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Contract reading

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

Every clause below is published by LonghornFX 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: LHFX International Ltd.

withdrawalscomplaint deadlinehidden feemarketing contradictionsole discretionmissing documentprofit voidingconflict of interestcurrency conversiondata rights

LHFX publishes one story on its website and another in its contract. Its FAQ promises you will never owe LHFX money. The risk disclosure says you are liable for any deficit. Withdrawals can be refused at LHFX's sole discretion, and complaints are dead after 30 days. Your counterparty is LHFX International Ltd. in Anjouan, Comoros, not the South African firm named on the withdrawals page.

Back to LonghornFX

Contract risk

Money at risk
8.0/10

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.
7
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
24
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
10
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
12

How the 24 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.

Critical7
Warning15
Notice2

section 40 of 42is where the deepest clause sits, 95% 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 daysProfit at risk. Jump to the clause this comes from.Leftover money goes to a charity LHFX choosesCritical30 daysTime to complain. Jump to the clause this comes from.Complaints expire after 30 days and LHFX judges themCritical5%In the contract. Jump to the clause this comes from.Stop out happens at 5%, not the 50% advertised$10Fee on an unused account. Jump to the clause this comes from.A $10 monthly inactivity fee starts after 30 quiet days

What the documents say

24 clauses worth knowing about, worst first, each quoted from LonghornFX's own files

01

Ask the LHFX FAQ whether it offers negative balance protection and the answer is yes, you will never owe LHFX money. The risk disclosure you accept says the opposite. You are liable for any deficit left after your positions are closed.

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

A gap in the market can take your account below zero. The contract, not the FAQ, is what LHFX can enforce, and it leaves the shortfall with you.

Exhibit 1CriticalHarder than usual

The Client may be called upon to deposit a substantial additional margin to maintain his/her investment. If the Client does not provide such additional funds within the time required, his/her investment position may be closed at a loss and he/she will be liable for any resulting deficit.
Clause Risks Involved in Trading CFDs in Risk Disclosure
Read from the broker's site on Open the reference
Our own capture of lhfx.com, taken on Oct 17, 2026The claim, on FAQ page, answer to the question Does LHFX offer negative balance protection?This capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file
Our own capture of longhornfx.com, taken on Oct 17, 2026What the contract says, clause Risks Involved in Trading CFDsVisit this page on the broker's siteDownload the full size image file
Our own capture of longhornfx.com, taken on Oct 17, 2026Negative balance protection promised online, denied in the contract (clause Risks Involved in Trading CFDs)Visit this page on the broker's siteDownload the full size image file

Where it sits: section 21 of 38 in the Risk Disclosure, 55% of the way through.

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

Firms licensed by the FCA or under ESMA rules must give a retail client negative balance protection, so the client cannot lose more than the money in the trading account. This contract says the client is liable for any resulting deficit.

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

02

LHFX can refuse your withdrawal request in whole or in part, in its sole discretion, under clause 11.4. Clause 15.5 lets it suspend your ability to withdraw whenever it considers that desirable to protect itself.

Why this matters

Neither clause sets a test you can check, or a deadline LHFX has to meet. Your money can sit there while it decides, and the contract gives you nothing to point at.

Exhibit 5CriticalHarder 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
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Our own capture of lhfx.com, taken on Oct 17, 2026The claim, on Withdrawals page, live withdrawal data panel under the 87% figureVisit this page on the broker's siteDownload the full size image file
Our own capture of longhornfx.com, taken on Oct 17, 2026What the contract says, clause 11.4Visit this page on the broker's siteDownload the full size image file

Where it sits: section 74 of 169 in the Client Agreement, 44% of the way through.

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

Firms licensed by the FCA or CySEC hold client money on trust and must pay it out promptly on request, refusing only on grounds they can show. This contract requires no grounds and sets no deadline.

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

03

Once your account is terminated you have 14 business days to take your money out. After that, clause 13.3 lets LHFX hand what is left to a charitable organisation of its choice.

Why this matters

LHFX can end the agreement immediately and without notice under clause 15.4. That starts a two week clock on money you may not know is stranded.

Exhibit 6CriticalRarely 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
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Our own capture of longhornfx.com, taken on Oct 17, 2026Leftover money goes 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 169 in the Client Agreement, 52% of the way through.

