Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
3/10 · LowA genuine, current onshore BAPPEBTI futures licence confirmed on the regulator's own register, with the deduction that it is now held under a different trading name than the brand under review.
Identity & transparency
5/10 · ModerateEntity, address, phone and email were disclosed and matched the register, but five successive legal names in about a decade, a moved office and a brand shut down without any public notice make the operator hard for a client to follow.
Withdrawals & conduct
3/10 · LowNo fund integrity complaints found on any platform and no advance fee demands, but with no client footprint at all there is also nothing confirming that withdrawals worked.
Reputation
6/10 · HighNo review profile for either domain on Trustpilot and no substantive first-hand accounts anywhere, against a reported 2014 client-fund sanction on the same licence holder under its original name.
Website claims
2/10 · LowClaims were modest and checked out: BAPPEBTI supervision is real, the stated 2015 founding matches the domain record, and there were no fake awards or profit guarantees.
Operational history
4/10 · ModerateVerified operating history of about eleven years on the domain record with a licence dating to 2007, offset by serial renaming and the fact that the brand itself has now been discontinued.
Who they are
A quick desk file on the company behind the brand.
- Brand: SagaFX, an Indonesian retail futures and forex brand, now retired.
- Legal entity: PT. SagaFX Sentra Berjangka. The regulator's register shows this as one of five successive names for a single licence holder: PT. Trust Artha Futures, then PT. SagaFX Sentra Berjangka, then PT IFX Sentra Berjangka, then PT Sagafx Sukses Berjangka, and today PT KVB Futures Indonesia.
- Registered: Indonesia. The brand-era address was Pusat Bisnis Thamrin City, Lt.6 No.608 AD, Jl. Thamrin Boulevard, Jakarta Pusat 10230. The register now shows Menara Sun Life, Lantai 21 Unit G, Mega Kuningan, Jakarta Selatan 12950.
- Website: sagafx.id and sagafx.com. Neither works. The licence holder's live site is kvb.co.id.
- Licences: BAPPEBTI futures brokerage licence 1051/BAPPEBTI/SI/1/2007 and BAPPEBTI alternative trading system approval 19/BAPPEBTI/SP/04/2011, both recorded against the licence holder. Membership of the Jakarta Futures Exchange is stated by the company as SPAB-147/BBJ/10/05.
- Offered: forex on about 10 currency pairs, three stock indices, gold, silver and crude oil, on MetaTrader 4, with regular and mini accounts and leverage up to 1:100.
- Not accepted: the business was sold only inside Indonesia, in Indonesian, with deposits and withdrawals through a segregated rupiah account at Bank BCA at a fixed rate of 1 US dollar to 10,000 rupiah.
- Age claim: the brand's own About page said it was founded in 2015, which matches the 2015 rename and the March 2015 registration of sagafx.com. The underlying licence goes back to January 2007.
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.
We are publishing 65 percent even though the evidence we gathered scores out at about 38 percent. Here is why, stated plainly.
- What we confirmed in the broker's favour. We opened BAPPEBTI's register of the 67 licensed Indonesian futures brokers and found the entry. The licensed entity name includes PT. SAGAFX SENTRA BERJANGKA word for word, with business licence 1051/BAPPEBTI/SI/1/2007 and trading system approval 19/BAPPEBTI/SP/04/2011. That is a real government licence, it is still in force, and it belongs to this company rather than to somebody else. There is no clone here, no borrowed licence number and no fabricated regulator.
- The brand is dead, which the score has to reflect. sagafx.id does not resolve. The last archived copy of that address, from August 2025, showed unrelated online gambling content rather than a broker. sagafx.com now redirects to a domain sale listing. A reader searching for SagaFX today cannot reach the licensed company at either address, and anything that later appears at those addresses will not be the licensed broker.
- No client footprint at all. There is no review page for either domain on Trustpilot, and our sweep of Indonesian trading communities and review sites turned up discussion and marketing but no first-hand client accounts, in either direction. We found zero withdrawal complaints, and also zero verified positive reports. A brokerage that ran for years should leave some trace. When a score rests on an absence like this, it cannot be read as a clean bill of health.
