Long Asia review – 5 things you should know about longasiagroup.com

Long Asia review – 5 things you should know about longasiagroup.com

Beware! Long Asia is an offshore broker! Your investment may be at risk.

RECOMMENDED FOREX BROKERS

IG USForex.com

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

Long Asia comes of as a very business orientated broker, with close to no visual appeal. It focuses on an interface that connotes seriousness and a to-the-point approach. We may come of as attackers here, but in fact this is a good thing, because brokers who are focused on delivering a stable business like environment without wasting time on flash, are firms that will deal with each and every customer in the most professional of manners. Long Asia has built its model on this premise. However, and this is a significant but, we had to unravel Long Asia, because, with all that was said, we still felt suspicion lingering in the air. Read the review to find out all you need to know about Long Asia.

To complete the registration process, a user must enter a verification code that is sent to his/her email address. The issue here was that the code took two minutes to arrive, and by the time we entered it, the registration page gave us an error claiming that we have reached a limit of some sorts, presumably the time limit for entering the code. And so we endeavored once again to enter the code, but again it took longer to arrive than the refresh rate of the registration page. So, in essence, we could not register. Any of the trading conditions, as well as payment info, will be taken from the website.

So users can trade with Futures, Securities, Forex, Commodities, and Indexes. The spreads are not revealed, only that they are fixed. The leverage value is 1:200 if we are to trust the home page. The ambiguity of the trading info should not be so concerning, because as we shall see, the broker’s status will only go down from here on out.

The website can be translated into English, Chinese, and Indonesian.

LONG ASIA REGULATION AND SAFETY OF FUNDS

It’s one thing to name your broker Long Asia, it’s another to claim that it is located in Cyprus, while also having both Chinese and Indonesian versions of it available. Certainly, something is not right here! Brace yourselves, things are about to get slightly confusing.

The footer of the website reveals that Long Asia holds an Indonesia Clearing House ICH clearing membership licence and an Indonesia ICDX brokerage membership licence. Both alleged licenses are issued by the same entity, the Indonesian Commodity and Directives Exchange (ICDX). The ICDX is an electronic futures and derivatives exchange based in Indonesia. The name of the broker’s holding company, A Long Asia Liquidity, is found in the official ICDX Member’s page.

However, in Indonesia it’s the Commodities and Futures Trading Regulatory Agency (BAPPEBTI) is the sole issuer of licenses in the country, making it the only authority that can officially declare a broker to be legitimate. We went in the official BAPPEBTI website to find out if Long Asia is to be found it its official records. After struggling with the poor website of the regulator, we found out that Long Asia was not present in its database. And anyway, the website never says that Long Asia is actually legitimized by BAPPEBTI.

Somehow, through confusing bureaucratic processes, the A Long Asia Liquidity name has made its way to the ICDX’s website. We wouldn’t pay mind to this too much, because aside from the official ICDX page, there is no other info on this exchange; no one had scrutinized their operations, as if though ICDX goes under the radar, a prospect not associated with fair and reliable forex trading. The closest we got was a ICDX Wikipedia page, which was packed with grammatical and syntactical errors, obviously written by someone with a poor base of English.

Next, the paradoxical address in Cyprus would put it automatically under the oversight of CySEC. This is definitely not the case, as CySEC does not mention Long Asia at all in its records.

What’s more, the Terms and Conditions mention that the broker is governed under New Zealand laws, a revelation coming out of the blue. Needless to say, this is not the case at all.

We wont go into more detail, as we are bound to come across similar false statements. What matter most is that Long Asia is NOT LICENSED, and is therefore a risk to all investments made it it!

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

LONG ASIA TRADING SOFTWARE

When we tried to download the MT4, we got a LongAsiaGroup.exe MT4 file. What this means is that the broker has somehow given access to the best platform currently in circulation.

The capabilities of the Metatrader 4 have never been surpassed, even by its assessor the MT5, which technically is the better version of the two. What does this convey about the MT4? The terminal has hundreds of layers upon layer of trading options, which at first seem very intimidating, but after some time will become useful, and later will become part of your usual trading repertoire. We have countless times praised the MT4, over and over again! And for a reason!

Note that the Risk Disclosure doc has mentioned the presence of commissions. However, the website reveals no such taxes… Be extra careful when trading with this one…

The best advice we can give you is to not trade with Long Asia at all!

LONG ASIA DEPOSIT/WITHDRAW METHODS AND FEES

Overall, the only source with actual payment info is the Deposit & Withdrawals section of the site. The legal documents, do not disclose any minimum requirements, fees, or processing times.

According to the Deposit & Withdrawals, payment methods are Bank Transfer, Crypto, Credit/Debit Cards, China UninPay, FasaPay, and wallex. Personally, we do not trust this source of info.

Unfortunately, we cannot reveal any other payment details. We advice users to be aware of incoming fees, since Long Asia is unlicensed. However, our biggest advice to you is to stay completely away from this one, and instead focus your capital on a legitimate broker.

There is an easily missed clause stating that the user is responsible for making negative balance payments to the broker. In essence, Long Asia expects that if a user’s account goes negative, he or she owes the difference as payment to the broker.

This goes against one of the most important ESMA rulings about Negative Balance Protection, which states that traders cannot lose more than they have deposited.

How does the scam work?

Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.

The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.

However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.

What to do if scammed?

Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.

Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.

Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.

Rich Snippet Data
Review Date
Reviewed Broker
Long Asia
Broker Rating
11stargraygraygraygray

Top Forex Brokers

Broker Country Rating Min. Deposit Website
US 5/5 $50 Click for a special offerWebsite
USA 5/5 $250 Click for a special offerWebsite
UK, Cyprus, Belize 4.94/5 $5 Click for a special offerWebsite
Australia 4.93/5 $100 Click for a special offerWebsite
UK, Australia 4.85/5 $50 Click for a special offerWebsite
Cyprus, SVG 4.8/5 $100 Click for a special offerWebsite

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like

South Korea Approaches Final Steps in Cryptocurrency Income Taxing

The parliament of South Korea has introduced a