026The claim, on Requirements list on the Open Account pageVisit this page on the broker's siteDownload the full size image file
Our own capture of agreement.esandar.co.id, taken on Oct 10, 2026What the contract says, clause Persyaratan Nasabah BaruVisit this page on the broker's siteDownload the full size image file

Where it sits: section 3 of 45 in the Registrasi Online, near the start.

The disclosure statement warns in capitals that futures trading can cause losses bigger than your initial deposit. It tells you to be ready for all of your money to go.

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

No published document promises negative balance protection, the cap that stops an account falling below zero. The website offers leverage up to 1:500, and a loss that passes your balance is yours to pay.

Exhibit 15WarningStandard wording

Perdagangan Berjangka merupakan produk keuangan dengan leverage dan dapat menyebabkan KERUGIAN ANDA MELEBIHI setoran awal Anda Anda harus siap apabila SELURUH DANA ANDA HABIS.
Clause Pernyataan Pengungkapan 2 in Registrasi Online
Read from the broker's site on Open the reference

Where it sits: section 16 of 45 in the Registrasi Online, 36% of the way through.

Set against a regulated standard: FCA (UK), ESMA (EU)

Firms licensed by the FCA, and firms following ESMA rules, must give retail clients negative balance protection, so a loss cannot take the account below zero. This disclosure says your loss can be bigger than your deposit.

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

Our readingIndonesian futures brokers carry this disclosure in substantially these words, and EsaFX prints it at the top of the form rather than hiding it.

  • Worse together with Exhibit 3The leverage the website advertises is higher than the form allows, and the same documents say a loss can pass your deposit.

EsaFX starts handling your complaint only once BAPPEBTI approves it

The EsaFX complaint procedure runs seven steps, and the firm's own handling stage is step five, after BAPPEBTI has verified and approved the complaint. Only then do the 21 working days start. Separately, you get 2 x 24 hours to object to a report of a trade.

Complaint route2 clauses flagged

You send a complaint to EsaFX, and the published procedure then sends you to BAPPEBTI's online system to file it yourself. EsaFX's own handling stage begins only after BAPPEBTI approves it, and then runs up to 21 working days.

Why this matters

Nothing published limits how long the approval step takes, so the only deadline you can hold EsaFX to has no start date. If someone complains for you, EsaFX requires a special power of attorney.

Exhibit 8WarningHarder than usual21 working days

After the complaint has been verified and approved by the Commodity Futures Trading Supervisory Agency (BAPPEBTI), the complaint resolution process has entered the stage of handling customer complaints through a deliberation process at the Futures Broker level.
Clause Complaint Processing in Complaint
Read from the broker's site on Open the reference

What it costs21 working days is more than four calendar weeks. None of it starts running until BAPPEBTI approves the complaint.

Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must run their own complaints procedure and tell a retail client about the free independent ombudsman. At EsaFX the firm's own handling stage starts only after BAPPEBTI approves the complaint.

Esandar is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Step 1You send your complaint to EsaFX by WhatsApp or email.Submit Complaint
Step 2An administrator directs you to the BAPPEBTI complaint website.Get Assistance
Step 3You file the complaint yourself on the BAPPEBTI online system.Form Filling
Step 4You attach proof of the transfer, plus a special power of attorney if a proxy complains for you.Complaint Details
Step 5BAPPEBTI verifies and approves the complaint before EsaFX starts work on it.Complaint Processing
21 working daysEsaFX has 21 working days to handle the complaint, counted from the approval.Complaint Time Period

You get 2 x 24 hours to object to a report of a trade on your account. The window is counted in hours, so it can run out over a weekend.

Why this matters

Nothing published says what happens after those two days, or whether a late objection is heard at all. The same window appears in the registration form and on the terms page.

Exhibit 9WarningStandard wording2 days

ANDA berhak menerima LAPORAN ATAS TRANSAKSI yang anda lakukan. Waktu anda 2 x 24 JAM UNTUK MEMBERIKAN SANGGAHAN.
Clause Pernyataan Pengungkapan 7 in Registrasi Online
Read from the broker's site on Open the reference

Where it sits: section 21 of 45 in the Registrasi Online, 47% of the way through.

What it costsA problem on Friday has to be raised by Sunday. The 48 hours do not pause for the weekend.

