Wikilix
Contract reading

What HFX legally published, but does not want you to read

Every clause below is published by HFX itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: Longhorn Ltd

hidden feesole discretiondormancywithdrawalsjurisdictionprofit voidingunilateral amendmentbonus lockcomplaint deadlineconflict of interest

LHFX contracts you with Longhorn Ltd in Mauritius, not with the South African company on its safety page. The Terms let LHFX confiscate any balance it links to trading it calls abusive, and that phrase is never defined. You get 30 days to complain, then LHFX calls its own decision final. Money left in a closed account can be given to a charity LHFX picks.

Back to HFX

Contract risk

Money at risk
7.5/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
5
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
17
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
12
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
4

How the 17 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical5
Warning12
Notice0

section 91 of 95is where the deepest clause sits, 96% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

3 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical14 working daysWithdrawal limit. Jump to the clause this comes from.Leftover money can go to a charity LHFX choosesCritical30 daysTime to complain. Jump to the clause this comes from.Complaints expire after 30 days and the ruling is finalCritical$10In the contract. Jump to the clause this comes from.Zero fees on the funding page, fees reserved in the contract$10Fee on an unused account. Jump to the clause this comes from.Ten dollars a month once three inactivity tests are met

What the documents say

17 clauses worth knowing about, worst first, each quoted from HFX's own files

01

LHFX can close your account and confiscate any balance it treats as involved in abusive trading. The Terms never define the phrase, and the list they give includes hedging, which the same site tells you is allowed.

Why this matters

Your profit and your deposit sit behind one phrase LHFX applies on its own. The clause sets no test, no notice and no appeal, and it lets LHFX reverse profits as well.

Exhibit 1CriticalHarder than usual

The Company reserves the right to close Client accounts and confiscate any balance involved in abusive trading practices.
Clause III.6 in Terms and Conditions
Read from the broker's site on Open the reference
Our own capture of lhfx.com, taken on Sep 11, 2026The claim, on ECN execution page, benefit 06 Scalping, Hedging & EAs AllowedVisit this page on the broker's siteDownload the full size image file
Our own capture of lhfx.com, taken on Sep 11, 2026What the contract says, clause III.6Visit this page on the broker's siteDownload the full size image file
Our own capture of lhfx.com, taken on Sep 11, 2026Balance can be confiscated for undefined abusive trading (clause III.6)Visit this page on the broker's siteDownload the full size image file

Buried at section 97 of 150 in the Terms and Conditions, 65% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must treat a retail client fairly and cannot keep money on a suspicion they define themselves. This contract lets LHFX decide what abusive means and take the balance.

HFX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 4One clause decides your money is forfeit, the other lets LHFX hold the withdrawal while it decides.
02

You have 14 business days to take your money out after your account closes. Clause 13.3 then lets LHFX hand whatever is left to a charitable organisation of its own choice.

Why this matters

Miss that window through illness, travel or a failed transfer and the balance stops being yours. The clause sets no minimum, no warning and no way back.

Exhibit 2CriticalRarely seen14 working days

Any remaining assets in your Account after it is terminated must be withdrawn within 14 (fourteen) Business Days, failing which the Company may arrange, at its discretion, to have such assets transferred to a charitable organisation of its choice.
Clause 13.3 in Client Agreement
Read from the broker's site on Open the reference
Our own capture of lhfx.com, taken on Sep 11, 2026Leftover money can go to a charity LHFX chooses (clause 13.3)Visit this page on the broker's siteDownload the full size image file

Where it sits: section 88 of 168 in the Client Agreement, 52% of the way through.

What it costsA $2,000 balance in a closed account can be given away once the 14 business days pass. The clause names no floor, so the same applies to $20,000.

Set against a regulated standard: FCA (UK)

Firms licensed by the FCA may pay unclaimed client money to charity only after years without contact, after real attempts to trace you, and only if they promise to repay you if you appear. This clause runs on 14 business days with neither step.

HFX is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

Our readingUnclaimed client money normally stays a debt the firm still owes you, or passes to the state under unclaimed property rules. A clause letting the broker give it away to a recipient it picks, two weeks after closure, is not a normal retail term.

03

You have 30 days from the event to complain in writing. A later complaint will not be considered, LHFX calls its own decision final and binding, and anything under $10 is ignored.

