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LonghornFX Review: Forex & CFD Trading Platform

If you want to buy and sell assets online, you will need to find a reliable trading platform that meets your investing goals. You’ll need to ensure the platform offers low fees, heaps of tradable assets, and a top-notch customer support team. LongHornFX – an online forex and CFD trading platform, claims to meet the […]

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Republished by Plato

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If you want to buy and sell assets online, you will need to find a reliable trading platform that meets your investing goals. You’ll need to ensure the platform offers low fees, heaps of tradable assets, and a top-notch customer support team.

LongHornFX – an online forex and CFD trading platform, claims to meet the aforementioned requirements.

You’ll be able to buy and sell a full range of financial instruments – including but not limited to stock CFDs, indices, hard metals, cryptocurrencies, and of course – forex pairs. Best of all, you will have access to leverage facilities of up to 1:500, which is huge.

But, is the broker right for your trading needs?

In this LonghornFX review, we cover the platform from top to bottom. This includes key metrics surrounding fees, commissions, payments, support, and more.

Visit LongHornFX

What is LonghornFX?

LonghornFX is an online trading platform that offers a variety of financial instruments. This covers forex, cryptocurrencies, commodities, stocks, and indices. Each asset class is traded via a CFD instrument, meaning that you will have the capacity to place both buy and sell positions.

You will also have access to leverage, which stands at a whopping 1:500. LonghornFX allows you to trade via the hugely popular third-party platform MetaTrader4 (MT4).

Trade Forex, Cryptos and Stocks with up to 1:500 Leverage
Trade Forex, Cryptos and Stocks with up to 1:500 Leverage

This will be of interest to those of you that want access to heaps of technical indicators, chart drawing tools, and the ability to deploy automated trading robots. The MT4 platform can be accessed online, via desktop software, or through a mobile application.

In terms of fees, LonghornFX claims to offer ultra-competitive spreads and commissions. Regarding the latter, this stands at a flat rate of $6 per traded lot.

When it comes to funding, you can deposit and withdraw funds with a debit or credit card, which is facilitated by an external payment processor. This will, however, be converted to Bitcoin and then sent to your account. Alternatively, you can directly fund your account with Bitcoin.

What can you Trade at LonghornFX?

LonghornFX is a multi-asset broker that gives you access to over 180 financial instruments. As the name suggests, this includes a fully-fledged forex trading facility.

This includes most majors and minors, and an extensive selection of exotic pairs. This means that you can trade emerging currencies such as the South African rand (ZAR), Turkish lira (TRY), and the Mexican peso (MXN).

On top of forex, you can also trade:

Cryptocurrencies

If you want to speculate on the future value of cryptocurrencies, LonghornFX has you covered.

This includes fiat-to-crypto pairs such as BTC/USD, ETC/USD, and XRP/USD. You can also trade crypto-cross pairs – such as ZEC/BTC, XRP/BIT, and NEO/BTC.

Trade Crypto
Trade Crypto

Stocks

LonghornFX also offers a selection of stock CFDs. This covers some of the largest companies on the NASDAQ and NYSE.

For example, you can enter buy and sell positions on Amazon, Apple, Facebook, IBM, Tesla, and more. Unlike traditional share dealing services, stock CFDs allow you to go both long and short.

Indices

Indices are great for speculating on the wider stock markets. At LonghornFX, you can trade 11 indices. This includes the NASDAQ 100, FTSE 100, Dow Jones 30, and Hong Kong 50.

Commodities

You can also trade a number of commodities at the platform. This covers hard metals like gold and silver, as well as energies such as oil and natural gas.

All in all, LonghornFX offers a comprehensive list of assets that should suit most online traders.

Assets
Assets

Trading Fees and Commissions

When it comes to trading fees and commissions, LonghornFX offers a simple pricing structure. Put simply, you will pay $6 per traded lot. As is industry-standard, you will pay this at both ends of the trade.

In other words, you’ll pay $6 per lot when you enter your position, and again when you close it. This is actually very competitive, even for those of you that wish to trade with small stakes.

Spreads

In terms of spreads, this will, of course, vary depending on the financial instrument that you are trading. As LonghornFX claims to offer ‘narrow’ spreads, we sought to explore this in more detail.