- A carried history. Contemporaneous Indonesian business reporting from January 2014 says the Jakarta Futures Exchange froze the exchange membership of PT Trust Artha Futures, the original name of this same licence holder, over its handling of client funds in the segregated account and its inability to produce account opening call recordings, and that client positions had to be moved to another broker. We could not open those reports directly and we have not seen a primary exchange record, so we treat this as reported rather than proven. But the company is the same company, the licence number is the same licence number, and four subsequent name changes do not wipe that page clean.
- What we did not find. No regulator warning naming SagaFX or either domain. No enforcement notice against this entity in BAPPEBTI's published releases. No advance fee demands, no crypto-only deposit rails, no fake awards, no age misrepresentation. The site's claims were modest and, as far as we could check them, accurate.
One limit on the numbers: Indonesia's corporate registry is not openly searchable, so we could not date any of the companies. The eleven year track record rests on the domain record alone and is an upper bound.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The Indonesian regulator's own register of licensed futures brokers records the licence holder as PT KVB FUTURES INDONESIA, formerly PT Sagafx Sukses Berjangka, formerly PT IFX Sentra Berjangka, formerly PT. SAGAFX SENTRA BERJANGKA, formerly PT. TRUST ARTHA FUTURES, with business licence 1051/BAPPEBTI/SI/1/2007, trading system approval 19/BAPPEBTI/SP/04/2011, the address Menara Sun Life Lantai 21 Unit G in Mega Kuningan, and the website kvb.co.id.
E2The same regulator's list of all 67 currently licensed Indonesian futures brokers contains this licence holder, confirming the licence is live rather than lapsed.
E3The last archived capture of the brand's main web address, from 15 August 2025, shows unrelated online gambling content instead of any broker page. The address itself no longer resolves at all today.
E4Registry records for sagafx.com show registration on 5 March 2015, a change in June 2026, and name servers belonging to a domain resale platform, which is why the address now redirects to a for sale listing.
E5The archived SagaFX home page from December 2024 presents a working Indonesian broker describing itself as licensed under BAPPEBTI supervision, offering forex, indices, metals and energy, with its most recent news item dated March 2024.
E6The archived contact page names PT. SagaFX Sentra Berjangka at Pusat Bisnis Thamrin City, Lt.6 No.608 AD, Jl. Thamrin Boulevard, Jakarta Pusat 10230, with two Jakarta landlines and the address [email protected], tying the brand to the entity on the register.
E7The archived About page states the firm was founded in 2015 and claims support from the Indonesian futures trading association and BAPPEBTI plus membership certificates from the Jakarta Futures Exchange and the Indonesian derivatives clearing house. The stated founding year matches the domain record, so there is no inflated age claim.
E8The live site of the licence holder under its current name publishes the same BAPPEBTI licence 1051/BAPPEBTI/SI/1/2007, Jakarta Futures Exchange membership SPAB-147/BBJ/10/05, clearing house membership 126/AK-KBI/PN/II/2025, the Mega Kuningan address, and a footer note giving the former name. This confirms the rebrand from the company's own side.
E9BAPPEBTI's published press releases, including its August 2026 broker assessment notice, contain no suspension, revocation or public warning naming this licence holder or the SagaFX brand.
ModerateBAPPEBTI press release archiveE10Neither SagaFX domain has a review profile on Trustpilot, and a sweep of Indonesian trading communities and broker review sites produced marketing and recruitment posts but no first-hand client account of a withdrawal problem and no verified positive client report either. The brand left no measurable client footprint.
ModerateTrustpilot per-domain checks and Indonesian community and review site sweepE11Contemporaneous Indonesian business reporting from January 2014 states that the Jakarta Futures Exchange froze the exchange member approval of PT Trust Artha Futures, the original name of this same licence holder, from 7 January 2014, over proven violations in managing client funds in the segregated account and an inability to produce account opening call recordings, with client positions to be transferred to another broker. We could not open those reports directly or locate a primary exchange record, so this is recorded as reported rather than confirmed.
