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Contract reading

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

Every clause below is published by HSB 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 Handal Semesta Berjangka

hidden feesole discretionwithdrawalsdisclosuremarketing mismatchprofit voidingbonus lockclient agreementcommissionconflict of interest

HSB publishes no client agreement. The only terms on its site govern promotions, and clause 6.2 makes every HSB decision final and impossible to contest. Clause 4.3 lists eight trading patterns whose transactions are void, including withdrawing often without trading. HSB's own pages disagree with each other on commission, spread and leverage.

Back to HSB

Contract risk

Money at risk
7.2/10

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.
2
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
15
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
11
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
7

How the 15 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.

Critical2
Warning11
Notice2

section 31 of 47is where the deepest clause sits, 66% 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 4 figures comes from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical8Profit at risk. Jump to the clause this comes from.Eight trading patterns are declared void by HSB$1000Withdrawal limit. Jump to the clause this comes from.Instant withdrawal stops at $1,000 and three a day$350Bonus requirement. Jump to the clause this comes from.Taking your own money out voids the welcome bonus$3Fee you were not shown. Jump to the clause this comes from.Entry account pays $3 a lot while pricing page says $1

What the documents say

15 clauses worth knowing about, worst first, each quoted from HSB's own files

01

HSB says its own decisions are final and cannot be contested. Clause 6.2 puts that in writing. Clause 5.1 also hands HSB the final word on what its terms mean.

Why this matters

If HSB cancels your transaction or strips your bonus, these clauses leave you nothing to appeal to inside the company. The only route out that HSB publishes is the BAPPEBTI complaints portal.

Exhibit 1CriticalHarder than usual

Segala keputusan yang diambil oleh PT. Handal Semesta Berjangka terkait promo ini bersifat final dan tidak dapat diganggu gugat.
Clause 6.2 in Syarat & Ketentuan Umum
Read from the broker's site on Open the reference
Our own capture of hsb.co.id, taken on Sep 18, 2026HSB decisions are final and cannot be contested (clause 6.2)Visit this page on the broker's siteDownload the full size image file

Buried at section 30 of 47 in the Syarat & Ketentuan Umum, 64% 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 access to an independent complaints body, and must say how long a complaint takes to answer. HSB's published terms make its own decision final instead.

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

  • Worse together with Exhibit 4One clause lets HSB void your transactions, the other closes the door on arguing about it.
  • Worse together with Exhibit 10HSB's decision is final and the procedure for challenging it is not published.
02

Clause 4.3 lists eight trading patterns and declares any transaction matching them void. Clause 1.5 lets HSB cancel your transactions once it decides your trading is not normal.

Why this matters

Profit from a voided trade never reaches you. HSB alone decides whether your pattern counts, and clause 6.2 makes that decision final.

Exhibit 4CriticalHarder than usual8

Setiap pola transaksi yang mencerminkan hal-hal dibawah ini, dianggap batal dan tidak berlaku:
Clause 4.3 in Syarat & Ketentuan Umum
Read from the broker's site on Open the reference
Our own capture of hsb.co.id, taken on Sep 18, 2026The claim, on Indonesian withdrawal page, main headingVisit this page on the broker's siteDownload the full size image file
Our own capture of hsb.co.id, taken on Sep 18, 2026What the contract says, clause 4.3Visit this page on the broker's siteDownload the full size image file
Our own capture of hsb.co.id, taken on Sep 18, 2026Eight trading patterns are declared void by HSB (clause 4.3)Visit this page on the broker's siteDownload the full size image file

Where it sits: section 25 of 47 in the Syarat & Ketentuan Umum, 53% of the way through.

What it costsHSB sells three instant withdrawals a day, which is 21 a week. Clause 4.3 treats frequent withdrawal with little trading as void.

  • Worse together with Exhibit 1HSB decides your trading was abusive, and the same terms make that decision unchallengeable.
  • Same clause as Exhibit 5The three minute scalping rule is one of the eight patterns in this list.
03

HSB publishes promo terms, a privacy policy and a complaints page. You will not find a client agreement, a risk disclosure document or trading rules anywhere on the site.

Why this matters

You cannot read what you are agreeing to before you deposit. The registration form asks for a phone number and a password, and attaches no terms at all.