Why this matters

The 30 days run from the day the problem happened, not the day you noticed it. A bad fill or a swap charge you spot on next month's statement is already out of time.

Exhibit 3CriticalHarder than usual30 days

Complaints submitted more than 30 days after the event in question will not be considered.
Clause III.4 in Terms and Conditions
Read from the broker's site on Open the reference
Our own capture of lhfx.com, taken on Sep 11, 2026Complaints expire after 30 days and the ruling is final (clause III.4)Visit this page on the broker's siteDownload the full size image file

Where it sits: section 89 of 150 in the Terms and Conditions, 59% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must accept complaints for years, answer within eight weeks, and point you to an independent ombudsman who costs you nothing. This contract gives you 30 days and names no outside body.

HFX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

04

Clause 11.4 lets LHFX refuse your withdrawal in whole or in part at its sole discretion. Neither the Client Agreement nor the Terms give LHFX a deadline to pay you.

Why this matters

You cannot point at a clause saying when your money arrives, because no such clause exists. Clause 15.5 also lets LHFX suspend your ability to withdraw whenever it considers that desirable to protect itself.

Exhibit 4CriticalHarder than usual

We reserve the right, in our sole discretion, to refuse to process a withdrawal request in whole or in part, including but not limited to, where the Company suspects that the funds may be connected to illegal activity or activity that violates this Agreement, or where you do not have available funds.
Clause 11.4 in Client Agreement
Read from the broker's site on Open the reference
Our own capture of lhfx.com, taken on Sep 11, 2026The claim, on Deposits and withdrawals page, withdrawal speed claimVisit this page on the broker's siteDownload the full size image file
Our own capture of lhfx.com, taken on Sep 11, 2026What the contract says, clause 11.4Visit this page on the broker's siteDownload the full size image file

Where it sits: section 75 of 168 in the Client Agreement, 45% of the way through.

Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must return client money promptly on request and record why any payment is held back. This contract names no timetable and no grounds LHFX has to meet.

HFX is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

05

The deposits page says LHFX charges $0 on every deposit and withdrawal. The Client Agreement lets it take reasonable fees, transfer charges and tax withholding charges out of what you withdraw, and the Terms add a $10 monthly inactivity fee.

Why this matters

The page you read before funding promises something the contract you accept does not. If a charge lands, the contract is the document that decides.

Exhibit 5CriticalHarder than usual$10

The Client acknowledges that certain charges may be included after receiving their LHFX account balance.
Clause II.4 in Terms and Conditions
Read from the broker's site on Open the reference
Our own capture of lhfx.com, taken on Sep 11, 2026The claim, on Deposits and withdrawals page, fees sectionVisit this page on the broker's siteDownload the full size image file
Our own capture of lhfx.com, taken on Sep 11, 2026What the contract says, clause 13.3Visit this page on the broker's siteDownload the full size image file
Our own capture of lhfx.com, taken on Sep 11, 2026Zero fees on the funding page, fees reserved in the contract (clause II.4)Visit this page on the broker's siteDownload the full size image file

Where it sits: section 88 of 168 in the Terms and Conditions, 52% of the way through.

  • Worse together with Exhibit 7The fee the funding page denies is the one the Terms take every month from a quiet account.

The numbers that decide your costs sit outside the contract

Clause 5.2 of the LHFX Client Agreement lets the company change your funding charges and every other fee at any time. Swap free accounts pay a per lot nightly fee after five grace days, and the rates live on a fees page rather than in the Terms. Currency conversions run at a rate LHFX sets itself.

Cost disclosure2 clauses flagged

Islamic accounts pay no swap. Instead LHFX charges a fixed fee per lot for every calendar day a position stays open once 5 grace days are used, weekends included. The rate for each instrument is not in the Terms, it sits on a separate fees page.

Why this matters

Grace days are counted in overnight rollovers, not calendar days, so one Wednesday night eats three of your five. You cannot work out what a trade costs from the contract alone.

Exhibit 8WarningHarder than usual5 daysNew

Once the applicable grace period has expired, a fixed administration fee is charged for each calendar day the position remains open, calculated as the lots held multiplied by the published per-lot nightly charge for that instrument.
Clause V in Terms and Conditions
Read from the broker's site on Open the reference

Buried at section 109 of 150 in the Terms and Conditions, 73% of the way through.

Clause 5.2 lets LHFX change your funding charges and every other fee at any time, and you agree to pay whatever is in force. Money deposited in another currency is converted at LHFX's own rate, less any fee, and no document says what that rate is.

