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Contract reading

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

Every clause below is published by Finex 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 Finex Bisnis Solusi Futures

sole discretiondeemed acceptancedisclosuredispute barrierhidden feekyc burdenno noticeprofit voidingunilateral amendmentaccount closure

Finex does not publish the client agreement or the risk disclosure document that its own trading rules tell you to accept first. The rules let Finex cancel a trade it decides was done at a wrong price, with no notice. You get two working days to question a statement before it counts as agreed. The site tells you the Indonesian government guarantees your money, and no Finex document says that.

Back to Finex

Contract risk

Money at risk
6.5/10

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.
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.
4
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
6

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.

Critical4
Warning14
Notice1

section 82 of 101is where the deepest clause sits, 81% 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.

2 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical2 working daysTime to complain. Jump to the clause this comes from.Two working days to object, then the statement is finalCritical500Profit at risk. Jump to the clause this comes from.Gap rules cap your profit and cancel your take profit2000Fee you were not shown. Jump to the clause this comes from.The rules allow a 2,000 point spread in normal conditions5 working daysBonus requirement. Jump to the clause this comes from.Swap free promotion can be pulled and the savings reclaimed

What the documents say

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

01

Finex tells you on its About page that your money is guaranteed safe by the Government of Indonesia, because BAPPEBTI supervises the firm. No document Finex publishes gives you any guarantee, and the trading rules warn that losses can be very large.

Why this matters

A supervisor is not an insurer. If your balance is wiped out, no Finex document promises to repay you, and no compensation scheme is named anywhere.

Exhibit 1CriticalHarder than usual

Maksud dari dokumen ini adalah memberitahukan bahwa kemungkinan kerugian atau keuntungan dalam perdagangan kontrak berjangka bisa mencapai jumlah yang sangat besar.
Clause Dokumen Pemberitahuan Adanya Risiko in TRADING RULES (Peraturan Transaksi), p.2
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Where it sits: section 9 of 101 in the TRADING RULES (Peraturan Transaksi), near the start.

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

Firms licensed by the FCA or CySEC must keep promotions fair, clear and not misleading, and may not present a regulator's approval as a guarantee of client money. Finex presents BAPPEBTI supervision as a government guarantee of your funds.

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

02

If Finex decides a price was a wrong quote, your order at that price is cancelled automatically, with no notice. The rules define a wrong quote only as a price that moves out of line with market conditions.

Why this matters

A winning trade can disappear after the event, and the test is Finex's own view of the market. You are not told beforehand, and the rules set no time limit for doing it.

Exhibit 2CriticalHarder than usual

Apabila terjadi wrong quote (wrong price) pada Platform Finex MT5 Terminal atau Aplikasi Finex, maka order yang dilakukan pada harga wrong quote dinyatakan tidak berlaku (batal), dan akan dibatalkan secara otomatis tanpa adanya pemberitahuan terlebih dahulu.
Clause Lain-Lain (Miscellaneous) 2 in TRADING RULES (Peraturan Transaksi), p.11
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Buried at section 71 of 101 in the TRADING RULES (Peraturan Transaksi), 70% of the way through.

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

Firms licensed by the FCA or CySEC may cancel a trade for a clear error, but have to define the error, tell the client and keep records the client can check. This contract needs no notice and defines a wrong quote in one line.

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

  • Worse together with Exhibit 3A cancellation you are never told about still has to be disputed within two working days of the statement date.
03

You get 2 working days from the date of a statement to challenge it. Silence makes that statement correct and valid, and an objection needs a phone call followed by a written notice.

Why this matters

Find a wrong charge or a wrong fill a week later and the record is already closed against you. The clock starts on the statement date, not when you read it.

