We will try to keep our Long Asia review as simple as possible so you can understand the sophisticated scheme behind the platform. Our point is to give out the main reasons why this brokerage firm is fraudulent.
To do so, we shall concisely explain the regulatory issues with Long Asia, back up our claims with user feedback, and explain how the scam works. If you have fallen victim to this trickster, or any other fraud such as Eutradex, stick until the end of the review to learn how to recover your funds.
| Regulated by: | Unregulated Scam Broker |
| Is This Company Safe? | No, this platform is fraudulent |
| Known Websites: | longasiagroups.com |
| Have Warnings from: | MAS |
| Registered in: | New Zealand |
| Operating since: | 2022-05-13 |
| Trading Platforms: | MT4 |
| Maximum Leverage: | 1:500 |
| Minimum Deposit: | 100 USD |
| Deposit Bonus: | N/A |
| Trading Assets: | Forex, Indices, Commodities, Metals, Cryptocurrencies |
| Free Demo Account: | Unavailable |
| How to Withdraw from This Company? | Since this company is unlikely to return your money – contact your bank or financial regulator, or simply reach out to us for professional assistance in recovering your funds. |
Legal Info: Is Long Asia Regulated?
The legal structure of the Long Asia broker is intricate and casts doubt on the firm’s legitimacy. They claim to be the online trading brand of Long Asia Group, which includes Long Asia Liquidity (Indonesia), Long Asia Group NZ Limited (New Zealand), and LongAsia Asset Management (Hong Kong).
After investigating Hong Kong’s Securities and Futures Commission (SFC) database, we found a company called Long Asia Asset Management (HK) Limited, but the domain name did not match our subject.
There is also a regulatory warning against Long Asia Liquidity, issued by the Singaporean Monetary Authority (MAS). It appears that the provider may be conducting unlawful business to mislead clients.
We thus recommend you stick to regulated firms operating under the supervision of renowned financial market authorities such as the FCA (UK), ESMA (Europe), CFTC (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), etc.
Such companies are subject to stringent regulations and must offer clients negative balance protection, segregation of funds in top-tier banks, and, in some cases, compensation schemes.
Who Are Long Asia’s Targets?
According to WHOIS, the longasiagroups.com website domain was created on May 13, 2022, despite sources saying this shady operation started earlier. For some time now, the financial swindlers running the brokerage have been targeting unsuspecting traders from the following jurisdictions:
- United States;
- Germany;
- Malaysia.
These three countries have respectable regulatory laws in force for their markets. Their respective financial watchdogs oversee all participants to prevent digital cons like Bitcp from running deceptive schemes.
As we already stressed, Long Asia is not authorized to provide trading services whatsoever. Relying on this platform is extremely risky and you’ll see why in the next section.
Trader Reviews – Sharing Experiences
Popular trading forums such as wikifx.com, trustpilot.com, and forexpeacearmy.com are flooded with negative Long Asia reviews. So much so that we can safely say that this firm is illicit. Withdrawal issues are a recurring theme on both websites.
“Long Asia Capital and Long Asia Group have been ignoring my withdrawal requests for over 4 months. They are not responsive to emails or phone calls and are withholding 42K USD without any justification…”
Trustpilot user.
User feedback is critical. You should always read what traders and investors think about a certain company or platform before investing. Negative reviews are indicative of cyber fraud.
Which Trading Platform Is Available?
The available platform is Long Asia MT4, i.e. MetaTrader 4. Widely regarded as the industry’s leading software, the platform boasts sophisticated features such as automated trading, multiple timeframes, advanced charting, EA advisors, etc.
However, due to Long Asia login and withdrawal issues, we do not recommend you download this particular software as it may contain malware.
The lack of regulatory oversight also raises concerns about the platform’s legitimacy. Therefore, we suggest you opt for licensed providers that offer the same software.
Long Asia account types
| Account Type | Cent | Standard | ECN |
| Minimum Deposit | 10 USD | 100 USD | 100 USD |
| Maximum Leverage | 1:500 | 1:500 | 1:500 |
| Spreads | 1.5 pips | 1.5 pips | 0.1 pip |
| Commissions | Zero | Zero | $8 per lot |
Trading Info – Leverage, Spreads, Commissions
Long Asia’s trading conditions are dubious. The maximum leverage traders can use significantly exceeds legal caps for retail clients in Europe (1:30) and North America (1:50).
Note that trading with such high leverage is a double-edged sword; you can amplify potential profits if you bet correctly, but if you do not, there’s a chance you lose everything. The spreads and commissions seem realistic but it matters given every other fraudulent aspect of this platform.
Can Traders Use a Free Demo Account?
There is no risk-free demo account available on the website. That’s a big red flag in our book as nearly all legitimate brokerage firms nowadays include a demo account traders can use to practice and improve their skills.
Once they feel comfortable trading with virtual funds and learn risk management techniques, they can switch to using real money and start their journey. That’s why it’s important to include a demo.
Deposit and Withdrawal Process
The website listed several payment methods that can be used to make a deposit and withdraw profits free of charge:
- Credit/debit cards;
- Wire transfers;
- Tether.
Considering all that we have exposed so far, it’s highly unlikely that you’ll be able to withdraw your money from this platform. If you cannot pull out your funds from your Long Asia account, there are ways to potentially recover funds.
For MasterCard or VISA credit/debit card payments, you can request a chargeback at the issuing bank within 120 days to get a refund. Wires transfers, on the other hand, are reversible but only if the money has not yet been transferred.
Recovering stolen crypto is more challenging and requires advanced software such as CipherTrace, as well as professional assistance. Whatever the case, our team can help you with recovering stolen funds.
Key Facts To Consider About Long Asia
To wrap up our Long Asia Group review, let’s outline the main points we’ve made: this platform belongs to digital thieves running a bogus website. Despite claiming to be legit, the firm is not authorized to provide trading services. Many users have reported issues.
We do not recommend you trade on this platform due to its unregulated status. In case you have lost money to the Long Asia scam, you must seek our professional help to recover your funds! A chargeback is your best option.
Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.
Book your free consultation here and start the chargeback process.
FAQ Section
What is Long Asia?
A virtually criminal brokerage firm concealing its true intentions and thus prompting many traders to raise their voices.
Is Long Asia Legit Brokerage?
No, this firm is not authorized to provide trading services. Many traders lost money to this scheme.
How to Get Money Back From a Trading Scam?
In case you experience Long Asia withdrawal issues, contact our team and get familiar with how a chargeback works.
Source:
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