General Information
LonghornFX is an ECN STP broker that engages in providing various financial products and enables its clients to have access to over 150 tradable assets, including Forex, Cryptocurrencies, Stocks, Indices and Commodities. One important consideration when using LonghornFX is the lack of valid regulation. The platform does not provide sufficient regulatory information, indicating that it operates without oversight from reputable financial regulatory authorities. This absence of regulation exposes users to higher risks, such as fraudulent activities, market manipulation, and insufficient investor protection. Traders should exercise caution and be aware of the potential risks associated with trading on an unregulated platform.
To open an account with LonghornFX, users need to sign up on the platform's website and go through the registration process. The platform offers different types of trading accounts, including demo accounts for practice and learning purposes, live accounts for trading with real funds, multiple trading accounts, and Islamic accounts for clients adhering to Islamic principles. LonghornFX also provides multiple deposit and withdrawal methods to facilitate the funding and withdrawal of funds from trading accounts.
Overall, LonghornFX offers a diverse range of market instruments and strives to provide a user-friendly trading experience. However, it is essential to note the platform's lack of valid regulation, which poses risks to traders. Traders should carefully consider these factors and exercise caution when using LonghornFX or any unregulated
Pros and Cons
LonghornFX offers a range of advantages for traders seeking a diverse trading experience. The platform provides access to a wide selection of market instruments, including forex, cryptocurrencies, indices, metals, futures, commodities, and stocks. This variety allows traders to explore different markets and potentially capitalize on market opportunities. Additionally, LonghornFX offers a user-friendly trading platform and fast trade execution, ensuring a smooth and efficient trading experience.
However, it's important to consider the downsides of using LonghornFX. The platform lacks valid regulation, which means it operates without oversight from reputable financial regulatory authorities. This absence of regulation exposes users to higher risks, including potential fraud, market manipulation, and inadequate investor protection. Traders should be cautious and carefully evaluate the risks associated with trading on an unregulated platform like LonghornFX.
Here's a table summarizing the pros and cons of LonghornFX:
Is LonghornFX Legit？
LonghornFX is a brokerage platform that lacks valid regulation. The regulatory information is not available, indicating that the platform operates without oversight from reputable financial regulatory authorities. It is important for users to exercise caution and be aware of the risks associated with trading on an unregulated platform.
The absence of regulation means that LonghornFX is not subject to the strict standards, guidelines, and monitoring enforced by regulatory bodies. Regulations are in place to protect the interests of investors, ensure fair and transparent trading practices, and provide mechanisms for dispute resolution. Without regulation, there is a higher risk of fraudulent activities, market manipulation, and insufficient investor protection.
Market Instruments
LonghornFX offers investors a range of financial instruments including forex currency pairs, cryptocurrencies, indices, metals, futures, commodities, stocks.
FOREX MARKET In the forex market, LonghornFX provides access to a comprehensive selection of major and minor currency pairs. Traders can engage in trading activities involving pairs such as AUDUSD, EURUSD, GBPUSD, NZDUSD, USDCAD, USDCHF, and USDJPY. Moreover, they also offer a variety of exotic currency pairs, allowing traders to explore more unique and less commonly traded combinations.
CRYPTOCURRENCY For cryptocurrency enthusiasts, LonghornFX offers a variety of digital assets for trading. This includes popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC), as well as emerging cryptocurrencies such as Solana (SOL), IOTA (IOT), and Tron (TRX). The platform allows traders to speculate on the price movements of these digital assets, providing opportunities for potential profits.
INDICES In addition to forex and cryptocurrencies, LonghornFX provides access to trading indices. Traders can engage in index trading on major indices like NASDAQ 100 (NAS100), S&P 500 (SPX500), Dow Jones (US30), and global indices such as UK 100 (UK100), Germany 30 (GER30), and Japan 225 (JPN225). This allows investors to take positions on the overall performance of specific markets.
METALS Metals trading is also available on the LonghornFX platform, enabling traders to invest in precious metals. Instruments like gold (XAUUSD, XAUEUR), silver (XAGUSD), platinum (XPTUSD), and other metals can be traded, allowing investors to diversify their portfolios and potentially benefit from price fluctuations in these markets.
FUTURES For those interested in futures trading, LonghornFX offers the opportunity to trade the DOLLAR futures contract. This allows traders to speculate on the value of the U.S. dollar against a basket of other major currencies.
COMMODITIES Commodities, such as oil (UKOil, USOil), are also available for trading on the platform. This provides investors with exposure to the energy market and the opportunity to profit from price movements in oil prices.
