Review LONGHORNFX
https://www.longhornfx.com/ Headquarters in St. Vincent & the Grenadines Open Demo Account Open Live Account BEGIN item ContentsPros and ConsRegulationTrading PlatformsAvailable AssetsEducationSupportConclusion
Quick Look
LonghornFX is one of the more recent additions to the online FX and CFD trading space. Launched in 2020 the broker claims to have a mission to revitalize online forex trading, and so far, it has made a good start. With over 180 assets across six different asset classes traders of all types will find the variety needed to always have a market to trade. And as an ECN STP broker LonghornFX provides direct access and rapid execution to markets all around the globe.
Traders will appreciate the tight spreads and low commissions the broker offers. With a focus on transparency traders can feel confident they are receiving some of the most competitive spreads and quotes in the industry. Plus traders can take advantage of 1:500 leverage on forex trades and a market leading 1:100 leverage on cryptocurrency products, of which LonghornFX offers 35 different pairs.
Many forex traders will also be happy to see the Metatrader 4 platform as the platform of choice at LonghornFX. This platform has long been hailed as the best for analyzing and trading the forex markets. There is even a demo account available that anyone can sign-up for free and use to test out their strategies and the broker’s execution.
The broker is one of a new breed that works with the private and anonymous cryptocurrencies. Deposits and withdrawals are both made in Bitcoin, and the minimum deposit is just $10. Those who haven’t started using Bitcoin yet can use their debit or credit card and will be directed to Instacoins to purchase Bitcoin for deposit at LonghornFX. Deposits and withdrawals are processed immediately but do need a minimum of 6 confirmations on the blockchain, which can take roughly an hour.
LonghornFX Pros and Cons
Pros
$10 minimum depositFree demo accountsMetaTrader 4 is the desktop, mobile, and web platformGood educational resources
Cons
UnregulatedLimited commodities and futures available to tradeU.S. citizens and residents not accepted as clients.
Broker Regulation
Some traders will complain that LonghornFX is not regulated, but that isn’t unusual for a new broker. After all, LonghornFX only launched in July 2020. It’s not well known among traders but setting up regulation can actually be quite a time consuming process. That leaves the broker with the choice of delaying their launch significantly or launching and adding regulation later. LonghornFX chose the latter course of action. Of course, they still follow all the laws and regulations of St. Vincent and the Grenadines, where they are incorporated. They also follow relevant Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) rulings.
Funds are kept safe at LonghornFX by storing all client funds only in offline cold wallets. This keeps them safe from hackers. Users can increase their security when using the platform by setting up two-factor authentication.
Account types
LonghornFX is refreshing in the world of forex and CFD trading because they have just one account type. That’s it. No tiers and special privileges for larger deposits. One live account for everyone. Or one demo account to test the platform and trader’s strategies. At LonghornFX everyone gets to benefit from advanced trading tools, low spreads, and ECN STP execution. The minimum deposit to open an account is $10, although those using debit or credit cards will need to deposit $50 as the third-party who does the conversion to Bitcoin does not process transactions smaller than $50.
Trading Platforms
Just as there is only one account type at LonghornFX, there is also just one trading platform offered and that trading platform is Metatrader 4. As one of the most celebrated and awarded forex trading platforms, Metatrader 4 is an excellent choice to provide clients of LonghornFX with the most advanced trading tools and indicators. It comes in a desktop version, a web-based version, and a mobile version for both Android and iOS devices.
Metatrader4 comes with many indicators and features built-in, which makes up for the lack of any proprietary trading tools from the broker. Not only can users take advantage of the huge amount of built-in indicators and tools, but with a membership to the Metatrader community they can get access to thousands of other indicators, tools, and signals that have been created by the Metatrader community.
Metatrader 4 also has the powerful MQL5 scripting language, allowing anyone to create their own indicators and auto-trading robots without knowing how to program. It is possible to develop indicators, backtest their performance, and apply algorithmic trading that runs automatically.
Available Assets
The LonghornFX assets page lists 183 different assets that can be traded at the broker. The majority are currency pairs and cryptocurrencies, but there’s a decent selection of stocks as well as some indices and commodities. Here are more details:
Currency pairs: There are 7 major pairs, 21 minor pairs, and 27 exotic pairs to choose from.
Cryptocurrencies: Choose from 35 of the leading cryptocurrencies.
Indices: Those looking to profit from broad based equity moves can select from 11 different global indices.
Metals: The ever popular gold and silver are available, or traders can choose the more volatile platinum to trade.
Futures: Trade on U.S. dollar futures.
Commodities: Aside from the metals mentioned above, the other commodities available at LonghornFX are Brent (U.K.) crude and West Texas Intermediate (U.S.) crude
Stocks: There’s a long list of 64 of the top, well-known stocks available to trade, such as Apple, Netflix, Facebook, Amazon, and more.
Education and Research
Unfortunately education and research isn’t a strong point of LonghornFX. Aside from the FAQ page on the website, and a section that has some basic articles to explain basic concepts of trading, there’s little else in the way of educational material and no current research. It might be because LonghornFX is such a new broker, and there is hope that the team is working on the creation of a deeper offering of educational materials.
Customer Service
Customer service is not only necessary, but a good customer service team can make the experience with any business much better. At LonghornFX the customer support team is professional and knowledgeable, and unlike many other brokers this team works 24/7 rather than 24/5. You can reach them via online chat or email or reach out and request a callback and they will contact you directly on the telephone.
Webform: Callback Request
Email: help@longhornfx.com
In Conclusion
As a new broker in the FX and CFD space we found that LonghornFX has a good selection of assets to choose from, particularly currencies and cryptocurrencies. With ECN STP execution, competitive spreads and commissions, and high leverage they are a good choice for those looking to begin a trading journey.
The use of the powerful Metatrader 4 platform is a good choice, and we were pleasantly surprised to see that the broker accepts and pays out in Bitcoin. It would be good to see additional payment methods added however, since not everyone is using the digital currencies yet. It would also be good to see regulation added, since this makes some traders feel better about using a broker.
Overall, we liked the experience and feel of LonghornFX and would be comfortable trading with them. As the broker grows and gains more experience, we hope to see them begin to offer additional assets, while also improving their educational tools and research offerings.
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