Set against a regulated standard: FCA (UK)

Firms licensed by the FCA may pay an unclaimed client balance away to charity only after years without contact, after reasonable steps to trace the client, and they keep an undertaking to repay the client who later comes forward. This contract uses 14 business days and gives no undertaking.

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

Our readingDonating a former client's balance to a charity the firm picks is rare in a retail trading agreement. Firms that do this at all usually wait years, take steps to trace the client first, and keep a standing promise to pay the money back.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Account terminatedLHFX can end the agreement immediately and without notice where it suspects a breach.15.4
14 Business DaysYou must withdraw everything remaining in the account.13.3
After 14 Business DaysLHFX can arrange for what is left to go to a charitable organisation of its choice.13.3
  • Worse together with Exhibit 5The same contract that gives you 14 business days to empty the account also lets LHFX suspend your ability to withdraw while the clock runs.
04

LHFX is the other side of your trades. Clause 12.3 says it acts as principal. Clause 8.1 says it may have a material interest in a trade done for your account. Its execution page says LHFX does not trade against you.

Why this matters

When your trade wins, somebody loses it, and under clause 12.3 that somebody is LHFX. The page that told you otherwise is the one most clients read before depositing.

Exhibit 3CriticalStandard 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
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Our own capture of lhfx.com, taken on Oct 17, 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 longhornfx.com, taken on Oct 17, 2026What the contract says, clause 12.3Visit this page on the broker's siteDownload the full size image file

Where it sits: section 80 of 169 in the Client Agreement, 47% of the way through.

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

Firms licensed by the FCA or CySEC must tell a retail client the capacity they deal in and describe the conflicts that arise from it, in material the client is actually shown. Here the capacity is disclosed in clause 12.3 and denied on the execution page.

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

05

You get 30 days from the event to complain, not 30 days from noticing it. A complaint sent later is not considered, the LHFX decision is final and binding, and anything under $10 is refused outright.

Why this matters

A fee you spot on a statement two months later is already out of time. No ombudsman or independent scheme is named anywhere in the document set.

Exhibit 9CriticalHarder 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
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Our own capture of longhornfx.com, taken on Oct 17, 2026Complaints expire after 30 days and LHFX judges them (clause III.4)Visit this page on the broker's siteDownload the full size image file

Buried at section 100 of 150 in the Terms and Conditions, 67% of the way through.

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

Firms licensed by the FCA or CySEC must let a retail client take an unresolved complaint to an independent ombudsman, and the client has months rather than days to do it. This contract gives you 30 days and names LHFX as the final decision maker.

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

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Day of the eventYour 30 days start on the day the problem happened, not the day you saw it.III.4
Day 30A complaint sent after this is not considered.III.4
Under $10A dispute worth less than this is not considered at all.III.4
LHFX decidesThe company's decision on the dispute is final and binding.III.4
06

Every LHFX legal document carries the same sentence: client trading accounts are opened with LHFX International Ltd. That company is registered in Anjouan, Union of the Comoros, under company number 16408.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Why this matters

The withdrawals page opens by telling you LHFX is regulated by the FSCA, which licenses the South African company in the group. Your money and your contract sit with a different one.

Exhibit 23WarningHarder than usual

LHFX International Ltd. (the "Company") is an International Business Company incorporated in the Autonomous Island of Anjouan, Union of the Comoros, under company number 16408, with registered office at Boulevard de Coalancanthe, Mutsamudu, Anjouan, Union of the Comoros.
Clause 2.1 in Client Agreement
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Our own capture of longhornfx.com, taken on Oct 17, 2026Your counterparty is the Anjouan company, not the FSCA one (clause 2.1)Visit this page on the broker's siteDownload the full size image file

Where it sits: section 22 of 169 in the Client Agreement, near the start.

Set against a regulated standard: FSCA (South Africa)

A South African FSP licence covers the business of the licensed entity, here LHFX SA (PTY) Ltd. Your account is opened with LHFX International Ltd. in Anjouan, so the agreement you sign sits outside that licence.

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

LHFX promises protection in its FAQ that its own risk disclosure takes away

LHFX tells you in its FAQ that you will never owe it money. Its risk disclosure says you are liable for any deficit left after a forced close. The same split runs through the stop out: the leverage page says 50%, the contract says below 5%.

