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Contract reading

What Kontakperkasa Futures legally published, but does not want you to read

Every clause below is published by Kontakperkasa Futures 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 Kontakperkasa Futures

hidden feedisclosure gapsole discretionunpublished termsmarketing claimspreadunilateral amendmentauto liquidationcommissionconflict of interest

PT Kontakperkasa Futures publishes no client agreement. The risk disclosure, the mandate agreement and the trading rules are named in the signup steps and nowhere else. The rules you can read, on the platform login page, let the firm cancel any trade it calls a wrong price while refusing yours. One gold lot costs US$33.30 in commission and VAT, before a minimum spread of US$0.80 an ounce.

Back to Kontakperkasa Futures

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.
2
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
14
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.
2

How the 14 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
Warning10
Notice2

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.

Critical5In the contract. Jump to the clause this comes from.Platform prices refresh every 5 seconds$33.3Fee you were not shown. Jump to the clause this comes from.Commission and VAT cost US$33.30 for one lot30%Account limit. Jump to the clause this comes from.Auto liquidation at 30% of the required margin3 working daysWithdrawal limit. Jump to the clause this comes from.Withdrawals take up to three business days

What the documents say

14 clauses worth knowing about, worst first, each quoted from Kontakperkasa Futures's own files

01

Kontakperkasa Futures can cancel any trade it treats as a wrong price, which its rules call a bump quote. The same page refuses your own request to change or cancel an order once you have sent it.

Why this matters

A profit you made in a fast market can be undone if the firm decides its own quote was wrong. You get no matching right over an order you sent by mistake.

Exhibit 1CriticalHarder than usual

Kami berhak membatalkan setiap transaksi apabila: margin tidak mencukupi Melebihi batas jumlah lot maksimum Terjadi harga salah (bump quotes) dan permasalahan teknis dari bursa yang bersangkutan.
Clause Kami berhak membatalkan setiap transaksi in Peraturan dan Tata Cara Perdagangan Elektronik / Electronic Trading Rules and Regulations
Read from the broker's site on Open the reference
Our own capture of etrade.kontakperkasafutures.com, taken on Oct 9, 2026Kontakperkasa Futures can cancel any trade, you cannot (clause Kami berhak membatalkan setiap transaksi)Visit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 3The firm may void a trade for a wrong price while the price you dealt on came from its own feed and was up to five seconds old.
02

Prices on the real account platform update every 5 seconds, and your order goes in at the price shown during that window. Kontakperkasa Futures also reserves the right to refuse any change or cancellation after you send it.

Why this matters

The price you click can be 5 seconds old. In gold or an index the market can move a long way in that time, and you cannot pull the order back.

Exhibit 3CriticalRarely seen5

Harap diperhatikan bahwa harga yang diberikan diupdate setiap 5 detik dan pengiriman transaksi anda akan berdasarkan kepada harga yang diberikan selama jangka waktu tersebut.
Clause Harga diupdate setiap 5 detik in Peraturan dan Tata Cara Perdagangan Elektronik / Electronic Trading Rules and Regulations
Read from the broker's site on Open the reference
Our own capture of etrade.kontakperkasafutures.com, taken on Oct 9, 2026Platform prices refresh every 5 seconds (clause Harga diupdate setiap 5 detik)Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must take all sufficient steps to get the best possible result when they execute a retail order, and must publish how they do it. Here the price source for gold is one vendor feed, the reference is the last trade, and no outside benchmark is named.

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

Our readingRetail platforms stream prices continuously and fill at the price on screen. A written five second refresh means the quote you act on can already be stale, and the same page refuses any amendment or cancellation once the order is sent.

03

Kontakperkasa Futures charges US$15 a lot every time you buy or sell. One round turn is US$30, plus 11% VAT. On Loco London gold you also cross a minimum spread of US$0.80 an ounce.

Why this matters

The daily margin for that gold lot is US$1,000. More than a tenth of the money you put up goes on costs before the price moves at all.