Our readingThis wording is the standard Indonesian futures disclosure statement, and it reads the same on both pages that carry it.

EsaFX can ask for any document its representative thinks is relevant

The EsaFX registration form demands three months of bank statements, income papers, your mother's maiden name and anything else the brokerage representative judges relevant. The privacy policy then has you agree to sharing that data with business partners, affiliates and search engines, and lets the app collect your camera, gallery and device biometrics. Its retention section names laws and no retention period.

What they collect4 clauses flagged

The registration form asks for three months of bank statements, an income letter and your mother's maiden name. It then adds any other document the broker's representative considers relevant.

Why this matters

You cannot tell before you start what the full list will be, because the last item is whatever the representative decides. The public FAQ says verification needs an identity document and proof of funds.

Exhibit 10WarningHarder than usual

Dokumen lain yang terkait, yang relevan berdasarkan pertimbangan wakil pialang berjangka.
Clause Dokumen Yang Harus Dipersiapkan in Registrasi Online
Read from the broker's site on Open the reference
Our own capture of esafx.co.id, taken on Oct 10, 2026The claim, on FAQ answer on what account verification requiresThis capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file
Our own capture of agreement.esandar.co.id, taken on Oct 10, 2026What the contract says, clause Dokumen Yang Harus DipersiapkanVisit this page on the broker's siteDownload the full size image file

Where it sits: section 12 of 45 in the Registrasi Online, 27% of the way through.

The privacy policy has you agree that EsaFX may share your personal information with business partners, affiliates and search engines for Know Your Customer purposes. It names no limit on what is sent.

Why this matters

The data EsaFX holds includes your identity number, your tax number, your mother's maiden name and your bank account. Your consent to that sharing sits in one sentence of the privacy policy.

Exhibit 11WarningRarely seen

You agree that EsaFX may share personal information with parties including business partners for the implementation of any agreements with them or you, affiliate parties, search engines for the purposes of Know Your Customer "KYC", requests from financial institutions, banks, authorities that oversee the field of commodity futures trading and others as long as they do not conflict with applicable laws and regulations.
Clause Collection and Use of Personal Information in Privacy Policy
Read from the broker's site on Open the reference

Where it sits: section 8 of 34 in the Privacy Policy, near the start.

Our readingA search engine is not an identity verification service. Naming one as a recipient of KYC data puts client identity details into a channel the policy never describes.

The privacy policy says the EsaFX app collects your location, camera, media and gallery, storage space and device biometrics. The stated reason is to make sure the application can run properly.

Why this matters

Camera and gallery access reaches photographs that have nothing to do with trading. Nothing in the policy limits that collection to the moment you upload an identity document.

Exhibit 12WarningHarder than usual

This information includes, without limitation, IP address/cellphone ID, location, camera, media/gallery, storage space, fingerprints/biometrics for devices, device type information, cellphone network information and other information.
Clause Collection and Use of Personal Information in Privacy Policy
Read from the broker's site on Open the reference

Where it sits: section 12 of 34 in the Privacy Policy, 35% of the way through.

The privacy policy section on keeping and disposing of your data lists the laws EsaFX follows and nothing else. No period, no deletion date, no disposal method.

Why this matters

Your identity document, tax number and biometrics stay with EsaFX for a time nobody has published. The same paragraph of law citations also appears one section earlier, word for word.

Exhibit 13NoticeHarder than usual

In managing personal information, EsaFX is subject to the provisions of applicable laws and regulations in Indonesia, including but not limited to Law Number 32 of 1997 as amended by Law Number 10 of 2011 concerning Commodity Futures Trading, Law Number 11 of 2008 as amended by Law Number 19 of 2016 concerning Information and Electronic Transactions along with its implementing regulations and other related laws and regulations, including Government Regulation Number 82 of 2012 concerning Implementation of Electronic Systems and Transactions and Regulation of the Minister of Communication and Information Technology Number 20 of 2016 concerning Protection of Personal Information in Electronic Systems.
Clause Retention and Disposal of Personal Information in Privacy Policy
Read from the broker's site on Open the reference

Where it sits: section 17 of 34 in the Privacy Policy, 50% of the way through.