Promise versus contract1 clause flagged

The LHFX leverage page says a margin call comes at 100% and a stop out at 50%. The risk disclosure says LHFX starts closing at around 30% and closes everything below 5%. It also says it will not warn you.

Why this matters

Your losing positions stay open far longer than the website tells you. By the time LHFX closes them, most of the money you had is already gone.

Exhibit 2CriticalHarder than usual5%

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
Our own capture of lhfx.com, taken on Oct 17, 2026The claim, on Leverage page, Managing Risk with Leverage sectionVisit this page on the broker's siteDownload the full size image file
Our own capture of longhornfx.com, taken on Oct 17, 2026What the contract says, clause Risks Involved in Trading CFDsVisit this page on the broker's siteDownload the full size image file

Where it sits: section 21 of 38 in the Risk Disclosure, 55% of the way through.

What it costsWith $1,000 of margin in use, a 50% stop out would close you at $500 of equity. The 5% level in the contract lets the loss run to $50.

  • Worse together with Exhibit 1Positions left open to a 5% margin level are the ones that end below zero, which is the balance LHFX says you owe and the FAQ says you never will.

Three clauses let LHFX keep money sitting in your account

Clause 13.3 gives you 14 business days after your account closes before LHFX can send the balance to a charity it picks. The Terms let LHFX confiscate any balance involved in trading it calls abusive, a term the document never defines. Clause 16 lets it void a filled trade.

Keeping your balance2 clauses flagged

Trading LHFX calls abusive lets it close your account and confiscate any balance involved. The Terms list arbitrage, latency arbitrage and exploiting price feed delays, then add any strategy taking unfair advantage of pricing discrepancies.

Why this matters

The clause reaches your balance, not only the profit from the trades in question. LHFX decides what counts, using the word unfair, which the document never defines.

Exhibit 7CriticalHarder 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 Oct 17, 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 longhornfx.com, taken on Oct 17, 2026What the contract says, clause III.6Visit this page on the broker's siteDownload the full size image file
Our own capture of longhornfx.com, taken on Oct 17, 2026LHFX can confiscate a balance it links to abusive trading (clause III.6)Visit this page on the broker's siteDownload the full size image file

Buried at section 111 of 150 in the Terms and Conditions, 74% of the way through.

  • Worse together with Exhibit 3The firm taking the other side of your trade is also the firm that decides whether your trading was abusive.

Any price materially different from the actual price counts as a manifest error under clause 16.3. Clause 16.2 then lets LHFX void the trade or rewrite its terms, and the contract never says who judges the actual price.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

A fast market can hand you a good fill and let LHFX take it back afterwards. The same contract warns, in clause 12.6, that your fill may differ from the price you clicked.

Exhibit 8WarningStandard wording

You acknowledge that any Price that is materially different from the actual Price is deemed to be a Manifest Error.
Clause 16.3 in Client Agreement
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Buried at section 117 of 169 in the Client Agreement, 69% of the way through.

The fees page says $0 while the contract reserves several charges

LHFX advertises $0 on all deposits and withdrawals. Clause 13.3 makes your withdrawal subject to reasonable fees, transfer charges and tax withholding. Clause 5.1 names a currency conversion fee that has no published rate, and clause 5.2 lets LHFX change any charge at any time.

Cost disclosure3 clauses flagged

Every LHFX funding page says $0 on all deposits and withdrawals. Clause 13.3 makes your withdrawal subject to reasonable fees, transfer charges and tax withholding. Clause 11.2 converts your deposit less any applicable fee.

Why this matters

Deposit in reais, pesos, rupiah or dong and your money is converted into a dollar, euro or pound account. The contract prices that conversion and the fees page does not.

Exhibit 13WarningHarder than usual

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.
Clause 13.3 in Client Agreement
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Our own capture of lhfx.com, taken on Oct 17, 2026The claim, on Deposits and withdrawals page, panel 03, Zero FeesVisit this page on the broker's siteDownload the full size image file
Our own capture of longhornfx.com, taken on Oct 17, 2026What the contract says, clause 13.3Visit this page on the broker's siteDownload the full size image file

Where it sits: section 88 of 169 in the Client Agreement, 52% of the way through.