STOCKS Lastly, LonghornFX provides access to a wide range of stocks from various global markets. Traders can engage in stock trading activities involving well-known companies such as Apple Inc. (AAPL), Amazon.com Inc. (AMZN), Facebook Inc. (FB), Microsoft Corporation (MSFT), and many others. This allows investors to take positions on individual companies and benefit from their performance.
Account Types
LonghornFX offers different types of trading accounts to cater to the needs of various traders. Here are the details:
1. DEMO ACCOUNT: The Demo Account is designed for practice and learning purposes. It allows traders to develop and refine their trading strategies without using real funds. Demo accounts do not involve the use of customer funds, and all pricing and trading conditions mirror those of the Live Account. Traders can use the Demo Account to familiarize themselves with the platform and test different trading strategies before transitioning to live trading.
2. LIVE ACCOUNT: The Live Account is for trading with real funds. Traders can open a Live Account and start trading using their own funds. The trading conditions and pricing for Live Accounts are the same as for Demo Accounts. This account type allows traders to engage in real-time trading and execute actual trades in the financial markets.
MULTIPLE TRADING ACCOUNTS: LonghornFX allows traders to have multiple Demo and Live trading accounts. Traders can create as many accounts as they need, with different leverage settings and baseline currencies.
ISLAMIC ACCOUNTS: LonghornFX offers Islamic Accounts to accommodate clients of the Islamic faith who want to engage in trading while adhering to Islamic principles. Islamic accounts are designed to be compliant with Sharia law. These accounts do not incur swap fees, as they are considered interest payments, which is prohibited in Islamic finance. Instead, Islamic account holders are charged an administration fee. Traders can select the Islamic Account option during the account opening process to access this account type.
How to Open an Account？
To open an account with LonghornFX, you can follow these steps:
1. Sign Up: Visit the LonghornFX website and click on the “Sign Up” or “Register” button. You will be directed to the account registration page.
2. Fill out the Registration Form: Provide the required information in the registration form. This typically includes your name, email address, password, and country of residence. Make sure to read and agree to the terms and conditions before proceeding.
3. Verify Your Email: After submitting the registration form, LonghornFX will send a verification email to the email address you provided during registration. Open the email and click on the verification link to confirm your email address.
4. Deposit Funds: Once your email is verified, log in to your LonghornFX account. To start trading, you need to deposit funds into your account. LonghornFX provides various deposit methods, including credit/debit cards, Skrill, Neteller, ACH/SEPA/wire transfer, and Bitcoin. Choose your preferred deposit method and follow the instructions to complete the deposit process.
5. Create an MT4 Trading Account: After depositing funds, you can create an MT4 trading account. Here's how to do it:
- Go to the Dashboard or Trading Accounts section of your LonghornFX account.
- Look for the option to “Open a Trading Account” and click on it.
- Follow the prompts and provide the necessary information to create your MT4 trading account. This may include selecting the account type, base currency, leverage, and other relevant details.
- Review the terms and conditions associated with the trading account and agree to them if you are satisfied.
- Once you've completed the account creation process, your MT4 trading account will be set up and ready to use.
It's important to note that LonghornFX may require you to complete additional verification steps, such as providing identification documents, to comply with regulatory requirements and ensure the security of your account.
Leverage
LonghornFX offers different leverage levels for various trading instruments. The leverage determines the borrowing power provided by the broker to amplify your trading positions. Here are the leverage ratios for different asset classes on LonghornFX:
Forex: The maximum leverage for forex trading is 1:500. This means that for every dollar in your trading account, you can control up to $500 in trading volume.
Metals: The maximum leverage for trading precious metals such as gold and silver is also 1:500. This allows you to trade larger positions relative to your account balance.
Indices: When trading indices, the maximum leverage is 1:200. This leverage ratio enables you to have greater exposure to price movements in stock market indices.
Energy: For energy commodities like oil and natural gas, LonghornFX provides a maximum leverage of 1:200. This allows you to take larger positions in energy markets.
Crypto: Cryptocurrency trading on LonghornFX has a maximum leverage of 1:100. This applies to popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin.
Stocks: When trading individual stocks, the maximum leverage offered by LonghornFX is 1:20. This means you can control a position that is up to 20 times the size of your trading account.
It's important to note that leverage can amplify both profits and losses, so it should be used with caution. Higher leverage increases the potential return on investment, but it also increases the risk of significant losses. Traders should carefully consider their risk tolerance and use appropriate risk management strategies when utilizing leverage in their trading activities.
