Basic Information
Pros and Cons
Pros
- Low minimum deposit of $10
- Leverage up to 1:500
- Utilizes MetaTrader 4 platform
- Segregated client funds for safety
- Responsive customer service
Cons
- Regulatory status as a ‘suspected clone’
- Issues with withdrawal processing times
- No negative balance protection
- Limited account types available
- Mixed user reviews on transparency
Is LHFX Safe and Legit?
LHFX, registered in Mauritius since 2020, operates under the name Longhorn Ltd and offers over 170 tradable instruments, including CFDs, forex, stocks, and commodities, with leverage up to 1:500 and spreads starting from 0.08 pips on major pairs. The broker utilizes the MetaTrader 4 platform and requires a minimum deposit of $10, catering to both novice and experienced traders.
Regulated by the Financial Sector Conduct Authority (FSCA) in South Africa and the Financial Services Commission (FSC) in Mauritius, LHFX’s regulatory status is characterized as a ‘suspected clone,’ which raises caution regarding its safety and legal standing. Overall, potential clients should exercise due diligence before engaging with this broker.
Market feedback regarding LHFX indicates a mixed reputation. While some users praise the rapid withdrawal process and responsive customer service, others have reported issues with delayed withdrawals and transparency concerns. Complaints about account management and technical difficulties have emerged, suggesting that while LHFX may work well for some, it has notable areas for improvement in customer experience.
Is LHFX a Regulated Broker?
What Are the Regulatory Licenses Held by LHFX?
LHFX operates under the regulatory oversight of two authorities, the Financial Sector Conduct Authority (FSCA) in South Africa and the Financial Services Commission (FSC) in Mauritius. While it holds these regulatory licenses, LHFX’s regulatory status is characterized as a ‘suspected clone,’ which raises concerns regarding its safety and legal standing. Potential clients should be aware that the broker primarily operates under offshore regulation, specifically under the FSC in Mauritius, and should exercise caution before engaging with its services.
Client Fund Segregation: Your Ultimate Safeguard
Capital Protection Measures
LHFX prioritizes the safety of its clients’ funds by holding them in segregated bank accounts, separate from the broker’s operational assets. This practice is in line with regulatory standards to ensure that client funds are protected. However, clients should note that LHFX does not participate in any investor compensation funds or insurance schemes, which may limit protection in the event of broker insolvency.
LHFX Leverage
LHFX offers a maximum leverage of up to 1:500 for its trading accounts, applicable to various product categories. This leverage complies with regulatory requirements in the jurisdictions where the broker operates. Clients are classified as retail or professional, allowing them to utilize this leverage according to their trading experience and account type, thereby enhancing their trading potential while also increasing risk exposure.
LHFX Withdrawal Review
How to Contact LHFX?
Does LHFX Have Withdrawal Issues?
Feedback regarding LHFX reflects a mixed reputation, particularly concerning withdrawal processes. Some traders report swift withdrawals, while others express frustration over delays and transparency issues. Common complaints involve slow processing times and difficulties in account management, with credible sources including online reviews and trader forums highlighting these concerns. Although there are isolated cases of dissatisfaction, no large-scale complaints or regulatory penalties have been documented. Clients are advised to approach with caution, given the broker’s ‘suspected clone’ regulatory status, emphasizing the importance of due diligence before engaging with LHFX.
Frequently Asked Questions
A1: LHFX, operating under the name Longhorn Ltd, is registered in Mauritius and regulated by the Financial Sector Conduct Authority (FSCA) in South Africa and the Financial Services Commission (FSC) in Mauritius. However, its regulatory status is characterized as a ‘suspected clone,’ which raises concerns about its legitimacy and safety for traders.
A2: LHFX prioritizes client fund safety by holding these funds in segregated bank accounts, separating them from the broker’s operational assets. However, it’s important to note that LHFX does not participate in any investor compensation funds or insurance schemes, which may limit protection in the event of broker insolvency.
A3: Feedback on LHFX indicates mixed experiences with withdrawal processes; while some users report quick withdrawals, others have expressed frustration over delays and transparency issues. Potential clients should approach with caution, particularly due to the broker’s ‘suspected clone’ regulatory status.
A4: LHFX provides customer support through various channels, including live chat, email, and phone support. Their customer service team is noted for being responsive, assisting traders with their queries and issues.
A5: The minimum deposit required to open an account with LHFX is $10, making it accessible for both novice and experienced traders looking to begin their trading journey.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.