Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
9/10 · CriticalHolds no licence at all: BAPPEBTI revoked licence 300/BAPPEBTI/SI/III/2004 and lists the firm on its revoked register. Mitigating, the licence was genuine and held for about nineteen years rather than fabricated or borrowed.
Identity & transparency
5/10 · ModerateThe entity, address and phone matched the regulator's record exactly while it traded, which is real transparency, but the regulator found it had no operational office and today there is no working site, no company email domain and no live corporate presence.
Withdrawals & conduct
6/10 · HighOne well-documented fund-integrity episode: four clients, Rp 2.9 billion in a fixed-return deposit programme not repaid, with named bank account, branch manager and dates. Serious and checkable, but a single episode reported in 2016 and disputed by the company.
Reputation
6/10 · HighAdverse Indonesian press coverage over unreturned client funds plus a regulator suspension and revocation, with no credible positive client footprint to weigh against it. No warning-list entry naming the domain.
Website claims
7/10 · HighIts legality page still presented the BAPPEBTI licence as current in April 2024, six months after the licence was frozen, while account registration remained open. The 2003 founding claim, by contrast, is supported by the licence and exchange dates.
Operational history
6/10 · HighA verified nineteen year regulated history from 2004, which is genuinely exonerating, offset by the fact that the operation has ceased and the current domain registration is only three months old. Incorporation date could not be confirmed at a corporate registry.
Who they are
A quick desk file on the company behind the brand.
- Brand: Topgrowth Futures
- Legal entity: PT. Topgrowth Futures
- Registered: Sahid Sudirman Center, Level 40, Unit F-G, Jl. Jend. Sudirman Kav. 86, Jakarta 10220, Indonesia (address as recorded by BAPPEBTI)
- Website: topgrowthfutures.co.id, now a parked domain holding page and no longer a broker site
- Only licence: BAPPEBTI 300/BAPPEBTI/SI/III/2004, issued March 2004, now revoked
- Also claimed: Jakarta Futures Exchange (BBJ) membership SPAB-059/BBJ/01/04, Kliring Berjangka Indonesia 21/AK-KBI/III/2004, ICDX 047/SPKB/ICDX/Dir/IX/2010, Indonesia Clearing House 012/SPKK/ICH-TF/VII/2017
- Offered: forex, stock index futures, CFDs, gold and commodities, with branches in Jakarta, Bandung and Surabaya
- Age claim: founded 2003, which is consistent with the March 2004 licence and January 2004 exchange membership
- Status today: not licensed, not trading, no working website and no company email domain in service
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Licences the broker publishes
BAPPEBTI
Jakarta Futures Exchange (BBJ)
Indonesia Commodity and Derivatives Exchange (ICDX/BKDI)
Kliring Berjangka Indonesia (KBI)
Indonesia Clearing House (ICH)
Why we reached this verdict
How the evidence adds up.
We reached this verdict from the regulator's own records, not from opinion sites.
- The licence is revoked, and that is on the regulator's register. BAPPEBTI publishes a list of futures brokers whose licence has been withdrawn. PT. Topgrowth Futures is on it, with licence number 300/BAPPEBTI/SI/III/2004 and the Sahid Sudirman Center address. The record also lists roughly 85 registered representatives tied to the firm.
- It is not on the list of licensed brokers. We searched BAPPEBTI's register of currently licensed futures brokers, which held 67 firms on the day we checked. Searching for Topgrowth and for the licence number returned nothing, while control searches for other terms returned results normally. The register was working; the firm simply is not on it.
- The regulator shut it down for the most serious kind of failure. BAPPEBTI froze the company's business and all its representatives' licences on 12 October 2023, because it had no operational office and could not maintain its financial integrity. When a firm holding client money vanishes from its own premises, that is not a paperwork problem.
- Clients did not get their money back. In 2016, four clients using the initials MR, CK, GGH and TO reported that Rp 2.9 billion paid into a fixed-return deposit programme was never repaid at maturity. The reports name the receiving bank account, the Medan branch manager and the dates, and the case went to BAPPEBTI and the Ministry of Finance. A futures broker is not permitted to sell guaranteed-return deposit products at all.
- The dead licence stayed on display. The company's own legality page still presented the BAPPEBTI licence as current in April 2024, six months after it was frozen, while the site still offered account registration.
- The domain has since left the company entirely. The site was wiped by July 2024, served Indonesian gambling spam from September to December 2024, then lapsed. Registry records show it was re-registered on 22 May 2026 on a one year term, and it now shows a registrar parking page.
One caveat on the age figures. We could not open an Indonesian corporate registry entry, so the company's incorporation date is not independently established, and the current domain registration is only three months old. The long track record we credit rests on the regulator's licence and exchange membership dates rather than on a registry filing.
Evidence ledger
Every finding, with its source and how strongly it points.
E1BAPPEBTI's official register of futures brokers whose licence has been revoked lists PT. TOPGROWTH FUTURES with licence number 300/BAPPEBTI/SI/III/2004 at Sahid Sudirman Center Lt. 40, Jl. Jend. Sudirman Kav. 86, Jakarta 10220, phone 021-27889393.
