Beware! ASJ Forex Global is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
ASJ Forex Global is a scam obviously targeting Asian customers – the broker claims to be based in Hong Kong and the website is available in Chinese, Korean, and Japanese while its English version is in extremely bad translation that left a lot of elements of the broker’s offer unclear. Such a broker has nothing to offer you other than promises of decency and profits – and while the company does offer the great MetaTrader 5, the right to trade with ASJ Forex Global is reserved for a chosen few. Such scams are very insolent but they are also easy to detect – read the review to find out more.
ASJ Forex Global REGULATION AND SAFETY OF FUNDS
ASJ Forex Global claims to be a broker based in Hong Kong but licensed by FinCEN.
The Financial Crimes Enforcement Network (FinCEN) is a US authority whose goal is to prevent and punish financial and money laundering crimes. It does not, however, regulate forex brokers – the US regulators responsible for that are the NFA and the CFTC. This is why all claims of FinCEN regulation are pretty ridiculous.
ASJ Forex Global is also not licensed by the Hong Kong Securities and Futures Commission (SFC) – one check of the regulatory body’s register confirmed that.
The SFC is actually a quite strict regulator that has certain conditions for companies under its jurisdictions. All Hong Kong-licensed brokers must maintain a minimum operational capital of 5 million Hong Kong Dollars (around $640 000), and participate in compensation funds – in case a broker becomes insolvent, clients could claim compensation of up to $150 000 per client. That does not, however, cover leveraged forex trading, only trading in futures and securities. Moreover, if a trader believes that they have been sold or recommended financial products, not suitable for them, they could claim damages.
Rules and requirements in the UK, the EU, and Australia are pretty similar – brokers there have to maintain a minimum capital of €730 000 (in the EU and the UK), and A$1 million (in Australia) respectively. Client money are kept in segregated accounts, and negative balance protection is promised to all retail clients. Additionally, EU and UK brokers also participate in compensation schemes which cover client up to £85 000 in the UK, and €20 000 in the EU.
Working with a legitimate, licensed broker is the only way to go if you want to be safe and actually be able to turn a profit.
ASJ Forex Global TRADING SOFTWARE
The broker offers access to a platform known to any serious trader – MetaTrader 5. However, in order to open an account with ASJ Forex Global, you would have to provide a referral code – otherwise, the broker would not let you access their client area, or provide you with the information necessary to access their MT5 terminal. This is a trick that has become quite common among scammers – while legitimate brokers are trying to make their services as accessible as possible by providing people with access to demo accounts, scammers prefer to keep things under wraps to avoid unwanted attention. Such referral codes are usually distributed via email or phone and mean that the broker would like to handpick their victims.
Our advise would be to turn to a reliable MT5 broker if you are interested in trying the software. This is indeed a great trading platform which is both user-friendly and full of amazingly useful features such as preprogrammed Expert Advisors (trading bots) that track markets and trade automatically, possibilities for developing your own trading bots and indicators with the MQL5 coding language, VPSs you could purchase to keep bots operating even when your computer is off, customizable signals, a built-in economic calendar, and much more. If you are interested in seeing for yourself what the platform has to offer, check out these licensed brokers who offer it.
ASJ Forex Global TRADING CONDITIONS
ASJ Forex Global did not exactly manage to impress us when it comes to trading conditions, mostly because we could not establish if any of their claims were actually true without access to a trading platform. The minimum deposit amount is set at $30 which might sound pretty good at first but there are much better brokers who would open a Micro account for between $1 and $10. Prices for standard accounts rarely exceed $250 anyway – this is definitely more than $30 but investing with a legitimate broker might actually result in you turning a profit. Investing with insolent scammers, on the other hand, is never a good idea as every cent you deposit with somebody like ASJ Forex Global will be lost forever.
The broker claims that spreads start from 0.6 pips which is indeed great considering that we would call something around 1.5 pips an average spreads. However, these might as well be empty promises. Moreover, it is not uncommon for scammers to manipulate platforms in order for you to think that they offer spectacular conditions, and convince you that you are turning a profit. Once you try to withdraw money though, you will find out how much truth there is to those claims.
The broker offers leverage of 1:300 exclusively – that could not be changed from anywhere. Leverage increases your trading potential and your ability to make bigger offers – which means that it could lead both to bigger profits, and to bigger losses. That is why many jurisdictions around the world have created leverage restrictions – brokers in the EU, the UK, and Australia, for example, cannot offer anything higher than 1:30 to retail client while those in the US could go up to 1:50. While such restrictions don’t exist in Hong Kong, ASJ Forex Global does claim it is regulated by a US authority – and the high leverage offered proves once again such claims are false. Traders should always have the opportunity to set leverage lower to protect themselves from losses – especially if they are not very experienced, or in a state of higher market volatility. ASJ Forex Global does not leave such an option.
ASJ Forex Global DEPOSIT/WITHDRAWAL METHODS AND FEES
ASJ Forex Global has not mentioned what deposit and withdrawal methods it supports on the website, and without access to the client area, we could not try and deposit money ourselves. The FAQ mentioned ” UnionPay, telegraphic transfer, e-wallets, local bank transfer, digital currency and other payment methods”. However, we could not find out anything more specific as this broker is extremely unreliable, we would advise you to not deposit money with them under any circumstances.
HOW DOES THE SCAM WORK?
If you have enough information about the way such scams work, you will know how to protect yourself against them so read the following text carefully.
It all starts with you seeing a flashy ad on the Internet promising you immense riches – you take one look at a broker’s website and decide that it looks decent enough and that all the promises and claims must be true. Such scammers often manage to convince you that they are legitimate in ingenious ways – they lie about being regulated, provide fake legal documents, draw your attention with amazing offers. So you decide to try your luck and open an account – providing the scammers with your phone number and email in the process.
After that you would not be left alone before you make a deposit – you receive dozens of calls and emails from smooth-talking scammers whose very job is to pray on unsuspecting people who are trying to turn a quick profit. And once you have deposited, they will keep asking you for more and more money – which you would gladly invest because at that point, you might even be turning a decent profit. However, all of this is lies and manipulations – and you will clearly see that once you try to withdraw your profits. Different reasons why that is impossible will appear – additional taxes, minimum withdrawal limits, previously unmentioned clauses in the Terms and Conditions.
At some point, you will start figuring out that something is wrong – and that is when the scammers will disappear with your money in their pocket.
WHAT TO DO WHEN SCAMMED?
Accept the fact that such stories rarely end happily with the victim retrieving their money. What you can mostly do is avoid additional problems by changing all banking details you have provided the scammers with, and removing all software they have asked you install. Don’t trust any recovery agents promising to retrieve your money for a fee – this is just another type of scam, often conducted by the same people who initially robbed you.
However, if you have used Visa or MasterCard to deposit , there is a decent chance of getting a chargeback – both card providers allow chargebacks within 540 days of transaction. Reversing wire transfers and payments made via an e-wallet is harder but not impossible – contact your bank or payment solution provider to ask for assistance.
Finally, make sure to notify authorities and share your story with as many people as possible – this way, others will know how to avoid horrid scam like the one you fell victim to.