Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
4/10 · ModerateGenuine, current national licence plus an alternative trading approval, both confirmed on the BAPPEBTI register with matching entity, website and address; BAPPEBTI is a lower tier regulator with no compensation scheme, and it has taken no action despite the complaint record.
Identity & transparency
3/10 · LowEntity, address, licence numbers, segregated bank accounts and named representatives all match between the regulator's register and the company's own pages; against that, the contact page lists no branch addresses despite claiming three offices and the trading app sits under a different legal entity.
Withdrawals & conduct
8/10 · CriticalFund integrity complaints across six cities over eleven years, one mechanism, named claimants and amounts, a civil case number and a criminal file, including a court claim that a further Rp 200 million was demanded before profits would be released.
Reputation
8/10 · CriticalSustained negative coverage in national and regional media, a victims forum of more than seventy members, street demonstrations at several branches and employee reviews describing a quota driven sales culture, with no substantial positive client footprint to weigh against it.
Website claims
5/10 · ModerateThe founding year and licence claims are accurate and the register link works, but the homepage shows OJK and Bank Indonesia logos under a heading reading licensed and supervised when neither supervises futures brokers, and sales staff are documented promising risk free returns.
Operational history
2/10 · LowTwenty four years as a company and twenty one as an online operation, continuously licensed since 2002 and still an exchange member, with the advertised age matching the verified dates.
Who they are
A quick desk file on the company behind the brand.
- Brand: PT SGB, trading as Solid Gold Berjangka
- Legal entity: PT Solid Gold Berjangka, legal entity approval C-05612 HT.01.01.TH.2002 from Indonesia's Ministry of Law and Human Rights, deed of establishment number 52 of 18 January 2002
- Registered: Equity Tower floor 23 unit D, Kawasan Niaga Terpadu Sudirman (SCBD), Jl. Jenderal Sudirman Kav. 52-53, Senayan, Kebayoran Baru, South Jakarta 12190
- Website: sg-berjangka.com, with the live platform at etrade.sgberjangka.com, a demo at demo.sgberjangka.com and account opening at regol.solidgold.co.id
- Licences: BAPPEBTI futures brokerage licence 161/BAPPEBTI/SI/IX/2002 and BAPPEBTI alternative trading system approval 1156/BAPPEBTI/SI/3/2007
- Memberships: Jakarta Futures Exchange and PT Kliring Berjangka Indonesia (Persero), the state clearing house
- Offers: exchange traded gold and olein futures, plus bilateral contracts on Loco London gold, the Hang Seng and Nikkei indices, Brent crude and major currencies
- Client money: ten segregated accounts in the company name at Bank Mandiri, BCA, BNI, BRI, CIMB Niaga and Bank Artha Graha, all printed on the regulator's own register entry
- Offices: three, in Jakarta, Semarang and Makassar. The Bali, Palembang and Bandar Lampung branches that drew the heaviest complaints no longer appear in its own office count
- Age claim: established 2002, which matches both the deed of establishment and the licence issued in September 2002
- Platform: a web and mobile app called Pro Trader, published on the app stores under a different legal entity, PT Royal Assetindo
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 (Badan Pengawas Perdagangan Berjangka Komoditi)
Jakarta Futures Exchange (Bursa Berjangka Jakarta)
Found by our investigation (1) — the broker does not list these on its own site
BAPPEBTI alternative trading system approval
Found by us — not listed by the broker
Why we reached this verdict
How the evidence adds up.
Two things are true at once here, and the report is built to hold both. The company is real, licensed and supervised. The record of what happens to client money at it is bad, repeated and specific.
What checks out
- The BAPPEBTI register entry names PT. SOLID GOLD BERJANGKA, prints www.sg-berjangka.com as its website, and gives the Equity Tower address the company publishes. Entity, domain and address all match, so there is no impersonation here.
- The same entry lists two BAPPEBTI permits, six licensed representatives and ten segregated client bank accounts in the company name. The Jakarta Futures Exchange lists it as a member broker.
- The age claim is honest. The company says 2002 and the corporate and licence dates agree.
What does not
- A court claim describing the advance fee pattern. In case 143/Pdt.G.S/2023/PN Plg at Palembang District Court, heard on 4 December 2023, the claimant said she put in Rp 500 million and, when she tried to take profits out, was told to add a further Rp 200 million. A witness described being asked to lend Rp 200 million for the same purpose. Being asked to pay more before you can take money out has no legitimate counterpart, and it is the single most incriminating thing a client can report.
- The same story in city after city. In Bali, 72 members holding 92 accounts formed a victims forum claiming about Rp 27 billion. They said marketing staff promised the money was safe, carried no risk, could be withdrawn at any time, and would earn Rp 1 million to Rp 4 million a day on Rp 100 million. They were given no receipt and no cooperation agreement, and three to five days after depositing they were told the money was gone. In Takalar, a client described three successive Rp 50 million deposits, each one presented as necessary to sustain the last. In Makassar, a client lost Rp 650 million while her account ran up 311 trades at a USD 30 charge each.