We found that on major asset classes, the platform is true to its word. For example,

  • EUR/USD and USD/JPY can be traded with spreads of 0.6 pips and 0.7 pips, respectively. This is competitive.
  • Then, you have the likes of BTC/USD at 23.6 pips, and ETH/USD at 0.34 pips.
  • The commodity department is even more competitive at LonghornFX. For example, gold can be traded with a spread of just 1.9 pips.
  • UK oil and US oil CFDs come with spreads of 0.9 pips and 1 pip, respectively. Again, this offers great value.

All in all, if you’re looking for an online platform that offers a low-cost entry to trading, LonghornFX has you covered.

Trading Platforms at LonghornFX

As we briefly noted earlier, LonghornFX offers its trading platform via MetaTrader 4 (MT4). This is one of the most utilized third-party trading platforms in the online space, as it comes jam-packed with features and tools.

For example:

  • MT4 offers heaps of technical indicators. This is crucial for analyzing charts in real-time and searching for pricing trends.
  • You can fully customize your trading screen, which includes the ability to view multiple charts.
  • MT4 allows you to install automated trading robots and Expert Advisors (EAs). This allows you to buy and sell assets in a fully passive manner.
  • You will have access to a huge selection of market order types. This ensures that you are able to deploy your chosen trading strategy.

The LonghornFX trading platform can be accessed via its web trader, desktop software, or through an iOS/Android app. Regarding the latter, this ensures that you can buy and sell assets no matter where you are located.

MetaTrader 4
MetaTrader

On top of support for MT4, it is important to note that LonghornFX offers Straight Through Processing (STP), meaning that you will have access to some of the largest liquidity providers in the trading arena.

Payments

In terms of funding your account, LonghornFX offers two options. Firstly, for those of you that wish to use an everyday payment method, you can deposit funds with a debit or credit card.

However, and as noted earlier, you are effectively buying Bitcoin through a third-party payment processor. The funds will then be added to your LonghornFX account.

Alternatively, if you already have Bitcoin (or you wish to purchase some from an external broker), you can fund your account by transferring the coins into your LonghornFX wallet.

When it comes to account minimums, you’ll need to add at least $50 when using a debit/credit card. If depositing funds with Bitcoin directly, then it’s just $10. Either way, this ensures that you are able to trade with small amounts.

LonghornFX notes that withdrawals are typically processed on a same-day basis. This is much faster than most trading platforms active in the space, which often require 1-2 working days to process the cashout.

Once the request is authorized, the Bitcoin will be sent to your private wallet. The minimum withdrawal amount is $10.

Leverage Facilities

One of the stand-out features of using LonghornFX is that you will have access to huge leverage facilities.

This will be of particular interest to those of you based in the UK or Europe – as you are bound by the limitations imposed by ESMA. This permits maximum leverage of just 1:2 on cryptocurrencies and 1:30 on majors forex pairs.

In the case of LonghornFX, you can trade with leverage of up to 1:500. The specific amount will vary depending on your chosen asset class – as listed below.

  • Forex: 1:500
  • Metals: 1:500
  • Indices: 1:200
  • Energies: 1:200
  • Crypto: 1:200
  • Stocks: 1:20

To give you an idea of what leverage of 1:500 offers, a $100 account balance would permit a maximum trade value of $50,000. You do, however, need to tread with caution – as you always run the risk of being liquidated if the trade goes against you.

Customer Support

When it comes to customer support, LonghornFX excels. Crucially, you have three support channels that you can choose from  -all of which operate on a 24/7 basis.

This includes a live chat facility. When we tested it out ourselves, we were connected to a live agent in just a few seconds.

You can also request a call back if you prefer to speak with somebody over the phone. Alternatively, you can send the team an email if you are not looking for an instant response.

Easy Signup
Easy Signup

LonghornFX Review: The Verdict?

In summary, LonghornFX is an online trading platform well-worth considering. You will have access to heaps of asset classes, and fees are low and consistent at just $6 per lot.

You will also benefit from tight spreads and the ability to apply leverage of up to 1:500.

Best of all, the broker allows you to trade via trusted platform MT4. This can be accessed online, via software, or through an iOS/Android app. The only chink in the armour is that LonghornFX is not licensed. On the flip side, this does give the platform the remit to offer you huge leverage limits – which otherwise wouldn’t be possible with a regulated broker.