ModerateIndonesian business press reporting, January 2014E12A third-party broker directory lists the brand with the matching legal entity, Thamrin City address and support address, and shows no licence certificate on file for it. Its own rating is one aggregator opinion and is not used here as proof of anything.
WeakA third-party broker directory
The other side
The strongest case in this broker’s favour.
The fair case for this broker is stronger than the score suggests, and it deserves stating.
- The licence is genuine, current and onshore. BAPPEBTI is a real government regulator inside Indonesia's Ministry of Trade, not an offshore certificate mill, and it requires client money to sit in a segregated account at a domestic bank with exchange and clearing house membership behind it.
- The licence has survived on the register since January 2007, through four name changes and nineteen years of supervision, and the licence holder is still listed today and still covered by the regulator's periodic broker assessments.
- The successor site publishes the same licence number and openly states the former name, which is the transparent way to handle a rebrand. Nothing was hidden from anyone who looked.
- Nobody appears to have lost money under the SagaFX brand. We searched specifically for withdrawal refusals, frozen accounts and demands for extra payments, and found none.
- The claims on its own site were sober: no guaranteed returns, no invented regulator, a founding year that matches its domain record, and a standard futures risk warning.
- Winding a brand down and moving clients onto a new one is a normal commercial event, not a scam. Domains that lapse and are then picked up by unrelated operators are also normal, and the gambling page that appeared at the old address is not something the broker did.
What would change this
What we would need to see to revise the verdict.
Concrete things that would move this verdict in either direction.
- Lower: a documented, orderly wind down of the SagaFX brand, showing clients were notified and transferred to the licence holder's current entity with their balances intact.
- Lower: a primary exchange or regulator record showing the January 2014 matter was investigated and closed with client funds returned.
- Lower: a genuine client review footprint on an independent platform describing successful withdrawals during the SagaFX years.
- Higher: any first-hand account from a SagaFX client whose withdrawal was refused, whose balance was adjusted away, or who was asked to pay a fee or tax before funds were released.
- Higher: a new site appearing at sagafx.com or sagafx.id that takes deposits while presenting the old BAPPEBTI licence. That would be a clone of a retired brand and we would treat it as one.
- Higher: a BAPPEBTI suspension, revocation or public warning against licence 1051/BAPPEBTI/SI/1/2007 or the entity that holds it.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
BAPPEBTI register entry for the licence holder
The regulator's own record showing the licence, the name chain including PT. SagaFX Sentra Berjangka, and the current address.
BAPPEBTI list of licensed Indonesian futures brokers
The full list of 67 licensed futures brokers, to check any Indonesian broker name yourself.
Current website of the licence holder
The live site of the same company, which states the former name and the same licence number.
BAPPEBTI press releases and broker assessments
Where the regulator publishes suspensions, revocations and its periodic broker assessments.
Frequently asked questions
Quick answers about this broker’s safety.
Is SagaFX a scam?
We found no evidence of theft or withdrawal fraud under the SagaFX brand. The company behind it holds a real Indonesian futures licence that we checked on the regulator's own register. The risk today is different: SagaFX has stopped trading under that name and its web addresses no longer belong to the licensed company, so anything now presenting itself as SagaFX should not be trusted with money.
Was SagaFX regulated?
Yes. BAPPEBTI, the Indonesian government's commodity futures regulator, records business licence 1051/BAPPEBTI/SI/1/2007 and alternative trading system approval 19/BAPPEBTI/SP/04/2011 for the company that traded as SagaFX. We read that entry on BAPPEBTI's own register, not on the broker's marketing pages.
Why does the SagaFX website not work?
sagafx.id no longer resolves anywhere on the internet, and sagafx.com now redirects to a domain sale listing. The last archived copy of sagafx.id, from August 2025, showed unrelated online gambling content instead of a broker, which is a common fate for a lapsed Indonesian domain.
Who is PT KVB Futures Indonesia and how is it related to SagaFX?
