Long Horn FX -Overview of Minimum Deposit, Spreads & Leverage

GENERAL INFORMATION AND REGULATION

Longhorn FX is a forex and CFD broker offering a plethora of financial instruments to the trading community. You can trade everything from currency pairs and crypto coins to stocks commodities and indices – all of which can be accessed by means of a CFD. In a nutshell, this means you can short-sell and also buy if you wish.

Officially they are owned and operated by Longhorn LLC, which is located on the Caribbean Island of St. Vincent and the Grenadines, at First Floor, First St Vincent Bank Building, James Street, Kingstown. There is no listed phone number for this broker, Founded in 2020 in Saint Vincent and the Grenadines, Longhorn FX is a broker that places a lot of emphasis on openness, transparency and offering users of the platform favourable trading conditions delivered in a stable, easy-to-use package.It is a true ECN broker where traders are granted fast and direct access to the world's most liquid market with Straight-through Processing. Moreover, this company uses the cold storage system that is effective in ensuring the safety of clients' funds in a secure offline vault.

But is this broker truely regulated？

No, Longhorn FX is not a licensed or regulated broker. Forex brokers in the United States must be licensed and regulated by the CFTC, otherwise your cash is not protected.

Today you will find many “Get Rich Quick” scams online, and most investors end up losing their money. The way you know a Crypto / Forex broker is not a scam, is by checking their website for a license. When you see that they hold a valid license from your governments financial regulator, you can be sure that they are a legitimate broker.

MARKET INSTRUMENT

LonghornFX has more than 150 tradable instruments on offer. On top of that, there are nearly 55 FX pairs available on this platform, 36 cryptocurrency pairs, 73 stocks, and 10 commodities and indices. Moreover, you are able to easily diversify your forex pair portfolio and all through the same broker.

On the site you will see a good selection of forex pairs. Heres just a sample of what you can expect:

• Majors including the likes of EUR/USD, AUD/USD, GBP/USD, USD/CAD, GBP/JPY, NZD/USD and USD/CHF.

• Cross pairs such as EUR/AUD, AUD/JPY, CAD/JPY, AUD/NZD, EUR/GBP, and GBP/CHF

Furthermore, there are plenty of emerging currencies like the Mexican peso, the Turkish Lira, and the South African Rand to name a few.

We‘ve talked about forex, so we’re now going to run through what else you can trade on LonghornFX

Commodities

If you dont fancy trading forex, not to worry, as there are heaps of assets to be traded on this platform.

Commodities on offer cover metals like gold, silver and platinum. There are also oils, gases, and energies. As you can see, there is quite a selection.

Indices

If youre interested in steady growth and relatively low risk, there are nearly a dozen indices on this platform. Some are better known such as the FTSE 100, NASDAQ 100, and Dow Jones 30.

Other indices on LonghornFX include; the Hong Kong 50, Nikkei 225 (index for Tokyo Stock Exchange), ESP35 (Madrid Stock Exchange), AUS200, and more

Stocks

Access to over 60 stock CFDs such as American International Group, Alibaba Group Holding Ltd, Volkswagen AG, Teva Pharmaceutical Industries Ltd, Procter & Gamble Co, and heaps more.

Due to the fact these are stock CFDs, you can both sell and buy positions on companies like Coca-Cola, Amazon, American Express, Google Inc, Facebook etc. In addition to this.

Cryptocurrencies

There are nearly 40 cryptocurrency pairs at LonghornFX, so if you want to try and predict the future of crypto coins you wont be short of options on this platform.

Fiat-to-crypto pairs include BTC/USD, BCH/USD, NEO/USD, DASH/USD, ETP/USD and OMG/USD. Then there is a variety of crypto-cross pairs like BCH/BTC, NEO/BTC, XRP/BIT, ZEC/BTC, QTUM/BIT, SAN/BIT, LTC/BTC, ETP/BIT, XMR/BTC, and more.