Visit LongHornFX

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Source: https://blockonomi.com/longhornfx-review/

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Opimas estimates that over US$190 billion worth of Bitcoin is currently at risk due to subpar safekeeping

Republished by Plato

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May 2021. Safekeeping of cryptocurrencies presents a challenge for institutions holding cryptocurrencies on their clients’ behalf. Cryptocurrency transactions are irreversible and anyone with full access to a wallet’s private key controls the cryptocurrencies that reside within it. Frighteningly, a number of institutional participants and even some large cryptocurrency exchanges rely on subpar custody approaches, leading Opimas to estimate that over US$190 billion worth of Bitcoin is currently at risk due to subpar safekeeping.

Luckily, a number of companies have emerged to address this problem. A new research report from Opimas—Crypto Custody: No More Excuses, authored by analysts Suzannah Balluffi and Anne-Laure Foubert—looks at the landscape of cryptocurrency custody-enabling technology providers and institutional-grade cryptocurrency custodians as well as the size of the market for cryptocurrency custody and brokerage services.

Some key findings in the report include:

Many of even the largest holders of Bitcoin and other digital assets continue to rely on storage devices meant for individual investors. Although some of these self-custody devices and wallets are secure and reputable, the operational risk posed by this approach is significant for institutional investors. Furthermore, a chunk of institutionals’ cryptocurrency holdings sit in hot wallets on exchanges. In total, about 22% of institutional cryptocurrency holdings are safeguarded in these relatively risky manners (Figure 1).

Figure 1. CUSTODY METHODS UTILIZED BY INSTITUTIONAL INVESTORS 

 

Source: Opimas analysis.

There are no more excuses for lackadaisical safekeeping – institutions can now choose from several reputable cryptocurrency custody-enabling technology providers and institutional-grade cryptocurrency custodians. Yet no custody solution is equal – there is still no best practice when it comes to security and governance relating to private keys. For example, some providers may rely on time-tested Hardware Security Modules (HSMs), while others use a newer technology known as Multi-Party Computation (MPC) – see Figure 2.

Figure 2. A COMPARISON OF HSM AND MPC TECHNOLOGY PROVIDERS

Source: Ledger, Fireblocks, Opimas analysis.

Some cryptocurrency custodians have followed in the footsteps of traditional capital markets by adding prime brokerage services to their offerings, including trading and settlement, lending, margin finance, staking, reporting, and capital introduction services. Opimas estimates that the current annual revenues generated by the institutional crypto brokerage and custody market are roughly US$2 billion and will grow to nearly US$8 billion by 2026 – a sizeable portion of this coming from brokerage services (Figure 3).

FIGURE 3. THE MARKET FOR CRYPTO CUSTODY & PRIME BROKERAGE SERVICES IS GROWING 

Source:  Opimas analysis. 

  • Regulations surrounding institutions’ ability to store cryptocurrency have become clearer (and in some cases more favorable) in numerous jurisdictions. Notably, the Office of the Comptroller of the Currency (OCC) ruling in the US has allowed banks to store cryptocurrencies for their customers. This regulatory clarity has led a number of financial institutions around the world to provide trading and custody for digital assets. With the advances in brokerage and custody solutions, Opimas expects institutional cryptocurrency holdings to grow from 20% of the cryptocurrency market cap to over 50% by 2026 (Figure 4).

FIGURE 4. INstitutional cryptocurrency holdings over time 

Source:  Opimas analysis.

Source: PlatoData Intelligence

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Bitcoin (BTC) Price Prediction: BTC/USD Faces Rejection Thrice at the $60,000 Resistance Zone, Resumes Downward Correction

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Bitcoin (BTC) Price Prediction – May 9, 2021
Bitcoin bulls have broken above the $58,000 resistance but the bullish momentum could not be sustained. Today, BTC/USD traded as price reached the high of $59,450. The king coin is likely to retrace to $57,000 low if the bulls fail to break the $60,000 psychological price level.

