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LonghornFX Review | Security, Apps & Features | Invezz

With LonghornFX you can trade a large number of commodities, securities, currencies, and cryptocurrencies, and withdraw your profits in the form of Bitcoin. LonghornFX allows users to open either a MetaTrader4 (MT4) live trading account or an MT4 demo account to carry out their trades, or familiarise themselves with the software before starting trading.

What can I do with Longhorn FX?

With LonghornFX you can trade a large number of commodities, securities, currencies, and cryptocurrencies, and withdraw your profits in the form of Bitcoin. LonghornFX allows users to open either a MetaTrader4 (MT4) live trading account or an MT4 demo account to carry out their trades, or familiarise themselves with the software before starting trading. 

It is also important to note that traders can open as many live trading and demo accounts as they want with Bitcoin, Euro, Great Britain pound, and the United States dollar as the baseline currencies. Client funds are held in each user’s respective LonghornFX account and are only moved to the trading section when the trader opens a position.

The MT4 platform allows you to trade on your PC, android, iOS, or WebTrader. With these possibilities, you can check your trades from any place at any time and always have access to the platform in case you need to open or close a position.

Which assets can I trade?

According to LonghornFX, clients have access to over 183 financial instruments they can trade. Here is a quick summary of the assets you can trade on LonghornFX:

  • Currencies. Traders can buy or sell 7 major currencies, 21 FX crosses, or 27 FX exotics, giving a total of 55 currency pairs.
  • Cryptocurrencies. LonghornFX has 35 cryptocurrency pairs that clients can trade.
  • Indices: The trading platform has 11 indices including US30, AUS200, SPX500, and UK100.
  • Metals. Traders can choose from platinum (XPT), gold (XAU), silver (XAG), up to a total of 5 metal pairs.
  • Futures. Currently LonghornFX offers only US dollar futures.
  • Commodities. UKOil and USOil are the two commodities available on LonghornFX at present.
  • Stocks. Clients can buy or sell up to 64 individual stocks including top equities like Apple, Google, Amazon, Netflix and many others on the platform.

Payment methods

Deposit methods and costs

LonghornFX accepts deposits in Bitcoin, and users can also fund their accounts using fiat currency via bank transfer. Users can fund their account with a credit or debit card, however they will be directed to third party platforms where they can purchase Bitcoin if selecting the option and the deposit still occurs in Bitcoin. Bitcoin deposits are charged a flat network fee of 0.0005BTC. This equates to about $5, but its exact value depends on the current price of Bitcoin.

LonghornFX withdrawal methods and costs

LonghornFX offers one main withdrawal method, which is Bitcoin. You then select the wallet you would like to withdraw from – USD, BTC, GBP, or EUR. The broker charges no fees for withdrawals but the amount leaving your wallet may be different from the amount you receive because of Bitcoin price fluctuations and a network fee of 0.0005 BTC charged to maintain the blockchain.

What devices can I use LonghornFX on?

Users can access LonghornFX through its web trading platform, and also by downloading MetaTrader 4 software. These options are available on a variety of devices, and traders can use LonghornFX on:

  • Desktop computers
  • Laptop computers
  • Smartphones (iOS and Android)

How easy is it to use LonghornFX?

The LonghornFX website is very simple to navigate, with a variety of helpful and easy to access FAQs. In order to make trades using the platform, you will need to download MetaTrader 4 software from LonghornFX’s website, and it’s clearly visible where to click in order to download the necessary software. 

The process of making trades on LonghornFX will require familiarity with using trading software, so if you’re new to trading it is recommended that you open a demo account on the platform so you can learn the ropes without risking your money.

LonghornFX demo account

If you want to learn about LonghornFX and get a feel for trading without staking any of your capital, you can sign up for a demo account. The account is free to open and has all the features you’ll find on the live trading account, only you’re not trading with real money. You can use the demo account to refine your trading strategy before committing your funds in a real trading account.

LonghornFX allows you to set your virtual cash balance when creating the demo account and you can trade for as long as you want. However, the account will be terminated after 3 weeks of inactivity. 

Countries supported

When opening a LonghornFX account, you’ll see that it supports traders from lots of countries around the globe – from Europe to the Americas, and across Asia and Africa. However, you may need to confirm with the customer support team if people from your country are allowed to sign up for an account, as LonghornFX doesn’t make it clear if the service is available in every country.

