LongAsia provides a single trading account with variable spreads, leverage up to 1:500 and the option to trade in micro lots on the ever popular MetaTrader 4 platform. The broker offers trading in currency pairs and precious metals, Contract for Difference (CFDs) on indices, and stocks are not available.
The Company. Security of Funds
Company Country Regulation
Long Asia Group NZ limited New Zealand FMA
Long Asia Group Limited Vanuatu, British Virgin Islands VFSC, FSA
LongAsia says it operates on a Straight-through- Processing (STP) policy. The company behind the brand, Long Asia Group Limited, is registered in two offshore jurisdictions – Vanuatu and the British Virgin Islands. The good news is, it also owns a New Zealand-based subsidiary, which is registered in the Financial Service Provider Register (FSPR) and as such regulated by the Financial Markets Authority (FMA) since 2012.
Forex brokers regulated in New Zealand must adhere to a set of standards. Under the FMA client money rules, they are required to segregate retail client funds from their operational ones. What is more, they have to follow anti-money laundering regulations.
Besides, FMA releases periodic updates and press releases about the state of financial markets and the warnings about potential scams, unregistered business, and deregistered brokers.
Minimum Initial Deposit
The minimum initial deposit required by LongAsia is $300. This is a reasonable amount to start trading with, however other brokers, like Major player IG, does not require any minimum deposit.
Commission & Spreads
This broker’s spreads are really tight, averaged 0.3 pips for the EUR/USD pair, however a commission of $5 per standard lot per side applies, so overall trading costs for this pair are around 1.3 pips, which is average.
In comparison, IG offers spreads averaged 0.8 pips on EUR/USD on its commission-free accounts. You may look up and compare real-time spreads of 15 leading brokers at topforexbrokers.com.
The maximum leverage level offered by LongAsia is high, reaching 1:500, yet a number of forex brokers offer leverage levels equal to or exceeding 1:500.
Nonetheless, we advise traders to be careful because the higher the leverage, the greater the risk of losses, which may even exceed initial investments.
As we have mentioned above, LongAsia offers the good old MetaTrader 4 (MT4) platform, available as desktop download and mobile apps. Unfortunately, Longasia MT4 platform doesn’t support Mac.
MT4 is globally popular for its innovative, on the go trading capabilities, variety of built-in indicators, advanced charting, automated trade options (EAs) and extensive back-testing environment.
Methods of Payment
LongAsia’ clients are offered the following modes of payment: Credit/debit cards, bank wire transfer and China UnionPay. Other popular payment methods, such as Skrill and Bitcoin, are not available with this broker.
LongAsia is looks like a decent broker that targets mainly Asian investors. On the good side, it is registered in New Zealand; on the bad, its NZ unit is owned by an offshore company. Otherwise, its offerings seem attractive.
LongAsia Review Conclusion
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