LonghornFX Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $10
- Web Trader MT4
- MT4 Mobile app
- SVGFSA
- 2021
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $10
- Web Trader MT4
- MT4 Mobile app
- SVGFSA
- 2021
Our Evaluation of LonghornFX
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
LonghornFX is a moderate-risk broker with the TU Overall Score of 5.56 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by LonghornFX clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
LonghornFX allows you to start trading with small amounts and significantly increase your trading turnover by connecting leverage. Yet, clients can use different trading strategies and options for passive income.
Brief Look at LonghornFX
LonghornFX is an STP (Straight-Through Processing) and ECN broker (Electronic Communication Network) that provides access to the Forex and CFD markets to traders worldwide. Its clients can trade more than 180 financial instruments with leverage up to 1:500 and tight spreads. They can also earn by copying trades of experienced market participants in MetaTrader 4 (MT4). LonghornFX allows different trading styles, including scalping and hedging.
- The minimum deposit is $10;
- Unlimited number of accounts for one trader;
- Tight spreads from 0.1 pips;
- Leverage is up to 1:500;
- Trading in any version of MT4 is available;
- Partnership program with favorable conditions;
- Automated trading is allowed.
- No cent accounts;
- The broker is not licensed;
- Deposits and withdrawals are available exclusively in cryptocurrencies.
TU Expert Advice
Financial expert and analyst at Traders Union
LonghornFX strives to provide equally favorable trading conditions for both novice traders and professionals. This broker offers ECN accounts with low floating spreads, high leverage, and a wide range of financial instruments. LonghornFX does not provide bonuses, but its clients can earn additional income from the partnership program. Copy trading and expert advisors (EAs) are allowed.
The minimum deposit is $10. It can be deposited directly from a crypto wallet. Also, money can be credited from a card or bank account, but in that case, the payment is made through Instacoins, a third-party financial service provider that supports the purchase of Bitcoin. The minimum amount for Instacoins is $50. The blockchain network charges 0.0005 BTC for each transaction. Money is credited to the account within 6 hours upon confirmation of the transaction.
Leverage depends on the trading instrument. The maximum value for Forex and metals is 1:500; for CFDs on indices and energies, it is 1:200; for cryptocurrencies, it is 1:100; and for CFDs on stocks, it is 1:20.
- You seek brokers that offer high leverage of up to 1:400. This can potentially amplify profits, but caution is advised as it also magnifies losses.
- You appreciate multiple account types catering to both beginners and experienced traders. The availability of different account options with varying minimum deposit requirements allows flexibility based on your trading experience.
- Regulatory clarity is crucial for you. The broker claims regulation by the International Financial Markets Commission (IFMC), but this entity is not recognized or reputable as a regulatory body.
- You are cautious about negative reviews and warnings. Multiple reports from online reviews and financial watchdogs for this broker highlight issues with withdrawals, unresponsive customer support, and potential scam practices.
LonghornFX Summary
Your capital is at risk. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| 💻 Trading platform: | МТ4 Android, MT4 iOS, MT4 macOS, MT4 Windows, and MT4 WebTrader |
|---|---|
| 📊 Accounts: | Demo and MT4 ECN |
| 💰 Account currency: | USD, EUR, GBP, and BTC |
| 💵 Replenishment / Withdrawal: | Bitcoin (crypto wallet or via the Instacoins third-party platform) |
| 🚀 Minimum deposit: | $10 |
| ⚖️ Leverage: | Up to 1:500 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 |
| 💱 Spread: | From 0.1 pips |
| 🔧 Instruments: | Forex (Majors, Crosses, and Exotics), cryptocurrencies, stocks, indices, metals, energies, and futures |
| 💹 Margin Call / Stop Out: | 100%/70% |
| 🏛 Liquidity provider: | The broker’s own quote providers |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Market execution |
| ⭐ Trading features: | All accounts are subject to fees per lot |
| 🎁 Contests and bonuses: | No |
LonghornFX’s clients can use various trading strategies, such as hedging and scalping. Trading 180+ financial instruments is available. The minimum trade size is 0.01 lots, the maximum is 1,000 lots. Available order types are market orders, Fill or Kill (FOK), Good for Seconds (GFS), Good ‘Till Canceled (GTC), Good-Till-Date/Time (GTD), and Immediate or Cancel (IOC).
