LonghornFX Review: A Comprehensive Look at Trading Opportunities

LonghornFX is a versatile ECN broker offering a wide range of trading options on the renowned MetaTrader 4 platform. With features such as high leverage up to 1:500, an unlimited demo account, and the convenience of Bitcoin deposits and withdrawals, this review delves into the broker's regulatory status, login security, minimum deposit requirements, withdrawal procedures, and more. Additionally, we evaluate the advantages and disadvantages of choosing LonghornFX as your trading partner.

Company Overview

Established in 2020, LonghornFX is headquartered in Saint Vincent and the Grenadines. As a true ECN broker, it provides traders with Direct Market Access (DMA) through Straight Through Processing (STP). Clients benefit from competitive spreads, low commissions, and minimal swap fees. LonghornFX offers a diverse portfolio of 150+ assets, including stocks, indices, cryptocurrencies, commodities, and forex pairs. Accessibility is a priority, with 24/7 customer support and a welcoming $0 minimum deposit requirement.

It's important to note that LonghornFX operates without regulation from a trusted financial authority.

Trading Platform

LonghornFX relies on the MetaTrader 4 (MT4) platform for trading. MT4 is accessible via desktop software, major web browsers, and compatible mobile apps for Apple and Android devices. This award-winning platform is renowned for its technical analysis tools, extensive trading features, and robust charting software. Its capabilities include VPS hosting, nine timeframes, one-click trading, multiple order execution types, 30 built-in technical indicators, permission for hedging and scalping, customizable charts, four pending order types, trailing stops, and direct access to Expert Advisors or algorithm creation.

Spreads & Fees

LonghornFX offers competitive floating spreads, sourced from institutional-grade liquidity providers. During our assessment, we encountered spreads as tight as 0.6 pips for the EUR/USD currency pair and 0.8 pips for US Oil CFDs. The broker charges a $6 commission per lot traded. Notably, there are no fees for opening a LonghornFX account or for account inactivity.

Leverage

LonghornFX can offer significant margin trading opportunities due to its lack of regulatory oversight. Maximum leverage varies by instrument, ranging from 1:20 for stocks to an impressive 1:500 for forex and metals, 1:200 for energies and indices, and 1:100 for cryptocurrencies. Margin calls occur at 100%, with a stop-out level at 70%.

Mobile App

While LonghornFX does not offer a proprietary mobile app, traders can utilize the MT4 terminal on their mobile and tablet devices. The MT4 app is available for free download on iOS and Android platforms. This enables users to manage their accounts, open and close positions, customize charts, set price movement alerts, and access financial market news on the go.

Payment Methods

Deposits: Traders can deposit funds into their accounts via Bitcoin, Bitcoin via Instacoins, bank wire transfers, and credit/debit cards. LonghornFX imposes no minimum deposit requirement to open a live account; however, a recommended minimum of $10 is advised. Certain payment methods, such as BTC and credit/debit cards, have their minimum deposit amounts ($10 for BTC and $50 for cards). The broker does not charge deposit or withdrawal fees, but third-party fees like blockchain network charges may apply. Processing times vary by method.

Withdrawals: Withdrawals are exclusively facilitated through Bitcoin, with a minimum withdrawal amount of $10. A 0.0005 BTC fee per transaction is applied by the blockchain network. LonghornFX promptly processes all withdrawal requests, with processing times dependent on blockchain confirmation speeds, typically taking around one hour.

Demo Account

LonghornFX offers a complimentary demo account service, allowing traders to practice their skills, explore platform features, and refine their strategies without financial risk. Retail traders can utilize the demo service with flexible leverage and unlimited virtual funds.

Deals & Promotions

LonghornFX does not offer any bonuses or financial incentives. Similarly, we did not encounter referral schemes, monetary rewards, or trading contests during our experience with LonghornFX. Instead, the broker focuses on providing competitive trading conditions with tight spreads and flexible leverage.

Regulation & Licensing

LonghornFX operates under the company name Longhorn LLC, registered in St Vincent and the Grenadines. However, it's essential to note that LonghornFX lacks regulation by a top-tier financial authority. Unregulated broker-dealers may not provide the same level of protection and security as regulated counterparts, such as those licensed by the US Securities and Exchange Commission (SEC) or the UK Financial Conduct Authority (FCA). Nonetheless, LonghornFX adheres to Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) protocols.

Additional Features

In addition to its trading services, LonghornFX offers some basic educational resources and trader guides. These resources include price trend technical analysis and educational articles. It's worth mentioning that updates to these resources could enhance their relevance, as most of the content dates back to 2020. LonghornFX also provides integrated YouTube video content aimed at assisting new traders, covering topics like making deposits, signing up, and using the MetaTrader 4 mobile app.

Account Types

LonghornFX offers a single retail trading account, but it allows flexibility in terms of leverage and account denomination. Traders can deposit in USD, GBP, EUR, or BTC, with maximum trade sizes of up to 1000 lots and a minimum trade size of 0.01 lots. Additionally, LonghornFX provides swap-free Islamic accounts, which can be selected during the sign-up process.

Trading Hours

LonghornFX's trading servers operate on a GMT+3 time zone, synchronized with the MT4 platform. Trading hours vary by instrument. Stock markets typically operate from 9:30 AM to 4 PM local time, Monday through Friday. Cryptocurrency markets, on the other hand, are available 24 hours a day, 7 days a week.

Customer Service

LonghornFX offers round-the-clock customer support through email (help@longhornfx.com) and live chat. During our test of LonghornFX's live chat, we received a response within one minute. Additionally, traders can find answers to common queries in the broker's FAQ portal, which covers topics related to trading accounts, payments, MetaTrader 4, and the affiliate program. LonghornFX maintains a presence on social media platforms such as Twitter and Facebook.

Security & Safety

LonghornFX prioritizes the security of client funds through a cold storage system, segregating company funds from customer funds in a secure offline vault. The MetaTrader platform enhances security by encrypting all transactional data and concealing IP addresses during trades. RSA digital signatures further bolster security. For added protection, experts recommend enabling two-factor authentication (2FA), which generates a unique code on an authenticator app of your choice. In the event of a technical error or platform fault leading to a financial loss, LonghornFX may reimburse traders following an investigation.

Verdict

LonghornFX stands out as a multi-asset broker with a low minimum deposit, flexible leverage options, and direct market access. The MetaTrader 4 platform, combined with the availability of an unlimited demo account, positions the broker as suitable for both beginners and experienced traders. However, potential clients should exercise caution due to LonghornFX's lack of regulatory oversight, as it may not provide the same safety features and account protection as regulated brands.

Pros:

• True ECN broker
• MetaTrader 4 platform
• Diverse asset classes
• Flexible leverage up to 1:500
• 24/7 customer support
• Integrated user videos for guidance
• Unlimited virtual funds in demo account

Cons:

• Lack of regulation
• Absence of copy trading
• Single account type
• Limited withdrawal option to Bitcoin
• No bonuses or financial incentives

LonghornFX Broker Details

Disclaimer: - We at forexoverflow do not endorse neither refer anyone to trading broker websites. The information is for educational purpose and source of information is from the broker website.