Exhibit 2WarningHarder than usual$33.3

Facility Fee: Facility Fee is US $15 per lot per side (buy or sell). Total commission fee is US $30 for 1 lot settlement.
Clause Facility Fee in STOCK INDEX, GOLD, BCO & LOCO LONDON SILVER TRANSACTIONS
Read from the broker's site on Open the reference
Our own capture of kp-futures.com, taken on Oct 9, 2026Commission and VAT cost US$33.30 for one lot (clause Facility Fee)Visit this page on the broker's siteDownload the full size image file

What it costsOne lot of Loco London gold is 100 troy ounces, so crossing the US$0.80 minimum spread costs US$80. Add the US$30 commission and US$3.30 VAT and the round turn costs US$113.30 against US$1,000 of margin.

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

Firms licensed by the FCA or CySEC must give a retail client the full cost of a trade before the client places it, in one figure. Here the commission sits on a procedures page, the spread that doubles it sits on the platform login page, and the two are never added up.

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

  • Worse together with Exhibit 10Every figure in this cost stack sits on a page that also says fees and terms may change at any time.
04

Kontakperkasa Futures asks you to sign three documents to open an account, and publishes none of them. The risk disclosure, the mandate agreement (PPA) and the trading rules reach you only after registration starts.

Why this matters

You cannot read what you are agreeing to before you hand over your name, ID number and phone number. Nothing published names the governing law, the complaint deadline or the fees you can be charged later.

Exhibit 4WarningHarder than usual3

Risk Disclosure Document (DPAR) Power of Attorney Agreement (PPA) Trading Mechanism (Trading Rules)
Clause Submit Agreement Documents in ACCOUNT OPENING PROCEDURE (ONLINE REGISTRATION)
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must give a retail client the terms of business and the cost information in good time before the client is bound by them. Kontakperkasa Futures names its three agreement documents in the account opening steps and publishes none of the three.

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

05

Kontakperkasa Futures tells you a position can be held with no extra charge for how long you keep it. Its own fee page charges US$5 a lot every night on gold, silver and Brent crude, plus 11% VAT.

Why this matters

Every night you stay in a gold position costs you US$5 a lot plus VAT. Holding overnight also triples the margin needed, from US$1,000 to US$3,000 a lot.

Exhibit 5WarningStandard wording$5

Overnight/Roll Over Fee: If settlement is done for more than one day (overnight), each lot will be charged an overnight fee plus 11% VAT on the overnight fee (see the trading table).
Clause Overnight/Roll Over Fee in STOCK INDEX, GOLD, BCO & LOCO LONDON SILVER TRANSACTIONS
Read from the broker's site on Open the reference
Our own capture of kp-futures.com, taken on Oct 9, 2026The claim, on Product Advantages page, English version, under No Time Limit for Open PositionsVisit this page on the broker's siteDownload the full size image file
Our own capture of kp-futures.com, taken on Oct 9, 2026What the contract says, clause Overnight/Roll Over FeeVisit this page on the broker's siteDownload the full size image file

What it costsHold one gold lot for ten nights and the overnight fee is US$50, with US$5.50 of VAT on top.

06

The company profile says Kontakperkasa Futures is licensed and supervised directly by BAPPEBTI, OJK and Bank Indonesia. Its own legality page describes the OJK step as an approval in principle, dated 2025.

Why this matters

The two pages do not say the same thing about the same approval. If three regulators are your reason for choosing this firm, read the legality page first.

