Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong. If you’re looking for a new and innovative online broker, you might be considering LonghornFX. This is an ECN/STP broker that gives traders access to a variety of more than 150 financial products including forex, cryptocurrency pairs, stock, and indices. Founded in 2020, the company is headquartered in Vincent and the Grenadines and complies with the domestic laws and regulations of the country. In this review, we explore the pros and cons of LonghornFX and find out whether it is the right broker for you. This includes LonghornFX’s trading platforms, tradable assets, fees, spreads, regulation, supported payment methods, and much more. On this Page:Contents [show] What is LonghornFX? LonghornFX is an online CFD and forex broker that provides traders across the globe with access to a trading platform on which they can buy and sell various financial assets. It is a true ECN/STP broker that focuses on delivering a cutting edge trading experience with full transparency and low-cost trading fees. Launched in 2020, LonghornFX offers high-leverage trading with a ratio of up to 1:500 and enables users to trade on one of the best trading platforms, the MetaTrader4, which is available on desktop, mobile, or as a web-based trading platform. The broker supports a relatively narrow range of 150 CFDs assets, which is somewhat low compared to other brokerage firms in the industry, however, traders can get access to the most popular FX pairs, cryptocurrencies, stocks, and indices. LonghornFX Pros and Cons Pros: Supports MetaTrader4 A true ECN/STP broker Low trading fees and tight spreads A high leverage ratio of up to 1:500 Offers access to a free demo account Pricing is transparent, fast and accurate Allows you to use bitcoin as a payment method Lightning-Fast trading execution Cons: Limited range of instruments Not regulated by top-tier regulators Regulation and Trust At the time of writing, LonghornFX is not yet regulated. This does not mean that the broker cannot provide protection for its clients, particularly as it was founded in 2020 and it takes time to get regulatory approvals. Meanwhile, LonghornFX efforts to actively preventing money laundering and terrorist financing by using innovative methods to store and protect clients’ funds. A such, LonghornFx complies with the recommendations of FATF and the EU Directive – 2015/849 – IV Anti‐Money Laundering. The company also complies with all domestic laws of St. Vincent and the Grenadines. Products and Markets LonghornFX focuses on offering the most liquid assets in the market. This retail brokerage firm sells itself as an ‘all-in-one’ trading platform where investors can get access to all mainstream products in the markets. On LonghornFX, you will be able to choose the following assets: Forex Over 55 forex trading currency pairs with a leverage ratio of up to 1:500. This includes all major and minor currency pairs and a good number of exotic currencies: Majors: AUDUSD, EURUSD, GBPUSD, NZDUSD, USDCAD, USDCHF, USDJPY. FX Crosses: AUDCAD, CHFJPY, EURNZD, NZDCAD, AUDCHF, EURAUD, GBPAUD, NZDCHF, AUDJPY, EURCAD GBPCAD, NZDJPY, AUDNZD, EURCHF, GBPCHF, CADCHF, EURGBP, GBPJPY, CADJPY, EURJPY, GBPNZD FX Exotics: EURCZK, EURTRY, USDCZK, USDPLN, EURDKK, EURZAR, USDDKK, USDRUB, EURHKD, GBPDKK, USDHKD, USDSEK, EURMXN, GBPNOK, USDHUF, USDSGD, EURNOK, GBPSEK, USDILS, USDTRY, EURPLN, NOKSEK, USDMXN, USDZAR, EURSEK, USDCNH, USDNOK Cryptocurrencies: LonghornFx also allows investors to trade on more than 35 cryptocurrency pairs. Those include: BTCUSD, ETCUSD, NEOBTC, XRPBIT, BCHBTC, ETHBTC, NEOUSD, XRPUSD, BCHUSD, ETHUSD, OMGBIT, ZECBTC, BITUSD, ETPBIT, OMGUSD, ZECUSD, DASHBTC, ETPUSD, QTUMBIT, mETUSD, DASHUSD, IOSTBIT, SANBIT, EDOBIT, IOTABIT, SANUSD, EDOUSD, IOTAUSD, TRXUSD, EOSBIT, LTCBTC, XMRBTC, EOSUSD, LTCUSD, XMRUSD Indices You will be able to trade on the most popular stock indices including: AUS200, FRA40, JPN225, UK100, ESP35, GER30, NAS100, US30, EUSTX50, HKG50, SPX500 Commodities LonghornFX offers 1:500 leverage on precious metals such as Gold, Silver, and Platinum. For oil and gas markets, the broker offers a leverage of up to 200:1. Stocks The broker offers a range of more than 64 stocks, most of which are listed on US stock markets. These include the likes of Apple Inc, FedEx, Netflix, Ferrari NV, Tesla Motors Inc., and Volkswagen AG. Leverage This is a crucial factor to consider when looking for a CFD trading broker. For those unaware, leverage is a borrowed capital from the broker that helps users to increase the potential returns while it also exposes investors to the risk of losing more money. By borrowing funds from a broker, investors can simply trade larger positions. LonghornFX offers high leverage trading on all of its offered assets. With LonghornFX, investors