WikiFX Visited Forex Broker LongAsia in Singapore

Broker: LongAsia

Visited on: October 26th, 2019

Conclusion: broker truly exists.

On-the-spot investigation

Regulatory information suggests LongAsias office is at 1 Kim Seng Promenade 15-02 Great World City East Tower, and WikiFX recently visited the broker at the site.

Following the GPS direction, we arrived at City East Tower, an office building integrated with a shopping center located outside Singapore‘s main financial district. We took the elevator to level 15 and immediately saw LongAsia’s name on the floor directory. We entered the office and saw the striking logo of the company on the wall, while the staff carried on their due business in an orderly manner. The office wasn‘t very large, with around 20 cubicles inside. We thus confirm through investigation that LongAsia’s office really exists in Singapore.

Analysis

WikiFXs on-spot investigation series in Singapore have almost completed, and the financial regulation of Singapore has left us with a deep impression. However, it turns out that LongAsia we visited this time has been rather disappointing broker.

According to the official website, LongAsia is a trans-regional company engaged in a variety of businesses, offering global clients a wide range of services such as securities and futures, foreign exchange, assets management and liquidity clearing through its branches. Per checking regulatory information, LongAsia‘s retail forex brokerage license from MAS(Singapore) is valid and the broker is authorized in its business. But according to information from other regulatory authorities, the FPSR(New Zealand)’s financial service license it holds isnt qualified for forex brokerage, while its common financial service license from HKSFC(Hong Kong) is suspected to be a cloned one.

Conclusion

WikiFX App shows LongAsia to be under regulation, as both of its retail forex licenses from MAS(Singapore) and ICDX(Indonesia) are valid. However, the rest of LongAsias licenses are more or less problematic. The broker is rated at 6.09 on WikiFX App, suggesting acceptable credibility, but as LongAsia has been heavily complained by investors recently, WikiFX suggests investors to stay alert if you have chosen this broker, and beware of the risks during investment.