ASJ Forex Global is a forex broker providing the best of trading services and solutions, thanks to their advanced technology. As a trading platform, ASJ Global claims to be in the business of enabling traders in accessing multiple financial markets. They also offer a number of tools, as well as support, for minimising risks and maximising returns.
As recently as (from the time of writing) in July 2022 a press release announced a strategic partnership between ASJ Forex Global and JPMorgan Chase (JPM). The strategic partnership reported in an article published on the Digital Journal, quotes the CEO of ASJ Forex Global:
“ASJ values the trust demonstrated by this investment. ASJ and JP Morgan have worked together for many years to introduce joint solutions to the global market. As a one-stop service leader in forex, securities, and futures products, we have always valued every opportunity to apply fintech in the financial industry, providing simplified investment processes to the global investors and driving efficiency and innovation through cutting-edge technologies.” Jourdan Asrin, CEO of ASJ Forex Global.”
Despite the positive outlook, running a google search on ASJ Forex Global today would be followed by terms like “ASJ Forex Global real or fake”, “scam or legit”, and even “ASJ Forex Global legit”. Additionally, related queries on ASJ’s review and login persist, and these queries’ variance, shows differences of opinion from new and experienced traders alike. There’s still a lot of need for clarification and looking back on specific past events and from various aspects could help clear the confusion.
ASJ, JP Morgan and the Money Trail
3 key events stand out that help put things into perspective on why investors and observers are divided on whether ASJ is a scam or a legit investing platform. Questions on if ASJ Forex Global is real or fake were circulating sometime in May 2022, shortly before the announcement on JP Morgan having invested money into ASJ. On 27 May 2022, the Securities Commission Malaysia (SC) added ASJ Forex Global to their Investor Alert List.
In the same month (May), the internet was abuzz with ASJ Forex Global’s (https://asjfx.co/) questionable website which was getting called out for its inferior website design, in turn leading to more negative attention on ASJ as a forex broker.
The back and forth of opinion among many ASJ users would not be so easily justified before JP Morgan’s little involvement in affirming what many brokers had suspected for some time. More on ASJ Forex Global and JP Morgan below and how much money had been spent in vain as quickly as it was invested.
ASJ Forex Global Website (List of Concerns)
Here is a list of issues broker reviewers had with ASJ:
- ASJ is an unregulated broker
- Lacking information on website founder
- Missing business contact details
- Inferior website design and English translation
- The number of negative reviews on ASJ
- Information on payment methods incomplete
- Glitchy trading accounts
- No registration details
On the part of ASJ, its team announced 2 months later, in a July (2022) press statement, reminding readers of 2009, its year of inception. In the same statement, ASJ reiterated that since then they had amassed more than 6 million active users by 2022, simultaneously announcing its partnership with JP Morgan. Its more than a decade long existence and mentionable business ventures and partnerships paints a picture of its firm footing in the global asset management industry.
In response, JP Morgan Chase released a statement on their Twitter account denying having invested in a strategic partnership with ASJ Forex Global.
When Investing in ASJ
Forex broker reviewers detail their assessment of ASJ, finding that in an attempt to lure new joiners, fake profits are posted on ASJ’s website. Approaching payment, users will find their withdrawal requests being denied on the premise of KYC paperwork discrepancies. Following this, reviewers have not held back on the warnings against ASJ falling short of calling it an outright scam.
However, in May of 2022 BrokersView had already exposed the financial indiscretions and dealings of ASJ, calling it a scam.
ASJ’s Modus Operandi on a Global Scale
Exploiting the clout of forex heavyweights, United States; Hong Kong and Canada, ASJ’s method of operation, or modus operandi was ambitious from the get-go. Claiming to be Hong Kong based and regulated by the United States Financial Crimes Enforcement Network FinCEN and Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
ASJ’s claim to the latter immediately raised red flags as both bodies are not forex regulators. Furthermore, upon more probing, no traces of ASJ’s existence were found on any of Hong Kong’s, United States’, and Canada’s forex regulator’s websites.
Further fact-checking revealed more bold claims by ASJ from a statement on their website. The statement clearly laid out ASJ Forex Global’s FinCen registration number and FINTRAC license number with ASJ asserting that both bodies were national financial institutions for Money Service Business (MSBs) in the United States and Canada.
Instead of forex related content, ASJ’s website (ASJ Forex Global | Facebook) contained more postings on their charity foundation, “Good and Happy Association”. Their last posting was on 27 June 2022 after which they could no longer be contacted. Specifically in Malaysia, ASJ posed as ASJ Forex Global Malaysia and when its local representatives (former owners) contacted, the said contacted persons divulged that they had also been victims of the ASJ scam.
