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Contract reading

What Mentari Mulia legally published, but does not want you to read

Every clause below is published by Mentari Mulia 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 Mentari Mulia Berjangka

commissioncost disclosuredisputehidden feesole discretionbappebticomplaint windowconclusive evidencecontradictioncut off time

Mentari Mulia gives you two working days to challenge a trading statement. Miss that window and the statement is final. If a price gap drags your account below zero, the contract makes you pay the difference. The commission per lot is left blank on the page you sign.

Back to Mentari Mulia

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.
3
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
12
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.
2

How the 12 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.

Critical3
Warning7
Notice2

section 20 of 22is where the deepest clause sits, 91% 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 challenge a statementCritical20%Account limit. Jump to the clause this comes from.You owe the shortfall when a gap beats the stop out3%Fee you were not shown. Jump to the clause this comes from.A 3% swap and a 0,4% charge on every share trade2 working daysWithdrawal limit. Jump to the clause this comes from.Withdrawal speed depends on the hour you ask

What the documents say

12 clauses worth knowing about, worst first, each quoted from Mentari Mulia's own files

01

You get two working days to dispute a daily statement from Mentari Mulia. You must phone first, then follow up in writing. Say nothing and clause III.14.4 records the statement as correct and valid.

Why this matters

A wrong fill or a fee you did not expect has to be caught almost immediately. Two working days after the statement date, the number on it becomes the agreed number, and a trade you never noticed is now one you accepted.

Exhibit 1CriticalHarder than usual2 working days

Segala pelaporan dalam Sistem tersebut akan dianggap telah disetujui apabila PT Mentari Mulia Berjangka tidak menerima pemberitahuan melalui telepon dan disusul pada pemberitahuan tertulis selambat-lambatnya 2 (dua) hari kerja dari tanggal Laporan Keuangan nasabah tersebut.
Clause III.14.3 in Trading Regulation Online Trading Forex, Gold dan Saham Tunggal
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 a written complaints procedure and real time to use it, and must not treat a client's silence as agreement to a disputed trade. This contract treats silence for two working days as acceptance.

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

  • Worse together with Exhibit 2The window closes in two working days, and the only evidence that counts once it closes belongs to Mentari Mulia.
02

Mentari Mulia's system closes your positions once your equity reaches 20% of the required margin. If the price jumps straight through that level, clause III.9.3 makes you pay the money the closure did not cover.

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

A weekend gap or a fast news move can leave your account below zero. You are then required to send Mentari Mulia more money, so the loss is not capped at what you deposited.

Exhibit 3CriticalHarder than usual20%

Nasabah harus menambah equity (margin call) apabila equity nasabah sudah mencapai level (Eq < 50%) dari Necessary Margin / Margin Requirement.
Clause III.9.1 in Trading Regulation Online Trading Forex, Gold dan Saham Tunggal
Read from the broker's site on Open the reference

What it costsIf your open positions need $1,000 of margin, the system closes them once your equity falls to $200. Anything the market takes below that is a debt you owe.

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

Firms licensed by the FCA, and firms following ESMA rules, must give a retail client negative balance protection, so the client cannot lose more than the money in the account. This contract requires you to fund the shortfall instead.

Mentari Mulia 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
Equity at 50%Mentari Mulia sends a margin call to the mailbox inside your platform and you must add money.III.9.1
Equity at 20%The system closes your positions without asking you.III.9.3
Price gaps through the levelYou must pay Mentari Mulia the shortfall the closure did not cover.III.9.3
Market close with negative free marginOpen positions are closed at the closing price, newest first, until free margin turns positive.III.9.4
  • Worse together with Exhibit 9The stop out runs automatically in exactly the fast market where the same contract lets Mentari Mulia refuse your order.
03

If you disagree with a trade, Mentari Mulia's own report and trading admin logs are the facts the dispute gets decided on. The contract names no outside record and no independent referee.

Why this matters

Your screenshots are not what the contract points to. The company that took the other side of your trade also holds the only evidence that counts when you argue about it.