Exhibit 2WarningRarely seen

Promo ini berlaku untuk Nasabah aplikasi trading HSB Investasi yang telah memenuhi persyaratan registrasi sesuai dengan ketentuan yang berlaku di PT. Handal Semesta Berjangka.
Clause 1.1 in Syarat dan Ketentuan Promo
Read from the broker's site on Open the reference
Our own capture of hsb.co.id, taken on Sep 18, 2026No client agreement is published anywhere on the site (clause 1.1)Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus), ASIC (Australia)

Firms licensed by the FCA, CySEC and ASIC must give a retail client the terms of business before that client trades. The terms HSB publishes cover promotions.

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

Our readingA licensed futures broker normally publishes the client mandate agreement and a risk disclosure document, because a client has to sign both. HSB's site carries neither, and the link named Syarat dan Ketentuan leads to rules for promotions.

  • Worse together with Exhibit 1The one contract HSB does publish declares its decisions beyond challenge.
04

HSB caps instant withdrawal at $1,000 per transaction and three transactions a day. Anything past that goes to manual handling, and no page says how long manual takes.

Why this matters

Money above $3,000 cannot leave your account in one day. HSB publishes no deadline at all for the manual queue that handles the rest.

Exhibit 3WarningHarder than usual$1000

Nominal maksimal withdrawal instan adalah $1,000 (Rp14 juta dengan fixed rate 1 USD = Rp14.000) per transaksi.
Quoted in Ketentuan Instant Withdrawal HSB
Read from the broker's site on Open the reference
Our own capture of hsb.co.id, taken on Sep 18, 2026The claim, on Indonesian withdrawal page, hero banner under the heading Tarik Dana Kamu, Kapan Pun Kamu MauVisit this page on the broker's siteDownload the full size image file
Our own capture of hsb.co.id, taken on Sep 18, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file
Our own capture of hsb.co.id, taken on Sep 18, 2026Instant withdrawal stops at $1,000 and three a dayVisit this page on the broker's siteDownload the full size image file

What it costsA $5,000 balance needs five withdrawals at the $1,000 cap. Only three of them run instantly in one day, so $2,000 waits for manual handling.

Set against a regulated standard: FCA (UK), ASIC (Australia)

Firms licensed by the FCA and ASIC must handle a withdrawal request promptly and tell the client what to expect. HSB gives no timeframe for the manual queue that takes over above $1,000.

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

  • Worse together with Exhibit 4Splitting a balance into the repeated small withdrawals the cap forces on you is the pattern clause 4.3 calls abusive.
05

HSB voids your welcome bonus if you withdraw your whole balance before the program period ends. The bonus also needs a lot target reached inside a set number of days.

Why this matters

Your own deposit is locked in practice. Take it all out on day 29 of a 30 day tier and the $350 is gone.

Exhibit 6WarningHarder than usual$350

Nasabah yang melakukan penarikan keseluruhan dana sebelum periode programnya berakhir, maka tidak dapat melakukan proses klaim bonus dan dianggap tidak valid.
Quoted in Syarat dan Ketentuan Promo Welcome Bonus
Read from the broker's site on Open the reference
Our own capture of hsb.co.id, taken on Sep 18, 2026Taking your own money out voids the welcome bonusVisit this page on the broker's siteDownload the full size image file

What it costsA Micro account pays $3 a lot in commission. The 15 lots the top tier asks for cost $45 in commission to earn the $350 bonus.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Day 1A $25 deposit must trade 0.05 lot to earn $3.
Day 2A $50 deposit must trade 0.1 lot to earn $5.
Day 7A $500 deposit must trade 2 lots to earn $50.
Day 14A $1500 deposit must trade 5 lots to earn $125.
Day 21A $2500 deposit must trade 10 lots to earn $200.
Day 30A $5000 deposit must trade 15 lots to earn $350.
  • Worse together with Exhibit 9HSB can end the promotion before you reach the lot target, and owes you no warning.

HSB's own pages give different numbers for spread, leverage and privacy

A banner across HSB's deposit, withdrawal and account pages advertises spreads from 0.01 pips, while HSB's own table shows 4 for EUR/USD and nothing below 2. The partner recruitment page offers leverage up to 1:500 and the client account page stops at 1:400. The footer link named Kebijakan Privasi opens promotion terms, and the real privacy policy sits at an address nothing links to.

