In this LonghornFX review, the broker is seen as a relatively new online broker, that specializes in forex and CFD trading.
Registered in Saint Vincent and the Grenadines, it offers a wide range of tradable assets, including currency pairs, cryptocurrencies, commodities, and stocks.
However, LonghornFX’s offshore registration means it isn’t regulated by top financial authorities, which may raise safety concerns for some traders.
Read on to get an in-depth look at LonghornFX’s history, features, pros, cons, customer review, and other critical details.
History of LonghornFX
LonghornFX was launched in 2020 to cater to forex and CFD traders worldwide, using the MetaTrader 4 (MT4) platform.
Despite its relatively recent start, it quickly grew in popularity, especially among traders who value its ECN trading accounts and competitive spreads.
As an offshore broker, LonghornFX is registered in Saint Vincent and the Grenadines, a jurisdiction known for less stringent regulations than major financial hubs.
Features of LonghornFX Broker
LonghornFX is an online trading platform that offers a range of features designed to meet the needs of both novice and experienced traders.
Some of its standout features include:
1. Platform
LonghornFX uses MT4, one of the most widely used trading platforms.
MT4 is customizable and packed with tools like technical indicators and automated trading options, appealing to both beginners and advanced traders.
2. Tradable Assets
The broker provides access to over 150 assets, including major, minor, and forex pairs, as well as cryptocurrencies like Bitcoin, Ethereum, and Litecoin.
Traders can also trade commodities (such as gold and oil) and a range of global stocks.
3. Low Minimum Deposit
With a minimum deposit of just $10, LonghornFX is accessible to new and low-budget traders.
4. Leverage
LonghornFX offers high-leverage options, up to 1:500 for forex and 1:100 for cryptocurrency trades, giving traders the chance to increase their potential profits.
5. Account Types
It offers ECN (Electronic Communication Network) accounts that connect traders directly to liquidity providers, potentially offering tighter spreads than traditional accounts.
6. Deposits and Withdrawals
Traders can deposit or withdraw using various methods, including cryptocurrencies and debit/credit cards.
Processing times are typically swift, though transaction fees may apply depending on the payment method.
7. Customer Support
The broker provides 24/7 customer support through live chat, email, and phone, though the response times and quality can vary according to user reports.
Pros of LonghornFX
1. Wide Range of Assets, including forex, cryptocurrencies, commodities, and stocks, suitable for diverse trading interests.
2. MT4’s tools and interface cater to both novice and experienced traders.
3. Offers leverage up to 1:500, enabling the potential for higher returns.
4. A $10 minimum deposit opens the platform to budget-conscious traders.
5. Offers round-the-clock support options, which is beneficial for international traders.
Cons of LonghornFX
1. As it’s based in Saint Vincent and the Grenadines, it lacks regulatory oversight from stricter authorities, raising safety and investor protection concerns.
2. They have a limited selection of educational materials, which may not be helpful for beginners.
3. Some users report issues with customer support response times and transaction fees.
Customer LonghornFX review
Positive review
Many users praise LonghornFX for its wide variety of assets, flexible leverage options, and the flexibility of MT4.
They enjoy low deposit requirements and the ability to trade in high leverage, which is particularly attractive to risk-tolerant traders.
One user said
“Good broker, I use it for forex and crypto and think they are great for both.
I use BTC to deposit so I can make use of the quicker withdrawals (always the same day, even on weekends) and their minimum deposit is only $10 which I found good when trialing them at the beginning.
They have all the crypto you could want and the recent addition of DOGE stops me from needing to look elsewhere.
If they keep on the way they are I will never need to worry about another broker.”
Negative review
However, concerns often arise due to LonghornFX’s offshore location and unregulated status, making some users wary about security.
Other user review,
“You will never be able to withdraw your money no matter how many times you try. They will keep creating issues for you. They are just blindly taking money from people.”
How to Get Started with LonghornFX
1. Sign Up
Visit the LonghornFX website and click “Sign Up” to create an account. Enter your personal information and verify your email.
2. Verification
Complete the verification process by submitting any required identification documents.
3. Deposit Funds
Choose a deposit method (credit/debit card, cryptocurrency) and add funds to your account. LonghornFX has a low minimum deposit of $10, making it easy to start.
4. Download MT4
Download the MT4 platform for desktop or mobile to access trading tools and place your trades.
5. Start Trading
Choose from forex pairs, cryptocurrencies, commodities, or stocks. Use the analysis tools available on MT4 to make informed decisions.
FAQs
1. Is LonghornFX Safe to Use?
LonghornFX operates offshore, so it’s not regulated by major financial authorities. This can raise some security concerns, so it’s essential to trade with caution and use it alongside other regulated brokers if possible.
2. What Assets Can I Trade on LonghornFX?
You can trade forex pairs, cryptocurrencies, commodities, and a selection of global stocks, giving you plenty of options, as earlier stated in this LonghornFX Review.
3. How Much is the Minimum Deposit?
The minimum deposit is $10, making LonghornFX accessible for new or budget-conscious traders.
4. Does LonghornFX Provide Educational Resources?
LonghornFX offers limited educational content. It does have a basic FAQ section and occasional webinars but lacks in-depth guides and training materials for beginner traders.
Conclusion
LonghornFX broker offers a range of trading opportunities on its MT4 platform with high-leverage options, diverse assets, and a low minimum review deposit.
While these features make it accessible and attractive to many traders, its offshore registration and limited educational resources may present challenges, especially for beginner traders.
It’s a good fit for experienced traders seeking flexibility but may not be ideal for those who prioritize strict regulatory oversight.
Anyone interested in using LonghornFX broker should weigh the review and pros\cons carefully and consider diversifying their trading portfolio with regulated brokers for a more balanced approach.