EsaFX publishes three different lists of the accounts you may pay into

Three lists of PT Esandar Arthamas Berjangka's registered client accounts are live on its own domains, and five different bank accounts appear across them. Only the BCA account ending 6019 is on all three. The same notice also names one official WhatsApp number while every page of esafx.co.id gives another.

Where the money goes1 clause flagged

The anti-fraud notice says official information comes only from the website, the Instagram account and WhatsApp 0819-1961-1777. Every page of esafx.co.id gives a different number, and the complaint procedure says to complain by WhatsApp.

Why this matters

Checking a suspicious message against the official channel gives you two answers, and the complaint page names no number at all.

Exhibit 18Notice

Informasi dan klarifikasi resmi hanya dapat diperoleh melalui website resmi https://www.esafx.co.id/ atau media sosial resmi kami di IG: @esafx.indonesia, WhatsApp: 0819-1961-1777.
Clause Closing paragraph in Waspada Penipuan Mengatasnamakan PT Esandar Arthamas Berjangka
Read from the broker's site on Open the reference
Our own capture of esafx.co.id, taken on Oct 10, 2026The claim, on Anti-fraud notice naming the only official channelsVisit this page on the broker's siteDownload the full size image file
Our own capture of esafx.co.id, taken on Oct 10, 2026What the contract says, clause ContactVisit this page on the broker's siteDownload the full size image file

One noon cut-off is the only withdrawal promise in writing

Three notes on the EsaFX withdrawal form are the whole published policy: send the request before 12:00 WIB for same day processing, expect nothing if a field is wrong, and take payment only to the bank account you registered. No document sets a deadline for a request sent after noon, a limit, or a fee. The form also makes you state why you want the money.

Exit conditions1 clause flagged

The withdrawal form makes a reason mandatory and gives you four choices: taking profit, personal need, closing the account, or other. EsaFX reads why you want the money before it processes the request.

Why this matters

Nothing published says what EsaFX does with your answer, or whether Penarikan Keuntungan, taking profit, is handled differently from a personal need.

Exhibit 6NoticeRarely seen

Alasan Penarikan Dana * Penarikan Keuntungan Keperluan Pribadi Tutup Akun Lainnya
Clause Alasan Penarikan Dana in Formulir Withdrawal
Read from the broker's site on Open the reference

Our readingA payout form normally asks where the money should go, not why you want it. Here the reason is a required field and no published term says what turns on the answer.

  • Worse together with Exhibit 4You declare your reason on a request that has no published deadline for being paid.

The only governing law clause names no country

Clause 8.2 of the EsaFX terms points to the law where the company is domiciled and names neither a country nor a court. Clause 6.1 excludes liability for indirect and consequential loss, including lost profit. For an Indonesian client of a Jakarta company this is ordinary, and it is still the whole of what is published.

Governing law1 clause flagged

The only governing law clause EsaFX publishes points to the law of wherever the company is domiciled, and names no country. It names no court either.

Why this matters

A clause that does not name a forum gives you nothing to rely on if you have to sue. The same page excludes liability for indirect loss, including lost profit.

Exhibit 16NoticeStandard wording

Ketentuan ini tunduk pada hukum yang berlaku di wilayah hukum tempat Perusahaan berdomisili, kecuali ditentukan lain oleh peraturan perundang-undangan yang relevan.
Clause 8.2 in Syarat & Ketentuan
Read from the broker's site on Open the reference

The conflict rules bind the staff and say nothing about the firm's book

Pasal 9 of the EsaFX code of conduct makes employees put the company and the client above their own interest, and four articles cover staff conflicts in detail. Nothing addresses the conflict that bilateral trading creates between the firm and you. Pasal 25 does commit the firm to the Bank Indonesia reference price.

Who takes your trade1 clause flagged

The code of conduct requires employees to put the company and the client above their own interest. It never says what happens when the company's interest and yours sit on opposite sides of a trade.

Why this matters

EsaFX sells bilateral products, and its own FAQ describes you and your broker exchanging the price difference. No published policy tells you whether EsaFX takes the other side of your trade.