Pages that disagree3 clauses flagged

A banner reading Spread Mulai 0.01 pips runs across HSB's deposit, withdrawal and account pages. HSB's own spread table puts 4 against EUR/USD, and nothing in it falls below 2.

Why this matters

Spread is the cost built into every trade you open. The figure you see before depositing does not appear anywhere in HSB's own table.

Exhibit 15WarningHarder than usual

HSB Investasi • Micro Lot • HSB Investasi • Spread Mulai 0.01 pips
Quoted in Deposit HSB
Read from the broker's site on Open the reference
Our own capture of hsb.co.id, taken on Sep 18, 2026The claim, on Indonesian deposit page, scrolling banner repeated across the deposit, withdrawal and account pagesThis 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 hsb.co.id, taken on Sep 18, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 7Commission and spread are the two costs of a trade, and HSB's pages disagree with each other on both.

Every footer on HSB's site, Indonesian and English, links Kebijakan Privasi to the page at /disclaimer. That page holds general promo terms. HSB's real privacy policy sits at an address nothing links to.

Why this matters

Click Privacy Policy and you get rules about bonuses. The document covering your ID number, your income and your mother's maiden name is one you have to find by guessing the address.

Exhibit 11NoticeHarder than usual

Promo ini berlaku untuk Nasabah aplikasi trading HSB Investasi yang telah memenuhi persyaratan registrasi sesuai dengan ketentuan yang berlaku di PT. Handal Semesta Berjangka.
Clause 1.1 in Syarat & Ketentuan Umum
Read from the broker's site on Open the reference
Our own capture of hsb.co.id, taken on Sep 18, 2026The claim, on Site footer, on every page in both the Indonesian and English versions, where Kebijakan Privasi links to /disclaimerVisit this page on the broker's siteDownload the full size image file
Our own capture of hsb.co.id, taken on Sep 18, 2026What the contract says, clause 1.1Visit this page on the broker's siteDownload the full size image file

Where it sits: section 10 of 47 in the Syarat & Ketentuan Umum, near the start.

HSB's partner recruitment page promises leverage up to 1:500. The account page you would actually read offers 1:200 to 1:400 on Micro, and 1:200 on the other two accounts.

Why this matters

The bigger number sits on the page aimed at people recruiting you, not on the page where you pick an account. Leverage multiplies your losses as well as your gains.

Exhibit 14NoticeHarder than usual

Dapatkan fleksibilitas tinggi dengan leverage hingga 1:500.
Quoted in Program IB (Introducing Broker)
Read from the broker's site on Open the reference

HSB quotes $1 a lot and charges $3 on the account it sells hardest

HSB's pricing page lists commission at $1 a lot and puts 1 against every instrument in its table. Its account page charges the Micro account $3 a lot, and Micro takes the Rp350.000 minimum that HSB advertises to beginners. Every rupiah conversion then runs at 1 USD = Rp14.000, a rate HSB sets itself and says is unaffected by daily market moves.

Cost disclosure2 clauses flagged

HSB charges the Micro account $3 a lot. Its pricing page lists $1 a lot for a $300 deposit and puts 1 against every instrument in its own table.

Why this matters

You pay three times the headline rate on the cheapest account HSB advertises. Micro takes the smallest deposit, Rp350.000, so it is the account most new clients open.

Exhibit 7WarningHarder than usual$3

Komisi $3/lot Spread Mulai 0.01 pips Ukuran Transaksi Mulai 0.01 Lot Leverage 1:200 - 1:400
Quoted in Jenis Akun Trading
Read from the broker's site on Open the reference
Our own capture of hsb.co.id, taken on Sep 18, 2026The claim, on Indonesian pricing page, commission tier card under the heading Broker dengan Komisi RendahVisit this page on the broker's siteDownload the full size image file
Our own capture of hsb.co.id, taken on Sep 18, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file

What it costsTrade 15 lots on a Micro account and commission is $45 at $3 a lot. At the pricing page's $1 a lot the same 15 lots cost $15.

  • Worse together with Exhibit 15The same two pages also disagree about the spread, so neither cost of a trade is settled before you deposit.

Every conversion between rupiah and dollars uses a rate HSB fixes itself, 1 USD = Rp14.000. HSB states the rate does not follow daily market moves.