Exhibit 3CriticalHarder than usual2 working days

Bilamana dalam waktu 2 (dua) hari kerja sejak tanggal Laporan Keuangan Nasabah tersebut dikeluarkan tidak ada sanggahan dari Nasabah atau pemberitahuan kepada PT Finex Bisnis Solusi Futures atas setiap kesalahan akan mengakibatkan Nasabah menerima Laporan Keuangan tersebut seperti yang tertulis didalamnya, maka Laporan Keuangan Nasabah tersebut dianggap benar dan sah.
Clause Pelaporan (Reporting) 4 in TRADING RULES (Peraturan Transaksi), p.11
Read from the broker's site on Archived copyOpen the reference

Buried at section 65 of 101 in the TRADING RULES (Peraturan Transaksi), 64% of the way through.

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

A retail client of an FCA or CySEC firm has months to bring a complaint, and the firm has to investigate it. Here two working days of silence makes Finex's own record correct and valid.

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

  • Worse together with Exhibit 16The two day clock runs while the complaint process itself stops you opening any new position.
04

When a gap in a force majeure event passes 500 points, Finex holds the right to limit your profit or loss to 500 points. A take profit sitting inside a gap is cancelled, while a stop loss fills at the price after the gap.

Why this matters

The gap that should have paid you pays 500 points and no more, and applying it is Finex's choice. These rules never say what counts as force majeure.

Exhibit 4CriticalHarder than usual500

Pada kondisi Force Majeure jika Gap yang terjadi melebihi 500 point, maka Perusahaan memiliki hak untuk membatasi keuntungan/kerugian sebesar 500 point.
Clause Ketentuan GAP f in TRADING RULES (Peraturan Transaksi), p.9
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Where it sits: section 56 of 101 in the TRADING RULES (Peraturan Transaksi), 55% of the way through.

What it costsGold has a contract size of 100 ounces and a tick of 0.01, so 500 points is $500 on one lot. A larger gap in your favour still pays $500.

  • Worse together with Exhibit 12The take profit a gap cancels is the same order type Finex cancels when its own platform errs.
05

The trading rules say you may trade only after you read and accept the risk disclosure document and the client agreement. Finex's documents page publishes two files, and neither is the client agreement.

Why this matters

The contract that says what happens to your money is the one you cannot read before you deposit. Finex asks you to accept the terms inside the account opening flow, after you have handed over your details.

Exhibit 5WarningHarder than usual

Nasabah dapat melakukan transaksi setelah membaca, memahami dan menyetujui Dokumen Pemberitahuan Adanya Risiko dan Perjanjian Pemberian Amanat serta dokumen-dokumen pendukung lainnya dan apabila setoran dana telah efektif (Good Fund).
Clause Rekening Nasabah Berlaku Efektif in TRADING RULES (Peraturan Transaksi), p.2
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 8 of 101 in the TRADING RULES (Peraturan Transaksi), near the start.

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

Firms licensed by the FCA or CySEC have to give a retail client the terms of business before the client is bound, and keep them available. Finex publishes its trading rules and its privacy policy, and not the agreement those rules point to.

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

06

Swap is an interest charge on every open position, and it can change at any time. The system provider sets the value, not Finex, and a change applies the moment the announcement goes out.

Why this matters

A position you hold overnight can cost more tomorrow than on the day you opened it, with no notice period at all. The page that lists Finex's commission never mentions swap.

Exhibit 6WarningHarder than usual

Swap adalah biaya bunga yang dikenakan pada Nasabah terhadap setiap posisi terbuka dari kontrak yang diperdagangkan sehingga dapat mempengaruhi equity Nasabah, dan dapat berubah dari waktu ke waktu.
Clause Swap in TRADING RULES (Peraturan Transaksi), p.7
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Where it sits: section 41 of 101 in the TRADING RULES (Peraturan Transaksi), 41% of the way through.

  • Limited by Exhibit 9The swap free promotion suspends this charge for qualifying accounts until 30 November 2026.

The costs that are missing from the page where Finex prints its prices

2,000 points is the widest EUR/USD spread the Finex trading rules allow in normal conditions. In thin markets the dealer may widen it with no stated cap. Swap interest is set by the system provider and applies the moment it is announced, and rupiah deposits are valued at one of three rates.

Cost disclosure2 clauses flagged

On EUR/USD the rules set a maximum spread of 2,000 points in normal market conditions. In hectic or thin markets the dealer may widen the spread with no stated cap.

