LonghornFX foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://app.longhornfx.com/signup, about the company's legal and temporary regulatory information, the company's address First Floor, First St Vincent Bank Building, James Street, Kingstown, St. Vincent and the Grenadines.
LonghornFX is an online trading platform established in 2020, headquartered in Saint Vincent and the Grenadines. The broker operates under the company name Longhorn LLC, which is privately held. LonghornFX aims to provide a diverse range of financial services to retail and institutional clients, focusing primarily on forex and CFD trading. Since its inception, the broker has made significant strides, quickly gaining recognition for its competitive trading conditions and user-friendly platform.
LonghornFX caters to a global clientele, offering services to traders interested in various asset classes, including forex, cryptocurrencies, stocks, indices, and commodities. The broker's development has been marked by its commitment to transparency, efficiency, and innovation in trading. One of the key milestones for LonghornFX was being awarded the title of Best New Forex Broker in 2020, highlighting its rapid growth and positive reception in the trading community.
The business model of LonghornFX is centered on retail forex trading and contract for difference (CFD) services, employing an ECN (Electronic Communication Network) and STP (Straight Through Processing) approach. This model allows traders to access tight spreads and fast execution speeds, making it an appealing option for both novice and experienced traders.
LonghornFX is registered with the Financial Services Authority (FSA) of Saint Vincent and the Grenadines. However, it is important to note that this regulatory body does not issue licenses for forex brokers; instead, it only registers them in a general company registry. As a result, LonghornFX operates without a formal regulatory license, which may raise concerns regarding investor protection and fund safety.
The absence of regulatory oversight means that clients of LonghornFX do not participate in any investor compensation schemes, which could provide some level of security in case of broker insolvency. Furthermore, the lack of a robust regulatory framework increases the risk of potential fraudulent activities and market manipulation.
To comply with international standards, LonghornFX adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols. These measures are designed to prevent illicit activities and ensure that the company operates in a responsible manner. Clients are required to provide identification documents and proof of address during the account verification process.
LonghornFX offers a diverse range of trading products, including over 150 instruments across various asset classes. The broker provides access to more than 55 forex currency pairs, including major, minor, and exotic pairs. This extensive selection allows traders to capitalize on global currency fluctuations.
In addition to forex, LonghornFX offers CFD trading on various assets, including:
Despite its diverse offerings, LonghornFX has been critiqued for its limited selection compared to competitors, which may offer thousands of trading instruments. The broker does not frequently update its product list, and the addition of new instruments appears to be sporadic.
LonghornFX exclusively uses the MetaTrader 4 (MT4) platform for trading. This widely recognized platform is favored for its user-friendly interface and robust features, making it suitable for traders of all experience levels. MT4 is available for download on desktop computers and mobile devices (iOS and Android), as well as through a web-based version.
Key features of the MT4 platform include:
LonghornFX operates on a market execution model, ensuring that trades are executed at the best available prices from liquidity providers. The broker's technical infrastructure is designed to support high-speed trading and minimize slippage.
LonghornFX offers a single live trading account type, which is an ECN account. This account type is designed for direct trading with liquidity providers, ensuring competitive spreads and low commissions. Key trading conditions include:
Additionally, LonghornFX provides a demo account that mirrors live trading conditions, allowing users to practice their strategies without risking real funds. The broker also offers Islamic accounts that comply with Sharia law, which do not incur swap fees but charge an administrative fee instead.
LonghornFX supports a limited range of deposit and withdrawal methods, primarily focusing on cryptocurrency transactions. The broker allows deposits via:
Deposits are processed relatively quickly, though the exact timing may depend on blockchain traffic. LonghornFX does not charge any deposit fees, but standard blockchain fees apply for cryptocurrency transactions, typically around 0.0005 BTC.
Withdrawals are also processed primarily through Bitcoin, with a minimum withdrawal amount of $10. LonghornFX claims to process withdrawal requests on the same day they are submitted, but actual processing times may vary based on blockchain confirmation speeds.
LonghornFX offers 24/7 customer support through various channels, including:
While the broker provides support in English, the absence of multilingual support may pose challenges for non-English speaking clients.
In terms of educational resources, LonghornFX offers a limited selection of materials, including basic trading guides and video tutorials. However, the educational content is not frequently updated, which may not sufficiently support beginner traders seeking comprehensive training.
LonghornFX primarily serves a global market, accepting clients from various countries. However, it does not accept clients from the United States and several other jurisdictions due to regulatory restrictions. The broker's services are not directed at any specific region, and it operates under the laws of Saint Vincent and the Grenadines, where it is registered.
In conclusion, LonghornFX presents a compelling option for traders seeking a straightforward trading experience with high leverage and a diverse range of instruments. However, potential clients should carefully consider the broker's unregulated status and the associated risks before engaging in trading activities.
deardarling
Australia
I've been using LonghornFX and really like how easy it is to trade different things like stocks and crypto. The trading tools are great, and setting up was simple.
Positive
2024-06-04
45676
Australia
Quick deposits and trades were a breeze. The Bitcoin transfer was very fast, impressive even. However, an issue came up with testing strategies with a Bitcoin account. The results I got were incorrect due to some calculation problem. Now, they've said they're working on a fix, so we'll see. Who knew trading could be such a mixed bag?
37130
2024-04-19
News WikiFX report: LonghornFX review – 5 things you should know about longhornfx.com
LonghornFX is a broker with an odd name that doesn't exactly indicate that they provide financial services or products. The general impression of the website is positive; it appears to be properly designed, and it is easy to think that you are working with a reputable Forex broker. However, the nature of this entity places him much behind the competition. There are a few, but very important, qualities that should cause traders to exercise extreme caution before depositing funds with LonghornFX. For example, there is no phone number displayed, and you can't call them; instead, you must submit a callback request, which is a peculiar and unusual feature not found among legitimate Forex brokers.
News LonghornFX Review & Rating 2022
We base all of our broker assessments on publicly available data and in-depth research of the organization. Our top objective is to present an unbiased perspective on the broker that can assist traders in making informed trading decisions. As a result, we open an account with a broker and evaluate their service, and we occasionally consult their management team for correct company information. To provide you with a comprehensive overview, we used the same criterion for the LonghornFX broker review.
Fortenor
Australia
LonghornFX offers a good range of account types, including those suitable for beginners and experienced traders. Their spreads are competitive, and they provide a solid trading platform.
Positive
2024-07-17