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

Firms licensed by the FCA or CySEC must show a retail client all costs and charges, including conversion costs, before the client trades. This contract reserves charges that appear on no price list.

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

The rate used to convert your balance is the interbank spot rate as determined by LHFX in its discretion, under clause 6.2. Clause 5.2 lets it change any charge at any time, and clause 5.3 lets it take the money from your account.

Why this matters

No published rate means you cannot check what a conversion cost you. The charge arrives as a smaller balance, with nothing in the contract requiring a breakdown.

Exhibit 14WarningStandard wording

If our monies due to us are not denominated in the same currency, we may convert either balance at a rate of exchange, which represents the prevailing interbank spot rate for the relevant currency pair as determined by us in our discretion.
Clause 6.2 in Client Agreement
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Where it sits: section 46 of 169 in the Client Agreement, 27% of the way through.

  • Same clause as Exhibit 13One clause creates the conversion fee and another lets LHFX pick the rate it is calculated on.

An LHFX Islamic account pays no swap, and instead pays a fixed administration fee for every calendar day a position stays open, weekends included. The published schedule reaches $90.41 per lot per night on USD/TRY.

Why this matters

Most instruments get a five day grace period, then the charge runs daily until you close. If your balance cannot cover it that day, LHFX collects nothing, which is the one break in the clause.

Exhibit 15WarningHarder than usual$90.41

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 126 of 150 in the Terms and Conditions, 84% of the way through.

What it costsOne lot of gold held for 30 calendar days costs 25 nights at $57.54, which is $1,438.50.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Day you openNo holding fee is charged on the day the position is opened.V
Grace periodUp to five calendar days free, and some instruments get a shorter one or none.V
Every day afterA fixed charge per lot per night, weekends included, taken once a day.V
Balance too smallNo holding fee is collected for that day.V

Every withdrawal is a decision LHFX can make on its own

Clause 11.4 lets LHFX refuse any withdrawal in its sole discretion. Clause 15.5 lets it suspend your ability to withdraw whenever it considers that desirable to protect itself. LHFX pays out in crypto, while clause 11.5 sends the money back to whatever you paid with.

Exit conditions1 clause flagged

LHFX pays withdrawals in crypto, with Vietnam and recent card payments as the exceptions. Clause 11.5 says every approved withdrawal goes back to the original deposit source.

Why this matters

Fund by Pix, GCash or SPEI and the route out is a crypto wallet you may not have. Whichever rule LHFX applies, the one you read is not the one you signed.

Exhibit 21WarningHarder than usual

All approved withdrawals shall be paid to the original deposit source from which the deposit was received from the Client.
Clause 11.5 in Client Agreement
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 75 of 169 in the Client Agreement, 44% of the way through.

A $1,000 bonus needs 1,000 lots traded and has no written terms

The LHFX welcome bonus matches your deposit up to $1,000 and unlocks at $1 for every standard lot you close. That is 1,000 lots to release the full amount. The promotions page says the full conditions are in the Terms and Conditions, which contain no bonus section.

Bonus conditions1 clause flagged

The LHFX welcome bonus matches your deposit up to $1,000 in tradeable credit, unlocking at $1 for every standard lot you close. Unlocking all of it takes 1,000 standard lots.

Why this matters

At $3 per side, 1,000 lots cost you $6,000 in commission to release $1,000 of credit. The promotions page sends you to the Terms and Conditions, which hold no bonus section at all.

Exhibit 16WarningHarder than usual1000

The Terms of Business, Inactivity Fees and Islamic Account Holding Fees sections form part of the Client Agreement between you and LHFX International Ltd.
Clause III.1 in Terms and Conditions
Read from the broker's site on Open the reference

Where it sits: section 12 of 150 in the Terms and Conditions, near the start.

What it costs1,000 standard lots at $6 round turn is $6,000 of commission paid to unlock $1,000 of bonus credit.

  • Worse together with Exhibit 17The only written home for the bonus rules is a marketing page, and the Terms let LHFX change what it publishes without telling you.

LHFX can rewrite the Terms and says it will not tell you

The LHFX Terms and Conditions say the company can change them at any time and that you will not be notified. The Client Agreement in the same document set says changes take effect 10 days after posting. Both are live today.

