The boss has a dual identity separately in Hong Kong and mainland
The platform, with arbitrage, induced clients to invest and withholds their fund.
In 2019, the customer service assigned blame on the audit. Now both the withdrawal and website are unavailable. It seems to have absconded. 160 thousand RMB is doomed.
In October, 2018, I deposited 39000 dollars into 2 accounts, namely, 601226 and 61065. In the end of 2019, there was only 10% fund in my position. I applied for the withdrawal in February, while it is yet to be received until April. Now the website is disabled.
The withdrawal is unavailable for 6 months. When could it be done?
The scam company, together with Huijia Capital, defrauded us of 40 to 50 million yuan.
Long Asia Capital and Long Asia Group have been refusing to process my withdrawal request for more than 4 months. They are not responding to any communication. Complaing has been raised to MAS.
In last August, with the excuse of arbitrage, Longasia has kept holding off time for 6 months. Longasia used to own the Singaporean license, now it has become a facade. The boss, Chen Yao, is from Hangzhou and now has set up the company Zhejiang Changmou Investment Management Co., Ltd., which located at Wantang Road. One can verify it online the identity person is the same person.
The withdrawal is unavailable for one year. The platform kept holding off.
The website is disabled, let alone withdrawal. In addition, the domain name of Longasia , www.longasia.com, seems to have been sold.
After attending a seminar and getting to know the director of Jiahui Capital, I was asked to invest in Changya, but it turned out that I wouldn't be able to withdraw any money and would not be liable to pay back the money!
Longasia claimed it was investigated by the regulator for some clone firm charged margins in its name. They promised the withdrawals could be available after the investigation. And the withdrawals would arrive in batches for there are so many people withdrawing funds. However, there is no response since May 1. I operated myself and there is commission of ¥170,000. I can’t get it. And I lost all the money in my MT4 account.
Longasia only allow you to suffer losses, until your account becoming liquidated.
Longasia gave no access to withdrawal, saying that they were auditing due to interest arbitrage. Thus, the withdrawal is unavailable since September.
I made a withdrawal of $32.7 into Longasia (I have deposited $4000 or so totally). As of April 9th, the customer service still kept me awaiting. Now I realized that my fund was doomed. Hope you avoid being cheated by this scam platform. Busted. Thank you.
The person who introduced the attorney's fee of 500,000 yen will pay 400,000 yen and the remaining 100,000 yen will be paid at 10 am on the 17th, but the transfer will be made again. I've been billing 30,000 yen for expenses and gasoline, this time I've been billing a deposit of 30,000 yen because the bank says it's a fraud, and I've been billing 30,000 yen again, on the 17th of the promise I was supposed to make a deposit at 10am, but I haven't made a deposit, such, when I asked to pay the delinquent charge of 10,000, I said that I would make a deposit in your account, and when I confirmed it, it wasn't made.
Note: Longasias official site - http://Longasiagroup.com/en/index.php is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
Longasia Review Summary in 10 Points | |
Founded | 5-10 years |
Registered Country/Region | Singapore |
Regulation | Not regulated |
Market Instruments | Futures, Securities, Forex, CFDs, Commodities, Indexes, Crypto |
Demo Account | Yes |
Leverage | Up to 1:200 |
EUR/USD Spread | From 1.5 pips |
Trading Platforms | MT4 |
Minimum Deposit | Info not disclosed |
Customer Support | Phone, Email |
Longasia is a global brokerage firm based in Singapore that offers a range of market instruments including Futures, Securities, Forex, CFDs, Commodities, Indexes and Crypto to traders. However, it is important to note Longasia is currently not regulated by any recognized financial authorities which raises concerns when trading.
In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.
Pros | Cons |
• Demo account available | • Not regulated |
• Wide range of trading instruments across multiple asset classes | • Lack of transparency |
• MT4 trading platforms | • Many negative reviews from their clients |
• Website unfunctional |
There are many alternative brokers to Longasia depending on the specific needs and preferences of the trader. Some popular options include:
FXCM- With its strong reputation and advanced trading technology, FXCM is a trusted broker offering competitive spreads and a wide range of trading instruments, suitable for both beginners and experienced traders.
FP Markets- FP Markets offers a wide range of trading instruments, including forex, CFDs, and commodities. FP Markets is also known for their competitive spreads and commissions.
Plus500- Plus500 stands out for its intuitive platform, extensive range of tradable assets, and commission-free trading, making it an attractive option for traders looking for a user-friendly and cost-effective trading experience.
Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.
When considering the safety of a brokerage like Longasia or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:
Regulatory sight: It is not regulated by any major financial authorities, its FSPR (Financial Service Providers Register, License No. 241165) license has been revoked, which means that there is no guarantee that it is a safe platform to trade with.
User feedback: Total 25 pieces of exposures on WikiFX of unable to withdraw, scam, fraud are serious red flags that cannot be overlooked, immediate attention and caution in any financial dealings with this broker is suggested when traders consider trading.
Ultimately, the decision of whether or not to trade with Longasia is a personal one. You should weigh the risks and benefits carefully before making a decision.
Longasia provides an extensive selection of market instruments, the diverse range of offerings includes:
Futures: Giving traders the ability to speculate on the future price movements of various assets, including commodities, currencies, and stock market indices.
Securities: Enabling investors to buy and sell stocks and other financial instruments issued by companies, providing ownership and potential dividends.
Forex: Offering the largest and most liquid market, allowing traders to exchange currencies and profit from fluctuations in exchange rates.
CFDs (Contracts for Difference): Allowing traders to speculate on the price movements of assets without owning the underlying asset, providing flexibility and leverage.