Exhibit 2CriticalHarder than usual

Penyelesaian perselisihan dilakukan berdasarkan pembuktian atas fakta-fakta di mana fakta-fakta tersebut dapat dilihat pada “report” dan “trading admin“ yang menyimpan semua trading record secara lengkap.
Clause III.15 in Trading Regulation Online Trading Forex, Gold dan Saham Tunggal
Read from the broker's site on Open the reference
04

The Terms and Conditions page you sign sets out the exchange rate, the lot limits and the margin per lot. The commission row reads only USD / Lot, with the amount left empty.

Why this matters

You sign a page that does not say what each trade costs you. The number gets filled in somewhere you are not shown, and the document gives you nothing to check it against later.

Exhibit 5WarningRarely seen

Commission (Komisi) USD / Lot
Quoted in Trading Regulation Online Trading Forex, Gold dan Saham Tunggal, Terms and Conditions
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 tell a retail client the costs and charges of a trade before the client trades. This contract leaves the commission per lot as an empty space.

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

Our readingContracts normally bury a fee in an annex or a linked schedule. Printing the fee row on the signature page and leaving the figure blank means the priced term is missing from the agreement itself, not merely hard to find.

  • Worse together with Exhibit 6The commission is blank on the page you sign while the real charges sit in product tables earlier in the same file.
05

If Mentari Mulia decides a price on its platform was a wrong quote, clause III.12.2 makes any order filled at that price void. A filled trade, and the profit on it, can be undone.

Why this matters

The contract does not say who decides a quote was wrong, how long the company has to decide, or how you appeal. A profitable fill can be reversed days later.

Exhibit 4WarningStandard wording

Apabila terjadi wrong quote (wrong price) pada Platform MetaTrader – PT Mentari Mulia Berjangka maka order yang dilakukan pada harga wrong quote tidak berlaku (batal).
Clause III.12.2 in Trading Regulation Online Trading Forex, Gold dan Saham Tunggal
Read from the broker's site on Open the reference
  • Worse together with Exhibit 2Mentari Mulia decides the quote was wrong, and its own logs are the evidence if you dispute the cancellation.

Mentari Mulia promises no rejection, then allows it

Clause III.3 states that market execution fills your order with no requote and no rejection. Clause III.10 states that rejection may occur when prices move quickly. Clause III.6 adds that the spread can widen with no advance notice to you.

Execution promise1 clause flagged

Clause III.3 tells you market execution fills your order with no requote and no rejection. Clause III.10 says Mentari Mulia may reject your order when prices move quickly.

Why this matters

The promise and the exception sit in the same document, and the exception covers the moment you most need to get out. A fast market is exactly when rejection is allowed.

Exhibit 9WarningHarder than usual

Dengan eksekusi pasar, order akan segera dieksekusi (tanpa pemberian harga baru/requote atau penolakan/offquote) pada harga pasar terbaik
Clause III.3 in Trading Regulation Online Trading Forex, Gold dan Saham Tunggal
Read from the broker's site on Open the reference

The commission you pay is a blank on the page you sign

Mentari Mulia's Terms and Conditions page prints the commission row as USD, a gap, then per Lot. The real charges sit earlier in the same file: 3% total swap on a forex or gold product, and 0,4% commission plus a 0,4% transaction fee with a USD 10 minimum on share CFDs.

Cost disclosure1 clause flagged

Holding a forex or gold position overnight costs you a swap, and the contract puts the buy and sell swap on a product together at 3%. Share CFDs carry 0,4% commission, a 0,4% transaction fee and a USD 10 minimum per round turn.

Why this matters

These charges sit in product tables in the middle of the rulebook, not on the page you sign. Small share trades are hit hardest, because the USD 10 minimum applies whatever the size.

Exhibit 6WarningStandard wording3%

Total biaya swap beli dan jual dari suatu produk adalah 3%
Clause II.1.b.2 in Trading Regulation Online Trading Forex, Gold dan Saham Tunggal
Read from the broker's site on Open the reference

What it costsOn a $10,000 share CFD position the 0,4% transaction fee is $40 for the round turn. The USD 10 minimum only bites on positions under $2,500.

