LonghornFX is a forex broker with a low minimum deposit of $10 and 2 accounts [MT4.ECN, Demo]. It provides decent features and benefits such as leverage up to 1:500 and 24/7 support. Also, it enables clients to use MT4 copy trading.
Company Information & Regulation Status
LonghornFX started operating in 2021 in the Saint Vincent and the Grenadines. The company is headquartered in the same country where it was founded. Regulated by the Financial Services Authority (SVGFSA), this young broker operates under the supervision of a low-tier authority.
- HQ Address: First Floor, First St Vincent Bank Building, James Street, Kingstown, Saint Vincent And Grenadines
Summary of Important Features
There are common parameters with different values shared among Forex brokers. Key Features in LonghornFX:
Broker | LonghornFX |
Account Types | MT4.ECN, Demo |
Regulating Authorities | SVGFSA |
Based Currencies | USD, EUR, GBP, and BTC |
Minimum Deposit | $10 |
Deposit Methods | BTC (Via Blockchain Transaction or Instacoin) |
Withdrawal Methods | BTC (Via Blockchain Transaction or Instacoin) |
Minimum Order | 0.01 |
Maximum Leverage | 1:500 |
Investment Options | MT4 Copy Trading |
Trading Platforms & Apps | MetaTrader 4 |
Markets | Forex, Crypto, Stocks, Commodities, Indices |
Spread | From 0.1 Pip |
Commission | $3 per Lot |
Orders Execution | Market |
Margin Call/Stop Out | 100%/70% |
Trading Features | Demo Account |
Affiliate Program | Yes |
Bonus & Promotions | None |
Islamic Account | Yes |
PAMM Account | No |
Customer Support Ways | Email, Live Chat, Call Back Request |
Customer Support Hours | 24/7 |
Trading Account Specifics
LonghornFX keeps things simple with only one live account type, which is introduced as an ECN account. There's no minimum required deposit, but the broker advises clients to deposit at least $10. Leverage goes up to 1:500, and trading techniques such as scalping, hedging, and EA trading are allowed.
Besides, there is a demo and an Islamic account available with the broker. The latter comes with no swap fees, but an administrative fee is charged instead. The lack of various trading accounts is a drawback that's not found in most other brokers.
How to Sign Up and Verify on LonghornFX
Getting started with this broker might be a bit more complex than you would expect. Here's a quick rundown of the sign-up process:
- Visit the Website: Head to www.longhornfx.com and click "Sign Up"
- Initial Registration: Provide basic personal information or use your Google account to sign up.
- KYC Questions: Answer the questions for the KYC compliance
- Phone/SMS and Email Verification: Complete an additional security step by entering a provided code through your email and phone number
For identity verification after opening your account on the broker, upload the necessary documents and complete your personal details in the profile.
Trading Platforms and Applications
LonghornFX keeps it classic with the industry-standard MetaTrader 4 (MT4) platform. Here's what you can expect:
- User-Friendly Interface: MT4's intuitive design suits both novices and pros.
- Automated Trading: Support for Expert Advisors (EAs) and custom indicators.
- Accessible: Available through the web, Windows, Android, and iOS
Download the platform for your mobile phones through these links:
OS | Android | iOS |
Platform |
Alt: LonghornFX mt4 web
Caption: A screenshot of LonghornFX MetaTrader 4 on web
While some traders might miss the option of more modern platforms, MT4's reliability and widespread use make it a solid choice. Nevertheless, the absence of various choices is a drawback.
Spreads And Commissions Investigation
When it comes to trading costs, LonghornFX performs well. The broker is mostly better than its competition in spreads and commissions:
- Spreads start from as low as 0.1 pip
- The commission is $3 per lot
- No costs in deposits and withdrawals or for inactivity
It's worth noting that while the spreads are attractive, they can widen during periods of high volatility. The absence of fixed spreads might be a drawback for traders who prefer more predictable costs.
LonghornFX Deposit & Withdrawal Methods
This broker takes a strict approach to payments for its clients. The only option you have here is Bitcoin [BTC], which is done through these ways:
- Blockchain transactions to/from your digital wallet
- Instacoin
The latter actually lets you buy BTC with a fiat currency, then transfers bought assets to your account in the broker. The lack of other payment options that exist in its competitors is disappointing.
Does The Broker Offer Any Investment Options?
Although LonghornFX does not directly offer any investment programs for earning passive income, its trading platform does. Clients can choose from a variety of signal providers and duplicate their strategies and trades.
This way, they earn passive income via the broker. Also, customizations and performance monitoring are available.
Bonuses And Promotions
Based on our investigations on the website and official sources and as of the latest information available, LonghornFX does not currently offer any bonuses or promotions to its clients. For any updates and changes about this, check out the broker.
Support Contact Methods And Opening Hours
Customer support is a crucial aspect of any broker's service. LonghornFX tries to provide comprehensive assistance, but is it successful in this attempt? Contact Channels:
- Live Chat: Quick and convenient way to get answers, available on the website
- Email: For more detailed inquiries or documentation needs, via help@longhornfx.com
- Call Back: Fill out a form on the website and wait for the support team to call you
The company states on its website that it provides customer services 24/7. The availability of support around the clock is a plus, especially for a broker catering to a global clientele across different time zones.
However, the absence of a contact phone number might be a drawback for some traders who prefer calling rather than waiting for a call.
Trust Scores & User Evaluations
Trust scores and user reviews provide valuable insights into a broker's reputation. These ratings are found on specific websites, including Trustpilot, REVIEWS.io, etc. For LonghornFX:
- Trustpilot: Rating is unavailable due to a breach of their guidelines by the broker
- ForexPeaceArmy: 4 out of 5, based on only 7 reviews
- REVIEWS.io: 1/5, with only 2 ratings
Regarding the Trustpilot score, they have hidden the ratings because LonghornFX "is displaying Trustpilot content in a misleading way".
Overall, the number of reviews is too low to be considered for the trustworthiness evaluations..
Conclusion And Final Words
LonghornFX is a Forex broker with attractive benefits such as leverage up to 1:500 and a low $3 commission. Moreover, a low minimum deposit of $10 is affordable for everyone. However, SVGFSA, its regulating authority, is not a reputable one, and there are not enough positive reviews about the broker's services.