can make use of the following leverage ratios: Forex – 1:500 Metals – 1:500 Indices – 1:200 Energy – 1:200 Crypto – 1:100 Stocks – 1:20 Bonus At the time of writing, LonghornFX does not offer any forex bonuses and promotions for new and existing clients. The broker does offer, however, a referral (affiliate) program where you can earn commission by referring traders to the broker. Education and Trading Tools LonghornFX lags behind when it comes to educational resources. As of now, the platform offers no webinars or educational videos of any kind. It does provide, however, an informative education center that includes a number of guides and an FAQ section. But as mentioned before, LonghornFX aims to provide a straightforward trading experience and it is very easy to find your way around it. You will also be able to get access to a free demo account in order to learn to trade and get familiar with the platform without taking any risk. Fees and Spreads LonghornFX acts as a true ECN/STP broker, eliminating any brokerage interventions and unnecessary trading fees. This essentially means you can not only benefit from low spreads due to the broker’s access to top liquidity providers but you can also expect full transparency from the broker’s side. For example, the spread on the EUR/USD is 0.7 pips, which is considerably lower than the average in the industry. On top of that, LonghornFX eliminates extra costs and charges very low fees when compared to other brokers in the market. Another reduced cost that LonghornFX offers is that of low swap fees. For those unaware, a swap fee (also known as rollover fee) is charged when an investor keeps a position open overnight. Take note that if you want to locate the swaps fees on the LonghornFX platform, you will have to navigate to the ‘Market Watch’ panel on the left side of the MT4 dashboard, and then choose ‘Symbols’. Then, find the desired asset and click on ‘Properties’ to view swap values. Deposit and Withdrawal Fees At LonghornFX, Bitcoin deposits and withdrawals carry a fee of 0.0005BTC, which is fixed and equates to around $5. For any other payment method, LonghornFX does not charge any internal fees for deposits or withdrawals. Banking LonghornFX allows investors to deposit and withdraw funds via bitcoin, credit or debit card, and bank transfer. As is to be expected with a bitcoin-friendly platform, the primary payment method at LonghornFX is Bitcoin. The broker does not maintain a minimum deposit requirement but advises investors to start with at least $10. This is because any amount under $10 may not appear in your trading account due to transaction fees on the blockchain network. As for the withdrawal process, LonghornFX states that if you decide to withdraw funds via Bitcoin, your request will be processed between one to six hours on the same day of submission, depending on the speed of the blockchain. Trading Platform LonghornFX only offers one trading platform, but the good news is that the available platform is MetaTrader4, the most popular trading platform among retail traders. The MT4 platform is available on desktop, mobile app, and Web Trader, so you can choose different methods to get access to the platform. One of the most notable features of the MT4 platform is the ability to automatically trade the markets by using the MQL, which is a simplified programming version of the well known C++ coding language with built-in trading functions. For that matter, LonghornFX allows traders to make use of the MT4 auto trading tools. Account Types LonghornFX only has one account type available for its clients, delivering an equal trading experience for all market participants. The account creation process is simple and takes just a few minutes. You will have to complete a fairly simple registration process and deposit a minimum of at least 10 USD in order to start trading. LonghornFX also provides a demonstration account that enables traders to trade with virtual funds, completely risk-free. This account can be opened in USD, GBP, EUR, and BIT currencies and never expires. LonghornFX Tutorial: How to Sign Up & Trade Getting started with LonghornFX is very straightforward and includes four simple steps. Below, we’ll walk you through the process of how you can sign up for an online trading account and start trading. Step 1: Open an Account First, you need to open an account on LonghornFX. On the broker’s homepage, click on the ‘Sign Up’ button at the top right corner of the screen, or you can simply fill in your personal details on the registration form on the broker’s homepage. You will then be asked to provide your full name, email address, and create a password. Take note that LonghornFX also allows you to signup using your Google or Facebook account. Step 2: Verify Your Identity To secure your