The stop out runs at 20%, and the shortfall is yours

Mentari Mulia's system closes your positions at 20% of required margin, after a margin call at 50%. Clause III.9.3 then obliges you to fund whatever the closure failed to cover when the price gapped. The company can also change these rules by posting a notice on its own website.

Loss exposure1 clause flagged

Mentari Mulia can change these trading rules and tell you through a letter or a notice posted on its own website. No notice period appears, and nothing asks for your agreement.

Why this matters

Your costs and your margin levels can move while you hold open positions. Checking the company's website becomes your job, because a posted notice counts as telling you.

Exhibit 8WarningStandard wording

Trading Rules ini dapat diubah dan akan diberitahukan kepada nasabah melalui Surat Pemberitahuan atau Pemberitahuan di website perusahaan.
Clause III.12.4 in Trading Regulation Online Trading Forex, Gold dan Saham Tunggal
Read from the broker's site on Open the reference

Mentari Mulia takes your national ID and publishes no privacy policy

Clause I.5 requires a copy of your KTP or driving licence, a bank deposit slip and further supporting documents before you can trade. The page on mentarimulia.co.id headed Privacy Policy carries a heading and a date of 14-10-2021 and no policy text underneath it.

Data handling1 clause flagged

Before you can trade, Mentari Mulia requires a copy of your KTP or driving licence, your bank deposit slip and other supporting documents. The page on its site headed Privacy Policy carries a heading and a date and no policy text.

Why this matters

You hand over national identity documents with nothing published about how long they are kept, who sees them, or whether they are shared. The page that should answer this is empty.

Exhibit 10WarningHarder than usual

Nasabah dapat mulai melakukan transaksi setelah menyerahkan copy bukti setoran dana dari Bank, Form Setoran Awal, copy identitas KTP/SIM, dan Buku Perjanjian Nasabah (2 rangkap) yang telah ditandatangani dan diparaf dan dokumen pendukung lainnya.
Clause I.5 in Trading Regulation Online Trading Forex, Gold dan Saham Tunggal
Read from the broker's site on Open the reference

An unnamed firm sets your spread in fast markets

Clause III.11 hands spread setting in unsettled markets to quotes from a provider used by the Pedagang Penyelenggara. Mentari Mulia's documents never name that firm or that provider, so the price you are filled at comes from a counterparty you cannot identify.

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.

Price source1 clause flagged

When markets turn unsettled, your spread is set by quotes from a provider used by the Pedagang Penyelenggara. That firm is not Mentari Mulia, and the documents never say who it is.

Why this matters

The price you are filled at in the worst conditions comes from a company you have no contract with and cannot identify. You cannot check its quotes against anything.

Exhibit 11WarningHarder than usual

Pada situasi ini spread akan didasarkan pada kondisi pergerakan harga sebagaimana kuotasi yang disampaikan oleh provider yang digunakan oleh Pedagang Penyelenggara.
Clause III.11 in Trading Regulation Online Trading Forex, Gold dan Saham Tunggal
Read from the broker's site on Open the reference

The withdrawal clock turns on an 11:00 cut off

Clause III.1 pays a Mentari Mulia withdrawal request received between 07:00 and 11:00 WIB by T+1, and anything later by T+2. The clock is fixed and no clause lets the company refuse or extend it, which puts this ahead of most brokers we read.

Payout timing1 clause flagged

Mentari Mulia pays a withdrawal request received between 07:00 and 11:00 WIB by T+1. Ask after 11:00 WIB and clause III.1 gives the company until T+2.

Why this matters

Asking eleven minutes late costs you an extra working day. The clock is fixed though, and nothing in the contract lets Mentari Mulia refuse or delay a withdrawal beyond it.

Exhibit 7NoticeStandard wording2 working days

Penarikan dana yang diterima diatas pukul 11:00 WIB akan dibayar selambat-lambatnya T+2.
Clause III.1 in Trading Regulation Online Trading Forex, Gold dan Saham Tunggal
Read from the broker's site on Open the reference

Two BAPPEBTI permits, under a disclaimer covering both

Mentari Mulia names permits no.28/BAPPEBTI/SI/03/2013 and no.56/BAPPEBTI/SP/05/2013 in its site footer. The warning in the same footer says the company does not guarantee the information on the site is complete, true, accurate or not misleading. Whether those permits are current is a question for the regulator's own register.

