Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
4/10 · ModerateGenuine onshore licence confirmed on Bappebti's own active register, with regulator-published segregated client accounts, offset by mid-tier protection, no compensation scheme, and a prior suspension by that same regulator.
Identity & transparency
3/10 · LowRegister entry matches the website, email domain, phone and address exactly, thirteen licensed representatives are named, and the broker links to its own register record; only the corporate registry entry and a verified official social presence were missing.
Withdrawals & conduct
2/10 · LowNo fund-integrity complaints found anywhere: no reports of refused withdrawals, blocked accounts, deleted balances, or demands for extra payment to release funds.
Reputation
6/10 · HighEffectively no independent footprint: no review-platform page for the domain, no substantive forum discussion, a single negative comment on a third-party directory, and no positive reviews we could verify.
Website claims
5/10 · ModerateAdvertises an unbroken history since 2008 without disclosing the years under suspension or the 2024 relaunch, though the 2008 licence date is real and the site otherwise discloses risk, restricted countries and its anti-fraud position honestly.
Operational history
6/10 · HighComputed track record is about two years, governed by domains first verifiably online in mid-2024, on an entity that was suspended or frozen between 2015 and 2020.
Who they are
A quick desk file on the company behind the brand.
- Brand: PanenFx / PanEn Kapital Berjangka
- Legal entity: PT Panen Kapital Berjangka, shown on the regulator's register as formerly PT Universal Futures
- Registered: Panen Tower Lantai 5, Jl. Patal Senayan No. 31, Grogol Utara, Kebayoran Lama, Jakarta Selatan, DKI Jakarta 12210, Indonesia
- Website: panenkapitalberjangka.co.id, with panenfx.co.id redirecting to it and a client area at cabinet.panenfx.co.id
- Licences: Bappebti futures brokerage licence 13/BAPPEBTI/SI/03/2008; Bappebti Alternative Trading System licence 001/BAPPEBTI/SPA/02/2021; Jakarta Futures Exchange membership SPAB-156/BBJ/09/07
- Offers: Forex, precious metals, energy including crude oil, and stock index products, on a white-label MetaTrader 5 platform
- Not accepted: Residents of the United States, Hong Kong, Iran, North Korea, and the Canadian provinces of British Columbia, Quebec and Saskatchewan
- Age claim: The website says the company was founded in 2008. The licence does date from March 2008, but the current websites only appeared in mid-2024.
- Staffing on record: Thirteen licensed futures representatives are named on the regulator's register
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
BAPPEBTI
BAPPEBTI
JFX
Why we reached this verdict
How the evidence adds up.
Our evidence-based score came out at 41 percent. We are publishing 65 percent because of what the profile carries, not because of misconduct we found. Two things drive that.
- The operation is under three years old. The main website's first security certificate was issued on 23 August 2024, and the earliest web archive capture of it is the same day. The second domain first appears on 15 July 2024. Two independent records agreeing puts the live business at roughly two years. The site's own copyright notice reads 2024.
- There is almost no independent trace of it. No Trustpilot page exists for the domain. We found no forum threads and no verifiable positive reviews. One negative comment sits on a third-party broker directory. When a broker has neither complaints nor praise, an absence of complaints proves very little.
Set against that, the regulatory evidence is genuinely good, and we weighed it:
- Bappebti's register entry matches this operation on every checkable field: the recorded website is www.panenkapitalberjangka.co.id, the email is on that same domain, and the phone number and street address match what the site publishes. That is a full identity match, so this is not a clone and it is not wearing another firm's licence.
- The regulator publishes the firm's segregated client accounts at two established Indonesian banks. The broker's own site links straight to that register page and states plainly that it never asks clients to transfer anywhere else and never offers guaranteed profits or profit-sharing. That is the opposite of the standard scam pitch.
- The firm is absent from Bappebti's list of brokers whose licences were revoked, and we found no regulator warning naming the brand or either domain.