Why this matters

The spread is the gap between the buy and sell price, and you pay it on every trade. At the ceiling the rules allow, the spread alone takes $2,000 from one standard lot.

Exhibit 7WarningHarder than usual2000

2000 point $1 0.00001 0 point 0 point
Clause KONTRAK DERIVATIF MATA UANG, EUR/USD in TRADING RULES (Peraturan Transaksi), p.13
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Buried at section 82 of 101 in the TRADING RULES (Peraturan Transaksi), 81% of the way through.

What it costsA 2,000 point spread at the tick size in the same table is 0.02 on the price. On one lot of EUR/USD, which is 100,000 units, that is $2,000.

The rules give three ways to value your rupiah: Rp 10.000 to the dollar, Rp 14.000, or a floating rate. Nothing says which rate applies to your account, or which one is used when you withdraw.

Why this matters

The same Rp 14.000.000 is $1,400 at one of these rates and $1,000 at the other. The deposit page says there is no commission and gives no rate at all.

Exhibit 8WarningHarder than usual3New

Fixed Rate: US$ 1 = Rp 10.000,- atau US$ 1 = Rp 14.000,- atau Floating Rate
Clause Rate in TRADING RULES (Peraturan Transaksi), p.5
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Our own capture of finex.co.id, taken on Oct 16, 2026The claim, on Deposit and withdrawal page header, above a Komisi 0% figureVisit this page on the broker's siteDownload the full size image file

Where it sits: section 30 of 101 in the TRADING RULES (Peraturan Transaksi), 30% of the way through.

What it costsA deposit of Rp 14.000.000 is $1,400 at Rp 10.000 to the dollar and $1,000 at Rp 14.000. The account you trade with differs by 40%.

An hour to pay you, or 24 hours when Finex says so

1 hour is the Finex withdrawal promise, with up to 24 hours in circumstances the rules never define. Withdrawals are accepted on working days only, and payouts above USD 5.000 wait for office hours. Money that arrived by e-wallet or QRIS can only leave by bank transfer.

Exit conditions1 clause flagged

Withdrawals are accepted on working days and processed in one hour, except in certain circumstances, when Finex has up to 24 hours. The rules never say what those circumstances are.

Why this matters

Money you paid in by e-wallet or QRIS can only come back by bank transfer, and only to an account already registered in your name. Finex can also change the processing times without telling you first.

Exhibit 10WarningHarder than usual

Dana akan diproses dalam 1 (satu) jam, namun dalam keadaan tertentu proses penarikan akan dilakukan maksimal 24 jam setelah pengajuan.
Clause Penarikan Dana (Margin Withdrawal) 2 in TRADING RULES (Peraturan Transaksi), p.8
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Where it sits: section 46 of 101 in the TRADING RULES (Peraturan Transaksi), 46% of the way through.

Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must pay a retail client's money out promptly on request. This contract promises one hour, then allows 24 hours in circumstances it does not define.

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

The swap free promotion can be withdrawn and billed back to you

30 November 2026 is when Finex's swap free promotion ends, and Finex can change or stop it earlier at its own discretion. If it withdraws the benefit, it can reclaim every swap charge it waived on your account. Notice of an early end is promised 5 working days ahead, where that is possible.

Promotion terms1 clause flagged

The swap free promotion runs to 30 November 2026, and Finex can change or end it whenever it chooses. If Finex withdraws the benefit, it can claim back every swap charge it waived.

Why this matters

Costs you were told you would not pay can come back onto your account later. Notice of an early end is promised 5 working days ahead, and only where that is possible.

Exhibit 9WarningHarder than usual5 working days

Akun Promo Swap tidak dikenakan biaya swap untuk posisi semalam.
Clause Perincian Promo Swap, Akun Promo Swap in Syarat dan Ketentuan Promosi, Promo Swap PT Finex Bisnis Solusi Futures, p.2
Downloaded from the broker's site on Archived copyOpen the reference

Finex sets your leverage, your margin and when your trades close

20% margin is where Finex liquidates your positions without asking, and 1:500 leverage can be cut at any time with no notice. With the market closed and equity under 50%, Finex chooses whether to close part or all of your book. A platform error cancels every stop loss and take profit you have set.