Regulation

LonghornFX is not regulated by any major government body, with the company being registered offshore in Saint Vincent and the Grenadines. This means users should be careful when depositing funds with the broker, as there is no relevant body you can appeal to if you need to make a complaint.

Account verification

In order to open and verify your account on LonghornFX you need to provide:

  • Your name
  • Your email address
  • Your phone number

You do not need to provide any ID documentation, and you are only required to verify your phone number and email address.

LonghornFX customer support

LonghornFX’s customer support team is available round the clock. You can contact them through any of the following methods.

  • Live chat. Live chat is available 24/7 and the response is usually very fast.
  • Request a callback. If you prefer to talk to a live person, you can request a call back by filling in your details on the website. There is no phone number listed on the website for you to call LonghornFX.
  • Submit a support ticket. You can email the customer support desk and a member of their dedicated team will get back to you as soon as possible.

From experience, queries are resolved immediately, and the customer is asked for their feedback on the quality of service received. 

The stockbroker

First impression

LonghornFX’s website is simple and easy to navigate, and clearly signposts where users need to go in order to download the necessary software. When using LonghornFX, trades take place on MetaTrader4 (MT4) platform. Once clients sign up for an account, they can proceed to start a free download of any of the LonghornFX’s trading platforms which are:

  • MT4 for Windows
  • Web Trader
  • MT4 for Android
  • MT4 for iOS 

On the trading platform, users have tools that enable them to make new orders and check their trading history. You’ll also have access to tools for technical analysis such as bar charts, candlestick and line charts, and over 50 technical and fundamental indicators spanning a range of markets. 

On your trading terminal, you’ll see two modes for executing orders:

  • Market execution. This is to execute an order at the current market conditions.
  • Pending order. This is to process an order when a specified price is reached.

LonghornFX also gives its clients access to stop loss and trailing stop risk management options, so you can protect yourself from sudden market movements against your positions.

What currency pairs can be traded?

Traders have access to 55 currency pairs on LonghornFX. These include:

  • AUD/USD
  • EUR/USD
  • GBP/USD
  • NZD/USD
  • USD/CAD
  • USD/CHF
  • USD/JPY

In addition to this, LonghornFX also supports the trading of 35 cryptocurrency pairs, among which are:

  • BTC/USD
  • ETC/USD
  • NEO/BTC
  • XRP/BIT
  • BCH/BTC
  • ETH/BTC
  • NEO/USD
  • XRP/USD
  • BCH/USD
  • ETH/USD
  • OMB/BIT
  • ZEC/BTC
  • BIT/USD
  • ETP/BIT
  • OMG/USD
  • ZEC/USD
  • DASH/BTC
  • ETP/USD
  • QTUM/BIT
  • mET/USD

Are there fees for trading?

Yes, when trading using LonghornFX a variety of charges apply. The main fee charged by LonghornFX is that for each lot traded, the broker takes a $6/£6 /€6 commission. This can be dependent on the size of the trade if smaller amounts are involved. For instance, a 0.10 lot also known as a micro lot will attract a commission of $0.60 (10% of the fee for 1 lot).

The other fees to be aware of are when you are making bitcoin deposits and withdrawals, you’ll be charged a fee of 0.0005BTC. This is a fee applied by the blockchain to cover minings costs, and it is fixed for all transactions whether it is $10 or $10,000 worth of Bitcoin.

What are the spreads?

The difference between the bid and ask prices also known as the spread is usually measured in PIPs when trading forex pairs. It’s not possible to give the exact spreads available on the platform as LonghornFX has a floating live spread approach to displaying the bid and ask prices. Clients get to enjoy competitive spreads in times of low market volatility but when the market calmness transits into high volatility, the spreads become high.

Can I trade assets with leverage on LonghornFX?