Why this matters

The cost of holding a position can rise after you opened it. A conversion spread you never see is still money off your deposit.

Exhibit 9WarningHarder than usual

The amount of your Funding Charges on a Transaction and all other charges referred to herein, may be changed by us at any time by notice to you, and you agree to pay any such charges (as amended from time to time) due and in effect at the relevant time.
Clause 5.2 in Client Agreement
Read from the broker's site on Open the reference

Where it sits: section 41 of 168 in the Client Agreement, near the start.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must show a retail client the costs and charges in cash terms before they trade. This contract puts the numbers on a web page LHFX can change whenever it likes.

HFX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

One undefined phrase decides whether your balance is still yours

Section III.6 of the LHFX Terms lets the company close your account and confiscate any balance it treats as involved in abusive trading. The Terms never define abusive, and the examples they give include hedging, which the LHFX execution page advertises as allowed. The affiliate terms carry the same idea for partners, where unclaimed commission can be voided after twelve months.

Money taken back1 clause flagged

If an affiliate goes twelve months without asking for a payout, clause 5.8 lets LHFX treat the balance as dormant and charge it, remove it, void it or forfeit it, in whole or in part.

In plain words

Dormancy means an account left unused.

Why this matters

Commission you already earned can be taken because you did not ask for it. Clause 5.6 separately lets LHFX reassign your referred clients once they stop trading for 180 days.

Exhibit 15WarningRarely seenNew

In these circumstances the Company reserves the right to apply an administrative dormancy charge to, or otherwise remove, void, or forfeit, the unclaimed balance in whole or in part.
Clause 5.8 in Affiliate Terms & Conditions
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 36 of 66 in the Affiliate Terms & Conditions, 55% of the way through.

Our readingMost affiliate programmes leave an unclaimed balance payable on request. A clause that voids earned commission for inactivity turns a debt into a deadline.

A thousand dollar bonus needs a thousand lots to become money

LHFX offers a 100% match up to $1,000 as tradeable credit that unlocks at $1 per standard lot closed. That is about $100 million of currency traded to release $1,000. LHFX publishes no bonus terms, and the Terms and Conditions the promotions page points to do not mention bonuses at all.

Credit, not cash1 clause flagged

The promotions page offers a 100% match up to $1,000 as tradeable credit, not cash. It turns into money at $1 for every standard lot you close. LHFX publishes no separate bonus terms.

Why this matters

Unlocking $1,000 of credit means closing 1,000 standard lots. The Terms and Conditions the promotions page sends you to say nothing about bonuses at all.

Exhibit 10WarningHarder than usual$1000

Your deposit and any profit you make are withdrawable on the normal schedule. The unlock rule applies only to the bonus credit itself.
Quoted in Promotions
Downloaded from the broker's site on Open the reference

What it costsOne standard lot is 100,000 units of the base currency. Unlocking $1,000 of credit at $1 a lot means trading roughly $100 million of currency.

LHFX can rewrite the terms without telling you

The LHFX Terms say the company can change them at any time and that you will not be notified when it happens, while the Client Agreement from the same month gives 10 days. On the trading side, default leverage is 1:500, LHFX sends no margin call, and it closes everything once margin falls below 5%. Nothing promises to write off a balance that goes under zero.

Rules that move2 clauses flagged

The Terms let LHFX change them at any time and say plainly that you will not be told when it happens. The Client Agreement, dated the same month, says changes take effect 10 days after posting.

Why this matters

You are bound by whichever wording is on the site the day something goes wrong. LHFX never has to send you the new text, so watching the page is your job.

Exhibit 11WarningHarder than usual

The Company reserves the right to change, add or remove portions of these Terms & Conditions, at any time, in an exercise of its sole discretion. The Client will not be notified of any changes when they occur.
Clause I in Terms and Conditions
Read from the broker's site on Open the reference

Where it sits: section 8 of 150 in the Terms and Conditions, near the start.

The Risk Disclosure says LHFX will not tell you when your margin is running out. It starts closing your worst position at about 30% margin and closes everything below 5%. Default leverage is 1:500.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

At 1:500 a small move against you can take the whole deposit in minutes. No document promises to write off a negative balance, so you can end up owing LHFX money.