Firm discretion4 clauses flagged

Leverage depends on how much equity sits in your account, and Finex may change it at any time with no notice first. Leverage sets the margin every open position needs.

Why this matters

Cut from 1:500 to 1:100 and the margin behind your positions multiplies by five, which can push you straight into a margin call. Finex promises notice before it changes margin requirements, and none before it changes leverage.

Exhibit 11WarningHarder than usual

Perusahaan berhak untuk mengubah leverage setiap saat tanpa pemberitahuan terlebih dahulu tergantung jumlah equity dari setiap atau seluruh akun Nasabah.
Clause Leverage in TRADING RULES (Peraturan Transaksi), p.5
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Where it sits: section 28 of 101 in the TRADING RULES (Peraturan Transaksi), 28% of the way through.

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

Firms licensed by the FCA or under ESMA rules may give a retail client no more than 1:30 on major currency pairs and 1:5 on shares. Finex offers up to 1:500 and sets the level itself.

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

  • Worse together with Exhibit 12A leverage cut raises the margin you need while the stop out level that closes your positions stays at 20%.

Finex liquidates your open positions automatically at a margin level of 20%, without asking you first. With the market closed and equity under 50%, it may close all or part of your positions whenever company policy says so.

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

You cannot know which positions survive, because the choice between a partial and a full close is Finex's alone. Nothing in these documents protects you from a balance below zero.

Exhibit 12WarningHarder than usual20%

Autocut/Force Liquidation adalah eksekusi untuk melikuidasi posisi transaksi Nasabah secara otomatis, dilakukan oleh Perusahaan tanpa perlu persetujuan dari Nasabah terlebih dahulu.
Clause Autocut/Force Liquidation in TRADING RULES (Peraturan Transaksi), p.9
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Where it sits: section 58 of 101 in the TRADING RULES (Peraturan Transaksi), 57% of the way through.

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

Firms licensed by the FCA or under ESMA rules must close a retail client's positions at 50% of required margin and must write off a negative balance. Finex closes at 20% and promises no negative balance protection.

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

If an error happens on the platform, Finex cancels your pending orders, your stop loss and your take profit. The rules do not say Finex must tell you or put them back.

Why this matters

A stop loss is the order that limits your loss. Lose it during a platform problem and the position runs unprotected until you notice.

Exhibit 13WarningRarely seen

Apabila terjadi error pada sistem, maka Pending Order Limit, Pending Order Stop, Stop Loss dan Take Profit akan dibatalkan oleh PT Finex Bisnis Solusi Futures.
Clause Expiration Pending Order in TRADING RULES (Peraturan Transaksi), p.9
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Where it sits: section 54 of 101 in the TRADING RULES (Peraturan Transaksi), 53% of the way through.

Our readingMost agreements warn that an order may fail in a system fault. This one goes further: Finex cancels the protective orders already sitting on your positions, and promises nothing about restoring them.

Finex can change the trading rules and tell you by letter, email or a message in the platform. Place one trade after that notice and you have accepted the new rules.

Why this matters

There is no notice period and no way to object while keeping your account. The privacy policy works the same way: keep using Finex and you have agreed.

Exhibit 14WarningHarder than usual

Jika Nasabah melakukan transaksi setelah menerima pemberitahuan perubahan Trading Rules baru, maka Nasabah dianggap telah menerima dan menyetujui Trading Rules tersebut.
Clause Lain-Lain (Miscellaneous) 8 in TRADING RULES (Peraturan Transaksi), p.11
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Buried at section 75 of 101 in the TRADING RULES (Peraturan Transaksi), 74% of the way through.

Two working days of silence makes Finex's record final

2 working days is all you get to dispute a statement, and the objection needs a phone call followed by a letter. After that the statement counts as correct and valid. While a complaint runs, Finex does not let you open new positions.

Objection window1 clause flagged

During the complaint process Finex does not allow you to open new positions, only to close the ones you hold. Complaints follow BAPPEBTI Regulation No. 4 of 2020.

