LonghornFX is an online trading broker with over 150 tradeable CFD instruments across multiple asset classes including Forex, Stocks, Indices, Commodities and Cryptocurrencies. The broker offers competitive trading conditions for traders around the globe including tight spreads, low commissions and rapid trade execution speeds. Trading is provided via the intuitive MT4 platform whilst they offer 24/7 customer support and crypto funding.
LonghornFX Review, Pros & Cons
- Over 150 tradable assets
- All traders welcome
- Minimum $10 deposit
- Rapid crypto funding
- Free demo accounts
- Award-Winning MT4 platform available as desktop, webtrader & mobile app
- 24/7 customer support
- Educational trading guides
- No additional trading tools
- No FIX API for DMA
In this detailed LonghornFX review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
LonghornFX is a true ECN STP broker that provides over 150 tradable assets including cryptocurrency, stocks and forex trading to clients from across the globe. The broker was founded in 2020, is located in St. Vincent and the Grenadines, offers flexible leverage of up to 1:500 and 24/7 support.
LonghornFX aim to deliver a superior trading experience to traders no matter their level of experience. The brokers services are based on transparency, innovation and efficiency, in order to help ensure an unparalleled trading experience for all.
As LonghornFX operate as a true ECN broker, they are able to provide clients with rapid and direct access to some of the world’s most liquid markets via Straight Through Processing (STP). They have institutional grade liquidity from global institutions to enable them to deliver competitive spreads and commissions.
LonghornFX is not currently regulated. The fact the broker is not regulated does mean that there are not certain limitations such as higher deposits for average leverage, restrictions on trading styles such as scalping as well as higher commissions to cover legislation costs.
LonghornFX seeks to detect and prevent money laundering and terrorism financing activities in order to protect the Company’s reputation, comply with law and requirements and fulfil its duties as a responsible corporate body. The Company state that it ensures that the AML and CTF procedures are carried out in a way that complements business priorities.
LonghornFX requires all registered clients to verify their accounts using ‘Know Your Customer’ procedures. Clients are mandated to upload a ‘proof of identity’ and a ‘proof of address’.
The broker also aims to give clients peace of mind, protecting their funds by securing them offline in a cold storage system.
LonghornFX accept clients from most countries although their brokerage services are not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
Some LonghornFX broker features and products mentioned within this LonghornFX review may not be available to traders from specific countries due to legal restrictions.
LonghornFX provide real and demo trading accounts to trade online through the popular MetaTrader 4 (MT4) platforms available on PC, iOS & Android. MT4 is known for being user-friendly and having a plethora of built-in trading tools for conducting detailed market analysis across multiple timeframes.
The desktop version of MT4 has the most functionality whereas the web trader version can run directly in most modern web browsers without needing to download or install any additional software. The MT4 trading apps can be useful for those traders who need to access their account and trade whilst on the go from anywhere in the world, provided they have an internet connection.
Some of the key MT4 trading platform features include:
- Real time bid/ask price quotes in the market watch window
- 50+ technical indicators & graphical objects for market analysis
- Support for multiple timeframes, chart types & order types
- Automated trading via expert advisors (EAs)
- Strategy tester to back test EAs over historical data
- MetaEditor to create customised indicators, scripts & EAs
- Large online community to share trading tools & ideas with other traders
LonghornFX Trading Tools
The broker does not currently have any standalone trading tools but the vast array that are already included within the MT4 platform should be sufficient enough to meet the needs of most retail traders. You can also add tools to the MT4 platform with thousands available from various online trading websites.
LonghornFX have a selection of educational articles on their website including trading guides covering subjects such as leverage, spreads, trading platforms, cryptocurrency and more. These can be useful to help beginner traders increase their knowledge about how to trade online.