Exhibit 14WarningStandard wording5%

With regards to transactions in CFDs, the Company possesses the right to start closing positions starting from the one with the biggest loss when margin decreases to approximately 30%, and automatically close all positions at market prices if margin level drops below 5%.
Clause Risks Involved in Trading CFDs in Risk Disclosure
Read from the broker's site on Open the reference

Buried at section 21 of 35 in the Risk Disclosure, 60% of the way through.

Set against a regulated standard: FCA (UK), ESMA (EU)

Firms under FCA and ESMA rules must give retail clients negative balance protection, close positions at 50% of required margin, and cap leverage far below 1:500. This contract sets the stop out at 5% and sends no margin call.

HFX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Thirty days to complain, and LHFX judges its own case

LHFX gives you 30 days from the event to complain, counted from the day the problem happened rather than the day you saw it. Late complaints are not considered, disputes under $10 are ignored, and LHFX describes its own decision as final and binding. Its liability is capped at your balance or 125% of the trades in question, while the indemnity you give LHFX has no cap.

In plain words

Indemnities are money it says you owe it.

Challenging a decision1 clause flagged

LHFX caps what it can owe you at the money in your account, or 125% of the trades your claim is about. You separately agree to cover LHFX's costs and claims arising from your use of the platform.

Why this matters

If a platform failure costs you more than your balance, the cap decides what you recover, not the loss. The indemnity running the other way carries no cap.

Exhibit 12WarningStandard wording125%

The Company's liability in respect of claims based on events arising from or in connection to any Client's activity on the Company's website, (in contract, tort, or otherwise) will not exceed the amount held in the Client's LHFX account (less commissions) or 125% of the amount of the Transactions that are the subject of the claim (less commissions).
Clause II.7 in Terms and Conditions
Read from the broker's site on Open the reference

Where it sits: section 45 of 150 in the Terms and Conditions, 30% of the way through.

Any dispute with LHFX is heard in Mauritius

Mauritius law governs and the courts of Mauritius have exclusive jurisdiction. The Terms also have you waive, in advance, any argument that Mauritius is an inconvenient forum. Clause 18.3 lets LHFX transfer its rights and obligations to another company without your consent.

Where you would sue1 clause flagged

Every dispute goes to the courts of Mauritius under Mauritius law. The Terms also have you agree in advance never to argue that Mauritius is an inconvenient place to sue.

Why this matters

Suing in Port Louis costs more than most retail balances are worth. Clause 18.3 also lets LHFX hand its side of the agreement to another company without asking you.

Exhibit 13WarningHarder than usual

Agrees not to claim that such proceedings have been brought in an inconvenient forum or that such court does not have jurisdiction over the Client.
Clause II.1 in Terms and Conditions
Read from the broker's site on Open the reference

Where it sits: section 14 of 150 in the Terms and Conditions, near the start.

LHFX advertises no conflict while the contract calls it principal

The LHFX execution page says the company does not trade against you and that your gains and losses have no effect on its position. Clause 12.3 of the Client Agreement says LHFX acts as principal, and clause 8.1 admits it may hold a material interest in a trade it executes for you. Dealing as principal is normal for this kind of broker. Telling clients there is no conflict is not.

Who takes the other side1 clause flagged

The execution page says LHFX does not trade against you and that your gains and losses have no effect on its position. Clause 12.3 says LHFX acts as principal, which means it takes the other side of your trade. Acting as principal is ordinary. Denying it is not.

Why this matters

A principal earns when you lose. Clause 8.1 admits LHFX may hold a material interest in a trade it executes for you, and the execution page never mentions that.

Exhibit 6WarningStandard wording

We will act as principal, and shall not be liable for, nor owe you any duty in connection with any action or omission of any third party, except to the extent such liability is required under the Applicable Laws and Regulations.
Clause 12.3 in Client Agreement
Read from the broker's site on Open the reference
Our own capture of lhfx.com, taken on Sep 11, 2026The claim, on ECN execution page, benefit 04 No Conflict of InterestVisit this page on the broker's siteDownload the full size image file
Our own capture of lhfx.com, taken on Sep 11, 2026What the contract says, clause 12.3Visit this page on the broker's siteDownload the full size image file

Where it sits: section 79 of 168 in the Client Agreement, 47% of the way through.