The one real negative in the record is history. Bappebti's register itself shows this is the renamed PT Universal Futures, on the same licence number. That earlier identity was placed under temporary suspension in June 2015 and had its business activities frozen in October 2019 for failing to fix company management and required physical office facilities, and the Jakarta Futures Exchange froze its exchange membership days later. We treat that as real and we do not discount it because the name changed. Two things temper it. It was an administrative failure, not a finding of fraud or of client losses. And the same regulator that imposed it has since issued the firm a new Alternative Trading System licence in February 2021 and lists it as active today, with the former name displayed on the register rather than hidden.
So the honest reading is a licensed, domestically supervised Indonesian broker that was dormant or restricted for years and relaunched recently, with too little operating record to call it safe.
Evidence ledger
Every finding, with its source and how strongly it points.
E1Bappebti's own register entry for PT Panen Kapital Berjangka, shown as formerly PT. Universal Futures, listing brokerage licence 13/BAPPEBTI/SI/03/2008 and Alternative Trading System licence 001/BAPPEBTI/SPA/02/2021, the Panen Tower address, the phone number, the email [email protected] and the website www.panenkapitalberjangka.co.id.
Hard proofBappebti futures broker registerE2The firm appears on Bappebti's list of currently licensed futures brokers under licence 13/BAPPEBTI/SI/03/2008, confirming the licence is active and not merely historical.
E3The identity check passes on every leg: the website, email domain, telephone number and street address recorded by the regulator all match the operation being investigated, so the licence belongs to this firm and not to another company.
Hard proofBappebti futures broker registerE4The regulator publishes the firm's separate client accounts, at Bank Central Asia and Bank Pan Indonesia in both rupiah and US dollars, together with thirteen named licensed futures representatives.
E5Neither the current company name nor the former name appears on Bappebti's published list of futures brokers whose licences have been revoked.
E6The regulator's register itself records the firm as PT Panen Kapital Berjangka formerly PT. Universal Futures on the same licence number, establishing that this is a renamed continuation of that earlier entity rather than a new company.
E7Under its former name the entity was placed under temporary suspension as a futures broker on 23 June 2015 and had its business activities frozen from 4 October 2019 for failing to remedy company management and required physical office facilities and failing to apply for the suspension to be lifted; the Jakarta Futures Exchange froze its exchange membership approval from 10 October 2019. No fraud finding or client-loss case was attached, and the licence was not revoked.
StrongIndonesian futures-industry reporting on the 2019 Bappebti and exchange decisionsE8The earliest certificate issued for the main website is dated 23 August 2024, out of 116 records, with the most recent dated 9 August 2026. This dates the site's first appearance online to August 2024 and confirms it is still actively maintained.
ModerateCertificate transparency searchE9The earliest web archive capture of the main website is 23 August 2024, matching the first certificate date exactly and giving two independent records that agree the site did not exist earlier.
ModerateWeb archive capture indexE10The earliest web archive capture of the second domain, panenfx.co.id, is 15 July 2024, making it the older of the two domains and setting the operating track record at roughly two years.
ModerateWeb archive capture indexE11The broker's own website links directly to its entry on the regulator's register and states that it never asks clients to transfer funds anywhere other than the segregated account registered with Bappebti, and never offers fixed profits, guaranteed profits or profit-sharing to anyone.
E12The site carries a detailed leveraged-product risk warning, a customer complaints procedure, and a restricted-regions notice excluding the United States, Hong Kong, Iran, North Korea and three Canadian provinces, so there is no apparatus for soliciting clients in jurisdictions where its licence would not apply.
E13The website's copyright notice reads 2024 and its published content runs from early 2025 onwards, with no disclosure anywhere of the years the company spent suspended or frozen, while its about page presents the business as founded in 2008.
E14A warning-list sweep against the brand, both domains and the former company name found no entry on any regulator warning or illegal-activity alert list.
ModerateRegulator warning-list and alert-list sweepE15A live MetaTrader 5 white-label server exists under this broker's own name, hosted in Indonesia, indicating a genuine trading operation rather than a simulated dashboard.