Why this matters

Raising a dispute costs you access to the market, which is a reason to let a small error go. The complaint line, the complaints email address and the regulator's complaint link are all published.

Exhibit 16WarningHarder than usual

Dalam proses pengaduan, Nasabah tidak diperbolehkan membuka posisi baru kecuali melikuidasi posisi yang ada.
Clause Penyelesaian Perselisihan 4 in TRADING RULES (Peraturan Transaksi), p.12
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Buried at section 77 of 101 in the TRADING RULES (Peraturan Transaksi), 76% of the way through.

One open lot until you finish verification, and your face scan kept after you leave

1 lot is the most a simplified CDD account can hold open, a limit that appears only in the trading rules PDF. Finex collects a face scan to verify you and keeps the right to store it after your account is deleted. A report of suspected cheating from the system provider can close every position you hold.

Verification terms3 clauses flagged

If the system provider reports a sign of cheating, Finex can re-verify you, stop your client acceptance agreement and close every open position. Any profit or loss that comes out of it is yours alone.

Why this matters

Your positions can be shut at a price you did not choose, and the rules neither define cheating nor give you an appeal. The same clause covers a terrorism list check, which Indonesian law requires.

Exhibit 15WarningHarder than usual

Apabila ada kondisi-kondisi khusus (antara lain jika Nasabah masuk dalam daftar DTTOT atau bila ada instruksi dari otoritas bahwa Nasabah sedang berada dalam masalah, atau adanya laporan dari Penyelenggara akan adanya indikasi kecurangan) maka Perusahaan akan melakukan verifikasi ulang terhadap Nasabah, menghentikan Perjanjian Penerimaan Nasabah dan dapat menutup semua transaksi terbuka Nasabah.
Clause Lain-Lain (Miscellaneous) 6 in TRADING RULES (Peraturan Transaksi), p.11
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Buried at section 74 of 101 in the TRADING RULES (Peraturan Transaksi), 73% of the way through.

  • Worse together with Exhibit 2The provider that can report a sign of cheating is the same firm whose quotes decide whether a price was a wrong quote.

A simplified CDD account can hold just 1 lot open at a time, and the rules say the system rejects anything above the limit. On instant deposit methods that account type is capped at Rp 20.000.000 a month.

Why this matters

Until you pass the fuller check, your position size is set by one line in a PDF that no public page repeats. Finex's About page says it does not limit how many orders you can hold open.

Exhibit 17WarningStandard wording1

1 Lot posisi terbuka (CDD Sederhana)
Clause Maksimum Lot in TRADING RULES (Peraturan Transaksi), p.5
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Where it sits: section 27 of 101 in the TRADING RULES (Peraturan Transaksi), 27% of the way through.

Finex collects biometric data, including a face scan from a selfie or a video, to check your identity. Delete your account and Finex keeps the right to store and reach that data.

Why this matters

No end date appears anywhere in the policy. Your face, your identity papers and your bank details stay with Finex and the partners it names, in countries the policy does not list.

Exhibit 18WarningHarder than usual

Data pribadi sensitif, sejauh diizinkan oleh hukum yang berlaku atau berdasarkan persetujuan nasabah, termasuk informasi biometrik, misalnya untuk memverifikasi identitas nasabah dengan membandingkan data pemindaian wajah yang diperoleh dari swafoto (selfie) atau rekaman video nasabah dengan foto pada dokumen identitas resmi yang diterbitkan oleh pemerintah.
Clause 2. INFORMASI YANG KAMI KUMPULKAN in Kebijakan Privasi
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Where it sits: section 44 of 123 in the Kebijakan Privasi, 36% of the way through.

One outside company sets the price, the platform and the swap

PT Jasa Mulia Forexindo is the price reference provider for Finex, the source of the MetaTrader 5 system and the setter of swap values. Finex publishes no conflict of interest policy. If a dispute starts, the rules point to Finex's own records as the reference.

Price source1 clause flagged

PT Jasa Mulia Forexindo provides the price reference, the trading system and the swap value. Finex publishes no conflict of interest policy beside that arrangement. This structure is normal for Indonesian alternative trading system brokers.