Why this matters

The dollars shown in your account convert back at HSB's number, not the market's. No published document says when HSB may change that rate, or what happens to your balance when it does.

Exhibit 8WarningHarder than usual$14000

HSB menggunakan kurs tetap agar proses deposit lebih stabil tanpa terpengaruh perubahan kurs harian.
Quoted in Deposit HSB
Read from the broker's site on Open the reference
  • Worse together with Exhibit 9The rate rests on a marketing page, and the only terms HSB publishes let it change things without notice.

HSB can rewrite the terms overnight, and scalping starts at three minutes

Clause 5.1 lets HSB change, update or stop a promotion at any time with no advance notice, and clause 5.2 makes keeping up with the changes your job. Clause 4.3 then defines scalping as closing a position in under 3 minutes and voids those trades. Neither the 3 minute rule nor the no notice rule appears on the pricing or account pages.

Rules you meet later2 clauses flagged

HSB defines scalping as closing a position in under 3 minutes, and clause 4.3 declares trades matching that pattern void. No minimum holding time appears on any trading page.

Why this matters

A fast exit on a news move can be undone. You will not meet this 3 minute rule on the pricing page or the account page where you choose how to trade.

Exhibit 5WarningHarder than usual

Scalping: Menutup posisi dalam waktu kurang dari 3 menit dengan tujuan untuk mengambil keuntungan dari perbedaan harga kecil atau ketidaksesuaian harga dalam sistem trading.
Clause 4.3 in Syarat & Ketentuan Umum
Read from the broker's site on Open the reference

Where it sits: section 25 of 47 in the Syarat & Ketentuan Umum, 53% of the way through.

  • Same clause as Exhibit 4Both sit in clause 4.3, which voids any transaction matching the listed patterns.

Clause 5.1 lets HSB change, update or stop a promotion at any time with no advance notice. Clause 5.2 puts the duty on you to keep checking for changes.

Why this matters

A promotion you are part way through can end before you reach the lot target. HSB owes you no warning, and clause 5.2 says you should have been watching.

Exhibit 9WarningHarder than usual

PT. Handal Semesta Berjangka juga berhak untuk mengubah, memperbarui, atau menghentikan aktivitas/promo kapan saja tanpa pemberitahuan sebelumnya.
Clause 5.1 in Syarat & Ketentuan Umum
Read from the broker's site on Open the reference

Where it sits: section 26 of 47 in the Syarat & Ketentuan Umum, 55% of the way through.

  • Worse together with Exhibit 6The bonus takes up to 30 days of trading to earn, and HSB can end the promotion inside that window.

HSB writes itself the last word and publishes no way to answer back

Clause 6.2 of HSB's general terms makes every HSB decision final and beyond challenge. Clause 5.1 gives HSB the final reading of what its own terms mean. The complaints page then points twice to an internal standard operating procedure that HSB does not publish, and names no deadline for a reply. The one route HSB does print is the BAPPEBTI complaints portal.

Exit from a dispute1 clause flagged

HSB's complaints page points twice to an internal standard operating procedure that governs how complaints are handled. HSB does not publish that procedure.

Why this matters

You cannot find out how long HSB has to answer you, or what follows if it does not. No deadline appears anywhere on the page.

Exhibit 10WarningHarder than usual

Tim kami selalu siap membantu menjelaskan prosedur Pengaduan Nasabah sebagaimana diatur dalam Prosedur Operasional Standar Perusahaan.
Quoted in Laporan Pengaduan Nasabah
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must publish their complaints procedure and answer inside a set period. HSB names an internal procedure and gives no timeframe.

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

  • Worse together with Exhibit 1HSB's decision is final under clause 6.2, and the procedure for challenging it is not published.

HSB serves two versions of its terms at two addresses

HSB publishes its general terms twice. The set at /syarat-ketentuan carries clause 4.4 and a clause making the Indonesian text prevail over the English. The set at /disclaimer carries neither, and numbers its final section differently. Neither page shows a date or a version number, and neither points to the other.

Which document binds1 clause flagged

HSB publishes its general terms twice. The set at /syarat-ketentuan carries clause 4.4 and a language precedence clause. The set at /disclaimer carries neither.

