LonghornFX is a forex and CFD broker founded in 2020, primarily offering investment trading services in forex, stock CFDs, and index CFDs. The broker's official website is https://www.longhornfx.com/, and it is available in English only. LonghornFX does not provide services to residents of Japan, Canada, the United States, Algeria, Cuba, Ecuador, the Islamic Republic of Iran, Iraq, Myanmar, North Korea, and jurisdictions requiring prior registration of securities issuance or information.
Company Background and Regulatory Status:
The domain for the LonghornFX official website was registered on June 9, 2020. While the website does not disclose the registration entity or country, TradeCircle found that the broker claims to be governed by the laws of Saint Vincent and the Grenadines in its terms of use, and the MT4 trading platform provided for download on its website is serviced by Longhorn LLC.
TradeCircle conducted a search and found that the Saint Vincent and the Grenadines Financial Services Authority (SVGFSA) lists "Longhorn LLC" as a registered entity with a registration date of June 23, 2020. However, SVGFSA primarily regulates activities such as banking, insurance, or mutual funds and does not regulate forex margin trading activities or issue forex licenses. In other words, the broker does not appear to be subject to effective regulation.
Trading Instruments:
Forex: The forex market is the world's largest financial market, involving the buying and selling of different countries' currencies, allowing investors to trade through SVGFSA.
Stock CFDs: Stock CFDs allow investors to speculate or hedge against price fluctuations in the stock market without owning the actual stocks.
Index CFDs: Index CFDs measure the performance of collections of stocks from specific industries or well-known companies around the world.
Account Types:
LonghornFX offers two types of trading accounts: real accounts and demo accounts. Specific account information is available upon login.
Trading Platforms:
LonghornFX provides the MT4 trading platform, including web-based, PC, Android, iOS versions, and offers both demo and real accounts.
Deposit and Withdrawal Methods:
LonghornFX accepts deposits via blockchain or bank wire transfers with a minimum deposit amount of $50. Withdrawals are also processed through blockchain with a minimum withdrawal amount of $10.
Leverage Levels:
LonghornFX provides leverage up to 1:500 for forex, 1:500 for metals, 1:200 for indices, 1:100 for energies, and 1:20 for stocks.
Customer Support:
Users can contact LonghornFX for customer support through email links and online chat links on their official website or request a callback by phone.
Summary:
TradeCircle advises investors that LonghornFX lacks effective regulation, and there are trading risks associated with this platform. Additionally, the broker's entity information is not transparent, and its specific business address is unknown. As of now, the broker is marked as "operating illegally" on TradeCircle.
Please note that it's important for traders to exercise caution when considering unregulated brokers and thoroughly research any trading platform they intend to use.