Exhibit 6Warning

PT Kontakperkasa Futures telah memperoleh Persetujuan Prinsip sebagai Pelaku Derivatif Keuangan untuk beroperasi sebagai Perantara Perdagangan Efek Derivatif Keuangan, sesuai dengan ketentuan Otoritas Jasa Keuangan melalui Nomor: S-306/PM.02/2025.
Clause Perantara Perdagangan Efek Derivatif Keuangan - OJK in Legalitas Bisnis
Read from the broker's site on Open the reference
Our own capture of kp-futures.com, taken on Oct 9, 2026The claim, on Company Profile page, English version, About Us sectionVisit this page on the broker's siteDownload the full size image file
Our own capture of kp-futures.com, taken on Oct 9, 2026What the contract says, clause Perantara Perdagangan Efek Derivatif Keuangan - OJKVisit this page on the broker's siteDownload the full size image file

Three business days, and conditions you cannot read

Kontakperkasa Futures allows itself a maximum of three business days to pay a withdrawal and says it aims for one. You can take out only up to the Effective Margin on the daily statement. Each request is checked against terms and conditions the site does not publish.

Getting money out1 clause flagged

Kontakperkasa Futures gives itself a maximum of three business days to pay a withdrawal, and says it aims for one. Every request is checked against terms and conditions it does not publish.

Why this matters

You can only take out what the daily statement shows as Effective Margin. What else a request must satisfy sits in the agreement you signed, which is not on the site.

Exhibit 9WarningStandard wording3 working days

The standard withdrawal process requires a maximum of three business days (T+3), but KPF is committed to expediting the process so that funds can be received within one business day (T+1).
Clause Funds Withdrawal Steps in Funds Withdrawal Procedure (Withdrawal)
Read from the broker's site on Open the reference

What it costsA request sent on a Monday can arrive on the Thursday under the three business day maximum.

  • Worse together with Exhibit 4The withdrawal page defers to terms and conditions that the site never publishes.

Liquidation at 30% of margin, on the firm's own quote

Kontakperkasa Futures closes a position automatically when margin falls to 30% of the requirement, measured on its own quote. In what its table calls hectic conditions, the stated maximum spread stops applying. A separate line lets the firm change fees and terms at any time under company policy.

Exit conditions2 clauses flagged

Kontakperkasa Futures closes your gold position automatically once the margin falls to 30% of what the position needs. In a market its table calls hectic, the cap on its own spread stops applying.

Why this matters

The quote that decides your liquidation is the firm's own. In a fast market, nothing in the table caps how wide that quote can get.

Exhibit 7WarningHarder than usual30%

Auto Liquidation 30% dari Kebutuhan Margin
Clause Auto Liquidation in Tabel Spesifikasi Kontrak Gulir Harian Emas Loco London (XUL10 & XULF)
Read from the broker's site on Open the reference

What it costsOne gold lot needs US$1,000 of margin for a day trade. Kontakperkasa Futures liquidates it when that falls to US$300.

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

Firms covered by the ESMA and FCA rules for contracts for difference must close a retail client's position when the margin in the account reaches 50% of the margin needed to keep it open. This table sets automatic liquidation at 30% of the requirement.

Kontakperkasa Futures is not licensed by these regulators, 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
Margin postedOne lot of Loco London gold needs US$1,000 of margin for a day trade.Margin untuk Transaksi Harian
Held overnightKeeping the same lot open overnight needs US$3,000.Margin untuk Transaksi Menginap
70% of required marginThe table sets the maintenance margin level here.Maintenance Margin
30% of required marginKontakperkasa Futures closes the position automatically.Auto Liquidation
  • Worse together with Exhibit 3The liquidation level is measured against a quote the firm supplies, and in hectic conditions the stated maximum spread no longer binds it.

One line under the fee examples lets Kontakperkasa Futures change every cost on the page whenever it chooses. No notice period appears anywhere in what it publishes.

Why this matters

The commission, the overnight fee and the spread you started with can all be different next month. You would find out by reading the website again.

Exhibit 10WarningHarder than usual

Fees and terms may change at any time according to company policy.
Clause Important in STOCK INDEX, GOLD, BCO & LOCO LONDON SILVER TRANSACTIONS
Read from the broker's site on Open the reference

Your login is the signature

Kontakperkasa Futures treats the act of logging in as agreement to all of its electronic trading rules. A transaction counts as acceptance of every consequence of that transaction. The rules themselves sit on the platform's opening page, which you reach only with an account.

