ASJ Forex Global – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
ASJ Forex Global - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://asjfx.co
Founded: 2022
Regulations: Unregulated
Languages: English, Chinese, Japanese, Korean, Malay, Indonesian
Deposit Methods: UnionPay, Telegraphic Transfer, Local Bank Transfer, E-Wallets, Digital Currency, Other Payment Methods (Unspecified)
Minimum Deposit: $30
Free Demo Account: Not Available
Number of Assets: Not Specified
Types of Assets: Forex, Bulk Commodities, Stock Index, Precious Metals, Energy
Trading Accounts and Conditions
There is no information provided on ASJ Forex Global’s website about the types of trading accounts offered. According to their website, the minimum opening deposit is $30, and spreads are supposed to range from 0.6 pips. The leverage is flat at 1:300, which means you cannot get a lower leverage even if you wanted it. There is no information about the fees or commissions that this broker may charge.
ASJ Forex Global – Advantages
We would not recommend ASJ Forex Global as there are no advantages for traders in investing with this broker.
ASJ Forex Global – Disadvantages
Here are all the reasons why it would be a bad idea to deal with ASJ Forex Global:
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Unregulated Broker
ASJ Forex Global claims that it is headquartered in Hong Kong, but that it is licensed by the FinCEN and finrac.
There are a few things that are clear red flags with these claims. Firstly, to operate out of Hong Kong, a broker needs to be licensed by the local regulator – the HKSFC (Hong Kong Securities and Futures Commission). This government authority is known to be one of the stricter regulators, with strong laws in place for brokers that wish to operate in their jurisdiction. However, when we checked the HKSFC’s online register, we found out that ASJ Forex Global is not registered with them at all. Which means that this broker is operating illegally out of Hong Kong.
Next, the FinCEN is a United States authority – the Financial Crimes Enforcement Network. This government body is responsible for preventing as well as punishing money laundering and other financial crimes in the country. It has nothing to do with regulating the forex market and brokers. That is the purview of the CFTC (Commodity Futures Trading Commission) and the NFA (National Futures Association). So, yet another tall tale in an effort to convince people of their legitimacy.
Everything we have researched about this broker’s legal status tells us that it is a scam. Trading with ASJ Forex Global would be very dangerous.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Issues with Trading Account
ASJ Forex Global offers its customers the use of the MetaTrader 5 trading software. This would have been a huge win for them, since this software is the best in the world for forex trading. This trading platform is not only user-friendly, it also comes packed with features that making trading effective and efficient.
The red flag that we raise has to do with this broker’s registration process. To be able to register an account and thereby access the MT5 software, you need a referral code. Something that is only given directly to you by the broker. If you do not have that access code, there is no way that you can access their client area or even the software.
This has become a rather common play used by scammers to get a trader’s personal information and force them to open an account with them and deposit money too.
Most legitimate brokers offer their clients a free demo account so that they can test the brokers’ trading platform and trading conditions. And the registration process will also be simple and straightforward. Anything other than this is a sign of a scam.
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Issues with Leverage
The trading conditions that this broker offers – a 0.6-pip spread and a low minimum deposit requirement of just $30 – sounds really good. Until you realize that none of these claims can be substantiated until you actually get in touch with the broker and they grant you access to their client area and platform.
The real issue we have, however, is with the kind of leverage they offer. Their leverage is fixed at 1:300, which means that even if you want a safer – and lower – leverage, you will not get it. This is a huge red flag in two ways.
First, a high leverage, while offering traders a chance to make big profits, is very dangerous since the chances of losing that much money are extremely high. This is solely due to the highly speculative nature of the forex market. It is for this reason that many regulators, including the US, have placed limits on how much leverage a broker can offer their clients. For brokers supposedly regulated by the US, that limit is set at 1:50. Therefore, the 1:300 leverage offered by ASJ Forex Global is illegal.
Next, the fact that the only leverage you can take from this broker is 1:300 is a huge issue. Traders should be allowed to choose how much leverage they want to use for their trading. All legitimate brokers let their clients decide how much leverage they want to use – up to the maximum allowable limit.
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Lack of Information on Payment Methods
ASJ Forex Global does not bother to provide any information about the types of payment options available to customers. The only snippet of information we got was in their FAQ section, where the broker stated that they offer UnionPay, telegraphic transfers, local bank transfers, some e-wallets, cryptocurrencies and other payment methods. The broker does not specify which banks, which e-wallets, why cryptos, or even what the other payment methods are.
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Very Poor English Translation
This broker seems to be specifically targeting South East Asian customers. It website is available in Chinese, Malay, Indonesian (Bahasa), Korean and Japanese. There is an English translation available too, but it is so poor that most of the content is barely understandable. This kind of tackiness is a clear sign of a scam.
Conclusion
ASJ Forex Global is a scammer and best avoided.
ASJ Forex Global
Pros
- None
Cons
- Unregulated Broker
- Issues with Trading Account
- Issues with Leverage
- Lack of Information on Payment Methods
- Very Poor English Translation
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.