LonghornFX offer contract for difference (CFD) trading on multiple markets with over 150 tradable assets including:
- 35 + Crypto Pairs
- 55 + Forex Currency Pairs (including major, minor & exotic FX crosses)
- 64 + Stocks
- 11 + Indices
- Commodities such as Oil and Metals
CFDs allow traders to speculate on the difference in prices of trading instruments without needing to physically own the underlying asset. The broker offers leverage of up to 1:500. Whilst this does mean that potential profits can be increased due to the larger position size that the trader can take, it also means that the risk is also increased. Thus, it is imperative to have a clear understanding of leverage and how it works before trading online.
LonghornFX Accounts & Fees
LonghornFX keep things simple with one live trading account. The spreads and commissions are competitive. The account gets access to the MT4 platform, all assets the broker offers along with 1:500 leverage. The minimum deposits required to open a trading account is $10.
LonghornFX also provide demo accounts which enable you to practice your trading strategies and learn how to use the MT4 trading platforms with virtual funds. This can be a good way to help familiarise yourself with the brokers services.
As broker fees can vary and change, there may be additional fees that are not listed in this LonghornFX review. It is imperative to ensure that you check and understand all of the latest information before you open a LonghornFX broker account for online trading.
If you need any technical or general support, a member of the LonghornFX professional customer service team are available to assist you 24/7 through Live Chat or via email. You can even request a call back to discuss your query at a time that is most convenient for you.
LonghornFX state that they take the role of customer support extremely seriously and pride themselves on ensuring that each and every individual who trades with the broker receives the same high level of customer care.
There is a Frequently Asked Questions (FAQ) section that covers some of the more commonly asked questions if you are looking for an instant answer to a specific question.
LonghornFX Deposit & Withdrawal
LonghornFX gives you rapid access to your funds with same-day withdrawals. The primary deposit method is Bitcoin. Traders can also deposit via Credit/Debit card from a third-party payment provider. When selecting ‘Credit/Debit Card’, you will be redirected to a site where you can purchase Bitcoin instantly.
Your Bitcoin withdrawal request will be processed on the same day of submission. Once approved, withdrawals are dependent on the speed of the blockchain and require at least 6 confirmations before landing in your wallet. Traders should typically allow 1 hour per confirmation but withdrawals usually arrive much sooner than 6 hours.
The minimum BTC deposit is $10 and credit/debit card minimums are $50. There is no maximum deposit via BTC although the credit/debit card maximums will depend on your monthly card limit and any due diligence checks. The minimum BTC withdrawal is also $10 with no maximum.
BTC deposits and withdrawals carry a fee of 0.0005BTC. This is charged by the network and not LonghornFX. The fee equates to around $5 and is fixed whether the transaction is $10 or $10,000.
LonghornFX Account Opening
There is a short online application form on the LonghornFX website that asks for some basic personal information in order to start the account opening process. You can also sign-up using your Google or Facebook account.
You will need to provide some proof of identification along with proof of address, in order to verify your trading account. These documents can be a passport, drivers licenses, utility bill and bank statement, no more than 3 months old.
Once a member of the LonghornFX accounts team have verified your account, you will be able to fund it and commence trading online, when you feel ready to do so.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the brokers terms, conditions and policies. Only proceed if you fully understand and agree to them.
Overall, LonghornFX has a decent selection of trading instruments available to trade online with competitive spreads, commissions and execution speeds. They provide the user-friendly yet powerful MT4 platform for flexible trading across multiple devices. The broker also has some educational materials, 24/7 customer support and crypto funding facilities. They could perhaps consider adding regulation as this is a requirement to some traders.
Contracts for difference (‘CFDs’) is a complex financial product, with speculative character, the trading of which involves significant risks of loss of capital. Trading CFDs, which is a marginal product, may result in the loss of your entire balance. Remember that leverage in CFDs can work both to your advantage and disadvantage. CFDs traders do not own, or have any rights to, the underlying assets. Trading CFDs is not appropriate for all investors. Past performance does not constitute a reliable indicator of future results. Future forecasts do not constitute a reliable indicator of future performance. Before deciding to trade, you should carefully consider your investment objectives, level of experience and risk tolerance. You should not deposit more than you are prepared to lose. Please ensure you fully understand the risk associated with the product envisaged and seek independent advice, if necessary.