Deemed acceptance1 clause flagged

Kontakperkasa Futures treats your login as agreement to every rule on the platform. It treats your trade as acceptance of all the consequences of that trade.

Why this matters

You accept the terms by using the platform, not by reading them. Arguing later that you never saw a rule means contradicting a clause you already triggered.

Exhibit 8WarningHarder than usual

Harap diperhatikan pada saat anda login ke dalam sistem, anda telah mengerti dan menyetujui semua peraturan-peraturan dan telah mengerti tatacara penggunaan perdagangan elektronik.
Clause Peraturan dan Tata Cara Perdagangan Elektronik in Peraturan dan Tata Cara Perdagangan Elektronik / Electronic Trading Rules and Regulations
Read from the broker's site on Open the reference
  • Worse together with Exhibit 4Acceptance happens on login, and the documents that acceptance covers are not published before you register.

A privacy policy you agree to inside a pop-up

The Kontakperkasa Futures registration form requires a tick confirming you have read a privacy policy that opens only in a pop-up on that form. The policy, effective 14 February 2026, offers access, update and correction, and no deletion. It sets no retention period and names none of the third parties it may share your data with.

Your data1 clause flagged

The registration form makes you tick that you have read a privacy policy that only opens in a pop-up on that same form. Kontakperkasa Futures publishes it nowhere on its main site.

Why this matters

You can ask to see, update or correct your data, and the policy gives you no right to have it deleted. It sets no retention period, so nothing says when your ID document stops being kept.

Exhibit 11WarningHarder than usual

Saya telah membaca dan menyetujui Kebijakan Privasi.
Clause Persetujuan pada formulir registrasi in Kebijakan Privasi
Read from the broker's site on Open the reference

Five second prices from a feed the firm picks

Prices on the Kontakperkasa Futures platform refresh every 5 seconds, and your order goes in at the price shown in that window. The price source for gold is one vendor feed and the reference is the last trade, with no outside benchmark named. On the bilateral products the counterparty is fixed, and the firm never names it.

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 holds the other side1 clause flagged

On the bilateral products your counterparty is fixed, and Kontakperkasa Futures is a participant in that system rather than its organiser. No page names the company taking the other side.

Why this matters

The firm's own comparison table sets a neutral exchange against a profit motive on the bilateral side. You cannot find out whose profit that is.

Exhibit 12WarningHarder than usual

Transaksi antara dua pihak di luar bursa (OTC). Dikenal sebagai Sistem Perdagangan Alternatif (SPA), diselenggarakan murni untuk tujuan spekulasi dengan penyelesaian tunai.
Clause Bilateral (SPA) in Mekanisme Perdagangan
Read from the broker's site on Open the reference

Every lot carries US$33.30 of fees before the spread

Kontakperkasa Futures charges US$15 a lot each side, US$30 for a round turn, and adds 11% VAT. On gold you also cross a minimum spread of US$0.80 an ounce on a 100 ounce lot. Its fee page covers the bilateral products only, and the four exchange listed contracts show no commission at all.

Cost disclosure2 clauses flagged

One account scheme values a dollar at IDR 10,000 for margin, commission and overnight fees. Kontakperkasa Futures presents that as protection from currency movement. Nothing published says which rate applies when your money goes in or out.

Why this matters

Your margin, your commission and your profit are all counted in a unit the firm sets. The only sentence about deposit and withdrawal fees on that page covers the floating scheme, not this one.

Exhibit 13NoticeStandard wording

With this fixed rate, clients are protected from the risk of losses due to USD/IDR exchange rate fluctuations.
Clause a. Fixed Rate in Product Advantages
Read from the broker's site on Open the reference

The fee page covers the bilateral products only: stock index, gold, Brent crude and Loco London silver. The four exchange traded contracts carry the exchange specification and no commission or margin figure.