Changing the deal1 clause flagged

LHFX can change, add or remove parts of its Terms and Conditions at any time, in its sole discretion. The same document says you will not be notified of any changes when they occur.

Why this matters

The Client Agreement promises something different, that changes take effect 10 days after posting. Two live documents, two answers, and the one that binds you is whichever LHFX relies on.

Exhibit 17WarningRarely seen10 days

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 12 of 150 in the Terms and Conditions, near the start.

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

Firms licensed by the FCA or CySEC must give a retail client advance notice, in a durable form, before a change to the terms takes effect. One of these two documents promises 10 days and the other promises nothing.

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

Our readingMost client agreements promise some notice before a change bites. This one states in its own words that the client is not told, while the Client Agreement in the same set promises a 10 day gap.

You get 30 days to complain, and LHFX decides the outcome itself

Complaints reaching LHFX more than 30 days after the event are not considered. The Terms say the company's decision is final and binding, and disputes under $10 are refused. The complaints procedure the Client Agreement calls part of your agreement is not published.

Complaint deadlines2 clauses flagged

The Client Agreement lists a Complaints Procedure as part of your agreement with LHFX, explaining how a complaint will be handled. LHFX does not publish one, and the legal links at the foot of every page do not include it.

Why this matters

Clause 15.7 twice refers to a dispute resolution process, and breaching that clause is an event of default. You are held to rules you cannot read.

Exhibit 10WarningHarder than usual

Complaints Procedure, which explains how you may complain about the service you receive and how your complaint will be handled; and
Clause Introduction in Client Agreement
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Where it sits: section 23 of 169 in the Client Agreement, near the start.

  • Worse together with Exhibit 9You have 30 days to use a process LHFX has not written down anywhere you can see.

Contacting LHFX repeatedly about a matter it has finally determined is a breach of clause 15.7.1. Clause 15.6 makes a breach of 15.7 an event of default, which unlocks set off, suspension and termination.

Why this matters

LHFX decides when a complaint is finally determined, and its decision on a dispute is already final and binding. Clause 15.7.2 does protect honest reviews and reports to any regulator, and 15.7.3 requires each step to be proportionate.

Exhibit 11WarningHarder than usual

you breach clause 15.7;
Clause 15.6 in Client Agreement
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Buried at section 108 of 169 in the Client Agreement, 64% of the way through.

  • Only applies after Exhibit 9The default route opens only once LHFX has declared the matter determined, which the same contract lets it do alone.

Your contract is Comoros law, in English, whatever country you paid from

LHFX takes local payments in Brazil, Colombia, Indonesia, Mexico, Peru, the Philippines and Vietnam. Every one of its legal documents is in English, governed by the law of Anjouan, Union of the Comoros. You also agree not to argue that those courts are inconvenient.

Where you would sue1 clause flagged

Your agreement with LHFX is governed by the law of Anjouan, Union of the Comoros, and its courts hold exclusive jurisdiction. You also agree not to argue that those courts are an inconvenient forum.

Why this matters

LHFX takes local payments in Brazil, Colombia, Indonesia, Mexico, Peru, the Philippines and Vietnam. A claim means the Comoros, in English, under a law you have no practical way to check.

Exhibit 22WarningStandard wording

This Agreement and any non-contractual obligations arising from or in connection with it will be governed by and construed in accordance with the laws of the Autonomous Island of Anjouan, Union of the Comoros. You and we irrevocably agree to submit to the exclusive jurisdiction of the courts of Anjouan, Union of the Comoros to settle any disputes (including any non-contractual disputes) arising from or in connection with this Agreement.
Clause 18.5 in Client Agreement
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Buried at section 131 of 169 in the Client Agreement, 78% of the way through.

LHFX can freeze the account for documents and keeps what you send

Clause 9.3 lets LHFX demand more documents after your account is open and block it until they arrive, with no deadline on the block. Anything you submit through the website becomes LHFX property. Sessions are recorded automatically with no consent record.

What LHFX takes3 clauses flagged

LHFX can ask for more documents after your account is open and block the account until they arrive, under clause 9.3. The same clause says no withdrawal is processed until your identity and address are verified.