Yes. Clients opening LonghornFX trading accounts are asked to choose the amount of leverage they prefer to trade with, ranging from 1:1 to 1:500. This level of leverage is only available for trading forex and commodities, however. For all the other tradable assets on LonghornFX there are the following limits:

  • Stocks (e.g. EBAY): 1:20
  • Cryptocurrencies (e.g. BTCUSD): 1:100
  • Energies (e.g. USOil): 1:100
  • Indices (e.g. US30): 1:200

Trading with leverage is risky, and we advise only experienced traders use this option. New traders can be enticed with ideas that they can open up positions worth up to 500 times what they stake – but remember while this will generate money quickly if the market moves in your favour, it will also compound your losses if that doesn’t happen. You can quickly find yourself losing all your capital if you trade with too much leverage and things don’t go to plan.

What are the margins required?

The margins when trading on LonghornFX depend on what you’re trading, as the platform has different leverage available for different markets. Here’s a quick summary:

  • Forex: 0.2%
  • Commodities: 0.2%
  • Stocks: 5%
  • Cryptocurrencies: 1%
  • Energies: 0.5%
  • Indices: 0.5%

Can I open short and long positions?

Yes, on LonghornFX you can open both short and long positions. A trader is ‘going long’ if they believe that the price of an asset or currency will increase, or equally they can ‘go short’ if they believe the market is going to fall – in which case they close their position and look to reinvest their money once the price has dropped.

Are there withdrawal and deposit limits?

Deposits

For you to begin trading, you have to make a deposit either using Bitcoin, wire transfer, credit or debit card (if you use these latter options, however, you are directed to a website where they can purchase Bitcoin instantly). The minimum deposit allowed on the LonghornFX platform is $10 worth of Bitcoin, and there is no maximum deposit stated by the platform.

Withdrawals

There are no started withdrawal limits on LonghornFX. Withdrawal requests are reviewed and processed the same day they are submitted. Having said that, there is no guarantee that they will land in your wallet the same day. How soon your withdrawals are credited depends on the speed of the blockchain and the number of confirmations. Expect withdrawals to take up to 6 hours to arrive.

Trade size limits

The minimum position size LonghornFX allows is 0.01 lots while the maximum trade size is 1,000 lots. 

Security 

LonghornFX requires users to set a secure password, and to provide email and phone verification required opening an account. The platform also encourages its traders to activate the two-factor authentication (2FA) feature for added security. LonghornFX claims to hold clients’ funds in a cold storage system to keep them out of reach of hackers. 

Education and trading tools

Apart from the FAQ section on its website, which is informative, LonghornFX has limited educational resources. The site has a section with a couple of articles explaining basic things like deposits and withdrawals, spreads, Bitcoin, leverage, pips and a few more, but it’s far from extensive. Being one of the newest entrants into the online brokerage space, there is hope that the team is still building its resource base.

Summary of LonghornFX’s broker

Overall, LonghornFX’s platform allows users a quick and easy way to download MetaTrader 4 and place trades on a wide variety of securities, commodities, currencies, and cryptocurrencies. It is a relatively new platform, and so doesn’t yet offer too much in the way of educational resources, but seems to be expanding this aspect of the site.

Here are a few things to be aware of when using LonghornFX’s platform:

  • One thing to be very careful of when using LonghornFX is not to go too far into the red. LonghornFX states that the client or trader is responsible for negative equity balances on their trading account. This means that the broker doesn’t offer negative balance protection as a risk protection measure. Instead, the client will be required to pay the full amount immediately.
  • When the equity amount on the client’s trading account falls to less than 30% of the margin, the broker reserves the right to close any open positions even without consulting the client. 
  • Residents of countries such as Canada, the United States, Algeria, Iraq, Iran, Cuba, Myanmar, Ecuador, and North Korea may not have full access to some of the features on the LonghornFX platform. This is because of jurisdictional requirements for prior registration of security issues.
  • The broker is not regulated but observes the conditions and procedures outlined in anti-money laundering and counter-terrorism financing (AML/CTF) regulations. This includes account verifications, trading and leverage limits on certain assets. 

Conclusion

LonghornFX may be a relatively new online broker but it has a variety of features that make it attractive to traders, from its use of Bitcoin as a payment and withdrawal method, to its incorporation of MT4 trading software. Clients enjoy fee-free deposits (aside from blockchain fees), same-day withdrawals, live support 24/7 backed by a dedicated customer service team, and competitive spreads.

Inexperienced traders also have the option of signing up for a demo account to learn and hone their trading strategies before opening a live trading account. This means you can learn the ropes without risking any of your capital.