- A criminal file. A Palembang client reported losses of about Rp 1.9 billion after investing from January 2021 and being obstructed every time she tried to withdraw. West Papua police named two of the branch's staff as suspects in January 2023. They were released when prosecutors found the file incomplete.
- The sales culture is not a secret. Former staff on employment review sites describe being hired as consultants, paid only on finding depositing clients, and set quotas to recruit them. That is the engine the client complaints describe from the other side.
- A regulatory overstatement on its own homepage. Under a heading that translates as licensed and supervised, the site displays the logos of BAPPEBTI, the OJK and Bank Indonesia. Only BAPPEBTI licenses and supervises commodity futures brokers in Indonesia. Neither the financial services authority nor the central bank supervises this firm.
How we weighed it. Complaints were sorted before they were counted. These are fund integrity complaints, not service grumbles: the money did not come back. They describe one mechanism, they are checkable (named claimants, exact amounts, a case number, dates, a named branch address), and they appear independently across national and regional news reporting, a court filing, a police file and public forums. All four pattern tests are met. We assess the risk of fraud at this firm as high, and we assess the risk of not getting a deposit back as high, while recording plainly that no court or regulator has made that finding.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The regulator's own entry names PT. SOLID GOLD BERJANGKA, prints www.sg-berjangka.com as its website and gives the Equity Tower address the company publishes, so entity, domain and contacts all match and there is no impersonation.
E2The same register entry lists ten segregated client accounts in the company name at Bank Mandiri, BCA, BNI, BRI, CIMB Niaga and Bank Artha Graha, plus six licensed futures representatives.
E3Solid Gold Berjangka appears on the Jakarta Futures Exchange's own list of member brokers, confirming the exchange membership the company advertises.
E4In civil case 143/Pdt.G.S/2023/PN Plg, heard at Palembang District Court on 4 December 2023, the claimant said she invested Rp 500 million and was told to add a further Rp 200 million before her profits could be withdrawn; a witness described being asked to lend Rp 200 million for the same purpose. The company's counsel declined substantive comment.
Hard proofCourt hearing report, PalembangE5A victims forum of 72 members holding 92 accounts claimed about Rp 27 billion at the Denpasar office on 9 June 2020. They said marketing staff promised safety, no risk, withdrawal at any time and Rp 1 million to Rp 4 million daily on Rp 100 million, gave no receipt or agreement, and told them the money was gone three to five days after deposit.
StrongRadar Bali, 10 June 2020E6A client who invested from January 2021 through the Palembang branch reported losses of about Rp 1.9 billion and said she was obstructed every time she tried to withdraw promised profits. West Papua police named two staff as suspects in January 2023; they were released after prosecutors found the case file incomplete.
StrongIndodaily, 24 June 2023E7A Makassar client took a Rp 650 million loss on a Rp 700 million account, with 311 trades each carrying a charge of about USD 30, roughly Rp 150 million in charges alone. The local assembly referred her to BAPPEBTI for an audit.
E8A client in Takalar reported losing Rp 150 million after three successive Rp 50 million deposits, each presented by a marketing representative as necessary to sustain the previous one, with promised gold and cash returns that never arrived.
StrongtvOne News, 12 May 2022E9The company put its defence on the record through the Lampung branch head in May 2020: futures trading is high risk and high return, and client funds are not transferred to the company's own account but to joint accounts designated by PT Kliring Berjangka Indonesia as transaction guarantor, so in his words it is not possible for the firm to defraud clients.
ModeratePortallnews, 16 May 2020E10About 81 of the Bali claimants had 35 per cent of their capital returned in a first round before the process stalled, which shows some money was repaid rather than none.
ModerateRadar Bali, 10 June 2020E11The homepage displays the logos of BAPPEBTI, the OJK and Bank Indonesia under a heading reading licensed and supervised. Only BAPPEBTI licenses and supervises commodity futures brokers in Indonesia, so two of the three imply oversight that does not exist.
ModerateCompany homepageE12The advertised founding year of 2002 is consistent with the deed of establishment of 18 January 2002, legal entity approval C-05612 HT.01.01.TH.2002 and the licence issued in September 2002, with the oldest domain registered in April 2005. There is no age misrepresentation.
E13No entry for this company or its domain was found on any international regulator warning or alert list, which is consistent with a domestically licensed firm that does not solicit abroad.
ModerateSweep of international regulator warning and alert listsE14The contact page carries only the Jakarta head office and states that there is no branch office data, although the company profile claims three offices including Semarang and Makassar. The trade association membership link the company publishes leads to no member record.