LonghornFX Key Parameters Evaluation
Share your experience
- Best
- Last
- Oldest
Trading Account Opening
Below are brief instructions for registering with LonghornFX and creating a user account on its website:
The form for creating a trading account is available on the main page of the broker’s website. Enter your first and last names, email address, date of birth, and gender. Also, come up with a password and enter it twice in the form.
After submitting the completed form, confirm your email address by clicking the confirmation link in the email. Now you can enter your user account. For authorization, use your email address and a previously generated password.
Services available in the LonghornFX’s user account:
Additional features of LonghornFX’s user account:
Downloading the trading platform or launching WebTrader;
Creating a partner user account;
Downloading the Affiliate Media Pack;
Opening a demo account;
Transferring money between active accounts;
Submitting a request for withdrawal of Bitcoins.
Regulation and safety
The LonghornFX brand is owned and operated by Longhorn LLC. It is registered in Saint Vincent and the Grenadines. Its financial sector is overseen by the Financial Services Authority of St. Vincent and the Grenadines (SVGFSA). LonghornFX operates without licenses, as SVGFSA does not issue those, but only registers Forex brokers in the general registry of companies.
Nevertheless, LonghornFX uses progressive methods to protect the funds and personal data of its clients. Traders’ cryptocurrencies are kept offline in cold storage, which is a completely offline wallet for storing BTC. Account security is handled by 2FA (Two-Factor Authentication).
Advantages
- To open an account, verification of trading experience is not mandatory
- Different methods of cryptocurrency payments are allowed
- Trading with high leverage is available
Disadvantages
- LonghornFX’s clients do not participate in any compensation funds
- Disputes with the broker are resolved without the involvement of third parties
- LonghornFX’s financial statements are not publicly available
Commissions and fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| MT4 ECN | $1 | Blockchain network fees are charged |
If a trader transfers a position to the next trading day, the company charges a swap fee. It is absent only on Islamic accounts. Comparison of fees of different brokers is an important step when choosing an intermediary for the financial market. The comparative table below shows the fees of LonghornFX, IC Markets, and Pocket Option.
| Broker | Average commission | Level |
|---|---|---|
|
$1 | |
|
$1.5 | |
|
$8.5 |
Account types
LonghornFX offers only one account type. At the same time, each trader can open any number of live accounts changing the leverage settings and the basic currency. For Muslim clients, swap-free or Islamic accounts are available. They are not subject to swaps, but to an administrative fee.
Account type:
The demo account can be opened in any version of the trading platform. There are no limits on the number of available accounts. LonghornFX offers the same trading conditions to all of its clients, regardless of their experience and the equity amount.
Deposit and Withdrawal
-
Withdrawal of funds from LonghornFX is available only in Bitcoin. Clients can choose either to transfer cryptocurrency to their wallets or withdraw profits to a card/bank account via Instacoins. The second method involves additional fees for converting BTC into fiat currency and a fee for services of the Instacoins platform;
-
The company processes withdrawal requests on the day of their submission. The time for crediting funds depends on the speed of the blockchain and takes up to 6 hours. The minimum number of confirmations is 6;
-
The minimum withdrawal amount is $10, and the maximum is unlimited;
-
LonghornFX does not charge withdrawal fees, but payments in Bitcoin are subject to a network fee. It is 0.0005 BTC, which means that the fee amount varies depending on the price of Bitcoin at the time of the transaction.
Investment Options
LonghornFX is not aimed at investment options, however, its clients can earn money not only on active trading but also on passive strategies. Moreover, you can earn additional income by inviting other traders to the company. LonghornFX pays partner bonuses for their trading.
Passive income with MetaTrader 4
After opening a live account on MT4, each trader can start automatic trading and use it to make a profit without making trades directly. There are two options available to all MetaTrader users:
Copy trading. Investors can choose one or several trading signals providers, pay for a subscription to the expert’s trading strategies, and earn on automatic duplication of their trades. Investors give part of their profits to traders whose orders they copy;
Trading programs. They are known as expert advisors or EAs. On the MQL4.community website, which is a platform for Forex traders who use MT4, you can choose free programs or buy an expert advisor for a specific strategy.
LonghornFX allows copy trading and connecting advisors, but traders must independently choose options that suit them. Automated trading is charged with the same fees as independent trading, that is, clients pay spreads, fees per lot, and swaps.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Partnership program from LonghornFX:
Partners of the company receive a $3 fee per lot traded by their referrals. There are no restrictions on the number of invited traders and no time limits during which partners can earn bonuses. Thus, the fee is charged the whole time while the invited referral is active.
