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LongAsia Review: Longasiafm.com Disastrous Forex Scam

LongAsia Review: Longasiafm.com Disastrous Forex Scam

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LongAsia (Longasiafm.com) is another dubious CFDs, Cryptocurrency, and Forex online trading scam targeting investors from the Asia region. Long Asia is professing to be regulated by the Indonesian Commodity and Derivatives Exchange. As our review has determined, this platform is not to be trusted. Hundreds of members are up in arms with the platform for not releasing funds. Read this genuine and honest LONGASIA Review and get the whole truth.

LongAsia Review

LongAsia Review

Claims of the platform being a scam started a few months ago when members sent withdrawal requests. Hang Ming reached out to the help desk to try and find out why the platform was behaving this way. After sending a few emails, she was shocked to get a reply saying that her bank was refusing to deposit the money. These scam artists are using the narrative that the banks are refusing to accept their system. With this statement, Ming has never heard from this platform and has since given up.

LongAsia is clearly having a bad reputation online with scathing reviews about it. Most members are unhappy with the withdrawal mostly and other issues. Other problems we noticed with the platform lacks adequate information regarding their features. You would expect the platform to have details regarding leverage and spreads. Long Asia doesn’t have any meaningful information on their platform.

About LongAsia

LongAsia Group is the company which claims to be the owner of this ridiculous platform. Through its subsidiaries, LongAsia Group offers services which include Foreign exchange transactions and asset management. Other services listed on their about us page include liquidity settlement, futures, and securities. They claim to be recognized by the Hong Kong Monetary Authority. Scam artists will try and align their products with official institutions to throw off unsuspecting investors.

These scam artists are using the name of a legit company named Long Asia Group. The scam artists have been using the name for quite some time. A look at the domain register whois.net reveals their whole timeline. The true company has the domain name longasiagroup.com, the false website is longasiafm.com. LongAsia is a platform which was created late 2019.

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Is LongAsia licensed or regulated?

LongAsia is NOT LICENSED OR REGULATED by any official regulatory in the industry. A look at the company register in Hong Kong does not show any company with this domain name. Once you look at the company register, you will see the legit company Long Asia Group existence. To be safe when trading online, you need to use experienced and trustworthy brokers with a strong solid reputation. Using unproven platforms will lead to you losing your entire funds. It is best to stay away from anonymous and unlicensed platforms as they don’t insure deposits made by members.

Disclaimer at the footer of their homepage shows that the platform has a clearing license. The license number is a complete copy of the original Long Asia Group license number. These scam artists have cloned that website and using the logo and information as their own. There are major differences with the two platforms as our ideal investigation revealed. Stay away from this illicit platform and use genuine and reliable Forex trading tools. You can choose to use recommended and top rated Forex trading robots as a substitute for brokers.

Disadvantages/ Problems with LongAsia

Account types

LongAsia is furnishing users with two account types, ECN and Standard accounts. The problem with these accounts is that they fail to give any meaningful information regarding the account types. These accounts don’t have information regarding minimum acceptable deposit or features. Once you open an account, you never know who is in control. It seems users are giving trading and funds in the hands of this broker. The bad news is that these are online scam artists who don’t have a clue about trading.

Customer and Support

LongAsia License and Regulatory Status

Another important feature missing from their website is the communication aspect. You would expect a platform to offer live chat support. Instead, they give users a phone number which is ever busy. No one has been able to make contact during our entire investigation period. These scam artists are using a virtual phone number which blocks access from some parts of the world. Hong Kong officials should look into this platform and shut it down. Too many victims are already counting their losses thanks to this unlawful platform.

Demo Account

The platform is indeed providing users with a demo account. Their demo account is a rubbish demo as it is slow when it comes to executing and placing trades. Another problem with the platform is how it looks basic. No advanced tools are available and the leverage and spreads are a joke. You will not be able to make any profit as the demo account keeps on stalling.

Deposit and withdrawal

When it comes to deposit and withdrawal, information is also missing on their homepage. According to what they claim, users can deposit funds using credit/debit cards and wire transfer. These two methods are widely used by scam artists as it is hard to recover funds. Most legit platforms will add notable depository channels such as Neteller and Skrill. No member has come forward with proof of ever withdrawing funds with this platform. And this is proof we are dealing with a rogue platform.

Trading Platform

According to what the platform claims, they are offering MT4 trading platform. Looking at one of the victim’s screenshot, they use a web based platform. These scam artists are not only lying, but their platform is custom build. The problem with custom made platforms is lack of proper testing by experts. You will find a lot of bugs which will lead to third party attacks. The platform is not compatible to some smartphones and is totally unstable. With such a platform, hackers can easily take over and steal critical information such as credit card numbers.

Woeful Bonus Mentions

According to information posted on their dividinfo page, the platform is professing to offer a G-Wagon. Other bonus mentions include gifts such as Louis Vuitton clothes and a Tesla. These are all bogus claims to get the Asian investor to sign up with them. Scam artists will do or say anything to ensure unsuspecting investors fall for their platform. LongAsia is a bogus platform where funds are never released once members deposit.

Safety of funds with LongAsia

LongAsia Bonus

With the high number of victims found, your funds are not safe with this anonymous and unlicensed platform. Lack of clear account details is proof segregation of accounts is not being adhered to. This means LongAsia is pooling funds in one account which probably belongs to the owners. Stay away from a platform that is cloning information from a legit company.

Scam or legit

Evidence is clearly showing that LongAsia is a scam which must be avoided at all costs. The platform is clearly breaching set industry rules by using cloned license details. Stay away from it and warn any of your family members or friends from taking part in their affiliate program.

Bottom line

We will be adding this platform to our scam blacklist and ensure no one else takes advantage of investors.

Wishing all investors a happy and prosperous trading experience.

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