A quiet account pays ten dollars a month until it is empty

LHFX charges $10 a month once an account is over 180 days old, has taken no deposit for 90 days and no trade for 30 days. The fee comes out of the vault balance first, then the trading accounts, and partial deductions are allowed when there is not enough. A dormant $60 balance is gone in six months.

Cost of standing still1 clause flagged

LHFX charges $10 a month when your account is over 180 days old, has taken no deposit for 90 days and no trade for 30 days. It takes the fee from your vault first, then your trading accounts, and takes part of it when the balance is short.

Why this matters

A small account left alone drains at $10 a month until nothing is left to take. Partial deductions mean a $7 balance is not too small to charge.

Exhibit 7WarningHarder than usual$10

At LHFX, we reserve the right to apply inactivity fees to clients who meet the specified conditions outlined below. These fees, amounting to $10 USD, will be deducted at the first of each month.
Clause IV in Terms and Conditions
Read from the broker's site on Open the reference

Buried at section 104 of 150 in the Terms and Conditions, 69% of the way through.

What it costsA dormant $60 balance is gone in six months. The fee does not stop at a low balance, it takes what is there.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Day 30The trading test is met once you have gone 30 days without a market trade.IV
Day 90The deposit test is met once you have gone 90 days without a deposit.IV
Day 180An account older than 180 days meeting both other tests counts as inactive.IV
First of each monthLHFX deducts $10, from the vault first, then from trading accounts, in part if that is all there is.IV

Longhorn Ltd holds your account, and a third company holds the site

LHFX is a trading name of Longhorn Ltd, a Mauritius company regulated by the FSC under licence GB23202204. The FSCA licensed South African company appears in footers but in no clause of the Client Agreement, and a third name, Longhorn LLC, owns lhfx.com and provides the MT5 platform with no stated home. Since March, the footer has also stopped saying that 78% of retail accounts lose money and that no investor compensation fund covers you.

Who you deal with2 clauses flagged

You contract with Longhorn Ltd in Mauritius. LHFX SA (PTY) Ltd, the South African company holding the FSCA licence, appears in the footers but in no clause of the Client Agreement. A third name, Longhorn LLC, owns the website and supplies the platform.

Why this matters

The company on the other side of your money is the Mauritius one, under Mauritius law. The Order Execution Policy never says where Longhorn LLC is registered or who supervises it.

Exhibit 16WarningHarder than usual

Website Ownership: Longhorn LLC is the owner of the website LHFX.com.
Clause Regulatory Information in Order Execution Policy
Read from the broker's site on Open the reference

Buried at section 29 of 39 in the Order Execution Policy, 74% of the way through.

Until March the footer told you that 78% of retail accounts lose money with this provider. The Order Execution Policy also said clients are not covered by the Investor Compensation Fund. Both lines are gone from the pages published today.

Why this matters

The two sentences most likely to stop you depositing are the two that were removed. No document published today names any compensation scheme covering your money.

Exhibit 17WarningHarder than usual78%

CFDs are complex instruments and carry a high risk of losing money quickly due to leverage. 78% of retail investor accounts experience cash losses as a result of trading CFDs with this CFD provider.
Clause Risk Warning in Privacy Policy
Read from the broker's site on Open the reference

Buried at section 91 of 95 in the Privacy Policy, 96% of the way through.

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The funding page promises no charges while the contract keeps the right to take fees out of your withdrawal.

Said in public, in English

LHFX charges $0 on every deposit and withdrawal

Deposits and withdrawals page, fees section

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of lhfx.com

In the contract · clause 13.3

Any free balance in your Account may be withdrawn by you at any time, subject to any reasonable fees, transfer charges and/or tax withholding charges.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of lhfx.com

02

A 20 minute promise sits above a contract that sets no deadline and lets LHFX refuse.

Said in public, in English

Crypto withdrawals hit your wallet in under 20 minutes

Deposits and withdrawals page, withdrawal speed claim

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of lhfx.com

In the contract · clause 11.4

We reserve the right, in our sole discretion, to refuse to process a withdrawal request in whole or in part, including but not limited to, where the Company suspects that the funds may be connected to illegal activity or activity that violates this Agreement, or where you do not have available funds.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of lhfx.com

03

Hedging is advertised as allowed and named in the contract as grounds to void trades and take the balance.

Said in public, in English

No restrictions on strategy. There is no dealing desk to limit how you trade.

