LonghornFX Review

LonghornFX is a forex/CFD broker that operates an ECN/STP model of trading, transmitting the orders of its clients to liquidity providers without intervention from the dealing desk. LonghornFX promotes extensive use of cryptocurrencies for deposit and withdrawal transactions.

I. Background and Company Overview of LonghornFX

LonghornFX is a relatively new brokerage, as it commenced operations in 2020. Its STP model provides traders with the opportunity of trading with 150 assets, including 35 crypto pairs, 55 currency pairs, 64 stock CFS and metal/commodity CFDs.

Some of the features that continue to attract traders to LonghornFX are:

• Access to institutional high-grade liquidity which is sourced from global institutions.
• A customer support desk which is available 24 hours a day, seven days a week so that crypto CFD traders who also trade on weekends can have access to instant help if they need it.
• A dual system of deposits that features direct BTC deposits, or BTC deposits using a fiat method which works via the Instacoins platform.

II. Trading Platforms and Tools

The only trading platform available on the LonghornFX portal is the MT4 platform. Six order types, 9 time frames, detachable charts and a rudimentary strategy testing tool are some of the features found on this platform. You can deploy EAs freely as well as customized indicators on this platform. The MT4 comes in three versions: the desktop client, the mobile apps for iOS and Android devices, and a webtrader.

You can enhance your trading experience on LonghornFX using the following tools:

• Integration with the MQL marketplace gives access to scripts, EAs and indicators. Some of these are free.
• Use the MT4's inbuilt strategy tester to optimize your EAs.
• Enhance your trading knowledge using various guides, videos, resources and educational materials with the LonghornFX Academy.

III. Account Types and Spreads

Traders on LonghornFX are provided with only one account type. This account also comes with a swap-free option for traders who want compliance with Sharia-style conditions. The minimum spread on this account is 0.1 pips, with a minimum deposit of $10.

IV. Contract Specifications

Here are the contract specifications on LonghornFX.

• The maximum leverage on this account type is 1:500 (FX pairs, gold and silver).
• Leverage on other assets is maxed at 1:100 for crypto CFDs, 1:200 for indices and energy assets, and 1:20 for stocks CFDs.
• The use of expert advisors is allowed.
• Accounts can be maintained in USD, Euros, GBP and BTC.
• Deposits and withdrawals are in BTC and any fiat values assigned are made in relation to the exchange rate of BTC to the fiat currency used.
• Margin call and stop out levels are set to 100% and 70%, respectively.
• The broker's time on the MT4 is GMT+3.
• The minimum order size is 0.01 lots, and the maximum lot size is 1,000 lots.

V. Security and Regulation

The LonghornFX brand is managed by Longhorn LLC, a company registered in St. Vincent & Grenadines where there is no official government regulation. The financial regulator on the island nation (St. Vincent and the Grenadines Financial Services Authority or SVGFSA) does not cover the FX markets in terms of oversight. However, this brokerage is included in its general registry.

Residents of the United States of America, Belgium, France, Israel, and the EU are not allowed to operate trading accounts with LonghornFX. This is as a result of prohibitions from the regulators in those countries.

VI. Customer Support and Education

There are several contact channels for traders and prospects who wish to connect with the customer support team. Customer support is available 24/7 via the following channels:

• Email: help@longhornfx.com
• Live chat
• Facebook: facebook.com/longhornfx/
• Twitter: twitter.com/longhorn_fx/

Conclusion

Those looking to work with an ECN/STP brokerage that offers a low barrier of entry in terms of minimum deposit requirement are invited to try out LonghornFX, especially if you are a fan of the time-tested and trusted MT4 platform.