E2The same revoked-licence record expands to list roughly 85 registered broker representatives tied to the company, including Harry Wongso, the Medan branch manager named in the 2016 client-funds complaints. This ties the regulator record and the press reports to the same firm.
E3BAPPEBTI's register of currently licensed futures brokers held 67 firms and returned no result for Topgrowth or for licence number 300/BAPPEBTI. Control searches on other terms returned results normally, so the register was functioning and the absence is real.
E4BAPPEBTI issued a press release dated 12 October 2023 on the freezing of business activity as a futures broker. Reporting of that action states Topgrowth Futures and all of its representatives were frozen because it had no operational office and could not maintain financial integrity, with 90 days to remedy.
E5The company's own legality page, captured on 14 April 2024, still stated that PT Topgrowth Futures operates under BAPPEBTI licence No. 300/BAPPEBTI/SI/III/2004, six months after that licence was frozen, while the site still offered account registration and login.
E6The same archived legality page lists the full claim set and contact details: BBJ membership SPAB-059/BBJ/01/04, KBI 21/AK-KBI/III/2004, ICDX 047/SPKB/ICDX/Dir/IX/2010, the Sahid Sudirman Center address and phone (+62)21 2788-9393, which match the regulator's record exactly and lock the identity.
E7Reporting from June 2016 sets out that four clients using the initials MR, CK, GGH and TO placed a total of Rp 2.9 billion into a fixed-return deposit programme via a named BCA account from October 2014, were not repaid at maturity, and complained to BAPPEBTI and the Ministry of Finance. The director denied the company ran such programmes.
E8A separate Indonesian news outlet reported in March 2016 that the broker had been reported to BAPPEBTI over roughly Rp 2.9 billion of client deposit-programme money not returned after maturity, giving a second independent outlet for the same episode.
E9The registry record for topgrowthfutures.co.id shows a registration date of 22 May 2026 with expiry 22 May 2027, a one year term, through registrar PT Digital Registra Indonesia. The original registration did not survive, so the current holding is about three months old.
E10The live address topgrowthfutures.co.id currently returns a registrar holding page reading that the domain is registered and parked with GetYour.iD. There is no broker site and no mail record on the domain.
E11Archived captures show the address served an Indonesian online gambling site branded ISTANA338 from September through December 2024, after the web root was left as an empty directory listing in July 2024. The broker site had still been intact in April 2024.
E12The licence number and entity name resolve on BAPPEBTI's own records to PT. Topgrowth Futures itself, with matching address and phone. The licence was genuinely this company's own and was not borrowed from another firm, which refutes the suggestion circulating on directory sites that the licence was cloned.
E13The licence dates from March 2004 and the Jakarta Futures Exchange membership from January 2004, and the firm appears in BAPPEBTI supervision reporting between 2018 and 2021. This confirms a genuine regulated operating history of roughly nineteen years, supporting the advertised 2003 founding.
E14The company's LinkedIn page no longer exists and now redirects to an unrelated business, consistent with the operation having wound up rather than continuing under the same brand.
The other side
The strongest case in this broker’s favour.
The fair case for this company deserves stating, because it was a real, supervised business for a long time.
- This was not a fake broker and not a clone. Some directories suggest the BAPPEBTI licence may have been cloned. We checked, and that is wrong. The licence number genuinely belonged to PT. Topgrowth Futures, and the regulator's own record ties it to the same company name, address and phone number the website published.
- It held a real national licence for roughly nineteen years, from March 2004 until the revocation, and appears in BAPPEBTI supervision reports between 2018 and 2021. That is a genuinely long, genuinely regulated history.
- It was a member of the Jakarta Futures Exchange, ICDX and two clearing houses, ran a segregated-accounts page, and operated branch offices. Those are the structures of a real brokerage, not a boiler room.
- On the 2016 case the company denied wrongdoing. Its director stated that the firm never operated investment programmes and that this was an employee's doing. No regulator finding or court judgment of fraud against the company has been published that we could locate.
- Losing a licence is not the same as stealing. Futures brokers do fail for capital and compliance reasons, and BAPPEBTI followed a proper process: a freeze, a 90 day window to fix the problems, then withdrawal.
- The gambling content and the parked page on the domain are almost certainly not the company's doing. That is what happens to an abandoned domain after a business dies.
What that case does not explain is why a supervised firm had no operational office, why it could not maintain financial integrity, or why four clients say their money never came back.
What would change this
What we would need to see to revise the verdict.
These specific findings would change our assessment.
- BAPPEBTI restoring PT. Topgrowth Futures to its register of licensed futures brokers, or publishing a record that the revocation was reversed, would move this materially toward legitimate.
- A published record showing the 2016 clients were repaid, or that the complaint was dismissed on its merits, would remove the strongest conduct finding against the firm.
- An official liquidation or wind-down record showing client funds were returned in an orderly way would reframe this as an ordinary business failure rather than a collapse that left clients exposed.
- Evidence that the 2016 matter was genuinely confined to one branch manager acting alone, with the company making clients whole, would support the company's own account.
