Is Menara Mas Futures a scam?

No, not on the evidence available. PT Menara Mas Futures holds a genuine Indonesian futures broker licence, 583/BAPPEBTI/SI/XII/2004, which we confirmed on BAPPEBTI's own public register. We rate it 41 percent risk, meaning elevated risk rather than fraud, mainly because of a 2016 regulatory violation and several claims we could not independently confirm.

Yes. It is licensed by BAPPEBTI, Indonesia's commodity futures regulator, and holds an alternative trading system permit issued in March 2022. The register also records segregated client accounts at Bank Central Asia and Bank Mandiri, plus 10 individually licensed broker representatives. It separately claims OJK supervision for securities-based derivatives, which we could not verify.

That label was wrong, and this scan corrects it. It appears to trace back to a stale, low-scored duplicate listing on a third-party broker directory that was keyed to menaramas.co.id, the company's own abandoned website. That domain was genuinely the firm's earlier address, not an impersonator, and we recommend the profile be reset to regulated.

The domain no longer exists. It stopped resolving after the company moved its website to menarafx.co.id, which is the address BAPPEBTI now has on file. If anyone contacts you from a menaramas.co.id address, treat it as illegitimate, because the company cannot be using it.

On 28 June 2016 the Jakarta Futures Exchange froze the company's exchange membership approval letter after finding fictitious cash in its financial reports for November 2015 to January 2016. The exchange also cited credit margin facilities given to clients, adjusted net capital below the required level, insufficient paid-in capital and non-compliant branch offices. The firm was given until 28 July 2016 to fix things, and it evidently did, because it is still licensed today.

We found no pattern of refused withdrawals. There is one 2024 case in Indonesian media where a client said her account was traded without her permission and she lost money, which the company disputed as market risk. Because that is a single reported case, we cannot confirm a systematic withdrawal problem. We would still test a small withdrawal early.

Client funds are supposed to sit in segregated accounts at two major Indonesian banks, and the account numbers on the regulator's record match what the company publishes, which is a real protection. But Indonesian retail futures carries high leverage and a poor industry-wide complaint record, and this firm has a past finding of fictitious cash in its books. Only risk money you can afford to lose.

About 21 years, and the claim checks out. Its licence number is dated December 2004, its exchange membership number is dated 2004, and its corporate domain menaramas.com was registered in July 2005 and is still renewed. We could not obtain a company incorporation date because Indonesia's registry is not publicly searchable, so treat 21 years as an upper bound.

It is real, statutory, onshore regulation by an Indonesian government agency, which puts it well above the offshore registrations many brokers advertise. It requires segregated client accounts and licensed representatives. That said, BAPPEBTI has been publicly criticised, including by Indonesia's Ombudsman, over slow and weak handling of client complaints, so do not treat the licence as a guarantee of redress.

No. PT Mega Menara Mas Berjangka is a different company with a similar name, and it has been described elsewhere as unregulated with a non-functioning website. None of its findings belong to PT Menara Mas Futures, and you should not confuse the two when researching either.

No. We searched the international alert lists, including the IOSCO aggregator and the FCA, ASIC, CFTC and MAS lists, using the brand name and both domains, and found no entries. Absence from these lists is reassuring but is not a clean bill of health, because they mainly cover firms soliciting in those countries.

Open BAPPEBTI's register entry and match the licence number, address and segregated account numbers against what your contact tells you. Send money only to those named company accounts. Get the spreads, fees and withdrawal timescales in writing, since the website does not publish them. Refuse any promise of fixed daily returns and never let anyone else trade your account.

Gather your transfer receipts, account statements and all chat or call records. Complain to the company in writing first, then file through BAPPEBTI's online complaint portal at pengaduan.bappebti.go.id. If that does not resolve it, Indonesian law allows arbitration through BAKTI or a claim in the state courts. Never pay anyone who offers to recover your funds for an upfront fee, because that is a second scam.