The areas of improvement that LonghornFX needs to focus on include strengthening its risk management framework, increasing withdrawal options, adding more assets (especially in energies, metals and commodities), and work towards being regulated and available in more countries around the world.

While the demo accounts are incredibly helpful, LonghornFX also needs to beef up its training resources and flesh out its FAQ section with more information to help users who aren’t already familiar with trading. LonghornFX is a good place to trade for those who already know their way around, and especially for those who want the option of depositing funds in Bitcoin.

How to set up an account


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Neteller Launches Cryptocurrency Exchange Service

Neteller Launches Cryptocurrency Exchange Service

Neteller  one of the most known Digital fiat currency wallet provider , has started allowing its users to buy, sell, and hold cryptocurrencies including BTC, BCH, ETH, ETC, and LTC.

They do this on the large scale with a pilot in 10 countries and soon another 50 countries to join . They understand that if you do this effort it will only succeed if you can do this on a global scale.

Neteller and Cryptocurrencies

Neteller is a service which is operated by Paysafe Financial Services Ltd.,

paysafe

paysafe

founded in 1999, Paysafe Financial Services entered the market with the mission to provide an online alternative to the known traditional payment methods.

Most of the traders aiming us now neteller as one of the companies through which we made our deposits and if we had any profits also our withdrawals. A couple of years ago they left the Forex and Binary industry behind since the charge-back issue became just too expensive.

But as any companies knows, if you do not adept you die. The binary option market is all but dead and the Forex industry has moved also into the directions of the cryptocurrencies. thus, neteller understands that this is where the future is.

So Lasts week they announced that they are now offering a wallet with buy and sell cryptocurrency options.

As of today, Neteller users can buy, hold and sell cryptocurrencies via a recognized cryptocurrency exchange including bitcoin, bitcoin cash, ethereum, ethereum classic and litecoin, purchased using any one of 28 fiat currencies available in the Neteller wallet.

It may not seem so exciting but for many users that love this service it actually is. More and more currencies will be added making them an true exchange in the near future.

Now one is able to fund their neteller account through many different means (Mobile, Epay, Paysafecard, local bank deposits, and bitcoin)

We think that will make the threshold for many people, who would want to buy or sell cryptocurrencies, lower. This in return is a good thing for the overall acceptance of the cryptocurrencies in the mainstream of every day life.

Conditions for buying and selling cryptocurrencies through Neteller

The rates offered are somewhat in the lower middle of the current market making them go for the save route. The average market rates on the major cryptocurrency exchanges differ all in all not that much anyways, as this is not the main reason to choose to buy Bitcoin through Neteller

The minimum cryptocurrency purchase or sale amount is “approximately equal to 10 EUR,” the firm clarified, adding that the maximum amount depends on the transaction limits associated with each account.

When You open an account with Neteller you have to choose your default currency. This is of course for most people in accordance on their geographical locations, people in Britain will go for the pound most Europeans go for the euro and pretty much the rest of the work goes for the US Dollar, thou other currencies are available

The fee is 1.5 percent for purchasing and selling cryptocurrencies from wallets with EUR or USD as the default currency.

The fee rises to 3 percent for wallets with other default currencies.

Neteller  | Why is this a good move for neteller and one that we should expect from other online Payment providers as well ?

At this moment till last week Neteller users can pay, get paid on thousands of sites, and send money around the world through their system.

The company claims to have “millions of point-of-sale, ATM and online locations” for users to withdraw or spend their cash.

Last July 25, Paysafe ( which as you remember is the company that owns Neteller and Skrill)  announced that another digital wallet provider in its group, Skrill ( formerly known as moneybookers), started allowing customers to “instantly buy and sell cryptocurrencies, including bitcoin, bitcoin cash, ether and litecoin, using any one of the 40+ fiat currencies available in the Skrill wallet.”

We could now see that this was like their test run on this concept.

We do not know the numbers that Skrill produced since they offered this service but it must have been encouraging enough for Paysafe to include their flagship brand in this endevour.

