LonghornFX Review – Long List Of Reasons Why Not To Trade With Them
As a reason for choosing this trading brand, the website lists a couple of false advertisements we always hear about when it comes to shady trading sites. Multi award winner, trusted by thousands to provide the most excellent service and trading conditions – that’s just some of the claims by this suspicious firm.
In an attempt to capture your undivided attention, this sham will have you believe that they indeed provide a variety of services, tightest spreads, instant execution and most diligent customer support. However, our experienced eye has seen through all of the cheap tricks described in the following LonghornFX review.
|Regulated by:||Unregulated Offshore Broker|
|Is This Company Safe?||No, offshore schemes can ruin you financially!|
|Have Warnings from:||N/A|
|Deposit Bonus:||Not available|
|Trading Assets:||Forex, Crypto, Stocks, Indices|
|Free Demo Account:|
|How to Withdraw from This Company?||Payouts don’t happen with this one! Better contact our customer service to start a chargeback!|
The company is legally registered in Saint Vincent And The Grenadines, but there’s a caveat. Visiting the SVGFSA database will show you a pop-up that clearly says that this agency doesn’t regulate Forex brokers anymore.
Aside from not being regulated in their own jurisdiction, this trading house doesn’t hold a regulation from any reputable financial institution like FCA, BaFin, CySEC, CONSOB or any other.
In conclusion, no matter how attractive their offer may seem, you better find a legit platform for foreign exchange services so you can be sure your funds are safe and protected. At the same time, it is recommended that you read our take on CRG Investec, another untrustworthy scheme with a slightly different scope of business.
After checking the legality, the next step is seeing what the clients have to say. We have, unfortunately, found some evidence of foul play on TrustPilot.
While the company has an extremely good reputation, all the positive comments have been posted in batches of about 5 at a time, which is indicative of the work of review seller networks. Our suspicion is further reinforced by the fact that there are no comments on other platforms like SiteJabber.
Hunting On The Web
The domain longhornfx.com was first launched in 2020, as we can see from the WhoIs database. Much of the traffic on the website can be attributed to these nations in particular:
- United States
- South Africa
- United Kingdom
This broker is quite active on social media, holding an account on Facebook, TikTok, and X. Although the firm doesn’t have their own profile on Instagram and Youtube, they act through some small-time content creators as an intermediary.
Many of the creators we mentioned double as boiler room agents as well, luring new investors into the trap with lies about high financial gains. Unfortunately, as the company is not exactly legal, recovering any of the invested money requires professional assistance.
Should You Believe These Terms?
The problem with dishonest firms isn’t just in the absence of regulatory standards. This concrete example doesn’t implement the regulatory rules in order to offer some extreme trading conditions like leverage of 1:500. What’s worse, it is advertised as a benefit.
Overly attractive spreads only add more doubts and questions about the credibility of the entire offer. Marketed trading costs are even below the industry average, while spreads are lower than 1 pip on EUR/USD. Trading commission applied is $6 per lot traded.
More Added “Benefits”
Often advertised way of making an additional income or stable profit on these platforms is via affiliate programmes. All you’re expected to do is promote the company on your social network profiles and get new customers to sign up, too. Your profit is promised to be 50% of the commission added directly into their affiliate account.
Information we found about the trading features leaves much to be desired. The content on the longhornfx.com urges the site visitors to create a trading account on multiple occasions, but the company never discloses what these accounts encompass. We have encountered some issues with the trading applications as well, and the coverage of instruments is not exactly transparent.
Poor Software Integration
The industry standard MT4 software is available with this broker. Its functionality is diminished by the poor implementation of the software, however.
As with the Grandva Capital scam, this software is manipulated to make the traders lose more money. Still, the main trading app is MT4 web, but accessing it is blocked for accounts that made no deposits.
Mobile App Support
Accessing the broker’s actual server requires further customization, which gives scammers the room to manipulate the app.
Available Trading Instruments
The company advertises some 175+ different trading instruments, but outside one single banner on the website, there’s basically no information.
Here is what is allegedly offered:
- Forex (EUR/USD, USD/CHF, AUD/CAD, GBP/JPY)
- Cryptocurrency Pairs (BTC/USDT, ETH/USDT, XRP/USDT, ADA/USDT)
- Stocks (Apple, Tesla, Amazon, Meta)
- Indices (Dow Jones, S&P500, Nikkei, DAX)
Available Trading Accounts
There’s two different types of live trading accounts with this broker:
- MT4 ECN
- MT4 ISLAMIC
With regulated companies, these two account types use completely different payment principles. In theory this should also be true with LonghornFX accounts. Again, the lack of information has proven to be a major hurdle which we could not overcome.
MT4 Demo Account
The LonghornFX demo is not available through the website or the MT4 web. It is instead an embedded function of the MT4 desktop application. That said, the demo doesn’t reflect the actual trading conditions you would find with the brokerage.
What should serve as a limitless source of educational materials for all knowledge levels is a small collection of introductory articles and videos. Not much could be learned from the one-minute-videos that are posted on the website. The same stands for the short and hardly informative articles.
As is common with these sorts of bogus companies, the payout policy is not clearly outlined on the site. As a matter of fact, you won’t know exactly what payout terms are presented on the site at all.
One part of the web presentation will have you believe that you can perform transactions via credit cards, wire and crypto, while the client zone only allows withdrawal requests for crypto coins. Apart from the severe lack of detailed information, also bear in mind that fees apply but they’re not disclosed.
Seemingly Serious Support
The LonghornFX scam will encourage you to get in touch with the support team whenever you feel like you need advice or help. In that sense, the platform even allows several ways of communication:
- Online Chat
The diligence and accuracy is never guaranteed, as it happens with every other financial swindler that only pays attention and care until you deposit.
How To Deal With Financial Fraud
Knowledge of being scammed doesn’t feel pleasant or satisfactory. However, what if we told you there’s a way to track down cyber criminals and build your case to appeal with relevant authorities?
As long as you act in time, there’s even a chance to restore your initial investment, lost to fraudulent schemes like the one we’ve reviewed today. Contact our live chat agents to book your free consultation today!
How Much Does LonghornFX Charge?
The company charges a trading commission of $6 per trade. Transfers are claimed to be free but that is not guaranteed.
Where is Longhorn FX Located?
SVG is the location of the company headquarters.
What Are the Withdrawal Methods for LonghornFX?
Crypto is the only transaction method accepted. If you need help to take back your deposit, please contact us promptly.