Exhibit 17NoticeStandard wording

Setiap Insan Perusahaan wajib mengutamakan kepentingan Perusahaan dan Nasabah di atas kepentingan pribadi dan wajib menghindari setiap situasi yang dapat menimbulkan benturan kepentingan.
Clause Pasal 9 in Kode Etik (Code of Conduct) PT Esandar Arthamas Berjangka
Read from the broker's site on Open the reference

EsaFX tells you to read two documents it does not publish

PT Esandar Arthamas Berjangka publishes six policy documents and no client agreement. Its registration form and its terms page both tell you to read the risk disclosure document and the mandate agreement in detail, and neither is on any of its domains. One Jakarta entity stands behind the brand, and its complaints all route through BAPPEBTI.

Document set1 clause flagged

You contract with PT Esandar Arthamas Berjangka in Jakarta, and no other entity appears in any published document. The footer says BAPPEBTI, Bank Indonesia and OJK supervise it. The code of conduct names a Bank Indonesia permission as the basis of the business.

Why this matters

Your complaint route runs through BAPPEBTI's online system, whichever of the three regulators covers the product you traded. Whether each registration is current belongs to the licence check, not to a reading of the terms.

Exhibit 19NoticeStandard wording

PT Esandar Arthamas Berjangka yang selanjutnya disebut "Perusahaan" adalah badan hukum yang memperoleh izin dari Bank Indonesia sebagai Pialang Derivatif PUVA berdasarkan PADG No. 26 Tahun 2025.
Clause Pasal 1 in Kode Etik (Code of Conduct) PT Esandar Arthamas Berjangka
Read from the broker's site on Open the reference

Where the marketing and the contract disagree

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

01

The notice names the only registered accounts and leaves out the Mandiri account the deposit page tells you to pay into.

Said in public, in Indonesian

PT ESANDAR ARTHAMAS BERJANGKA hanya memiliki rekening terpisah yang telah terdaftar di BAPPEBTI sebagai berikut:

Word for word in English: PT ESANDAR ARTHAMAS BERJANGKA only has the following separate accounts registered with BAPPEBTI:

Official anti-fraud notice on esafx.co.id, published 2 April 2025, listing three accounts

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

In the contract · clause Bank Transfer

Account Name: PT. Esandar Arthamas Berjangka Account Number: 165.00.1299919.0 (IDR) Branch: KCP Jakarta Mediterania

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

02

The same official notice on two of the broker's domains lists different banks as the only registered accounts.

Said in public, in Indonesian

c. PT. BANK MANDIRI. No. Rek : 165.00.1299919.0 (IDR)

Word for word in English: c. PT. Bank Mandiri, account no. 165.00.1299919.0 (IDR)

Official notice on esandar.co.id listing four accounts as the only registered ones

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

In the contract · clause 2

PT. BANK CHINA CONSTRUCTION BANK INDONESIA, TBK No. Rek : 1007585388 (IDR)

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

03

The website asks for Rp100.000 to start, and the live registration form's smallest account asks for Rp3.000.000.

Said in public, in English

** Minimum initial deposit for simplified KYC is US$10 (equivalent to RP 100,000) whereas minimum initial deposit for standard KYC is US$100 (equivalent to RP 1,000,000).

Footnote under the ZERO and PRO account comparison table

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

In the contract · clause Tipe Akun

Mini (0,1 Lot - Min. Rp3.000.000)

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of agreement.esandar.co.id

04

Leverage up to 1:500 is advertised in Indonesian, and the form a client fills in offers 1:100 or 1:200.

Said in public, in Indonesian

Keduanya mencantumkan minimum deposit awal US$10 atau Rp100.000, ukuran transaksi mulai 0.01 lot, serta leverage hingga 1:500.

Word for word in English: Both list an initial minimum deposit of US$10 or Rp100,000, transaction sizes from 0.01 lot, and leverage up to 1:500.

Indonesian language EsaFX article on the minimum deposit

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

In the contract · clause Leverage

Leverage * 1:100 1:200

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05

Instant transactions are promised on the deposit page, while the only published withdrawal timing is same day before noon.

Said in public, in English

Enjoy Instant transactions with no processing fees (terms and conditions apply).

Opening text of the Deposits And Withdrawals page

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In the contract · clause Note 2

Withdrawal yang diisi sebelum Jam 12:00 WIB, akan diproses hari itu juga.

06

The FAQ names two documents, and the form adds income papers, three months of bank statements and anything else the representative wants.

Said in public, in English

A valid identification document and proof of funds are required for account verification.