Commodities: Enabling investors to trade various physical goods like gold, oil, and agricultural products, diversifying their portfolios and hedging against inflation.
Indexes: Allowing traders to invest in the performance of an entire market or sector, rather than individual stocks, offering broader exposure and risk management.
Crypto: Providing access to the booming world of cryptocurrencies, enabling traders to invest and trade digital assets like Bitcoin, Ethereum, and more.
Longasia provides investors with a diverse range of account types, offering them flexibility and options to suit their individual trading preferences. The three primary account types available are Standard, ECN (Electronic Communication Network), and Zero accounts. While the minimum deposit information is not disclosed on the website, prospective users are advised to directly consult with Longasia brokerage team to obtain accurate and up-to-date information about the minimum deposit requirements for each account type.
Longasia offers a leverage up to 1:200 for their trading accounts. Leverage is a powerful tool that allows traders to control a larger position in the market with a relatively smaller initial investment. With a leverage ratio of 1:200, traders can amplify their potential profits, as well as their risks, significantly. Traders who are experienced and have a solid understanding of risk management may opt for higher leverage to enhance their trading opportunities. However, it is crucial to approach leverage with caution and consider individual risk tolerance, as higher leverage also increases the potential risk.
Longasia provides traders with spreads starting from 1.5 pips which is higher than what most traders would expect. Specific information regarding commissions is not openly disclosed on Internet, interested users are encouraged to directly consult with the broker to obtain detailed insights into commission structures and related fees. While the lack of disclosed commission details may present some uncertainty, the option to consult directly with the broker fosters transparency and open communication, allowing clients to gain a comprehensive understanding of the overall trading costs and associated expenses. As with any financial decision, prospective users are advised to carefully consider their risk tolerance and trading strategies before engaging with Longasia's services.
Below is a comparison table about spreads and commissions charged by different brokers:
Broker | EUR/USD Spreads (pips) | Commissions (per lot) |
Longasia | From 1.5 | Not disclosed |
FXCM | From 1.3 | Variable (depending on account) |
FP Markets | From 0.0 | Variable (depending on account) |
Plus500 | From 0.5 | No commissions |
Please keep in mind that spread values can vary depending on market conditions, account type, and other factors. Commission structures may also differ based on the broker's pricing model and the type of account being used. It's important to review the official websites or contact the brokers directly for the most accurate and up-to-date information on spreads and commissions.
Longasia is equips its clients with a seamless and powerful trading experience, offering them access to the widely acclaimed MetaTrader 4 (MT4) trading platform. As one of the most popular and trusted platforms in the financial industry, MT4 is renowned for its user-friendly interface, advanced charting tools, and comprehensive analytical capabilities. With MT4, traders can execute trades efficiently, monitor market movements in real-time, and implement various trading strategies with ease. The platform also supports the use of Expert Advisors (EAs), enabling automated trading and the implementation of custom trading algorithms.
See the trading platform comparison table below:
Broker | Trading Platforms |
Longasia | MT4 |
FXCM | MT4 |
FP Markets | MT4/5, IRESS platform |
Plus500 | Plus500 WebTrader, Plus500 Mobile App |
Overall, Longasias trading platforms are well-designed, user-friendly, and offer a range of advanced features suitable for both beginner and experienced traders
At Longasia, traders can fund their accounts using credit and debit cards, which provide instant and hassle-free transactions, allowing for immediate access to the trading platform. Additionally, the option of wire transfers provides a reliable and secure means for transferring larger amounts, ensuring peace of mind for those who prefer traditional banking methods.
Encountering a total of 25 pieces of exposures on WikiFX, most related to difficulties in withdrawing funds, and some scam, fraud and system cases, these serve as an alarming signal that cannot be ignored when considering this particular broker. These serious red flags are indicative of potential risks and malpractices within the company's operations. Traders and investors must exercise extreme caution and conduct thorough due diligence before engaging with the broker. The documented instances of scams and withdrawal issues on WikiFX raise significant concerns about the broker's reliability and credibility. It is essential for individuals to prioritize their financial security and seek out brokers with transparent and trustworthy track records to safeguard their investments and avoid potential pitfalls. If you find such fraudulent brokers or have been a victim of one as well, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.
Longasia only provides customer support through email. While some traders may prefer additional options like phone or live chat support for more immediate assistance, the email channel remains a direct and formal means of communication with the support team. However, it is essential to note that the absence of other support channels might be a consideration for those seeking more instant solutions to urgent matters.
Email: cs@alongasialiquidity.com.
According to available information, Longasia is a non-regulated Singapore -based brokerage firm. While the firm offers Futures, Securities, Forex, CFDs, Commodities, Indexes, Crypto as market instruments, it is important to consider certain factors such as lack of regulations and 25 reports of scams, fraud and unable to withdraw that raises concerns. It is critical that potential clients exercise caution, conduct thorough research and seek up-to-date information directly from Longasia before making any investment decisions.
Q 1: | Is Longasia regulated? |
A 1: | No. It has been verified that this broker currently has no valid regulation, their FSPR (Financial Service Providers Register, License No. 241165) license has been revoked. |
Q 2: | Does Longasia offer the industry leading MT4 & MT5? |
A 2: | Yes, it offers MT4 platform |
Q 3: | Is Longasia a good broker for beginners? |
A3: | No. It is not a good choice for beginners. Not only because of its unregulated condition, but also because of the lack of transparency and too many exposures on WikiFX within 3 months. |
Q 4: | Does Longasia offer demo accounts? |
A 4: | Yes. |
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