LonghornFX ReviewCategory: Reviews | Author: Trading Brokers | Date: November 17, 2022
LonghornFX is an online trading broker with a reasonable choice of over 150 tradeable CFD instruments across multiple asset classes including Forex, Stocks, Indices, Commodities and Cryptocurrencies. The broker offers you competitive trading conditions including tight spreads, low commissions and rapid trade execution speeds. This makes them suitable for all trading strategies, from scalping to swing trading and long-term investing. Trading is provided via the intuitive MetaTrader 4 platforms for web, desktop and mobile. They are one of a few brokers who offer 24/7 customer service and allow you to fund your account using cryptocurrency.
Pros & Cons
- Over 150 tradable assets
- Easy to use MT4 platforms
- Tight spreads and low commissions
- ECN pricing and STP execution
- All traders welcome
- Minimum $10 deposit
- Rapid crypto funding
- Free demo accounts
- Educational trading guides
- 24/7 customer support
- Unregulated brokerage firm
- No additional trading tools
- No FIX API for DMA
- No managed accounts
- No e-wallet payments
- No MetaTrader 5 platforms
LonghornFX is an ECN broker that provides you with over 150 tradable assets including cryptocurrency, stocks and forex trading to all of you from across the globe. The broker was founded in 2020, is located in St. Vincent and the Grenadines, and offers flexible leverage of up to 1:500 and 24/7 support. The broker aims to give you a superior trading experience no matter your level of experience. I like how the broker’s services are based on transparency, innovation and efficiency, in order to help ensure an unparalleled trading experience for all.
As LonghornFX operates as a true ECN broker, they are able to provide you with rapid and direct access to some of the world’s most liquid markets via Straight Through Processing (STP). I like how they have institutional grade liquidity from global institutions to enable them to deliver competitive spreads and commissions. Generally speaking, the more liquidity that a broker has, the better prices you can get your trades executed at. This is because they pool together prices from all liquidity providers and match you up with the best prices available to execute your positions.
LonghornFX is not currently regulated. The fact the broker is not regulated does mean that there are no 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. If you would prefer to trade with a regulated broker, then AvaTrade can be an alternative option to consider. They are regulated in various different countries.
The broker 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 you to verify your accounts using ‘Know Your Customer’ procedures. You are mandated to upload a ‘proof of identity’ and a ‘proof of address’ in order to verify your identity. The broker also aims to give you peace of mind, protecting your funds by securing them offline in a cold storage system.
They accept clients from most countries although their services are not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation. If your country is not accepted, I recommend checking out our broker comparison tool for alternatives.
LonghornFX provides real and demo trading accounts for you to trade online through the popular MetaTrader 4 (MT4) platforms available on PC, iOS & Android. I like the MT4 platform as it is user-friendly and has a plethora of built-in trading tools for conducting detailed market analysis across multiple timeframes. I find it simple to use for chart analysis, placing and managing trades. The automated trading capabilities are my favourite feature as I like to run trading robots that automate my strategies. I think this platform should be able to meet the needs of most traders, with plenty of additional tools available if you want to further enhance its functionality.
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 of you who need to access your accounts and trade whilst on the go from anywhere in the world, provided you have an internet connection. I am always checking the app to see how my traders have been performing. However, the desktop version is required to run automated systems.
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
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. However, if you’d like a better variety of trading tools, you could check out BlackBull Markets. They have a great selection of additional tools. That being said, I think the majority of you will find the MT4 tools to be more than adequate. You can even program your own tools in the MQL language using the platforms coding interface or hire a freelancer to do it for you.
LonghornFX has a limited selection of educational articles on their website including trading guides covering subjects such as leverage, spreads, trading platforms, cryptocurrency and more. I like these articles as they can be useful to help beginner traders increase their knowledge about how to trade online. However, I would’ve liked to see them offer a better variety of educational resources like other top brokers such as CM Trading. This broker has not updated the educational content and market analysis on a frequent basis.
LonghornFX offers contract for difference (CFD) trading on multiple markets with a reasonable selection of over 150 tradable assets to choose from. I find their tradable asset offering to be quite low when compared to some other brokers like IG who have an impressive range of more than 17,000 in comparison. That being said, there is more than enough to diversify your portfolio. You will find everything from major currency pairs to popular cryptos and stocks of major companies.
- 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 you 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.
I like how LonghornFX keeps things simple with only one live trading account. However, if you’d like access to a better variety of account types, I recommend checking out PU Prime. The spreads and commissions are competitive. The standard account gives you access to the MT4 platform, all assets the broker offers along with 1:500 leverage. It is good that the minimum deposit required to open a trading account is only $10. This means that you can get a feel for trading in a real environment without needing a large investment. You will find that some brokers require a minimum deposit of at least $200, sometimes even more if you want access to better trading conditions.
The broker also provides demo accounts. I like demo accounts as they 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 broker’s services to see if they meet your own needs. I would always test a broker on a demo to begin with just to make sure that the conditions are suitable for my trading strategies.
There is a short online application form on the brokers 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 which may be a lot more convenient.
You will need to provide some proof of identification along with proof of address, in order to verify your trading account. I like this procedure as it helps to eliminate any fraudulent behaviour. These documents can be a passport, driver’s license, utility bill and bank statement, no more than 3 months old. This is pretty much a standard part of any brokers KYC procedures.
Once a member of the LonghornFX accounts team has verified your account, you will be able to fund it and commence trading online when you feel ready to do so. You can also experiment with the demo account option whilst you are waiting for your account to be verified.
If you need any technical or general support, a member of the LonghornFX professional customer service team is 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.
The broker states 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 gives you rapid access to your funds with same-day withdrawals. The primary deposit method is Bitcoin. You 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.
I would’ve also liked to see them offer e-wallets as a method of payment. For a better variety of account funding options, I recommend checking out FXTM.
|This Broker||AvaTrade||IG||IC Markets|
|Regulated||ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA||ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA||ASIC, CySEC, FSA, SCB|
|Commission||From $0||From $0||From $0|
|Instruments||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Bonds|
|Platforms||MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade||MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API||MetaTrader 4, MetaTrader 5, cTrader|
|Funding||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets|
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. I like how the broker also has some educational materials, 24/7 customer support and crypto funding facilities.
Despite the many positive aspects of the broker, they do have limited educational resources and don’t provide any third-party analysis tools such as Autochartist & Trading Central. You can get these both from other brokers including Forex.com. For those of you who already have some experience and just want to use a basic trading strategy, this shouldn’t be a deal breaker. I think they could benefit by updating the market analysis on a more regular basis and adding some digital wallet payment options.
I would also like to see them add regulation as this is a requirement for many traders. However, this does mean that you can get access to certain products and services that a regulated brokerage firm cannot. If you are looking for easy market access to trade a variety of assets including forex, stocks and cryptos, with high leverage, they are certainly worth consideration.
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