Is Longhorn FX Legit or Scam?
Longhorn FX is a scam broker and should be avoided. There are numerous red flags that indicate this platform is not a legitimate financial service provider, putting your money at significant risk. This review will delve into the key aspects of Longhorn FX and expose the deceptive practices employed by this fraudulent broker.
Company Overview
Regulated by: | Unregulated Offshore Broker |
Is This Company Safe? | No, offshore schemes can ruin you financially! |
Known Websites: | |
Have Warnings from: | N/A |
Registered in: | SVG |
Operating since: | 2020-06-09 |
Trading Platforms: | MT4 |
Maximum Leverage: | 1:500 |
Minimum Deposit: | $10 |
Deposit Bonus: | Not available |
Trading Assets: | Forex, Crypto, Stocks, Indices |
Free Demo Account: | Â |
How to Withdraw from This Company? | Payouts don’t happen with this one! Better contact our customer service to start a chargeback! |
Services or Products
Longhorn FX claims to offer a variety of services, including:
- Forex trading
- Cryptocurrency trading
- Stock trading
- Index trading
However, the lack of transparency and information surrounding these services raises serious concerns.
If you have lost money to companies like AXEX Coin, or AWFXBank; please report it to us on our report a scam form.
Trading Platform & Leverages
Longhorn FX utilizes the MT4 platform, a popular choice among forex brokers. However, there are concerns about the platform’s functionality and potential manipulation. The broker offers an excessively high leverage of 1:500, which is extremely risky and unsuitable for most traders, especially beginners.
Spreads and Cost of Trading
Longhorn FX advertises tight spreads and low trading costs, but concrete details are lacking. This lack of transparency is a major red flag and suggests potential manipulation of prices and spreads.
License and Regulations
The most critical red flag is Longhorn FX’s complete lack of regulation. They are not registered with any reputable financial authority, such as the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), or The Federal Financial Supervisory Authority (BaFin). This means they operate outside the legal framework governing financial services and are not subject to any oversight or investor protection.
Legal Warning Against Longhorn FX
Dealing with an unlicensed broker like Longhorn FX carries significant legal and financial risks. They are not obligated to adhere to industry standards or protect your funds. Additionally, recovering losses from such platforms is often challenging, if not impossible.
Deposit and Withdrawal Methods
Longhorn FX claims to accept deposits and withdrawals through various methods, including credit cards, wire transfers, and cryptocurrency. However, the lack of clear information about fees, processing times, and limitations raises concerns about the legitimacy of these methods.
Longhorn FX Pros and Cons
Pros | Cons |
None Identified | Unregulated |
None Identified | Potentially manipulated platform |
None Identified | Unrealistic promises |
None Identified | High leverage |
None Identified | Lack of transparency |
Why Dealing With An Unlicensed Broker Is Risky
Dealing with an unlicensed broker like Longhorn FX is extremely risky for several reasons:
- Lack of Investor Protection: Unregulated brokers are not subject to strict regulations and investor protection measures, leaving you vulnerable to fraud and manipulation.
- No Dispute Resolution Mechanism: In case of disputes or issues, there are no established channels for resolving them, making it difficult to recover your lost funds.
- Potential for Market Manipulation: Unregulated brokers may manipulate prices and spreads in their favor, leading to significant losses for traders.
- Limited Legal Recourse: If you fall victim to a scam, pursuing legal action against an unregulated broker is often challenging and costly.
Client Feedback
Client feedback for Longhorn FX is highly unreliable. Positive reviews appear suspicious and likely fabricated, while negative reviews expose serious concerns about the platform’s practices.
How Can “ReviewsAdvice” Help You If You Get Scammed?
Unfortunately, recovering funds lost to scams like Longhorn FX can be difficult. However, seeking professional legal and financial advice can help explore potential options for recourse.
ReviewsAdvice can help you by providing professional guidance and recovery service recommendations to help you recover the lost funds or you can report to us today by the below form.
Get Your Money Back from Scammers.
Final Thought
Longhorn FX exhibits all the hallmarks of a scam broker. Their lack of regulation, unrealistic promises, and suspicious practices should be enough to deter any potential investor. It is crucial to thoroughly research and choose a fully regulated and reputable broker who prioritizes investor safety and transparency. Remember, if something seems too good to be true, it probably is. Always prioritize your financial security and avoid platforms like Longhorn FX that operate outside the legal framework.
