Note: ASJ Forexs official site - https://www.asjfx.co/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information
What is ASJ Forex？
ASJ Forex is a global brokerage firm based in the United Kingdom that offers Forex as market instruments to traders. However, it is important to note ASJ Forex is currently not regulated by any recognized financial authorities which raises concerns when trading.
In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.
Pros & Cons
ASJ Forex Alternative Brokers
There are many alternative brokers to ASJ Forex depending on the specific needs and preferences of the trader. Some popular options include:
OctaFX - OctaFX is a reliable and user-friendly forex broker with competitive trading conditions, making it a suitable choice for traders seeking a seamless trading experience.
Darwinex- Darwinex is a unique social trading platform that allows traders to turn their strategies into investable assets, providing an excellent opportunity for both skilled traders and investors looking to diversify their portfolios.
FXCM- FXCM is a well-established and reputable forex broker that offers a wide range of trading instruments, competitive spreads, and reliable execution, making it a suitable choice for traders of all levels.
Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.
Is ASJ Forex Safe or Scam？
When considering the safety of a brokerage like ASJ Forex or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:
Regulatory sight: It is not regulated by any major financial authorities, which means that there is no guarantee that it is a safe platform to trade with.
User feedback: Total 17 pieces of exposures on WikiFX of unable to withdraw, scam, fraud and account suspend are serious red flags that cannot be overlooked, immediate attention and caution in any financial dealings with this broker is suggested when traders consider trading.
Ultimately, the decision of whether or not to trade with ASJ Forex is a personal one. You should weigh the risks and benefits carefully before making a decision.
Market Instruments
ASJ Forex provides forex trading services to its clients, offering a comprehensive and diverse range of currency pairs to trade. With a focus on the foreign exchange market, ASJ Forex provides access to major, minor, and exotic currency pairs, accommodating the diverse preferences and trading strategies of its clients. The platform is said to be equipped with advanced trading tools and technology, enabling traders to execute trades with precision and efficiency.
Accounts
ASJ Forex's account types and their specific features are not publicly disclosed on the internet. However, it is mentioned that the minimum deposit required to open an account is $30. The process of account registration appears to be a bit unique, as traders are required to have a referral code from the broker to gain access to their client area and obtain the necessary information to access their MT5 terminal. This requirement may suggest that ASJ Forex may operate on an invitation or referral basis, which might be intended to ensure a more personalized and secure onboarding process for their clients. Traders interested in opening an account with ASJ Forex are advised to reach out to the broker directly for more details of initiating the account opening process and access their trading services and features. Moreover, traders should exercise caution and conduct thorough research before considering opening an account with the broker, as the lack of public information about their account types and the requirement for a referral code to access their client area and MT5 terminal raise concerns about transparency and accessibility of their services.
Leverage
ASJ Forex offers a leverage up to 1:300 for their trading accounts. Leverage is a powerful tool that allows traders to control a larger position in the market with a relatively smaller initial investment. With a leverage ratio of 1:100, traders can amplify their potential profits, as well as their risks, significantly. Traders who are experienced and have a solid understanding of risk management may opt for higher leverage to enhance their trading opportunities. However, it is crucial to approach leverage with caution and consider individual risk tolerance, as higher leverage also increases the potential risk.
Trading Platforms
ASJ Forex provides traders with access to the widely acclaimed MetaTrader 5 (MT5) trading platform, a versatile and robust platform known for its advanced features and capabilities. With MT5, traders can access a diverse range of financial instruments, including forex, stocks, commodities, and indices, expanding their trading opportunities beyond just forex. The platform offers sophisticated charting tools, technical indicators, and analysis capabilities to aid traders in making well-informed decisions. Additionally, MT5 allows for automated trading through Expert Advisors (EAs), enabling traders to execute strategies even in their absence. However, traders should be aware that the effectiveness of the platform depends on various factors, including internet connectivity and server stability. While MT5 is widely popular, traders should assess their individual trading needs and preferences before deciding on a platform.
Overall, ASJ Forexs trading platforms are well-designed, user-friendly, and offer a range of advanced features suitable for both beginner and experienced traders. See the trading platform comparison table below:
Deposits & Withdrawals
It‘s said as per ASJ Forex’s FAQ section, the broker provides multiple payment options including UnionPay, telegraphic transfer, e-wallets, local bank transfer, digital currency, and other payment methods. While the broker outlines the available payment methods, specific details regarding withdrawal procedures and related fees are not elaborated upon in the FAQ section. As such, traders are encouraged to exercise due diligence and directly communicate with ASJ Forex to obtain comprehensive information regarding withdrawal processes, fees, and any other relevant details. Being well-informed about withdrawal options and potential fees is crucial for traders to effectively manage their funds and make informed decisions when engaging with ASJ Forex's services.
User Exposure on WikiFX
Encountering a total of 17 pieces of exposures on WikiFX, most related to difficulties in withdrawing funds, and some scam, fraud, account suspend and system cases, these serve as an alarming signal that cannot be ignored when considering this particular broker. These serious red flags are indicative of potential risks and malpractices within the company's operations. Traders and investors must exercise extreme caution and conduct thorough due diligence before engaging with the broker. The documented instances of scams and withdrawal issues on WikiFX raise significant concerns about the broker's reliability and credibility. It is essential for individuals to prioritize their financial security and seek out brokers with transparent and trustworthy track records to safeguard their investments and avoid potential pitfalls. If you find such fraudulent brokers or have been a victim of one as well, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.
Customer Service
ASJ Forex only provides email as customer support. This means that you can only contact the broker by sending an email to their support address. There is no phone number or live chat option available.
Some traders may find this to be a limitation, as it can be difficult to get a quick response by email.
Email：market@asjfx.co.
Conclusion
According to available information, ASJ Forex is a non-regulated United Kingdom -based brokerage firm. While the firm offers Forex as market instruments, it is important to consider certain factors such as lack of regulations and transparency that may raise concerns. It is critical that potential clients exercise caution, conduct thorough research and seek up-to-date information directly from ASJ Forex before making any investment decisions.
Frequently Asked Questions (FAQs)
2024-03-25 01:13
2024-03-08 15:08