Spreads & Commissions
The spreads provided by LonghornFX benefit the traders by minimizing the difference between the bid and ask prices. For example, the EUR/USD currency pair has a spread of 0.6 pips, indicating a narrow margin between buying and selling prices. Similarly, the USD/JPY pair has a spread of 0.7 pips, while GBP/USD has a spread of 1.4 pips, and GBP/JPY has a spread of 2.4 pips.
In addition to spreads, LonghornFX applies a commission fee of $6 per lot traded on all trades. This commission is charged separately and is in addition to the spread cost. It's important to consider this commission when calculating the overall trading expenses.
Trading Platform
LonghornFX provides its users with multiple trading platforms to suit their preferences and needs. The primary trading platform offered by LonghornFX is MetaTrader 4 (MT4), which is a widely recognized and popular trading platform in the industry.
MT4 is available for download on Windows operating systems, allowing traders to have a robust and feature-rich trading experience on their desktop or laptop computers. By downloading the MT4 platform for Windows, users gain access to a comprehensive set of tools and features, including advanced charting capabilities, customizable indicators, a wide range of technical analysis tools, and the ability to execute trades with ease.
For traders who prefer to trade on the go, LonghornFX offers the MT4 platform for Android and iOS devices. These mobile applications enable users to access their trading accounts and engage in trading activities directly from their smartphones or tablets. The mobile platforms provide a user-friendly interface, real-time market quotes, interactive charts, and the ability to manage positions and execute trades on the move.
In addition to the downloadable platforms, LonghornFX also offers a Web Trader platform. The Web Trader allows traders to access their accounts and trade directly through a web browser without the need for any software installation. This platform is convenient for those who prefer to trade from different devices or locations, as it provides seamless access to the markets without the need to download or update any software.
Trading Tools & Educational Resources
LonghornFX provides a range of trading tools and educational resources to support traders in their decision-making process. These tools include:
1. Technical Analysis: LonghornFX offers daily technical analysis reports to help traders identify trading opportunities. These reports provide insights into price trends, breakouts, and potential trading setups, allowing traders to make more informed decisions.
2. Video Tutorials: The platform offers step-by-step video guides that cover various topics, including signing up, making deposits, using the MT4 trading platform on desktop and mobile, and creating an affiliate account. These tutorials help users navigate the platform and understand its features.
3. Educational Articles: LonghornFX provides educational articles tailored for both beginners and professionals. These articles aim to enhance traders' knowledge and skills by covering a wide range of topics related to trading, strategies, risk management, and more.
By utilizing these trading tools and educational resources, traders can gain valuable insights and improve their trading abilities on the LonghornFX platform.
Deposit & Withdrawal
LonghornFX offers multiple deposit and withdrawal methods to facilitate the funding and withdrawal of funds from your trading account. Here is a summary of the deposit and withdrawal process:
Deposit Methods:
1. Credit and Debit Cards (Mastercard, VISA): You can deposit funds using your credit or debit card. The minimum deposit amount for credit/debit card deposits is $50. The maximum deposit amount depends on your monthly card limit and due diligence checks.
2. Skrill and Neteller: LonghornFX supports deposits made through Skrill and Neteller e-wallets. Details regarding minimum and maximum deposit amounts are not specified.
3. ACH/SEPA/Wire Transfer: LonghornFX accepts deposits via bank transfers. The specific instructions and minimum/maximum deposit amounts may vary depending on the transfer method and your location.
4. Third Party Bitcoin Deposits:
- Bitcoin: You can deposit funds by sending Bitcoin directly from a cryptocurrency wallet. The minimum deposit amount for Bitcoin is $10. The transaction may take up to 6 hours for the network to confirm, and a Bitcoin Network Fee of 0.0005 BTC is charged.
- Bitcoin via Instacoins: Instacoins is a third-party financial service provider that facilitates the purchase of Bitcoin. Once you purchase Bitcoin through Instacoins using your preferred payment method, the funds will be automatically credited to your LonghornFX account. The minimum deposit amount for Bitcoin via Instacoins is $50. The process may take up to 6 hours to complete, and a Bitcoin Network Fee of 0.0005 BTC is charged.
Withdrawal Process:
Bitcoin: LonghornFX offers Bitcoin withdrawals as the main withdrawal method. When you request a Bitcoin withdrawal, it will be reviewed on the same day of submission. Once approved, the withdrawal process is dependent on the speed of the blockchain and requires at least 6 confirmations before the funds are received in your wallet. Typically, each confirmation takes about 1 hour, but withdrawals often arrive sooner than 6 hours.