ACCOUNT AND LEVERAGE

LonghornFX simplifies trading by allowing multiple trades through a single trading account. Therefore, every trader can trade on different instruments through a single trading account.

LonghornFX Live Account

A LonghornFX live account allows trading from the MT4 platform, which is very famous among traders and investors. Some other features of LonghornFX are:

• Hedging and scalping allowed.

• Minimum deposit $10

• Leverage up to 1:500.

• Low commission and narrow spread.

when it comes to LonghornFX they are very generous with leverage – offering as much as 1:500. This does depend entirely on which asset class you are trading. Weve put together a list of leverage offered by the platform.

• Metals – 1:500

• Forex – 1:500

• Energy -1:200

• Indices – 1:200

• Crypto – 1:100

• Stocks – 1:20

In an instance of 1:500 leverage, lets say you have an account with $200 in it. This means that you could effectively trade up to $100,000. Always be mindful and proceed with caution when using leverage – as it can quickly lead to losing capital should the trade not go in your favour.

The minimum deposit required to start trading is $10 if you fund your account with Bitcoin, and $50 if funding your account with credit or debit card. LonghornFX offers a free demo account to enable clients to sharpen their trading strategies without risking their money.

TRADE SIZE

The minimum position size LonghornFX allows is 0.01 lots while the maximum trade size is 1,000 lots.

SPREADS AND COMMISSIONS

The commission framework at LonghornFX is fairly standard in this sector. For every ‘lot’ traded, there is a $6 charge. Whether you are trading with small amounts or large the charge is the same.

This means that each and every time you buy or sell you will pay $6 per lot at the beginning when you enter your position, and $6 per lot again at the end when you decide to close your position. This is quite competitive when you look at the trading fees of other online brokers

The spread really depends on what instrument you are focused on trading. As we said, LonghornFX offers considerably narrow spreads on most assets.

Lets delve a little deeper into the spreads on offer from this broker.

• In the case of currencies, NZD/USD can be traded with a spread of 0.7 pips. Then you have USD/JPY and EUR/USD with a highly competitive spread of 0.8 pips.

• At the other end of the scale, there is fiat-to-crypto pairs like BTC/USD with a spread of 20.1 pips, DASH/USD 0.34000 pips, BCH/USD 0.71000 pips, and ETH/USD at 0.83000 pips.

• When it comes to commodities on this platform – the spread is super competitive. To give you an example of what to expect: XAU/USD (gold) has a spread of only 2.4 pips, and XAG/USD (silver) is at 2.6 pips. You can also trade XPT/USD (platinum) at 20.1 pips.

• US and UK oil CFDs both come with a spread of 0.8 pips – this is a good value spread.

TRADING PLATFORM AVAILABLE

As with the vast majority of platforms around these days, trading on the Longhorn FX platform is delivered through the MetaTrader 4 (MT4) platform. If you have ever used an online trading broker before, then you are more than likely familiar with the MT4 platform, given that it is by far the most popular choice among online brokerages these days.

The MT4 platform has become an industry standard for a reason. Not only is it customisable to all skill and experiences levels, but it is also one of the easiest-to-use platforms and offers an incredibly stable trading environment.

DEPOSIT AND WITHDRAWAL

Withdrawals and deposits to the platform are made using bitcoin, and there is a flat fee for all withdrawals no matter the size of the transaction. If you dont have ready access to bitcoin when making your initial deposit, Longhorn FX does provide access to a third-party bitcoin provider where you can purchase bitcoin using major credit or debit cards. Bitcoin transfers are the preferred payment method for Longhorn FX as the transactions can be processed incredibly quickly.

CUSTOMER SERVICE

The level of customer support on offer is one of the most important features of any online brokerage or trading platform. As online brokers deal with highly sensitive customer information, there is always a risk that this might be misused in some way. LonghornFX Customer support are available 24/7 to be contacted via email or live chat. But no phone number was provided.