Why this matters

The withdrawals page says amounts under $1,000 go out without full verification. The contract holds no such exemption, so a request can be stopped at any size, with no deadline on the block.

Exhibit 18WarningStandard wording

No trading, deposit or withdrawal requests will be processed until the verification of identity and address has been completed. We reserve the right to request further documentation after Account opening, and block your Account pending receipt of such documentation.
Clause 9.3 in Client Agreement
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Where it sits: section 61 of 169 in the Client Agreement, 36% of the way through.

  • Worse together with Exhibit 5A document request and a discretionary refusal can hold the same withdrawal, and neither clause carries a time limit.

Material you submit to LHFX through its website becomes and remains the exclusive property of the company. The Terms say LHFX can use it in any medium, without notice or confidentiality.

Why this matters

The clause carves out nothing for the documents and screenshots you send when something goes wrong. Those are exactly the records a complaint rests on.

Exhibit 19NoticeHarder than usual

All comments, suggestions, graphics, ideas (including product and advertising ideas), and other information or materials you submit to LHFX through the Company Website will become and remain the exclusive property of the Company.
Clause II.6 in Terms and Conditions
Read from the broker's site on Open the reference

Where it sits: section 56 of 150 in the Terms and Conditions, 37% of the way through.

LHFX records eligible browsing sessions automatically, including set actions on withdrawal pages, under a server policy you do not control. Its own notice says automatic recording does not create a customer consent receipt.

Why this matters

Operations and marketing staff can review what the recording produces. Page text and form entries are masked, and withdrawal pages get no visual replay, which limits what it holds.

Exhibit 20NoticeHarder than usual

We automatically record eligible sessions to find and fix website problems, using masked replays on selected pages and predefined withdrawal actions. Recording is controlled by server policy.
Clause Session Recording in Privacy Policy
Read from the broker's site on Open the reference

Where it sits: section 16 of 106 in the Privacy Policy, near the start.

LHFX says it does not trade against you, and its contract says it acts as principal

Clause 12.3 of the LHFX Client Agreement says the company acts as principal on your trades. The execution page says LHFX does not trade against you. The conflict of interest policy LHFX publishes covers staff gifts and outside jobs, not this.

Who is on the other side1 clause flagged

LHFX publishes a conflict of interest policy and it is about its own employees: gifts, outside jobs, personal relationships. Nothing in it mentions the conflict the Client Agreement discloses, which is that LHFX takes the other side of your trade.

Why this matters

Clause 8.1 points you to this policy for how LHFX manages conflicts with clients. Read it and you find no answer to the only conflict that costs you money.

Exhibit 4WarningHarder than usual

This policy applies to all employees, officers, directors, contractors, and agents of LHFX (collectively referred to as "Covered Persons").
Clause Scope in Conflict of Interest
Read from the broker's site on Open the reference
  • Worse together with Exhibit 3The contract discloses a principal relationship and then sends you to a policy that never mentions it.

A $10 monthly fee starts 30 days after your last trade

LHFX charges $10 a month on an account it treats as inactive. The three tests: 180 days since opening, 90 days without a deposit, 30 days without a trade. The fees page calls this an extended period of dormancy, and partial deductions grind a small balance to nothing.

In plain words

Dormancy means an account left unused.

Dormancy charges1 clause flagged

LHFX takes $10 on the first of each month once your account counts as inactive. That means 180 days since opening, 90 days without a deposit and 30 days without a trade.

Why this matters

If your vault is empty LHFX takes the fee from your trading account, and partial deductions are allowed. A small balance left behind is drained one month at a time.

Exhibit 12WarningHarder 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
Our own capture of lhfx.com, taken on Oct 17, 2026The claim, on Spreads and fees page, note under the Non-Trading Fees tableVisit this page on the broker's siteDownload the full size image file
Our own capture of longhornfx.com, taken on Oct 17, 2026What the contract says, clause IVVisit this page on the broker's siteDownload the full size image file

Buried at section 119 of 150 in the Terms and Conditions, 79% of the way through.