- Conversely, a court judgment or regulator enforcement finding of fraud against the company, or a fresh cluster of clients reporting unreturned funds around the 2023 collapse, would push this to a confirmed verdict.
- If topgrowthfutures.co.id starts serving a trading site again under the old branding, that would be a new and serious finding, because the licence behind that branding no longer exists.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
BAPPEBTI register of futures brokers with revoked licences
Search for Topgrowth to see this company's revoked licence record.
BAPPEBTI register of licensed futures brokers
The list of firms actually allowed to operate. Topgrowth is not on it.
BAPPEBTI register of licensed broker representatives
Check whether a person contacting you is a licensed representative.
Frequently asked questions
Quick answers about this broker’s safety.
Is Topgrowth Futures a scam?
It is a collapsed broker that lost its licence, and we rate it high risk. BAPPEBTI, Indonesia's futures regulator, revoked its licence and lists it among brokers whose permission to operate was withdrawn. It also has a documented case of client money not being returned. It is not currently operating, so the practical risk today is someone reusing the name.
Is Topgrowth Futures regulated?
No. It held BAPPEBTI licence 300/BAPPEBTI/SI/III/2004 from March 2004, but that licence has been revoked. We searched BAPPEBTI's register of the 67 currently licensed futures brokers by both company name and licence number and found nothing. The company now appears only on the revoked-licence list.
Was the BAPPEBTI licence fake or cloned?
No. Some directories suggest the licence may have been cloned, and that is not correct. BAPPEBTI's own record ties licence 300/BAPPEBTI/SI/III/2004 to PT. Topgrowth Futures at the same Jakarta address and phone number the company published. The licence was genuine. The problem is that it was withdrawn.
When did Topgrowth Futures lose its licence?
BAPPEBTI froze its business activity and all of its representatives' licences on 12 October 2023, citing the absence of an operational office and an inability to maintain financial integrity. The firm had 90 days to correct this and did not, so the licence was withdrawn. It now sits on the regulator's revoked list.
Can I still withdraw my money from Topgrowth Futures?
There is no working platform or company website, no company email domain in service, and no licence. If you have funds outstanding you should report the matter to BAPPEBTI and keep every record of your transfers, your contract and your correspondence. Do not pay anyone who offers to recover the money for an upfront fee.
What happened to clients' money?
In 2016 four clients reported that Rp 2.9 billion placed in a fixed-return deposit programme was not repaid when it matured. The reports name the receiving bank account and the Medan branch manager, and the complaint went to BAPPEBTI and the Ministry of Finance. The company denied running such programmes and blamed an employee. We found no published record of repayment.
How old was the company?
It was genuinely long established. Its BAPPEBTI licence dates from March 2004, its Jakarta Futures Exchange membership from January 2004, and it advertised a 2003 founding, which those dates support. It appears in BAPPEBTI supervision reports from 2018 to 2021. So this was a real business of roughly nineteen years, not a short-lived operation.
Why does the website not work?
The broker site was still up in April 2024, but its web root was emptied by July 2024 and the address then served Indonesian online gambling pages from September to December 2024. The domain later lapsed. Registry records show it was re-registered on 22 May 2026, and it now shows a registrar parking page.
Who controls topgrowthfutures.co.id now?
Not the original broker. The registry record shows a fresh registration dated 22 May 2026 on a one year term through an Indonesian domain provider, and the address currently shows that provider's parking page. Treat anything that later appears there as unconnected to the licensed company that existed until 2023.
I was contacted by someone from Topgrowth Futures. Is it genuine?
It cannot be a licensed approach. The company holds no BAPPEBTI licence and is not trading. The firm itself previously warned that a lookalike site at a different web address had nothing to do with it. Check any name against BAPPEBTI's register of licensed brokers and licensed representatives before you respond.
Was Topgrowth Futures a member of a real exchange?
Yes, while it was licensed. It published memberships of the Jakarta Futures Exchange, ICDX, Kliring Berjangka Indonesia and Indonesia Clearing House. Those memberships depend on holding a broker licence, so they cannot survive the revocation. Exchange or clearing membership is never a substitute for the licence itself.
What should I check before depositing with any Indonesian futures broker?
Search the firm on BAPPEBTI's licensed futures broker register by company name and licence number, and check the revoked list as well. Confirm the address and phone on the register match what the website shows. Be very wary of any futures broker offering a fixed or guaranteed return, which is exactly the product at the centre of the 2016 complaints here.
What we recommend
The practical takeaway from everything above.
Treat this brand as closed and unlicensed.
- Do not send money to anyone trading under this name. The company holds no BAPPEBTI licence. Any offer using this brand today is coming from someone who is not a licensed Indonesian futures broker.
- Be alert to the name being reused. The company itself once warned that a lookalike site at a different address was not connected to it, and the main domain has already changed hands once.
- If you are an existing client with money outstanding, report it to BAPPEBTI directly and keep your transfer records, contract and correspondence.
- Check any Indonesian futures broker against BAPPEBTI's licensed-broker register before depositing, and check the revoked list too. Both are linked below.
- For our own records: the broker page should show that this firm is not regulated, its licence having been revoked, and should carry the closure date and a warning about the name being reused.
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 24, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.