Resistance Levels: $65,000, $70,000, $75,000
Support Levels: $50,000, $45,000, $40,000

BTC/USD – Daily Chart

Bitcoin price was rejected thrice at the $60,000 resistance level. Buyers made frantic efforts to sustain the bullish momentum above the recent high but were repelled by overwhelming selling pressure. Consequently, Bitcoin has resumed a downward move as a result of a strong rejection at the resistance of $59,200. The current retracement will extend to the low of $57,000. Nevertheless, if price breaks below the $57,000 support, the market will continue the downward move. That is, the selling pressure will extend to the low of $53,000. On the upside, if price retraces and finds support above $58,000, the upside momentum will resume.

Bank of England Governor Warns on Crypto Investment
Andrew Bailey is the governor of the Bank of England who has warned crypto investors of the inherent dangers of cryptocurrency investment. The governor argued that cryptocurrencies lacked intrinsic value. According to him, “I would only emphasize what I’ve said quite a few times in recent years, [and] I’m afraid they have no intrinsic value. I’m sorry; I’m going to say this very bluntly again: Buy them only if you’re prepared to lose all your money.” Bailey’s comments are coming at a time when crypto markets are characterized by a huge spike in crypto prices. Major altcoins such as Polkadot, Chainlink, and XRP have also seen vertical price actions.

BTC/USD – 4 Hour Chart

Bitcoin risks another downward correction as the king coin faces stiff rejection at the $59,450 resistance. The Fibonacci tool has already indicated a marginal upward move of Bitcoin and a possible reversal. On May 1 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will rise to level 1. 272 Fibonacci extension or the high of $59,819.90. From the price action, BTC price has reached a high of $59,450 and has commenced a downward move.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://insidebitcoins.com/news/bitcoin-btc-price-prediction-btc-usd-faces-rejection-thrice-at-the-60000-resistance-zone-resumes-downward-correction

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Dogecoin dumps following mention from Elon Musk on Saturday Night Live

Republished by Plato

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Meme cryptocurrency Dogecoin finally got its long-awaited shoutout on Saturday Night Live — but despite hodler hopes, the immediate result has been a violent dump.

First teased by entrepreneur and DOGE cheerleader Elon Musk in late April, the Tesla CEO finally mentioned the digital asset on live television tonight in his opening monologue of the sketch comedy show. The reference was a throwaway line from Musk’s mother, who joined him onstage and asked if her Mother’s Day gift would be Dogecoin; Musk replied that it would be. 

In the minutes afterwards, $DOGE dumped upwards of 25%, falling as low as $.50 from $.66 highs at the start of the show. It has since partially recovered, trading at $.52 at the time of publication.

An hour before the episode began, the price of DOGE sat at $.66, down from an all-time high of $.72. A pair of bearish headwinds may have shared responsibility for the pullback: Musk himself seemed to try and get ahead of the hype, urging followers in a Tweet to “invest with caution,” and a host of new data indicates that many investors may be rolling their DOGE profits into other, largecap digital assets

Additionally, Barry Silbert — the founder and CEO of Digital Currency Group, the parent company of crypto investment vehicle company Grayscale — announced a public short on DOGE via the FTX exchange. In a series of follow-up Tweets, he revealed that the position was $1 million in size, and that any proceeds or remaining funds after closing the short would be donated to charity. 

(It’s unclear if Silbert was is using “we” in reference to Digital Currency Group, one of its portfolio companies, or is simply and bizarrely using a plural pronoun in reference to himself). 

Many DOGE investors were nonetheless holding out hope for a high-profile shoutout on what looked to be a major pop culture event. NBC, the studio behind SNL, chose for the first time ever to live-stream the episode on Youtube, per the Wall Street Journal.

Even a mention could have significant impact on the price of DOGE as well: the meme currency has proven to be susceptible to price movements based on positive social media volume, and multiple studies have shown that Tweets from Musk often lead to price appreciation. A mention on an even bigger platform was thought to potentially lead to even greater gains. 

Leading into the premier of the episode, Alameda Research trader Sam Trabucco (who said in a previous Tweet that he was “studying the typical SNL episode structure to try and understand when a DOGE mention would be the most natural”) speculated that if a joke or mention didn’t come in Musk’s opening monologue, it would be “all over.”

Despite arriving during the monologue, traders nonetheless responded negatively. It remains to be seen if a DOGE-centric skit later in the show can perhaps turn the speculative asset’s fortunes around.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/dogecoin-dumps-following-mention-from-elon-musk-on-saturday-night-live

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