Why this matters

If you trade the exchange listed gold or olein contract, no page tells you what Kontakperkasa Futures charges. You would have to ask before you could work out your break even.

Exhibit 14NoticeHarder than usual

Transaction formulas and calculation examples for Stock Index, Gold, BCO, and Loco London Silver, including fees (Facility Fee, VAT, and Rollover), to help you understand potential Profit/Loss before transacting.
Clause Page introduction in STOCK INDEX, GOLD, BCO & LOCO LONDON SILVER TRANSACTIONS
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

One page promises no extra cost for how long you hold a position, and the other charges US$5 a lot a night on gold.

Said in public, in English

As long as margin requirements are fulfilled, positions can be managed flexibly according to the chosen strategy and market conditions, without penalties or additional administrative fees related to how long the position is held.

Product Advantages page, English version, under No Time Limit for Open Positions

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

In the contract · clause Overnight/Roll Over Fee

Overnight/Roll Over Fee: If settlement is done for more than one day (overnight), each lot will be charged an overnight fee plus 11% VAT on the overnight fee (see the trading table).

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

02

The profile page claims a licence and direct supervision from OJK, and the legality page records an approval in principle.

Said in public, in English

As a member of the Jakarta Futures Exchange (JFX) and Indonesia Clearing House (KBI), and licensed and supervised directly by BAPPEBTI, the Financial Services Authority (OJK), and Bank Indonesia, we uphold professionalism and full compliance with prevailing regulations in all of our operational activities.

Company Profile page, English version, About Us section

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

In the contract · clause Perantara Perdagangan Efek Derivatif Keuangan - OJK

PT Kontakperkasa Futures telah memperoleh Persetujuan Prinsip sebagai Pelaku Derivatif Keuangan untuk beroperasi sebagai Perantara Perdagangan Efek Derivatif Keuangan, sesuai dengan ketentuan Otoritas Jasa Keuangan melalui Nomor: S-306/PM.02/2025.

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

The documents this reading is based on

11 files, all published by Kontakperkasa Futures. 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 Kontakperkasa Futures publishes.

How this reading was done

Every clause above was read out of a document Kontakperkasa Futures publishes itself

This reading was published on .

Documents
11 of 11downloaded from the broker's site, and 11 read in full
Pages opened
25pages walked to find those documents, footer links included
Languages
EN vs IDthe language it advertises in, against the language it contracts in

Who the contract is with

PT Kontakperkasa Futures

A client contracts with PT Kontakperkasa Futures at Sudirman Plaza, Jakarta. It holds a BAPPEBTI futures broker licence from 2000 and is a member of the Jakarta Futures Exchange and Kliring Berjangka Indonesia. On the bilateral products it is a participant in the alternative trading system rather than its organiser, and the organiser that holds the other side of your trade is not named anywhere on the site. Client money is said to sit in segregated accounts supervised by BAPPEBTI, and six receiving bank accounts are published by name and number. No second entity and no offshore company appears in anything the firm 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

Kontakperkasa Futures publishes a full contract specification for every bilateral product. Margin, commission, overnight fee, VAT, maintenance level, liquidation level and a minimum and maximum spread are all there in writing. A maximum spread is something most brokers never put in writing at all. It names the six banks that receive client money, warns in capitals against paying any individual, and links the regulator's own complaint portal and the SITNA system that lets you check your trades against exchange records. We found no bonus or promotion terms, so nothing here locks a deposit behind a turnover target.

We could not read the three documents a client signs. The risk disclosure (DPAR), the mandate agreement (PPA) and the trading rules are named in the account opening steps and published nowhere. Nothing here describes what those three say. We read the electronic trading rules on the platform login page and the privacy policy inside the registration form, and every quotation credited to those two comes from there. No earlier version of these pages is available, so this is a first reading with nothing to compare against.

How to check any of this yourself

Every quote above links to the Kontakperkasa Futures 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 Kontakperkasa Futures 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 Kontakperkasa Futures 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 9, 2026.

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

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