Expert Analysis: LonghornFX Review Garners Above-Average Risk Rating
The Traders Union (TU) has recently published its latest broker rankings, accompanied by thorough assessments of the listed firms, as a continuation of its dedication to ensuring traders stay informed.
One of the noteworthy evaluations is the comprehensive LonghornFX review, which offers an extensive analysis of the broker’s services, licensing status, requirements, trading terms, and genuine customer feedback.
After subjecting 350 companies to a thorough evaluation using the TU Methodology, financial experts have concluded that LonghornFX belongs to the higher-than-average-risk broker category. It has received a TU Overall Score of 3.17 out of 10, positioning it at 245th among the chosen firms.
In terms of the most influential parameters, the brokerage platform received high scores of 8.05, 8.16, 6.07, and 7.13 in commissions and fees, trading instruments, customer support, and education. However, it got low scores of 2.80, 4.58, and 6.07 in user satisfaction, regulation and safety, and brand popularity, respectively.
LonghornFX is committed to offering favorable trading conditions that cater to both beginners and seasoned professionals.
This broker provides ECN accounts characterized by competitive floating spreads, generous leverage, and a diverse array of financial instruments.
Notably, LonghornFX does not offer bonuses, but clients have the opportunity to earn extra income through the partnership program. Besides, copy trading and the use of expert advisors (EAs) are permitted.
The minimum deposit required is just $10 and can be funded directly from a cryptocurrency wallet.
Alternatively, deposits can be made via a card or bank account, with the payment processed through Instacoins, a third-party financial service provider facilitating Bitcoin purchases.
The minimum amount for Instacoins deposits is $50, with a blockchain network fee of 0.0005 BTC for each transaction. Funds are credited to the account within 6 hours once the transaction is confirmed.
Leverage levels are contingent on the specific trading instrument, with the maximum leverage for Forex and metals set at 1:500, for CFDs on indices and energies at 1:200, for cryptocurrencies at 1:100, and for CFDs on stocks at 1:20.
LonghornFX’s partners are entitled to a $3 fee for each lot traded by traders they have referred. There are no limitations on the number of invited traders, and there are no time constraints regarding when partners can accumulate bonuses. As a result, the fee continues to be accrued for the entire duration that the referred trader remains active.
Partner fees are disbursed to the MT4 trading account at the conclusion of each month, although it’s possible to request early payment through their account manager if desired.
Meanwhile, clients of the broker have expressed concerns about the absence of cent accounts, as well as the fact that the broker is unlicensed and operates without regulatory oversight.
Another point of contention among its customers is that deposits and withdrawals are solely facilitated in cryptocurrencies.
Regarding customer support, clients have reported that the responses from operators lack sufficient information, and it is often impossible to reach representatives of specific departments when needed.
In addition to the noted drawbacks, it’s worth mentioning that LonghornFX’s clients do not have access to compensation funds. Disputes with the broker are typically resolved without the involvement of third-party mediators or arbitrators. Furthermore, the broker does not make its financial statements publicly available.
The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.