Why this matters

The quotes you are filled on, the platform that records the fill and the overnight cost all trace back to one company. When a dispute starts, the rules point to Finex's own records.

Exhibit 19NoticeStandard wording

Penyedia referensi harga adalah Pedagang Penyelenggara PT Jasa Mulia Forexindo.
Clause Penyedia Referensi Harga dan Sumber Harga in TRADING RULES (Peraturan Transaksi), p.9
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Where it sits: section 53 of 101 in the TRADING RULES (Peraturan Transaksi), 52% of the way through.

Where the marketing and the contract disagree

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

01

The About page turns BAPPEBTI supervision into a government guarantee of your money, while the trading rules warn that the loss can be very large and name no guarantee.

Said in public, in Indonesian

Kami berdiri sejak tahun 2012 dan diawasi oleh regulator di Indonesia, yaitu BAPPEBTI (Badan Pengawas Perdagangan Berjangka Komoditi). Artinya, dana Anda dijamin keamanannya oleh Pemerintah Republik Indonesia.

Word for word in English: We have been here since 2012 and are supervised by the regulator in Indonesia, BAPPEBTI. That means the safety of your funds is guaranteed by the Government of the Republic of Indonesia.

About page, Siapa kami, opening section

In the contract · clause Dokumen Pemberitahuan Adanya Risiko

Maksud dari dokumen ini adalah memberitahukan bahwa kemungkinan kerugian atau keuntungan dalam perdagangan kontrak berjangka bisa mencapai jumlah yang sangat besar.

02

The page that prints Finex's prices promises no hidden fees and never mentions the swap interest the rules charge on every open position.

Said in public, in Indonesian

Uang Anda terlindungi. Tidak ada komisi atau biaya tersembunyi.

Word for word in English: Your money is protected. There are no commissions or hidden fees.

Instruments page, Keamanan block under Finex adalah mitra tepercaya Anda

In the contract · clause Swap

Swap adalah biaya bunga yang dikenakan pada Nasabah terhadap setiap posisi terbuka dari kontrak yang diperdagangkan sehingga dapat mempengaruhi equity Nasabah, dan dapat berubah dari waktu ke waktu.

03

The documents page publishes the trading rules and the privacy policy, and not the two documents the rules say you must read and accept before you trade.

Said in public, in Indonesian

Kami dengan bangga menunjukkan lisensi dan dokumen resmi kami untuk menjadi broker pilihan Anda.

Word for word in English: We proudly show our licences and official documents so that we can be your broker of choice.

Documents page introduction, above a list of two files

In the contract · clause Rekening Nasabah Berlaku Efektif

Nasabah dapat melakukan transaksi setelah membaca, memahami dan menyetujui Dokumen Pemberitahuan Adanya Risiko dan Perjanjian Pemberian Amanat serta dokumen-dokumen pendukung lainnya dan apabila setoran dana telah efektif (Good Fund).

04

The account page prints leverage as a fixed figure per instrument, while the rules tie it to your account equity and let Finex change it at any time without notice.

Said in public, in Indonesian

Forex & logam 1:500, indeks & energi 1:200, saham 1:25

Word for word in English: Forex and metals 1:500, indices and energy 1:200, shares 1:25.

Account features table, Leverage row

In the contract · clause Leverage

Perusahaan berhak untuk mengubah leverage setiap saat tanpa pemberitahuan terlebih dahulu tergantung jumlah equity dari setiap atau seluruh akun Nasabah.

05

The About page says Finex sets no maximum on open orders, while the rules cap one account at 200 lots, 50 lots per order and one lot on simplified verification, and reject the rest.

Said in public, in Indonesian

Kami juga tidak membatasi jumlah maksimum open order dan pending order untuk klien.

Word for word in English: We also do not limit the maximum number of open orders and pending orders for clients.

About page, list of trading conditions

In the contract · clause Reject Order

Sistem akan melakukan reject atas order yang melebihi maksimum lot yang diperkenankan atau yang melebihi maksimum open posisi dalam 1 akun.