E15The company publishes its own warning that people run investment scams in its name, tells the public to transfer only to a segregated account in the company name and never to a personal account, and gives a dedicated complaints address.
E16The trading app the broker sends clients to, Pro Trader, is published under a different legal entity, PT Royal Assetindo, rather than under the contracting broker.
The other side
The strongest case in this broker’s favour.
The case against a harsher verdict is real and we give it full weight.
- This is not a fake broker. The licence is genuine, current and onshore. The entity, the website and the address line up across the regulator's register and the company's own pages. There is no borrowed licence number, no lookalike domain and no impersonated firm anywhere in this file.
- Client money has a regulated route. Ten segregated accounts in the company name are printed on the regulator's register, and trades clear through the state clearing house. The Lampung branch head put the company's defence on the record in May 2020: client funds are not transferred into the company's own account, they go to joint accounts designated by PT Kliring Berjangka Indonesia as transaction guarantor, so in his words it is not possible for the firm to defraud clients. The register corroborates the structure he describes.
- Leveraged futures genuinely lose money. The same branch head's other point stands: commodity futures are high risk and high return, and a client who loses on gold or an index has not necessarily been robbed. Some of what is reported as fraud is a leveraged loss plus a margin call.
- Some money went back. About 81 Bali claimants had 35 per cent of their capital returned before the process stalled. A pure theft returns nothing.
- Responsibility is contested, not settled. The company's consistent position is that individual staff, not the firm, took money. Two individuals were charged, not the company. Lawyers advised the Bali claimants their position was weak precisely because no cooperation agreement existed between them and the company, which is consistent with money never entering the regulated channel at all.
- The company warns about this itself. Its own site tells the public to beware of investment fraud carried out in its name, and insists that transfers go only to the segregated account in the company's name and never to anyone's personal account. It publishes a complaints address.
- Nothing recent is documented. The newest clearly dated incidents are from 2023. The branches that generated the worst of the record are gone from the company's own office list, which now shows three offices rather than five or six.
- No warning lists, no enforcement. The firm appears on no international regulator warning list, and BAPPEBTI has never suspended or revoked its licence despite the complaints and a parliamentary call for action.
That is why this is not filed as a confirmed scam. It is filed as a licensed firm whose clients have repeatedly lost their deposits.
What would change this
What we would need to see to revise the verdict.
Concrete things that would move this assessment, in either direction.
Would lower the risk
- A clean run of several years with no new fund integrity complaints from the three remaining offices, backed by public client reports of withdrawals being paid on time.
- A published BAPPEBTI examination finding the firm's onboarding, suitability and withdrawal handling compliant, or a restitution scheme that pays the outstanding Bali, Semarang, Makassar and Palembang claims.
- A court dismissing the civil claims on the merits, with findings that client funds reached the segregated accounts and were lost in genuine trading.
- Removal of the OJK and Bank Indonesia logos from the section of the homepage headed licensed and supervised, and publication of the branch addresses the contact page currently omits.
Would raise it
- Any BAPPEBTI sanction against the company itself: a written warning, a restriction, a freeze or a revocation.
- A criminal charge or conviction naming the company rather than individual staff.
- A fresh cluster of withdrawal complaints dated after 2024 from the Jakarta, Semarang or Makassar offices.
- Evidence that client money was taken outside the segregated accounts with the company's knowledge.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
BAPPEBTI register entry for PT Solid Gold Berjangka
The regulator's own record, with both licence numbers, the registered address, the ten segregated client accounts and the licensed representatives.
Jakarta Futures Exchange member broker list
The exchange's own list of member brokers, where Solid Gold Berjangka appears.
Company profile page
The firm's own statement of its founding year, regulator and office count.
Pro Trader app listing
The trading app the broker directs clients to, published under PT Royal Assetindo.
Frequently asked questions
Quick answers about this broker’s safety.
Is PT Solid Gold Berjangka a scam?
Not in the sense of being a fake or unlicensed operation. It holds a real, current BAPPEBTI licence, it is a member of the Jakarta Futures Exchange, and its client accounts are segregated and listed on the regulator's register. We still rate it high risk, because clients in at least six Indonesian cities have reported depositing money, being pressed to add more, and then being unable to get it back.
Is PT Solid Gold Berjangka a fraud?
No court or regulator has found that it is. Clients have alleged fraud repeatedly, a civil claim was heard at Palembang District Court in December 2023, and West Papua police named two of its Palembang staff as suspects in January 2023 before prosecutors returned the file as incomplete. The company's position is that any wrongdoing was by individual staff, not the firm. On the evidence available we assess the risk of fraud as high, while recording that it has not been established against the company.
Is PT Solid Gold Berjangka regulated?
Yes. It holds BAPPEBTI business licence 161/BAPPEBTI/SI/IX/2002 and alternative trading system approval 1156/BAPPEBTI/SI/3/2007. Both appear on the BAPPEBTI register entry for the company, which also lists the website sg-berjangka.com and the Equity Tower address. That is genuine national regulation, not an offshore registration.
