Longhornfx Company Overview:
Longhornfx primarily offers investment trading services for forex, stocks, and index contracts for difference (CFDs). The official website is https://www.longhornfx.com/. 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 residents of jurisdictions requiring prior registration of securities issuance or information. The domain for Longhornfx's website was registered on June 9, 2020.
Is Longhornfx Compliant and Legal? Does It Hold the Appropriate Financial Regulatory License?
Longhornfx's official website does not disclose its registered entity information or the country of registration. However, TraderKnows found in the website's "Terms and Conditions" section that the broker claims to be governed by the laws of Saint Vincent and the Grenadines, and its MT4 trading platform, which is available for download on the official website, is provided by Longhorn LLC. Based on this information, TraderKnows conducted a search with the Saint Vincent and the Grenadines Financial Services Authority (SVGFSA).
It was found that "Longhorn LLC" is listed on the SVGFSA's official website, with a registration date of June 23, 2020. However, SVGFSA only regulates activities such as banking, insurance, or mutual funds and does not oversee forex margin trading activities or issue forex licenses. In other words, this broker does not appear to be subject to valid regulation.
Trading Instruments Offered by Longhornfx:
According to the Longhornfx official website, the broker offers trading services for a range of financial assets, including forex, stock CFDs, and index CFDs.
Trading Software Provided by Longhornfx:
On the broker's official website, they provide a download link for the MT4 trading software, available in web, PC, Android, and iOS versions. They also offer both demo and real accounts to users.
Fund Safety:
Longhornfx does not disclose any third-party fund regulatory information on its official website, raising concerns about the safety of user funds.
Deposit and Withdrawal Methods:
According to the "Frequently Asked Questions" section on Longhornfx's website, they facilitate deposits through blockchain or bank wire transfer, with a minimum deposit amount of $50. User withdrawals are also processed through blockchain, with a minimum withdrawal amount of $10.
Leverage Ratios:
Longhornfx offers maximum trading leverage of 1:500 for forex, 1:500 for metals, 1:200 for indices, 1:100 for energy, and 1:20 for stocks. This is considerably higher than what is typically offered by compliant brokers, where leverage ratios are generally in the range of 1:10 to 1:100.
Summary:
Longhornfx is an unregulated forex broker, and it has not disclosed any critical information regarding user fund safety. This forex trading platform carries trading risks, and its entity information is opaque with an unknown physical business address.
TraderKnows hereby advises investors to exercise caution and safeguard their financial security when dealing with Longhornfx, which is a high-risk forex broker.
Longhornfx is listed as "illegally business" on TraderKnows.
