The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.
Based in Saint Vincent and the Grenadines, LonghornFX is a high leverage broker offering a range of contracts for difference (CFD) asset classes to traders. Overall, it has more than 55 foreign exchange currency pairs on offer as well as more than 60 stocks and over 35 cryptocurrency pairs. Although it lacks cutting-edge trading platforms, the broker provides excellent round-the-clock customer support as part of its client provisions.
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When it came to review LonghornFX, the broker was found to have various trading conditions — these depend on the asset class being traded. In terms of maximum leverage, this broker does live up to its reputation as a high leverage broker in some ways — but only for some assets. The 1:500 leverage levels are not available in all categories, and levels closer to 100x or 200x are more common.
This LonghornFX cryptocurrency review also shows that minimum deposit levels can vary depending on the method used. The lowest potential deposit level for bitcoin transactions is just $10, but for card deposits, it shoots up to $50. In terms of trading fees, our LonghornFX broker review found that a flat fee of $6/£6/€6 is levied on every lot traded — although this can turn into a proportional, percentage-based figure if the lot is reduced in size.
Spreads at this broker are not the most competitive. In the AUD/USD pair, for example, the spread was seen at 1.3 at the time of writing — which was from the lowest on the market. The same problem was observed for some of the crypto pairs offered by the broker. BTC/USD spreads of 23.60000 were seen, which again were fairly uncompetitive.
This high leverage broker offers several advantages — especially to traders who are looking for high margin multiples on foreign exchange pairs. However, the high leverage levels are not on offer for every asset class, and there are also some commissions and fees lurking in the background.