LonghornFX Review: Forex & CFD Trading Platform
If you want to buy and sell assets online, you will need to find a reliable trading platform that meets your investing goals. You’ll need to ensure the platform offers low fees, heaps of tradable assets, and a top-notch customer support team.
LongHornFX – an online forex and CFD trading platform, claims to meet the aforementioned requirements.
You’ll be able to buy and sell a full range of financial instruments – including but not limited to stock CFDs, indices, hard metals, cryptocurrencies, and of course – forex pairs. Best of all, you will have access to leverage facilities of up to 1:500, which is huge.
But, is the broker right for your trading needs?
In this LonghornFX review, we cover the platform from top to bottom. This includes key metrics surrounding fees, commissions, payments, support, and more.
What is LonghornFX?
LonghornFX is an online trading platform that offers a variety of financial instruments. This covers forex, cryptocurrencies, commodities, stocks, and indices. Each asset class is traded via a CFD instrument, meaning that you will have the capacity to place both buy and sell positions.
You will also have access to leverage, which stands at a whopping 1:500. LonghornFX allows you to trade via the hugely popular third-party platform MetaTrader4 (MT4).
This will be of interest to those of you that want access to heaps of technical indicators, chart drawing tools, and the ability to deploy automated trading robots. The MT4 platform can be accessed online, via desktop software, or through a mobile application.
In terms of fees, LonghornFX claims to offer ultra-competitive spreads and commissions. Regarding the latter, this stands at a flat rate of $6 per traded lot.
When it comes to funding, you can deposit and withdraw funds with a debit or credit card, which is facilitated by an external payment processor. This will, however, be converted to Bitcoin and then sent to your account. Alternatively, you can directly fund your account with Bitcoin.
What can you Trade at LonghornFX?
LonghornFX is a multi-asset broker that gives you access to over 180 financial instruments. As the name suggests, this includes a fully-fledged forex trading facility.
This includes most majors and minors, and an extensive selection of exotic pairs. This means that you can trade emerging currencies such as the South African rand (ZAR), Turkish lira (TRY), and the Mexican peso (MXN).
On top of forex, you can also trade:
Cryptocurrencies
If you want to speculate on the future value of cryptocurrencies, LonghornFX has you covered.
This includes fiat-to-crypto pairs such as BTC/USD, ETC/USD, and XRP/USD. You can also trade crypto-cross pairs – such as ZEC/BTC, XRP/BIT, and NEO/BTC.
Stocks
LonghornFX also offers a selection of stock CFDs. This covers some of the largest companies on the NASDAQ and NYSE.
For example, you can enter buy and sell positions on Amazon, Apple, Facebook, IBM, Tesla, and more. Unlike traditional share dealing services, stock CFDs allow you to go both long and short.
Indices
Indices are great for speculating on the wider stock markets. At LonghornFX, you can trade 11 indices. This includes the NASDAQ 100, FTSE 100, Dow Jones 30, and Hong Kong 50.
Commodities
You can also trade a number of commodities at the platform. This covers hard metals like gold and silver, as well as energies such as oil and natural gas.
All in all, LonghornFX offers a comprehensive list of assets that should suit most online traders.
Trading Fees and Commissions
When it comes to trading fees and commissions, LonghornFX offers a simple pricing structure. Put simply, you will pay $6 per traded lot. As is industry-standard, you will pay this at both ends of the trade.
In other words, you’ll pay $6 per lot when you enter your position, and again when you close it. This is actually very competitive, even for those of you that wish to trade with small stakes.
Spreads
In terms of spreads, this will, of course, vary depending on the financial instrument that you are trading. As LonghornFX claims to offer ‘narrow’ spreads, we sought to explore this in more detail.
We found that on major asset classes, the platform is true to its word. For example,
- EUR/USD and USD/JPY can be traded with spreads of 0.6 pips and 0.7 pips, respectively. This is competitive.
- Then, you have the likes of BTC/USD at 23.6 pips, and ETH/USD at 0.34 pips.