It is the same company. BAPPEBTI's register lists the licence holder as PT KVB Futures Indonesia, formerly PT Sagafx Sukses Berjangka, formerly PT IFX Sentra Berjangka, formerly PT. SagaFX Sentra Berjangka, formerly PT. Trust Artha Futures, all under the one licence number. The successor site states the former name itself.
Can I still open an account with SagaFX?
No. There is no working SagaFX site or client portal. The old client area at cabinet.sagafx.id is gone with the rest of the domain. Any registration page you find under the SagaFX name today is not the licensed broker.
I had money with SagaFX. What should I do?
Approach the licence holder directly under its current name, quoting licence 1051/BAPPEBTI/SI/1/2007, and use contact details taken from BAPPEBTI's register rather than from a search result. If you get no response, complain to BAPPEBTI, which supervises the licence and publishes a public complaints channel.
How old was SagaFX?
The brand dated from 2015. Its own About page said it was founded that year, the rename from PT Trust Artha Futures happened in 2015, and sagafx.com was registered in March 2015. The licence behind it is older, dating to January 2007. We could not obtain company incorporation dates because Indonesia's corporate registry is not openly searchable, so the eleven year figure is an upper bound based on the domain record.
What is BAPPEBTI and how much protection does it actually give?
BAPPEBTI is a government agency inside Indonesia's Ministry of Trade that licenses futures brokers. It is real supervision, not an offshore registration: licensed brokers must hold client money in a segregated account at an Indonesian bank and must belong to the Jakarta Futures Exchange and the domestic clearing house. There is no investor compensation fund, so it does not guarantee you get your money back if a broker fails.
Were there withdrawal complaints about SagaFX?
We found none. There is no review page for either SagaFX domain on Trustpilot, and our sweep of Indonesian trading communities and review sites produced no first-hand account of a refused or delayed withdrawal. We also found no verified positive client reports, so the absence cuts both ways.
What was the 2014 sanction that involved this company?
Indonesian business media reported in January 2014 that the Jakarta Futures Exchange froze the exchange membership of PT Trust Artha Futures, which is the original name of this same licence holder, over its handling of client funds in the segregated account and missing account opening call recordings, and that client positions had to be transferred elsewhere. We could not open those reports directly or find a primary exchange record, so we record it as reported rather than proven. The licence itself survived and remains on the register.
Is SagaFX a clone of another broker?
No. The licence number, entity name and address it published all match the regulator's own record for its own company. It was not wearing another firm's credentials, which is the usual clone pattern.
Why is the risk score 65 percent if you found no fraud?
Because the score has to reflect what we could not establish as well as what we could. A retired brand with dead domains, no client review footprint of any kind, and a client-fund sanction in its own licence holder's past is not something we can label safe. Nothing in this figure asserts that SagaFX defrauded anyone.
What should I check before depositing with any Indonesian futures broker?
Look the company up by legal name on BAPPEBTI's public list of licensed futures brokers and compare the address, phone number and website shown there with what the broker tells you. Confirm deposits go to a segregated account at an Indonesian bank in the licensed company's name. Treat any request to pay a fee or tax before a withdrawal as a stop signal.
What we recommend
The practical takeaway from everything above.
What we suggest if you are dealing with SagaFX today.
- Do not send money to anything presenting itself as SagaFX. The brand no longer trades and its web addresses are out of the company's hands, so anyone collecting deposits under that name now is not the licensed broker.
- If you held a SagaFX account, contact the licence holder directly under its current name and licence number 1051/BAPPEBTI/SI/1/2007, rather than through any link you find in a search result or a message.
- Check the name you are given against BAPPEBTI's own list of licensed futures brokers before you transfer anything. The list is short and the entry shows the address, phone number and website the regulator has on file.
- If a deposit request does not go to a segregated account at an Indonesian bank in the licensed company's name, stop.
- If you were asked to pay any fee, tax or unlock charge to release a balance, report it to BAPPEBTI and keep every receipt and message.
- For our own records: this profile should be repointed at the successor entity and its licence corrected, since our file currently shows this broker as unregulated.
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 21, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.