ECN execution page, benefit 06 Scalping, Hedging & EAs Allowed

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of lhfx.com

In the contract · clause III.6

The Client agrees not to engage in any form of abusive trading including but not limited to: arbitrage trading, latency arbitrage, exploitation of price feed delays, hedging strategies designed to exploit pricing errors, or any other trading strategy that takes unfair advantage of pricing discrepancies.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of lhfx.com

04

The page says LHFX never takes the other side, and the contract says it acts as principal.

Said in public, in English

LHFX does not trade against you. Your gains and losses have no effect on the broker's position.

ECN execution page, benefit 04 No Conflict of Interest

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of lhfx.com

In the contract · clause 12.3

We will act as principal, and shall not be liable for, nor owe you any duty in connection with any action or omission of any third party, except to the extent such liability is required under the Applicable Laws and Regulations.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of lhfx.com

What changed quietly

First reading of LHFX, so there is no earlier version of this page to compare against.

  • ADDEDClause V · 2026-04-21 to August 2026

    Swap free accounts gained a daily holding fee that the April version did not have.

    Islamic (swap-free) accounts do not pay or earn swap or rollover interest on any instrument. In place of swap, a fixed daily administration fee applies to positions held beyond a grace period.

  • ADDEDClause 5.8 · 2025-11-13 to August 2026

    Affiliates can now lose an unclaimed commission balance after twelve quiet months.

    Where a commission balance remains in an Affiliate's account and no withdrawal has been requested for a continuous period of twelve (12) months, the Company may, at its sole discretion, treat such balance as dormant.

  • ADDEDClause 9.3 · 2025-11-13 to August 2026

    Two people in one household can now have their referral disqualified on shared address or surname.

    The Company reserves the right to review referral relationships where the Affiliate and the referred client share common identifying attributes, including but not limited to the same Internet Protocol (IP) address, device fingerprint, residential address, surname, or financial instruments.

  • REMOVEDClause Disclosures · 2026-04-21 to January 2026

    The line telling clients no compensation fund covers them was taken out of the Order Execution Policy.

  • REMOVEDClause Risk Warning · 2026-03-19 to January 2026

    The published loss rate for retail clients disappeared from the footer after March.

  • REWRITTENClause 5.1 · 2025-11-13 to August 2026

    Affiliate commissions moved from monthly to daily payment, which favours the affiliate.

    Commissions are paid on a daily basis once a referral's trades have qualified, subject to a minimum payout of $10.

The documents this reading is based on

12 files, all published by HFX. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording HFX publishes.

How this reading was done

Every clause above was read out of a document HFX publishes itself

This reading was published on .

Documents
10 of 12downloaded from the broker's site, and 10 read in full
Pages opened
51pages walked to find those documents, footer links included
Older copies
7earlier versions downloaded
Marketing pages
11public pages set against what the contract says
Position measured
16clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Longhorn Ltd

You contract with Longhorn Ltd, a Mauritius company, under Mauritius law and in Mauritius courts. LHFX SA (PTY) Ltd, the South African company holding FSCA licence 52816, appears in every footer and on the safety page, but in no operative clause of the Client Agreement. A third name, Longhorn LLC, owns lhfx.com and supplies the MT5 platform, and the Order Execution Policy never says where it is registered. Nothing in these ten documents names an Indonesian company.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

The whole document set is public and published as searchable web pages rather than PDFs. Clause 15.7.2 of the Client Agreement protects honest criticism: you can leave a bad review, complain, or report LHFX to a regulator, and LHFX writes that none of that counts as a breach. It adds that it never offers an incentive to remove an honest review. Few brokers put that in writing. The promotions page is also straight about the bonus, saying your own deposit and profit stay withdrawable and only the credit is locked.

We read all ten current documents and all seven earlier copies in full. No earlier version of the Client Agreement exists, so its August 2026 wording is the only one we could set against anything. The Client Agreement says a Complaints Procedure and a Conflicts of Interest Summary Policy form part of your agreement, and neither is published with the other legal documents, so we could not read what either says. The per lot nightly rates for swap free accounts sit in a fees schedule outside the legal documents, so the cost of holding a position cannot be worked out from the contract. Marketing claims quoted here come from pages we opened ourselves.

How to check any of this yourself

Every quote above links to the HFX file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document HFX publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge HFX on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Sep 11, 2026.

If you represent HFX and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on HFX. Whether its licence is real and current is a separate check on the broker profile.

Back to the HFX profile