ModerateA third-party broker directoryE16The community footprint is almost empty. No review-platform page exists for either domain, no substantive forum or discussion threads were found, one negative comment sits on a third-party broker directory, and no positive reviews could be verified on any independent platform.
ModerateComplaint and review sweep across review platforms, forums and social discussion
The other side
The strongest case in this broker’s favour.
The case that this is a legitimate broker is stronger than the score suggests, and it deserves stating:
- The licence is not offshore and not bought from a weak registrar. Bappebti is Indonesia's statutory commodity futures regulator, part of the Ministry of Trade, and it supervises conduct, capital and client-fund segregation.
- Segregated client accounts published by the regulator are a meaningful protection. Money goes to a named bank account the regulator lists, not to a private wallet or a third party.
- Thirteen individually licensed representatives are on the register. Fake operations do not usually put a dozen named, separately licensed staff through a regulator.
- It only solicits its home market. It excludes the United States, Hong Kong and other jurisdictions, so there is no pattern of selling into countries where its licence means nothing. That is the single most common offshore abuse and it is absent here.
- It publishes a proper risk warning, a formal complaints procedure through a customer complaints unit, and the Bappebti timetable for resolving complaints.
- A live MetaTrader 5 server exists under this broker's own name, which indicates a real trading operation rather than a fake dashboard.
- The 2019 freeze looks like a dormant company failing paperwork and office requirements, then being cleaned up and relicensed. That is a rehabilitation story, not a scam story, and no client-loss case has been attached to it publicly.
- The office is on the fifth floor of a building carrying the company's own name, at an address consistent across the regulator's register and the website.
If the next two years pass with working withdrawals and a normal review record, this profile should improve substantially.
What would change this
What we would need to see to revise the verdict.
Concrete things that would move our assessment in either direction:
- Lower risk: a body of independent client reviews across at least two platforms describing withdrawals that were actually paid, with amounts and dates.
- Lower risk: the operation passing three years of continuous, uninterrupted activity from mid-2024 with the Bappebti licence remaining active throughout.
- Lower risk: the website disclosing its own history plainly, including the years under suspension and the 2021 relicensing, instead of presenting an unbroken run since 2008.
- Lower risk: the Jakarta Futures Exchange publishing a member list we can open that shows the SPAB membership current under the new company name.
- Higher risk: any credible report of a withdrawal being refused, delayed indefinitely, or made conditional on paying a further fee, tax or deposit. A demand for extra payment to release funds would change our conclusion immediately.
- Higher risk: the appearance of this firm or either domain on a Bappebti revocation notice or an Indonesian illegal-activity alert list.
- Higher risk: client money being requested to any account other than the segregated accounts Bappebti publishes.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Bappebti register entry for PT Panen Kapital Berjangka
The regulator's own record: licence numbers, address, and the segregated client bank accounts.
Bappebti list of licensed futures brokers
Search this list for Panen to confirm the firm is still an active licensed broker.
Bappebti list of brokers whose licences were revoked
This firm does not appear here. Check it again before you deposit.
Jakarta Futures Exchange
The exchange the broker says it belongs to under membership SPAB-156/BBJ/09/07.
Frequently asked questions
Quick answers about this broker’s safety.
Is PT Panen Kapital Berjangka a scam?
We found no evidence that it is. It holds a genuine Indonesian futures licence that we confirmed on Bappebti's own register, and we found no reports of clients losing money. We still rate it 65 out of 100 for risk because the live business is only about two years old and has almost no independent track record to check.
Is it regulated, and by whom?
Yes. It is licensed by Bappebti, Indonesia's statutory commodity futures regulator, under brokerage licence 13/BAPPEBTI/SI/03/2008 and Alternative Trading System licence 001/BAPPEBTI/SPA/02/2021. It also holds Jakarta Futures Exchange membership SPAB-156/BBJ/09/07. This is domestic Indonesian regulation, not an offshore licence.
How good is a Bappebti licence?
It is real supervision but mid-tier by global standards. Bappebti requires client funds to be held in segregated bank accounts that it publishes, licenses individual representatives, and enforces a complaints timetable. What it does not offer is an investor compensation scheme of the kind the UK or Australia provide, so if the firm failed you would not be paid out from a central fund.