Minimum and Maximum Deposit/Withdrawal Amounts:
- Minimum Deposit Amounts:
- Bitcoin: $10
- Credit/Debit Card: $50
- Maximum Deposit Amounts:
- Bitcoin: Unlimited
- Credit/Debit Card: Dependent on your monthly card limit and due diligence checks
- Minimum Withdrawal Amount:
- Bitcoin: $10
- Maximum Withdrawal Amount:
- Bitcoin: Unlimited
Trading hours
The trading hours on LonghornFX vary depending on the instrument being traded. Here is a general overview:
1. Stock Markets: Trading hours for stock markets are typically from 9:30 AM to 4 PM local time, Monday to Friday. It's important to note that specific stock market hours may vary depending on the exchange and region.
2. Cryptocurrency: Cryptocurrency trading on LonghornFX is available 24 hours a day, 7 days a week. This means that digital assets can be traded at any time, allowing for continuous trading opportunities.
Customer Support
LonghornFX offers customer support that is available 24/7, providing assistance to traders whenever needed. There are several ways to contact their customer service:
1. Email: Traders can reach out to LonghornFX's customer support team via email at help@longhornfx.com. This allows for direct communication and the opportunity to address specific inquiries or concerns.
2. Live Chat: LonghornFX provides a live chat function on their website, allowing traders to engage in real-time conversations with customer support representatives. During testing, the response time was quick, with a reply received within one minute.
3. FAQ Portal: LonghornFX has an FAQ portal where traders can find answers to common queries. The portal covers a range of topics, including trading accounts, payment methods, MetaTrader 4, and the affiliate program. This can be a helpful resource for finding solutions to frequently asked questions.
4. Social Media: LonghornFX maintains a presence on social media platforms like Twitter and Facebook. Traders can follow their accounts to stay updated on the latest news, announcements, and engage with the broker's community.
Conclusion:
In conclusion, LonghornFX offers both advantages and disadvantages to its users. On the positive side, it provides a user-friendly platform with a wide range of trading instruments, competitive leverage options, and a comprehensive educational section for beginners. The availability of a demo account allows users to practice trading strategies without risking real money. However, LonghornFX has some drawbacks to consider, including limited regulatory oversight, restricted access to certain countries, and the absence of traditional banking options for deposits and withdrawals. Additionally, the lack of a mobile app may limit convenience for traders on the go. As with any trading platform, it is important for individuals to carefully evaluate their own needs and preferences before deciding to engage with LonghornFX or any other similar service.
FAQs
Q: Is LonghornFX a regulated platform？
A: No, LonghornFX lacks valid regulation and operates without oversight from reputable financial regulatory authorities. Traders should exercise caution due to the associated risks of trading on an unregulated platform.
Q: What market instruments does LonghornFX offer？
A: LonghornFX offers a wide range of market instruments, including forex currency pairs, cryptocurrencies, indices, metals, futures, commodities, and stocks.
Q: What account types does LonghornFX provide？
A: LonghornFX offers a Demo Account for practice and learning purposes, a Live Account for trading with real funds, multiple trading accounts, and Islamic Accounts compliant with Sharia law.
Q: How do I open an account with LonghornFX？
A: To open an account, visit the LonghornFX website, fill out the registration form, verify your email, deposit funds, and create an MT4 trading account. Additional verification steps may be required.
Q: What leverage does LonghornFX offer？
A: LonghornFX offers different leverage levels for various trading instruments. The leverage ratios range from 1:20 for stocks to 1:500 for forex and metals.
Q: What are the spreads and commissions on LonghornFX？
A: LonghornFX provides competitive spreads, with examples such as 0.6 pips for EUR/USD. Additionally, a commission fee of $6 per lot traded is charged.
Q: Are there fees for deposits and withdrawals on LonghornFX？
A: LonghornFX does not charge fees for deposits or withdrawals, except for Bitcoin transactions, which are subject to blockchain network and miner fees.
Q: What deposit and withdrawal methods are available on LonghornFX？
A: LonghornFX supports various deposit methods, including credit/debit cards, Skrill, Neteller, ACH/SEPA/wire transfer, and Bitcoin. Bitcoin is the main withdrawal method offered.
Q: What are the trading platforms provided by LonghornFX？
A: LonghornFX offers MetaTrader 4 (MT4) for Windows, Android, and iOS devices. They also provide a Web Trader platform accessible through web browsers.
Q: What trading tools and educational resources are available on LonghornFX？
A: LonghornFX offers technical analysis reports, video tutorials, and educational articles to support traders in their decision-making process and improve their trading abilities.
Q: What are the trading hours on LonghornFX？
A: Trading hours vary depending on the instrument traded, such as stock markets from 9:30 AM to 4 PM local time. Specific trading hours may vary based on the exchange and region.
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