We will see where this leads but we are hopeful that this is the next step in global acceptance to the cryptocurrency revolution. Let me know what you think

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The basics of trading that one should know

The basics of trading that one should know

Things you should be aware of before you start

The currency trading industry and now also the cryptocurrency trading industry have gone through enormous volatile times the last couple of years. Now with trump and its trade wars. The fast rise and somewhat recline of the cryptocurrencies and the fast pace of international politics and economies that create high rises and steep fall of the currencies.

So what does it all mean and what can you do before start to trade on these news headlines.

Good brokers like LegacyFX and UBCFX provide the traders with the latest market news and updates on a continuous basis but if you are new to trading you still have no idea what to do with this.

You start by understanding that the involves a high degree of risk, including the risk of losing you hard earned money. Besides the ones that were lucky enough to have bought Bitcoin a couple of years back and cashed in in the end of 2017, most people don’t get rich overnight.

You have to understand that you only trade with money that you are able to lose, going hungry because you want to open a trade is not the right wy to go about it.

So, What is Forex?

You should by now understand that the value of currencies goes up and down every day.

This in general becomes apparent the moment you go on vacation and what you bought last year with your money now is not the same amount you get today at the exchange.

This is on a large scale, what a lot of people do not know is that there is a foreign exchange market – or ‘Forex’ for short – or “FX” for even shorter, where you can potentially make a profit from the movement of these currencies.

The most known Trader is George Soros who made a billion dollars in a day by trading currencies. This is of course on a scale that we are not able to reach and you need a huge amount of money to begin with. Still he made a billion in one day!!

The internet has played a huge part in making trading in currencies accessible for the masses. You also do not need huge amounts of money to actually do this. Now keep in mind that if you make 10% profit on your investment but the investment was just $50 you basically just end up with $55. still no bank will give you 10% interest on your money.

Many people and I am talking millions are now trading every day, most do this on the side and don’t do this as a full-time job, but there are today enough people that are full time traders and making enough money to live comfortably.

Retail forex market needed Brokers

The Forex market for the retail market was born, it started around 15 years ago to become more serious as technologies advanced and the stream of information became almost instant, this is important for trading as one second can make the difference between profit or loss.

So, the moment the technology was there the people that wanted to trade were there all that was needed were the Forex brokers that offered the platform for trading.

There are latterly hundreds of companies of not thousands that offer this service and there are good ones like LegacyFX and there are scams (these tend to not last long)

Forex explained in short

The Forex market is the largest financial market on the planet and has been for many years now.

Its average daily trading volume is more than $4 trillion. (just let that number sink in for a second). Of this total amount around 5% is the retail market meaning traders like you and me. Still 5% of 4 Trillion is still a number with a lot of zeros behind it.

If you compare that with the New York Stock Exchange, which only has an average daily trading volume of $55 billion. You truly see the size.

To give you another example:

if you were to put ALL of the world’s equity and futures markets together, their combined trading volume would still only equal a 25% of the daily Forex market. Insane right?

Why does this even matter?

It matters because there are so many buyers and sellers that transaction prices are kept low. To explain how trading the Forex market is different than trading stocks, here are a few major benefits.

  1. Most Brokers don’t charge commissions – you pay only the bid/ask spreads.
  2. There’s 24hour trading – you decide when to trade and how to trade.
  3. You can focus on your currencies and become experts in only those pairs that you follow instead of following and selecting out of 5000 stocks
  4. You can trade on leverage, (something to be very aware of as it can magnify potential gains but also your losses).
  5. Forex is accessible for almost everyone– you don’t need a lot of money to get started
  6. In the Forex market you can trade on Demo accounts to learn before you commit your money

How is Forex traded?

The mechanics of a trade are virtually identical to those in other markets. The only difference is that you’re buying one currency and selling another at the same time.

This is also the reason as to why the currencies are quoted in pairs, like EUR/USD or USD/GBP.

The exchange rate represents the purchase price between the two currencies.

Example:

The EUR/GBP rate represents the number of GBP one EUR can buy (relevant now with all the Brexit issues going on) . If you think the Euro will increase in value against the British Pound, you buy Euros with British Pounds. If the exchange rate rises, you sell the Euros back, and you cash in your profit.

Now the same works for strading Bitcoin, ethereum, Litecoin or other cryptocurrencies. this has become an entire new market and has introduced many people to Forex . you should here be also aware that trading cryptocurrencies is like regular trading so you will be able to lose great sums of money.

the Best thing i found about trading cryptocurrencies is that the Leverage by default tends to be very low which makes the risk of losing it all much smaller.