Licence claims1 clause flagged

Mentari Mulia's site footer names two BAPPEBTI permits held since 2013. The same footer says the company does not guarantee that the information on the site is complete, true, accurate or not misleading.

Why this matters

The sentence disclaiming accuracy sits directly under the licence numbers and covers them too. Check any permit against the regulator's own register before you deposit.

Exhibit 12NoticeStandard wording

PT. Mentari Mulia Berjangka does not guarantee that: this site will always exist; or the information contained in the site is complete, true, accurate, or not misleading.
Quoted in Privacy Policy
Read from the broker's site on Archived copyOpen the reference
Our own capture of mentarimulia.co.id, taken on Sep 11, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file

Buried at section 20 of 22 in the Privacy Policy, 91% 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 same rulebook promises execution without rejection and then permits rejection whenever prices move fast.

Said in public, in Indonesian

Dengan eksekusi pasar, order akan segera dieksekusi (tanpa pemberian harga baru/requote atau penolakan/offquote) pada harga pasar terbaik

Word for word in English: With market execution, the order will be executed immediately (without any new price or requote, or rejection or offquote) at the best market price

Trading Regulation, clause III.3, on how market execution works

In the contract · clause III.10

Pada kondisi melebar tersebut penolakan transaksi (requote) mungkin terjadi karena cepatnya pergerakan harga.

02

The footer states the regulated status and then disclaims that anything on the site is true or accurate.

Said in public, in English

Authorized and regulated by the Commodity Futures Trading Regulatory Agency with permission

Site footer, Legality block, above the two BAPPEBTI permit numbers

In the contract

PT. Mentari Mulia Berjangka does not guarantee that: this site will always exist; or the information contained in the site is complete, true, accurate, or not misleading.

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

What changed quietly

First reading of Mentari Mulia, so there is nothing yet to compare it against.

  • REWRITTENClause Terms and Conditions, Necessary Margin · May 31 2021 to Aug 23 2022

    Mentari Mulia doubled the overnight margin on the Regular account and set the Mini account to the same figure, four times its own day trade margin.

    Overnight Trade USD 2.000 / Lot USD 2.000 / Lot

The documents this reading is based on

4 files, all published by Mentari Mulia. 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 Mentari Mulia publishes.

How this reading was done

Every clause above was read out of a document Mentari Mulia publishes itself

This reading was published on .

Documents
2 of 4downloaded from the broker's site, and 2 read in full
Pages opened
29pages walked to find those documents, footer links included
Older copies
3earlier versions downloaded
Languages
EN vs IDthe language it advertises in, against the language it contracts in
Position measured
1clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

PT Mentari Mulia Berjangka

You contract with PT Mentari Mulia Berjangka, a futures broker in Jakarta holding BAPPEBTI permits no.28/BAPPEBTI/SI/03/2013 and no.56/BAPPEBTI/SP/05/2013. The trading rules add a second party you never sign with, the Pedagang Penyelenggara, whose price feed sets your spread when markets move fast. The documents never name that firm.

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

Withdrawal timing is fixed and fast. A request in before 11:00 WIB is paid by T+1, a later one by T+2. No clause lets Mentari Mulia refuse a withdrawal at its own discretion, and no withdrawal fee appears anywhere in the documents. Client money sits in a named segregated account at Bank Central Asia, with the account numbers printed in the contract. The firm also refuses cash, and refuses to pay margin to anyone but you, which shuts a door most fraud walks through.

The client agreement itself, the Buku Perjanjian Nasabah, is referenced on almost every page of the trading rules and is not published on the site, so we could not read it. We read the Indonesian trading rules for forex, gold and single stocks end to end, plus three earlier editions of the same document. We did not read the two stock index rulebooks. The page titled Privacy Policy carries a heading and a date and no policy text. Every clause quoted here comes from a document we opened ourselves.

How to check any of this yourself

Every quote above links to the Mentari Mulia 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 Mentari Mulia 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 Mentari Mulia 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 11, 2026.

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

Back to the Mentari Mulia profile