From the experiences of the former owners of ASJ Forex Global Malaysia, ASJ’s modus operandi was to attract as many members (referrals) as possible who were convinced to part with their money. Based on the deposits paid by the referrals, the owners were paid commissions and the referrals placed in their down lines. Members found that any request for fund withdrawals always got denied. Gradually, it became clear that the ASJ scam was a Ponzi scheme.
The conclusion of the investigation by a third-party forex broker reviewer ended in the discovery of ASJ’s real location. As opposed to being based in Hong Kong, ASJ Forex Global’s business location is Malaysia. Its physical address remains unknown.
Several parties have offered to help victims of the scam to take steps in recovering lost funds.
Below are the contact details of those that have extended their assistance.
BrokersView – Service@BrokersView
Scam Recovery – ASJ Forex Global Review | Got Scammed? Get Your Money Back! (scamrecovery.net)
Additionally, staying well informed on the true nature of forex brokers helps in avoiding frauds and scams. With so many reviews available, it can be hard to choose one that’s as extensive as the Pip Penguin broker review website. This article – MTrading 2023 Review: This Broker Can’t Be Legit? – PIP Penguin in particular, is a good example of how to practise discernment in choosing a broker. Written concisely, this article provides ample and straightforward information on spotting red herrings from the start, simplifying the selection process.
In Brief: Different Types of Forex Scams
Other than the Ponzi scheme which the ASJ scam falls under, there are others which are explained below. Aside from hearing what reviewers and other forex traders have to say, getting to know the usual kinds of forex scams can take the extra hassle out of trading.
Forex Scams
- Trading Managers
Managed accounts can be a scam. Traders do provide services for managing trading accounts, they’re called broker-dealers. However, in this case, they mismanage your trading account and when the account owner requests for their money back, the account manager has either insufficient or no funds. - Unusually High Bid-Ask Spreads
This highlights the importance of choosing a regulated broker. Although they have become less common, this bid-ask manipulation sees unusually high bid-ask, and competitive spreads set by brokers. Instead of the usual 2-3 pips, these scam brokers usually provide bid-ask prices in the 7-8 pips range. - Dubious Signal Providers
This is a well-known scam targeted especially towards new traders. These can be any individual or company that claims to have data based on professional traders and legit market insights guaranteed to make money. They are known as signal sellers who sell said data.
Not to be mistaken for signal providers, signal sellers sell what they claim to work. Alternatively, signal providers allow other traders, who hope to replicate the signal provider’s profits, to mirror their trading positions and moves. - Forex Trading Bot Cons
Although trading bots and automated trading systems are used in trading, scammers have been known to offer false promises to traders through these bots or trading software. Some of the lures involve being able to make high profits with little to no effort on the part of the trader. To convince newbies, these scammers market their automated trading systems as sophisticated systems which execute trades automatically with the best trading strategies with the guarantee of profits. - Boiler Room Fraud
This involves sham stockbrokers and usually bogus companies. These so-called stockbrokers convince traders to invest in company shares that supposedly will go up in value. Another one of their tactics is to pressure traders into buying the shares as soon as possible due to quickly increasing share values.
These are just a few examples of situations that can turn into scam opportunities. For further reading, read this review (EightCap 2023 Review: Is This a Real Broker? – PIP Penguin) on the importance of a broker that is regulated by multiple regulators. It’s quite common for a trader to skip the regulatory compliance part of a broker when it’s actually what gets half the job done in the selection process.
ASJ Scam: A Recap
If it had to be one thing everyone learned from the ASJ Forex Global debacle, it would have to be that scammers are persistent and to always exercise caution. They will always think of a better and newer way of hoodwinking even if it means repurposing or readapting an old idea.
The ASJ scam is a lesson learned in never having one’s guard down no matter how convincing the data presented to them. More so than ever, investors should double down on fact-checking and data verification. The very idea that ASJ’s half-attempt at faking a website still came to fly under the radar of so many investors is a testament to trader carelessness and negligence.
ZFX, a regulated broker, shares tips on how to spot and avoid forex scams on their website. Check it out here (5 Common Forex Scams & How to Avoid Them – ZFX) on the ZFX Academy section. For more on learning how to trade, on upskilling and how to enhance your investment decisions, the ZFX Academy shares a library of information on the topic.
FAQs
- Is the ASJ broker a scam?
In May of 2022 BrokersView had already exposed the financial indiscretions and dealings of ASJ, calling it a scam. - What is ASJ forex global?
ASJ Forex Global is a forex broker providing the best of trading services and solutions, thanks to their advanced technology. As a trading platform, ASJ Global allows trading in multiple financial markets and offers a number of tools, as well as support, for minimising risks and maximising returns. - Did JP Morgan invest in ASJ?
JP Morgan Chase released a statement on their Twitter account denying having invested in a strategic partnership with ASJ.