FAQ answer on what account verification requires

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In the contract · clause Dokumen Yang Harus Dipersiapkan

Surat keterangan pendapatan (untuk calon nasabah yang berstatus pegawai) atau laporan keuangan 3 (tiga) bulan terakhir (untuk calon nasabah berstatus wiraswasta atau pemilik usaha)

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07

The public requirements list gives three conditions and never mentions the applicants the form refuses outright.

Said in public, in English

Requirements: Minimum age of 21 years old Having a personal bank account Have conducted transaction simulations (Demo Account)

Requirements list on the Open Account page

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In the contract · clause Persyaratan Nasabah Baru

Nasabah dengan keterbelakangan mental, buta, buta huruf dan keterbatasan fisik lainnya yang dapat mengganggu (diperkirakan dapat mengganggu) tidak diperkenankan untuk membuka akun; dan

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08

One WhatsApp number is named as the only official channel, and the complaint page carries a different one.

Said in public, in Indonesian

Informasi dan klarifikasi resmi hanya dapat diperoleh melalui website resmi https://www.esafx.co.id/ atau media sosial resmi kami di IG: @esafx.indonesia, WhatsApp: 0819-1961-1777.

Word for word in English: Official information and clarification can only be obtained through the official website https://www.esafx.co.id/ or our official social media at IG: @esafx.indonesia, WhatsApp: 0819-1961-1777.

Anti-fraud notice naming the only official channels

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In the contract · clause Contact

support@esafx.co.id +62-21-29339229 +62-87-771781945

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What changed quietly

First reading of PT Esandar Arthamas Berjangka, so there is nothing to compare it against yet.

  • ADDEDClause Footer · 2026-04-10 to 2026-10-10

    The site footer now links to a staff code of conduct that the April 2026 copy did not carry.

    Code of Conduct

The documents this reading is based on

10 files, all published by Esandar. 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 Esandar publishes.

How this reading was done

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

This reading was published on .

Documents
10 of 10downloaded from the broker's site, and 10 read in full
Pages opened
92pages walked to find those documents, footer links included
Older copies
3earlier versions downloaded, 1 identical to the copy we hold by fingerprint
Marketing pages
4public pages set against what the contract says
Languages
EN vs IDthe language it advertises in, against the language it contracts in
Position measured
9clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

PT Esandar Arthamas Berjangka

You contract with PT Esandar Arthamas Berjangka, a Jakarta company trading as EsaFX, and no second entity appears in any published document. Its about page gives the founding deed, Number 38 of 16 February 2004, and a Jakarta Barat address. The code of conduct says Bank Indonesia permitted the firm as a PUVA derivatives broker under PADG No. 26 of 2025, while the site footer says it is licensed and supervised by BAPPEBTI, Bank Indonesia and OJK. No offshore entity, no foreign subsidiary and no clause moving your account to another company appears anywhere.

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

EsaFX names its separate client bank accounts, their branches and the BAPPEBTI registration behind them, and most brokers name none. It publishes nine licensed brokerage agents with their BAPPEBTI numbers and dates. The risk warning sits in capitals at the top of the registration form, not in a footnote: your loss can exceed your deposit, and there is no fixed income. The complaint procedure points you to the regulator's own online system, a route many brokers never mention. The staff code of conduct bars employees from taking your password and requires them to explain risk, cost and mechanics before you decide. The FAQ says there are no account maintenance fees, and no document anywhere sets a dormancy charge.

There is no client agreement, risk disclosure document or trading rules on any EsaFX domain, so this reading covers only what the firm does publish: the online registration form, the deposit and withdrawal forms, the privacy policy, the complaint procedure, the website terms page and the staff code of conduct. We read the deposit and withdrawal forms on EsaFX's own pages, and every quotation credited to them comes from there. The client portal opens only to account holders, so any terms shown after login are outside this reading. We compared the registration form against a February 2026 copy, the complaint page against an April 2026 copy, and the deposit form against a June 2024 copy that matches today's file exactly. No earlier copy exists for the privacy policy, the terms page or the code of conduct, so those three could not be compared with an older version.

How to check any of this yourself

Every quote above links to the Esandar 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 Esandar 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 Esandar 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 Oct 10, 2026.

If you represent Esandar 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 Esandar. Whether its licence is real and current is a separate check on the broker profile.

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