Can I withdraw my money from PT Solid Gold Berjangka?
That is the central question in this file. Clients across Bali, Semarang, Makassar, Takalar, Bandar Lampung and Palembang have reported that they could not. The most common account is that a withdrawal request was met with a demand to deposit more first. One Palembang claimant told the court she was asked for a further Rp 200 million before her profits would be released.
Is my money safe with PT Solid Gold Berjangka?
The structure around it is sound on paper. Client funds go to segregated accounts in the company name at six major Indonesian banks, and those account numbers are published on the regulator's register. What the complaint record shows is money that either never reached that channel or did not come back out of it. Indonesia also has no investor compensation scheme for futures clients, so there is no backstop if funds are lost.
Who owns and runs PT Solid Gold Berjangka?
The operating entity is PT Solid Gold Berjangka, an Indonesian company approved under C-05612 HT.01.01.TH.2002 and based at Equity Tower in the SCBD district of South Jakarta. The regulator's register names six licensed futures representatives. Its trading app is published under a separate legal entity, PT Royal Assetindo. Shareholder detail is not published on the company's own pages.
How old is PT Solid Gold Berjangka?
About 24 years as a company and about 21 years as an online operation. The deed of establishment is dated 18 January 2002 and the BAPPEBTI licence was issued in September 2002. Its oldest domain, sgberjangka.com, was registered in April 2005, and sg-berjangka.com in October 2008. The 2002 founding the company advertises is accurate.
Is PT Solid Gold Berjangka a clone of another broker?
No. The regulator's register prints the same company name, the same website and the same address that the broker publishes, so the identity test passes on all three legs. The firm is not wearing another company's licence. It does warn on its own site that other people run investment scams in its name, so a site or a caller using the Solid Gold name is not necessarily the licensed company.
What is a BAPPEBTI licence actually worth to me as a client?
More than an offshore registration and less than a tier one licence. BAPPEBTI is Indonesia's national commodity futures regulator, and a licence from it brings mandatory segregated client accounts, a clearing guarantee through the state clearing house and a complaints route. It does not bring an investor compensation scheme, and in this case a long complaint record has not resulted in any sanction against the company.
Why do so many PT Solid Gold Berjangka clients say they lost money?
The accounts are remarkably consistent. Marketing staff approached people directly, asked for a minimum of around Rp 100 million, and promised the money was safe, carried no risk and could be withdrawn at any time, with daily profits of Rp 1 million to Rp 4 million. Clients then found their balance gone within days, or saw it consumed by repeated trades carrying a charge of about USD 30 each. None of the promises made at the start are honest descriptions of leveraged futures trading.
What should I do if I have already lost money with PT Solid Gold Berjangka?
Put your complaint to the company in writing and keep the reply. Then complain to BAPPEBTI, which supervises licensed futures brokers and handles client disputes, and consider a police report if you believe funds were taken outside the segregated accounts. Gather your transfer receipts, the account agreement if you signed one, and your trade statements first, because claimants without paperwork were told their position was weak.
What should I check before depositing with any Indonesian futures broker?
Four things. Find the firm on the BAPPEBTI register and confirm the website printed there matches the site you are on. Transfer only to a segregated account in the company's name, using the account numbers on that register page. Insist on a signed agreement and risk disclosure before any money moves. And treat any promise of guaranteed, risk free or fixed daily profits as a reason to walk away, whoever is making it.
What we recommend
The practical takeaway from everything above.
For anyone considering or already holding an account.
- Do not deposit on the strength of a phone call or a visit. Every documented complaint starts with a marketing approach promising safe money, no risk and withdrawal at any time. None of those three promises can honestly be made about leveraged futures.
- Never transfer to a personal account. Pay only into a segregated account in the name of PT Solid Gold Berjangka. The ten valid account numbers are printed on the regulator's own register entry, which is the page to check them against.
- Get the paperwork before the money moves. Insist on a signed account agreement and risk disclosure, and keep the receipt. The Bali claimants were told their legal position was weak because they had neither.
- Watch for the top up ask. If you are told to add funds before a withdrawal or a profit can be released, stop and take advice. That request is the pattern that runs through this entire file.
- If you are already out of pocket: complain in writing to the company, then to BAPPEBTI, which handles client disputes with licensed futures brokers, and consider a police report. Claimants in Palembang used the small civil claims route successfully enough to get a hearing.
- Ignore anyone offering to recover your money for a fee. Recovery offers target people who have already lost once.
Platform note: we suggest the broker status stays as regulated, because the BAPPEBTI licence is genuine and current and labelling it otherwise would misstate a verifiable fact. The risk this report describes is conduct risk, which the score and the warning carry, not a regulatory gap.
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 October 15, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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