What it costsA $60 balance left after your last trade is gone in six months at $10 a month.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Day 180Your account is old enough to qualify once the other two tests are met.IV
90 days without a depositThe second test is met.IV
30 days without a tradeThe third test is met and the account counts as inactive.IV
First of each monthLHFX takes $10 from your vault, or from your trading accounts if the vault is empty.IV
Balance too smallLHFX takes part of the fee instead of all of it.IV

Your account is with the Anjouan company, not the South African one

Every LHFX legal document carries the same line: client trading accounts are opened with LHFX International Ltd. That company sits in Anjouan, Union of the Comoros. The withdrawals page tells you LHFX is regulated by the FSCA, which licenses a different company in the group.

Who holds your money1 clause flagged

The risk warning on this page used to say 78% of retail investor accounts lose money trading CFDs with this provider. That line is gone, along with the warning that you are not covered by any investor compensation fund.

Why this matters

Both sentences told you something about your odds and your safety net. Neither is on the page today, and the Bitcoin risk section went with them while crypto CFDs are still sold.

Exhibit 24WarningHarder 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 Risk Disclosure
Read from the broker's site on Open the reference

Buried at section 40 of 42 in the Risk Disclosure, 95% 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 FAQ says you can never owe LHFX money and the risk disclosure makes you liable for the deficit.

Said in public, in English

If your account balance goes negative due to market conditions, LHFX will automatically reset it to zero. You will never owe LHFX money.

FAQ page, answer to the question Does LHFX offer negative balance protection?

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 Risks Involved in Trading CFDs

If the Client does not provide such additional funds within the time required, his/her investment position may be closed at a loss and he/she will be liable for any resulting deficit.

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

02

The leverage page puts the stop out at 50% and the risk disclosure puts it below 5%.

Said in public, in English

LHFX triggers a margin call at 100% margin level and stop-out at 50%.

Leverage page, Managing Risk with Leverage 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 Risks Involved in Trading CFDs

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%.

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

03

The execution page denies any conflict while clause 12.3 makes LHFX the principal on your trade.

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 longhornfx.com

04

The withdrawals page promises no review while clause 11.4 keeps a discretionary refusal over every request.

Said in public, in English

No human review, no queue, no "pending verification" emails.

Withdrawals page, live withdrawal data panel under the 87% figure

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 longhornfx.com

05

The execution page advertises no restrictions on strategy while the Terms reserve spread and execution restrictions on suspicion alone.

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 Company reserves the right to adjust spreads, limit order execution, or impose other restrictions on Clients suspected of engaging in abusive trading.

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

06

The promotions page says your own funds are always yours and the Terms allow confiscation of any balance involved.

Said in public, in English

Your deposit and any profit you make are withdrawable on the normal schedule. The unlock rule applies only to the bonus credit itself.

Promotions page, section headed The honest terms, item 04 Your own funds are always yours

In the contract · clause III.6

The Company reserves the right to close Client accounts and confiscate any balance involved in abusive trading practices.

07

The fees page calls it an extended period while the trading test in the Terms is 30 days.

Said in public, in English

The inactivity fee of $10/month only applies after an extended period without any trading activity.

Spreads and fees page, note under the Non-Trading Fees table

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 IV

The client has not executed any market trades for a minimum of 30 days.

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

08

The funding page promises zero fees while clause 13.3 makes your withdrawal subject to fees and transfer charges.

Said in public, in English

LHFX charges $0 on every deposit and withdrawal. No processing fees, no hidden charges.

Deposits and withdrawals page, panel 03, Zero Fees

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 longhornfx.com

09

The Terms say the swap free fee does not vary with interest rates and the fees page says it is higher on high interest rate pairs.

Said in public, in English

Rates run from 1% of position value a year on silver and 3% on major forex pairs up to 18% on crypto CFDs, and higher on high-interest-rate exotic pairs.

Spreads and fees page, Swap-Free Holding Fees section

In the contract · clause V

The fee is identical for long and short positions, does not vary with interest rates, and does not compound.

10

The withdrawals page claims an exemption below $1,000 that clause 9.3 of the contract does not contain.

Said in public, in English

Withdrawals under $1,000 are processed without full KYC verification. We use our STP/ECN exemption to ship small amounts immediately.

Withdrawals page, FAQ answer to Do you require KYC before withdrawing?

In the contract · clause 9.3

No trading, deposit or withdrawal requests will be processed until the verification of identity and address has been completed.

11

The funding page pays out in crypto while clause 11.5 sends every withdrawal back to the method you paid with.