Sounds simply enough?

Why does not everyone Trade.

The same could be asked as to why not everyone plays poker, you can make money. The comparison between the 2 is actually closer than you might think.

All traders that are successful will tell you that 80% of successful trading is psychology and the other 20% is research. It takes time to get the research down, but it can take a lifetime to master the psychology.

People tend to do things differently when real money is on the line and are accepting losses in the hope that the trend will reverse or taking out profit too early because they don’t want to lose what they just have gained. In short, the psychology is the hard part.

One should be aware that you can loose real money and a lot of it very fast if you don’t know what you are doing.

Now most Good Forex brokers offer some educational tools, some more than others that will teach you how to trade. There is also something that is called social trading that will allow you to follow other traders and see what they are doing in order for you to learn and make money at the same time.

So here are some ground rules for those that look to start trading

  1. Get involved in the market, watch read and listen to the news to understand what is happening
  2. Go through a trading course ( a good one is here)
  3. Open a demo account and trade at least a month (my advice to do this even longer)only on this before you even think about trading with real money.
  4. Check out social trading, there are some options for this, this broker offers this also.
  5. Try with an amount that you are able to afford losing. See this as your tuition money.
  6. Take it slow, don’t become greedy and follow the basic rules

Basic Rules (there are many more but start with these)

  1. The trend is your friend
  2. Don’t add money to a losing position
  3. Don’t trade on too many different currency pairs
  4. Trade only with a good broker
  5. Don’t open to many positions (no one needs 100 positions a day)
  6. Develop your strategy and stick to it.
  7. Know that NO ONE is 100% of the times right, everyone loses some.
  8. Last but not least, don’t trade with money you cannot afford to lose.

Now all that I want to say is good luck.  😊

 

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Wanted Cryptography Experts in China

 Wanted Cryptography Experts in China

The sooner we get to the official launch of China Digital Money. the more Cryptography Experts are needed.

it almost is surreal as they pushed against this from the beginning but now S China digital money may soon be a reality.

The Bank of China (PBOC) is hiring cryptography experts by the masses as reported by the South China Morning Post (SCMP)

this is the latest in the Chinese efforts to have a state controlled cryptocurrency for its own means.

The institution is one which worries a lot about the effect of investor activity in the cryptocurrency market. this in great contrasted to the directive issues in 2014 by the PBOC  that Bans any activity related to the cryptocurrency market.

Yet the Central bank of china started to build their own work force for building and developing their crypto in 2017.

something like if you can beat them , copy them.

in 2017 the Yicai Global reported that this targeted workforce would work from central Beijing as was to be names the  digital currency research institute

This research institute would primarily focus on the latest in digital currency technologies and all the different applications that would benefit from cryptocurrencies.

the former deputy director of the PBOC’s science department, Mr Yao Qiann would be in charge of the overall project

since then they are expending with opening a new research institute expanded in Nanjing . the idea for this center is to create more interest n the technologies and its possible applications.

the pilot programs are to be implemented by state controlled banks and academic institutions which should result in blockchain hubs that would attract new developing talent and additional capital to further develop the cryptocurrencies.

“Beijing’s ideal digital currency must ensure the smooth running of monetary and financial stability policies and at the same time protect consumers.”

Apparently, the ultimate goal for the Digital Currency Research Institute (DCRI) was to clear the path for a national cryptocurrency. Reports indicate that the fintech hubs will serve a purpose higher than initially believed. Reportedly, the hubs will serve as testing ground for China digital money. Here, the currency will undergo tests from prototype phase to future mass production.

and thus we get to the point that they are looking aggressively for new talent in the cryptographers and computer scientists sectors. now that more and more student have said good bey to the united states in the last couple of months after feeling they were less welcome this drive for finding new employment has only intensified and is answered by the large amount of brilliant young people coming back to live in chine after their education abroad.

The salaries are even higher then what they would have earned if they would stayed in the US and gone of to work in some of the companies in the Silicon Valley.

So we could expect that China is now also looking to become a world player in this industry as they have become the leaders in so many other fields.

 

 

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