Company Overview
LonghornFX is an online Forex and CFD broker that offers a range of trading services to retail traders globally. Established relatively recently, LonghornFX aims to provide competitive trading conditions, including tight spreads, low commissions, and access to a variety of trading instruments. The broker is particularly known for catering to traders who prefer a straightforward, no-frills approach to trading. It offers the ability to trade Forex, cryptocurrencies, commodities, and indices through popular trading platforms, with a focus on offering fast execution speeds and low-cost trading options.
LonghornFX operates globally but does not have any major regulatory bodies overseeing its operations, which might be a concern for some traders. However, the broker seeks to fill a niche for clients who prioritize low-cost trading over regulatory oversight, which is especially attractive to high-frequency traders and scalpers.
Pros and Cons
Pros
- Diverse selection of market instruments
- User-friendly trading platform
- Fast trade execution
- Multiple account types and deposit/withdrawal methods
Cons
- Lack of valid regulation
- Higher risks and reduced investor protection
- Credibility and transparency concerns
Security
While LonghornFX does not currently hold a license from a major regulatory body, it follows industry-standard security practices to protect client data and transactions. This includes encryption protocols for safe transfers and segregated client accounts to ensure that client funds are kept separate from the company's operational funds. However, the lack of regulatory oversight may be a deterrent for some traders who prioritize safety and compliance.
Tradable Instruments
LonghornFX offers a wide selection of tradable instruments, including:
- Forex: A wide range of currency pairs, including major, minor, and exotic pairs.
- Commodities: Traders can access a variety of commodities, such as gold, silver, oil, and agricultural products.
- Cryptocurrencies: LonghornFX offers access to several popular cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
- Indices: CFDs on major stock indices such as the S&P 500, NASDAQ, and others.
- Other CFDs: The broker also offers CFDs on a select range of stocks, ETFs, and futures.
Account Types
Standard
| Minimum deposit | 0 |
|---|---|
| Commission | 0.2 |
| Available tools | 0 |
| Leverage, min | 1:1 |
| Leverage, max | 1:500 |
| Margin call level | 100 |
| Stop-out level | 70 |
Fees and Commissions
- Standard Account: No commission; spreads start from 1.0 pip.
- Raw Spread Account: Spreads start from 0.0 pips with a commission of $3 per side per standard lot.
- ECN Account: A low-cost account type with direct market access and the tightest spreads.
- Swap Rates: As with most brokers, LonghornFX applies swap rates (overnight financing charges) on positions held overnight. These rates vary based on the instrument and the direction of the trade.
Trading Platforms
| Available tools | Forex, cruptocurrencies, indices, commodities, stocks |
|---|---|
| Cryptocurrencies | BTC, ETH, LTC, XRP, BTC Cash, ADA, MATIC, XLM, EOS, NEO, ZEC, XMR, DOGE, LINK, UNI, AAVE, COMP, DOT, SHIB, SOL, BNB, MANA, Qtum, TRX, OMG |
| CFD | Cryptocurrency: 11 |
LonghornFX provides traders with access to the widely popular MetaTrader 4 (MT4) platform, which is known for its advanced charting tools, automated trading (through Expert Advisors), and a user-friendly interface. MT4 supports multiple order types, and with the platform's extensive range of indicators and tools, traders can implement various trading strategies.
Customer Support
LonghornFX offers customer support to assist traders with any inquiries or issues:
- Live Chat: Available 24/5 to offer quick support and troubleshooting.
- Email Support: Email support is available for more detailed inquiries or account issues.
- Phone Support: Phone support is available for urgent issues, though availability may vary by region.
- Help Center: A comprehensive FAQ section and educational resources are available to assist traders in navigating the platform.
Account Opening
Opening an account with LonghornFX is straightforward:
- Registration: Fill out the online registration form, providing basic personal information and proof of identity for verification.
- Verification: Upload documents for KYC (Know Your Customer) verification, such as a passport or utility bill, to comply with anti-money laundering (AML) requirements.
- Deposit Funds: Fund your account via a variety of payment methods such as bank transfers or credit/debit cards.
- Start Trading: After account verification and funding, download the MetaTrader 4 platform, log in with your credentials, and start trading.
Deposits and Withdrawals
LonghornFX offers a variety of methods for making deposits and withdrawals:
- Deposit Methods: Bank transfers, credit/debit cards, and e-wallets like Skrill and Neteller.
- Withdrawal Methods: Similar to deposit methods, withdrawals are processed through the same payment channels.
- Deposit Fees: Most deposits are free of charge, though certain payment processors may impose fees.
- Withdrawal Fees: Withdrawals are generally free, but some payment methods may carry small charges.
- Processing Times: Deposits are typically processed instantly, while withdrawals may take 1-3 business days, depending on the method used.
- Minimum Deposit: The minimum deposit for a standard account is $100, with some accounts requiring higher minimum deposits.
FAQ
Is LonghornFX a regulated broker?
No, LonghornFX is not currently regulated by any major financial authority such as the FCA or ASIC.
What platforms does LonghornFX offer?
LonghornFX offers the MetaTrader 4 (MT4) platform, which is available for desktop, web, and mobile devices.
What is the minimum deposit required to open an account?
The minimum deposit required for a standard account is $100, while other account types may require a higher minimum.
What leverage does LonghornFX offer?
LonghornFX offers leverage up to 1:500, which allows traders to control larger positions with a smaller initial investment. However, higher leverage also increases risk.