Why this matters

You cannot tell which version binds you. Neither page carries a date or a version number, and neither one points to the other.

Exhibit 12WarningRarely seen

Syarat dan Ketentuan ini dibuat dalam 2 (dua) bahasa, Bahasa Indonesia dan Bahasa Inggris. Apabila terdapat perbedaan antara versi Bahasa Inggris dan versi Bahasa Indonesia dari Syarat dan Ketentuan ini, maka versi Bahasa Indonesia yang akan berlaku.
Clause 7.1 in Syarat dan Ketentuan Promo
Read from the broker's site on Open the reference

Buried at section 31 of 47 in the Syarat dan Ketentuan Promo, 66% of the way through.

Our readingA contract normally lives in one place with a version date. HSB serves two sets of numbered clauses at two addresses, and the numbering inside section 7 differs between them.

HSB says no introducing broker touches your trade, and pays them per trade

HSB's pricing page gives the absence of an Introducing Broker as the reason its prices are low. HSB's partner page runs an IB program whose commission accumulates from every transaction a recruited client makes. No published document at HSB says who is the counterparty to your trade.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Who gets paid1 clause flagged

HSB's pricing page says trades at HSB use no Introducing Broker, and gives that as the reason its prices are low. HSB also runs an IB program paying partners out of each client transaction.

Why this matters

Someone may be earning on every trade you place. The page explaining why your costs are low tells you the opposite.

Exhibit 13WarningHarder than usual

Transaksi di HSB tanpa menggunakan perantara (Introducing Broker), sehingga nasabah dapat menikmati harga terendah dengan pelayanan terbaik.
Quoted in Komisi dan Spread Trading Online Rendah
Read from the broker's site on Open the reference
Our own capture of hsb.co.id, taken on Sep 18, 2026The claim, on Indonesian pricing page, under the heading Mengapa Komisi Trading di HSB Bisa RendahVisit this page on the broker's siteDownload the full size image file
Our own capture of hsb.co.id, taken on Sep 18, 2026What the contract saysVisit 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 payments made to a third party who introduced the client. HSB's pricing page states no introducing broker is involved, while its partner page pays commission on each client transaction.

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

Where the marketing and the contract disagree

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

01

The banner promises automatic payout in minutes, and the conditions further down the same page send everything past three a day to manual handling.

Said in public, in Indonesian

Gak perlu jadwal batch manual. Nikmati sistem Instant Withdrawal 24/7, dana cair otomatis ke rekeningmu dalam hitungan menit.

Word for word in English: No need for a manual batch schedule. Enjoy the 24/7 Instant Withdrawal system, funds land automatically in your account within minutes.

Indonesian withdrawal page, hero banner under the heading Tarik Dana Kamu, Kapan Pun Kamu Mau

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

In the contract

Instant Withdrawal tersedia 3x per hari. Selebihnya akan diproses secara manual.

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

02

HSB invites you to withdraw whenever you like, and clause 4.3 lists frequent withdrawal with little trading among the patterns it declares void.

Said in public, in Indonesian

Tarik Dana Kamu, Kapan Pun Kamu Mau.

Word for word in English: Withdraw your funds, whenever you want.

Indonesian withdrawal page, main heading

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

In the contract · clause 4.3

Frekuensi Deposit/Penarikan yang Tinggi: Sering melakukan deposit atau penarikan dana tanpa melakukan trading atau hampir tidak melakukan aktivitas trading sama sekali.

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

03

The pricing page advertises $1 a lot while the account page charges the Micro account $3 a lot.

Said in public, in Indonesian

$1 /Lot Deposit $300

Word for word in English: $1 per Lot. Deposit $300.

Indonesian pricing page, commission tier card under the heading Broker dengan Komisi Rendah

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

In the contract

Komisi $3/lot Spread Mulai 0.01 pips Ukuran Transaksi Mulai 0.01 Lot Leverage 1:200 - 1:400

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

04

The footer link named Privacy Policy opens a page whose first clause is about promotion eligibility.