Partner fees are paid to the MT4 trading account at the end of each month, but it can also be requested earlier through your manager. The minimum withdrawal amount is $10.
Customer support
LonghornFX’s support is available 24/7.
Advantages
- Live chat is available to all traders without exception
- Quick responses in live chat
Disadvantages
- The answers of operators are not informative
- It is impossible to contact representatives of a certain department
To contact the brokerage company, you can use:
-
live chat;
-
callback;
-
email.
Clients and non-registered users have access to the same communication channels.
Contacts
| Foundation date | 2021 |
|---|---|
| Registration address | Longhorn LLC, first floor, First St Vincent Bank Building, James Street, Kingstown, St. Vincent and the Grenadines |
| Regulation | SVGFSA |
| Official site | https://www.longhornfx.com/ |
| Contacts |
Education
Information that will help you start trading is available in the Resources section of the LonghornFX official website. Additional instructions for working with MT4 are available in the FAQs section.
The demo is an account that allows you to practice trading assets without depositing money. If the trade is losing, traders do not lose real money.
Comparison of LonghornFX with other Brokers
| LonghornFX | RoboForex | Pocket Option | Exness | FxPro | Deriv | |
| Trading platform |
MT4 Mobile app, Web Trader MT4 | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Pocket Option, MT5, MT4 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MobileTrading, MT5, cTrader, FxPro Edge | Deriv bot, Deriv MT5, Derivix, Deriv Trader, SmartTrader |
| Min deposit | $10 | $10 | $5 | $10 | $100 | $5 |
| Leverage |
From 1:1 to 1:500 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
From 1:1 to 1:1000 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No | 1.00% |
| Spread | From 0.1 points | From 0 points | From 1.2 point | From 1 point | From 0 points | From 0 points |
| Level of margin call / stop out |
100% / 70% | 60% / 40% | 30% / 50% | No / 60% | 25% / 20% | 100% / 50% |
| Execution of orders | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | Yes | No | No | No | No |
Detailed review of LonghornFX
LonghornFX is an ECN broker that uses STP technology to provide its clients with fast and direct access to the world's most liquid market. LonghornFX's services are based on efficiency, transparency, and innovation, and their quality does not depend on traders’ skill level or financial solvency. Thus, the trading conditions are equal for all clients. Cold wallets are used to store deposits, which ensures protection of traders’ funds from inappropriate use by third parties.
LonghornFX by the numbers:
-
183 trading instruments;
-
Support works 24/7;
-
Spreads are from 0.1 pips;
-
5 versions of MT4 are available.
LonghornFX is a brokerage company with a wide range of currencies and CFDs
Trading CFDs on currencies and other assets is available through the broker. Apart from the Majors, there are 21 FX Crosses and 27 exotic pairs. The list of trading instruments also includes 34 cryptocurrency pairs, including those with USD, metals (XAG, XAU, and XPT), plus UKOil and USOil energies. Trading 10 indices, such as Nasdaq-100, SPX500, UK100, and US30, as well as the most popular indices of France, Germany, Japan, Spain, and Australia, is available. Moreover, it is possible to trade 64 global stocks.
LonghornFX does not have its own trading platforms, so it provides the opportunity to trade in MetaTrader 4. It can be installed on a mobile device, PC, laptop, or you can use WebTrader. The MT4 version for macOS is also provided.
Useful services offered by LonghornFX:
-
Technical analysis. Every weekday forecasts for various assets, such as Forex, cryptocurrencies, and stock indices are published on the company's website. For currencies, the levels of Support and Resistance, price charts, and upcoming events that may affect the change in the value of the asset, are indicated;
-
Video tutorials. They are dedicated to registering on the LonghornFX website, making a deposit, and opening a trading account in the MT4 mobile or desktop versions. There is also a video tutorial on how to create a partner user account;
-
FAQs. They contain such important information as trading and partnership conditions, information on trades and payments, and the basics of making trades in MetaTrader 4.
Advantages:
Technical support is available 24/7;
Free Forex forecasts based on technical analysis;
Creating a user account takes no more than 10 minutes, and you can trade immediately after making a deposit;
The minimum withdrawal amount is $10;
It is possible to have more than one live or demo account.
Regardless of the deposit amount and the monthly trading turnover, a single standard of service and order execution is applied to all clients.
User Satisfaction