06

The deposit page promises zero commission and gives no exchange rate, while the rules convert your rupiah at one of three rates and never say which one applies.

Said in public, in Indonesian

Tidak ada komisi yang dikenakan oleh broker atau sistem pembayaran.

Word for word in English: No commission is charged by the broker or the payment system.

Deposit and withdrawal page header, above a Komisi 0% figure

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

In the contract · clause Rate

Fixed Rate: US$ 1 = Rp 10.000,- atau US$ 1 = Rp 14.000,- atau Floating Rate

What changed quietly

This is our first reading of Finex, so there is nothing to compare it against.

  • REWRITTENClause Rate · 202401 to 202410

    Finex added two fixed rupiah rates beside the floating one, and the rules do not say which of the three applies to your account.

    Fixed Rate: US$ 1 = Rp 10.000,- atau US$ 1 = Rp 14.000,- atau Floating Rate

  • ADDEDClause Slippage · 202401 to 202410

    Finex added a slippage clause, which tells you the price you get can differ from the price you asked for.

    Slippage merujuk pada selisih antara harga yang diprediksikan (ditentukan) dari suatu order dan harga di situ order dieksekusi.

  • REWRITTENClause Dividen · 202401 to 202410

    The dividend sum now multiplies by contract size and reaches index contracts, so a short index position is debited the dividend.

    Formula perhitungan Dividen: Lot x besar dividen x ukuran kontrak

  • REWRITTENClause KONTRAK DERIVATIF SAHAM TUNGGAL, Apple Inc. · 202401 to 202410

    The maximum spread on single stocks was halved, which lowers the worst price you can be charged on those trades.

    1 1000 point $0.1 0.01 0 0

The documents this reading is based on

4 files, all published by Finex. 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 Finex publishes.

How this reading was done

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

This reading was published on .

Documents
3 of 4downloaded from the broker's site, and 3 read in full
Pages opened
24pages walked to find those documents, footer links included
Older copies
1earlier versions downloaded
Marketing pages
7public pages set against what the contract says
Position measured
18clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

PT Finex Bisnis Solusi Futures

Your contract is with PT Finex Bisnis Solusi Futures, a futures broker in Jakarta, licensed by BAPPEBTI under number 47/BAPPEBTI/SI/04/2013. The privacy policy states that FINEX is a legal entity subject to the law of the Republic of Indonesia. There is no offshore entity and no second agreement. The firm behind the trading system is a different company: the rules name PT Jasa Mulia Forexindo as the price reference provider and as the source of the Finex MT5 platform. Deposits go to segregated accounts in Finex's own name at BCA, Niaga, BNI, Mandiri and BRI, listed by account number in the trading rules. No compensation scheme is named in either document Finex publishes.

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

One Indonesian company stands behind this account, PT Finex Bisnis Solusi Futures, with no offshore entity in the chain. Its BAPPEBTI licence number sits on every page beside a link to the regulator's own register. The $1 per lot commission, the 50 and 20 percent margin call and stop out levels and the 200 lot position limit shown on the account page all match the trading rules. Deposits and withdrawals carry no commission, withdrawals start at $1, and the rules promise processing in one hour. Every page carries a complaints phone line, a complaints email address and the regulator's complaint link, and complaints run under BAPPEBTI Regulation No. 4 of 2020. The marketing and the contract are both in Indonesian, so nothing is lost between the page and the document. Neither document we read charges an inactivity or dormancy fee, and the maximum spread on single stocks was halved since the 2024 version.

We could not read two documents the trading rules tell you to accept before you trade: the client agreement (Perjanjian Pemberian Amanat) and the risk disclosure document. Finex does not publish either one, and the account opening flow is the only route to them. We read the swap promotion terms in part, and every quotation credited to that file is one we could read in full. There is no earlier copy of the privacy policy, so those clauses are a first reading with nothing to compare against. For the trading rules we compared today's file against the 2024 version.

How to check any of this yourself

Every quote above links to the Finex 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 Finex 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 Finex 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 16, 2026.

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

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