LONG ASIA News on Trading: Wrong NZ FMA Authorization Claims, Non-stop User Allegations

LONG ASIA, a Saint Vincent and the Grenadines-based forex broker, is repeatedly making headlines with users continuing to allege foul play in the trading activities. They keep accusing the broker of denying the legitimate profits earned on the platform. Cases of withdrawal denials have reportedly taken precedence on broker review platforms such as WikiFX. Also, the New Zealand Financial Market Authority (FMA) has denied any authorization to LONG ASIA. This made the LONG ASIA review article pertinent for all those traders who expect to grow their portfolio through this brokerage entity. Read on!

What Does LONG ASIA Promise on Its Website?

LONG ASIA promises to offer a wide range of CFD products such as forex, stocks, cryptocurrencies, metals, and indices.

• According to the broker‘s website, traders can invest in over 55 global currencies through the LONG ASIA broker’s platform.
• Stock investors, on the other hand, can bet on 600 companies scrips worldwide.
• The brokerage entity advertises the listing of major global indices on the platform.
• Traders can bet on gold, silver and other metals to enhance their trading experience.
• Crypto traders can invest in Bitcoin, Ethereum and more.

LONG ASIA offers Standard and ECN trading accounts to meet the various needs of customers. On the website, the brokerage entity claims a minimum deposit of $100 for traders opening accounts with it. While the Standard account bears a fluctuating market spread, the ECN account will have a spread starting from 0 pips, the website claimed. At the same time, the Standard account bears ZERO commission, while the commission in the ECN account is $8 per standard lot across trades.

Verdict on LONG ASIAs Trading Offerings

While the product portfolio seems impressive, we could not find details about key aspects such as leverage, minimum and maximum lot size, etc. The lack of information transparency does not inspire much confidence, even though the minimum deposit offer of $100 is likely to draw users into trading.

User Allegations Concerning Poor Withdrawal Experiences & Fund Scams

All 1029 Automatic Trades Went into Losses

A trader from India made a shocking claim of 1029 automatic trades executed by LONG ASIA. Worryingly, they all went into losses for the trader, according to the complaint. The trader expressed further shock at how not a single trade out of this massive number could not yield gains. Revealing further, the user claimed that with a leverage of up to 1:500, he could have done a maximum of five trades at a time. However, after checking the details on the LONG ASIA login, the trader revealed the execution of 20-25 trades at a time. Expressing concerns over seemingly faulty trades, the user fired this negative LONG ASIA review online.

A Reported $18,000+ Fund Scam Allegation Against LONG ASIA

Another India-based trader accused LONG ASIA of fund scams, claiming that the brokerage firm prevents users from accessing withdrawals after a few successful instances at the beginning. While complaining, the user further shared the excuses LONG ASIA allegedly makes, such as the lack of USDT movement, to deny withdrawals. Check out this recent complaint against the broker.

A Host of Malaysian Users Claiming Foul Play in Withdrawal Processing

Negative reports concerning LONG ASIA withdrawals have come from many Malaysian users on WikiFX. They claimed excuses given by the broker, such as payment gateway-related delays, and no reply from the company on pending withdrawal requests. Here are those negative LONG ASIA reviews concerning poor withdrawal experiences.

A Reported Case of NO Return on $1,000 Deposit

An Indian trader claimed that the broker failed to provide any return on a $1000 deposit made for trading on the LONG ASIA brokers platform. The review shared below further explains the seemingly difficult trading scenario faced by the user.

LONG ASIA LOGIN Error Claim

An Indian trader recently claimed a significant operational glitch on the brokers platform. According to the user, despite multiple LONG ASIA login attempts, he could only see an invalid error. Even multiple password reset attempts were unsuccessful, the user stated. Despite emailing this issue to the LONG ASIA support team, the user reportedly failed to receive any reply from the forex broker. Concerned by this, the trader shared a negative LONG ASIA review online.

Crypto Fund Withdrawal Request Denied, Poor Support Team Response

A Netherlands-based user claimed wrongdoings by the broker on a crypto fund withdrawal request. Elaborating further, the trader explained that the initial withdrawal request was successfully processed and transferred to his account. However, the following attempt did not go through successfully despite approval by the brokerage entity. The review shared below paints a grim picture.

After some recent user allegations against LONG ASIA, lets focus on the warning issued by the NZ FMA regarding the broker.

NO Official License from NZ FMA, Claims the Regulator

NZ FMA, on the back of receiving many withdrawal-related complaints from users, denied LONG ASIA groups office registrations in New Zealand. The regulator even denied authorizing the broker to provide financial services to the users in this country. NZ FMA made an official note regarding this on its website last year. Here is the screenshot.

What Has WikIFX Found in Its Investigation on LONG ASIA?

The WikiFX team did not find any valid license for LONG ASIA in its intense investigation. The lack of a regulatory license arguably explains the mess suffered by traders concerning withdrawal access, login and fund scams. As a responsible platform, we urge traders to exercise extreme caution when investing in platforms such as LONG ASIA. We have thus given it a score of just 2.04 out of 10.

Explore more forex broker investigation reports on the WikiFX app. Download now!

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