account, LonghornFX immediately asks you to insert a verification code sent to your phone. Once you have completed the signup process, you can log in to LonghornFX’s trading dashboard. At some point, you will also need to verify your email address. Step 3: Deposit Funds The next thing to do is to fund your account. On the dashboard, navigate to ‘Deposit Funds’ on the left side menu and then select one of the supported payment methods. LonghornFX allows you to deposit funds with Bitcoin, credit/debit card, or bank wire transfer. While LonghornFX does not enforce any minimum deposits, it’s advisable that you deposit at least $10. It is worth mentioning that the primary deposit method at LonghornFX is Bitcoin. When depositing and withdrawing with bitcoin, you will be charged with a fee of 0.0005BTC. Step 4: Demo and Live Trading Now that you have completed the registration process and funded your account, you can start trading. If you are a newbie in the trading world or unfamiliar with the MT4, it’s highly recommended to practice the platform with a demo account. We remind you that you can start trading on your web browser or download the platform to your desktop. To start trading on your web browser, click on the Demo Accounts tab on the left side menu, and choose the Web Trader option. You will then need to create a username and password, and choose the ‘Demo Server’. If you are ready to trade the live markets, choose the ‘LonghornFX-real 2’ server and you will be connected to the your real live trading account. Bear in mine that LonghornFX offers a demonstration account that never expires and thus you can use your demo account for as long as you wish. Customer Service LonghornFX has great customer support. You can reach them in many ways and you will get fast answers from their support team. Unlike other brokers in the industry, the LonghornFX service is available 24/7 and you can contact the support team via submitting a ticket form, email, phone, and live chat. Further, LonghornFX also has an informative FAQ section that may address your questions. Supported Countries and Regions LonghornFX accepts investors from most countries but due to regulatory and other local laws, there are some countries where residents can’t open an account. Those include: Algeria Cuba Ecuador The Islamic Republic of Iran Myanmar North Korea Japan Canada The United Staes LonghornFX vs Other Brokers When comparing LonghornFX to other brokers in the industry, it has quite a few strengths that enable investors to get more of their trading experience. First and foremost, LonghornFX is a true ECN/STP broker which only makes money from the spreads but never trade against its clients, meaning you can feel safe trading with this broker. Secondly, you’re unlikely to find many brokers that offer these tight spreads and low swaps trading rates. It is also a Bitcoin-friendly platform that allows its users to deposit and withdraw funds instantly. But above all, if you are looking for a CFD broker that offers high leverage trading, LonghornFX is the ideal broker for you. This broker allows you to trade with a leverage ratio of up to 1:500 and to open positions with a minimum trade size in lots of 0.01. Conclusion In summary, many investors may want to use an ECN/STP broker as they will get a fast order execution and transparent pricing. In that aspect, LonghornFX delivers a transparent, innovative, and efficient trading system with a decent range of trading products and competitive spreads and fees. Even though it is a new broker entered into the market in 2020, it has already developed a loyal following of users looking for a transparent trading platform. This is largely due to the concern of investors when trading with market maker brokers. FAQs What is an ECN/STP broker? An ECN broker is electronically connected to a network of international banks or liquidity providers and thus is able to offer transparent, fast and accurate pricing. On top of that, ECN/STP brokers eliminate the conflict of interest between the investor and the broker, in contrary to market maker brokers who can trade against their clients. Where is LonghornFX based? LonghornFX is based in St. Vincent and the Grenadines. Its head office is located at First Floor, First St Vincent Bank Building, James Street, Kingstown, St. Vincent and the Grenadines. Is LonghornFX available in my country? LonghornFX accepts clients from most countries around the world except Algeria, Cuba, Ecuador, the Islamic Republic of Iran, Myanmar, North Korea, Japan, Canada, and the United States. Can I access the same account through my phone and computer? Yes. LonghornFX allows you to trade on multiple trading stations that include a desktop trading platform, the WebTrader that is available on any web browser, and the MT4 trading app on your smartphone.