Is my money safe with them?
Your deposits should go into segregated client accounts at Bank Central Asia or Bank Panin, which Bappebti lists on its register. That is a genuine protection and much better than an unregulated broker. It is not a guarantee: trading losses are yours, there is no compensation scheme, and the operation is young.
Can I withdraw my money?
We found no complaints about withdrawals being refused or delayed. We also found very few reviews of any kind, so we cannot confirm from client experience that withdrawals run smoothly. Test a small withdrawal early before depositing more.
Who owns it and was it called something else before?
The operating company is PT Panen Kapital Berjangka. Bappebti's register shows it was formerly PT Universal Futures, on the same licence number. The regulator displays the old name itself, so the rename is not hidden.
What happened to PT Universal Futures?
Bappebti placed it under temporary suspension in June 2015 and froze its business activities in October 2019, because it had not fixed company management and the physical office facilities the rules require, and had not applied to have the suspension lifted. The Jakarta Futures Exchange froze its exchange membership at the same time. The licence was never revoked, and the regulator later issued a new Alternative Trading System licence in February 2021 and lists the firm as active today.
How old is this broker really?
The licence dates from March 2008, so the company is old on paper. The business you would actually deal with is not. Both of its websites first came online in July and August 2024, which two separate technical records confirm, and the site's copyright notice says 2024. We treat it as roughly a two-year-old operation.
The website says founded in 2008. Is that untrue?
The 2008 date is genuine for the licence and the legal entity, so it is not invented. It is incomplete, because it presents an unbroken history and leaves out the years under suspension and the recent relaunch. We scored that as an overstatement of continuity rather than a false claim.
Is it a clone of another company?
No. We checked the licence against Bappebti's register and every detail matched this operation: the recorded website is www.panenkapitalberjangka.co.id, the email is on the same domain, and the phone number and street address match the site. A clone fails at least one of those checks. This one passed all of them.
Why is the risk score 65 if you found nothing wrong?
Because a young operation with almost no reviews is the case where finding nothing means least. Our evidence-based figure was 41. Our rules raise the published score to at least 65 when the track record is under three years, so that a broker nobody can vouch for yet does not read as proven safe. It is not a finding of misconduct.
What should I check before I deposit?
Open the Bappebti register entry and confirm the licence is still active. Confirm the bank account you are asked to pay into is one of the segregated company accounts listed there. Refuse any request to pay an individual, another company, or a crypto wallet. Walk away from any promise of guaranteed or fixed returns, which the company itself says it does not offer.
What do I do if I think I have been scammed by someone using this name?
Stop sending money immediately, especially if you are asked for a fee, tax or extra deposit to release a withdrawal. Gather your transfer receipts and messages. File a written complaint with the company's customer complaints unit, then escalate to Bappebti. Report impersonation to Bappebti and to the Indonesian illegal financial activity task force, and to your bank to attempt a recall.
What we recommend
The practical takeaway from everything above.
If you are considering this broker, treat it as a real but unproven one:
- Check the register yourself before depositing. Open the Bappebti entry and confirm the licence is still listed as active.
- Only ever transfer to the segregated client accounts named on that register page, in the company's own name. Never to a personal account, an individual's name, or a crypto wallet, whatever a representative tells you.
- Treat any promise of fixed returns, guaranteed profit or profit-sharing as disqualifying. The company's own website says it does not offer these, so anyone offering them is not acting for it.
- Start small and test a withdrawal early, before committing meaningful money. With an operation this young that is the only real proof available.
- Keep records: transfer receipts, statements, the names of anyone who contacts you, and any messaging conversations.
- If a withdrawal is refused or delayed, file a written complaint with the company's customer complaints unit, which is required to resolve it within the regulator's timetable, and escalate to Bappebti if it does not.
- Understand the product. These are leveraged futures and alternative-trading-system contracts where an affiliated market maker can be your counterparty. Most retail clients lose money on them.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed August 22, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.