Said in public, in English

These are deposit methods. Withdrawals are paid in crypto, except in Vietnam, where you can also withdraw to your own bank account.

Deposits and withdrawals page, note under the Local Deposit Methods table

In the contract · clause 11.5

All approved withdrawals shall be paid to the original deposit source from which the deposit was received from the Client.

12

The withdrawals page leads with an FSCA licence while your account is opened with the Anjouan company.

Said in public, in English

Regulated by the FSCA (FSP 52816). Trustpilot 4.4/5.

Withdrawals page, line under the headline and call to action buttons

In the contract · clause Footer entity statement

LHFX International Ltd. is an International Business Company incorporated in the Autonomous Island of Anjouan, Union of the Comoros (company number 16408), holding International Brokerage and Clearing House Licence number L16408/LIL issued by the Anjouan Offshore Finance Authority.

What changed quietly

This is our first reading of LHFX, so there is nothing to compare it against.

  • REWRITTENClause RISK WARNING · 2025-01-13 (archived) to September 2026

    The share of retail accounts losing money, and the word quickly, were taken out of the risk warning.

    CFDs are complex instruments and carry a high risk of losing money due to leverage. Consider whether you understand how CFDs work and whether you can afford the high risk of losing money.

  • REMOVEDClause Entities · 2025-01-13 (archived) to September 2026

    The statement that you are not covered by any investor compensation fund is no longer on the page.

  • REMOVEDClause Risk Involved in Cryptocurrencies · 2025-01-13 (archived) to September 2026

    The whole cryptocurrency risk section went, while LHFX still offers crypto CFDs and crypto payouts.

  • REMOVEDClause Entities · 2025-01-13 (archived) to September 2026

    The Saint Vincent company named on this page in January 2025 has gone from the group.

  • ADDEDClause Regulated By · 2025-01-13 (archived) to September 2026

    An Anjouan entity now appears on the risk page and is the company your account is opened with.

    Licensed by the Anjouan Offshore Finance Authority under International Brokerage and Clearing House Licence number L16408/LIL. Company number 16408.

The documents this reading is based on

10 files, all published by LonghornFX. 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 LonghornFX publishes.

How this reading was done

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

This reading was published on .

Documents
10 of 10downloaded from the broker's site, and 10 read in full
Pages opened
54pages walked to find those documents, footer links included
Older copies
1earlier versions downloaded
Marketing pages
11public pages set against what the contract says
Position measured
23clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

LHFX International Ltd.

Eight of the nine documents carry the same sentence: client trading accounts are opened with LHFX International Ltd. That company is an International Business Company in Anjouan, Union of the Comoros, company number 16408, holding Anjouan Offshore Finance Authority licence L16408/LIL. Longhorn Ltd of Mauritius owns the website, and LHFX SA (PTY) Ltd of South Africa operates the MT5 platform under FSCA FSP 52816. Neither of those two is your counterparty. In January 2025 the same risk disclosure page named Longhorn LLC of Saint Vincent and the Grenadines instead, and that entity appears nowhere in the current set.

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

LHFX publishes the swap free holding fee for every instrument it offers, with the charge per lot per night, the annual equivalent and the grace days, dated from September 9, 2026. Almost no broker publishes that table at all. Clause 15.7.2 of the Client Agreement protects honest reviews in plain words, including critical ones on any public platform, and says LHFX does not ask for a review to be removed. The holding fee clause also states that no fee is collected on a day your balance cannot cover it. Every legal document is a readable web page rather than a PDF, and the FAQ page states the three inactivity tests accurately.

An earlier copy exists for only one of these nine documents, the risk disclosure from January 2025, so the rest of the set could not be compared with anything older. LHFX publishes in English only, so there were no other language pages to hold against the contract. We read the conflict of interest policy on LHFX's own page, and every quotation credited to it comes from there. We did not see the client portal, the MT5 contract specifications or the bonus code screen, so any condition that appears only after you deposit is outside this reading.

How to check any of this yourself

Every quote above links to the LonghornFX 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 LonghornFX 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 LonghornFX 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 Oct 17, 2026.

If you represent LonghornFX 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 LonghornFX. Whether its licence is real and current is a separate check on the broker profile.

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