- The commodity department is even more competitive at LonghornFX. For example, gold can be traded with a spread of just 1.9 pips.
- UK oil and US oil CFDs come with spreads of 0.9 pips and 1 pip, respectively. Again, this offers great value.
All in all, if you’re looking for an online platform that offers a low-cost entry to trading, LonghornFX has you covered.
Trading Platforms at LonghornFX
As we briefly noted earlier, LonghornFX offers its trading platform via MetaTrader 4 (MT4). This is one of the most utilized third-party trading platforms in the online space, as it comes jam-packed with features and tools.
For example:
- MT4 offers heaps of technical indicators. This is crucial for analyzing charts in real-time and searching for pricing trends.
- You can fully customize your trading screen, which includes the ability to view multiple charts.
- MT4 allows you to install automated trading robots and Expert Advisors (EAs). This allows you to buy and sell assets in a fully passive manner.
- You will have access to a huge selection of market order types. This ensures that you are able to deploy your chosen trading strategy.
The LonghornFX trading platform can be accessed via its web trader, desktop software, or through an iOS/Android app. Regarding the latter, this ensures that you can buy and sell assets no matter where you are located.
On top of support for MT4, it is important to note that LonghornFX offers Straight Through Processing (STP), meaning that you will have access to some of the largest liquidity providers in the trading arena.
Payments
In terms of funding your account, LonghornFX offers two options. Firstly, for those of you that wish to use an everyday payment method, you can deposit funds with a debit or credit card.
However, and as noted earlier, you are effectively buying Bitcoin through a third-party payment processor. The funds will then be added to your LonghornFX account.
Alternatively, if you already have Bitcoin (or you wish to purchase some from an external broker), you can fund your account by transferring the coins into your LonghornFX wallet.
When it comes to account minimums, you’ll need to add at least $50 when using a debit/credit card. If depositing funds with Bitcoin directly, then it’s just $10. Either way, this ensures that you are able to trade with small amounts.
LonghornFX notes that withdrawals are typically processed on a same-day basis. This is much faster than most trading platforms active in the space, which often require 1-2 working days to process the cashout.
Once the request is authorized, the Bitcoin will be sent to your private wallet. The minimum withdrawal amount is $10.
Leverage Facilities
One of the stand-out features of using LonghornFX is that you will have access to huge leverage facilities.
This will be of particular interest to those of you based in the UK or Europe – as you are bound by the limitations imposed by ESMA. This permits maximum leverage of just 1:2 on cryptocurrencies and 1:30 on majors forex pairs.
In the case of LonghornFX, you can trade with leverage of up to 1:500. The specific amount will vary depending on your chosen asset class – as listed below.
- Forex: 1:500
- Metals: 1:500
- Indices: 1:200
- Energies: 1:200
- Crypto: 1:200
- Stocks: 1:20
To give you an idea of what leverage of 1:500 offers, a $100 account balance would permit a maximum trade value of $50,000. You do, however, need to tread with caution – as you always run the risk of being liquidated if the trade goes against you.
Customer Support
When it comes to customer support, LonghornFX excels. Crucially, you have three support channels that you can choose from -all of which operate on a 24/7 basis.
This includes a live chat facility. When we tested it out ourselves, we were connected to a live agent in just a few seconds.
You can also request a call back if you prefer to speak with somebody over the phone. Alternatively, you can send the team an email if you are not looking for an instant response.
LonghornFX Review: The Verdict?
In summary, LonghornFX is an online trading platform well-worth considering. You will have access to heaps of asset classes, and fees are low and consistent at just $6 per lot.
You will also benefit from tight spreads and the ability to apply leverage of up to 1:500.
Best of all, the broker allows you to trade via trusted platform MT4. This can be accessed online, via software, or through an iOS/Android app. The only chink in the armour is that LonghornFX is not licensed. On the flip side, this does give the platform the remit to offer you huge leverage limits – which otherwise wouldn’t be possible with a regulated broker.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Oliver Dale, @Khareem Sudlow