Said in public, in Indonesian

Waspada Penipuan / Kebijakan Privasi / Karir / Pengaduan Nasabah

Word for word in English: Fraud Warning / Privacy Policy / Careers / Client Complaints

Site footer, on every page in both the Indonesian and English versions, where Kebijakan Privasi links to /disclaimer

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

In the contract · clause 1.1

Promo ini berlaku untuk Nasabah aplikasi trading HSB Investasi yang telah memenuhi persyaratan registrasi sesuai dengan ketentuan yang berlaku di PT. Handal Semesta Berjangka.

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

05

One HSB page says no introducing broker is involved in your trades, and another pays introducing brokers out of them.

Said in public, in Indonesian

Transaksi di HSB tanpa menggunakan perantara (Introducing Broker), sehingga nasabah dapat menikmati harga terendah dengan pelayanan terbaik.

Word for word in English: Transactions at HSB do not use an intermediary (Introducing Broker), so clients can enjoy the lowest prices with the best service.

Indonesian pricing page, under the heading Mengapa Komisi Trading di HSB Bisa Rendah

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

In the contract

Komisi akan langsung terakumulasi dari setiap transaksi klien Anda.

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

06

The partner page sells 1:500 leverage as a client benefit, and the client account page tops out at 1:400.

Said in public, in Indonesian

Dapatkan fleksibilitas tinggi dengan leverage hingga 1:500.

Word for word in English: Get high flexibility with leverage up to 1:500.

Indonesian partner recruitment page, under the heading Keuntungan Menjadi Klien di HSB Investasi

In the contract

Komisi $3/lot Spread Mulai 0.01 pips Ukuran Transaksi Mulai 0.01 Lot Leverage 1:200 - 1:400

07

The banner advertises spreads from 0.01 pips while HSB's own table shows 4 for EUR/USD and commits to no figure at all.

Said in public, in Indonesian

HSB Investasi • Micro Lot • HSB Investasi • Spread Mulai 0.01 pips

Word for word in English: HSB Investasi. Micro Lot. HSB Investasi. Spread from 0.01 pips.

Indonesian deposit page, scrolling banner repeated across the deposit, withdrawal and account pages

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

In the contract

Spread HSB Investasi selalu floating (mengambang). Nilai di atas adalah Spread rata-rata berdasarkan perdagangan di hari sebelumnya. Untuk spread realtime, silakan cek di platform trading

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

What changed quietly

First reading of HSB, so there is nothing to compare it against. The promo clauses on HSB's own page read the same today as in the copy archived in November 2024.

  • REMOVEDClause

    The November 2024 page carried a licence block naming ICDX membership 183/SPKB/ICDX/DIR/IV/2018, and today's page carries only 197/SPKB/ICDX/DIR/VI/2020 in its footer.

The documents this reading is based on

11 files, all published by HSB. 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 HSB publishes.

How this reading was done

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

This reading was published on .

Documents
10 of 11downloaded from the broker's site, and 10 read in full
Pages opened
22pages walked to find those documents, footer links included
Older copies
1earlier versions downloaded
Marketing pages
11public pages set against what the contract says
Position measured
6clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

PT Handal Semesta Berjangka

You contract with PT Handal Semesta Berjangka, the entity named in both the promo terms and the privacy policy. HSB Investasi is the brand it trades under. The footer lists a BAPPEBTI broker licence, 001/BAPPEBTI/SI/05/2018, and a separate alternative trading system permit, 001/BAPPEBTI/SP-SPA/05/2018. No published document says who stands on the other side of your trade.

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

HSB names its three segregated client bank accounts in full, with account numbers, and states it holds no others. It refuses deposits from third parties and pays withdrawals only into an account in your own name. Its withdrawal fees are itemised at Rp0, Rp2.500 and Rp6.500, and HSB attributes them to the banking network rather than to itself. The privacy policy is a real document under Indonesia's data protection law. It lists the data collected, the legal basis for each use, and eight rights you can exercise, including withdrawing consent.

HSB publishes no client agreement, no risk disclosure document and no trading rules, so there was no contract to read. We read the general promo terms at both addresses that carry them, the privacy policy, the complaints page, and HSB's own deposit, withdrawal, pricing, account and bonus pages. We did not read the fraud warning page in full. Any terms shown inside the HSB app or the client portal sit behind a login we did not open. The registration form we did reach asks only for a phone number and a password, and attaches no document.

How to check any of this yourself

Every quote above links to the HSB 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 HSB 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 HSB 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 Sep 18, 2026.

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

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