LonghornFX broker scam (www.longhornfx.com) is allegedly operated by the offshore entity Longhorn LLC in St. Vincent & The Grenadines, incorporated in June 2020. Deposits are possible with Bitcoins or via credit and debit card and bank transfer. However, when doing so, one is redirected to Instacoins via a deep integration, as LonghornFX transmits the recipient wallet to Instacoins. This means that cryptos purchased by customers on Instacoins are automatically transferred to LonghornFX‘s wallet. And are gone for good!
|Legal entity||Longhorn LLC|
|Jurisdiction||St. Vincent & The Grenadines|
|Payment processor||Instacoins (https://instacoins.com)|
|Social media||Instagram, Facebook|
Like many new broker scams, LonghornFX relies on an affiliate system to motivate victims to acquire even more victims. Almost 5,000 people follow the illegally operating broker on Instagram and nearly 1,000 on Facebook.
The obscure World Financial Award of Saqs Investment and Amiran Azaladze chose LonghornFX as one of the winners in the Forex Broker category and inducted it into the Hall of Fame. A mockery. Another illegal broker, EagleFX, has also been listed in this Hall of Fame. EagleFX has been red-listed by the U.S. CFTC (read report here).
If you have any information about LonghornFX, its operators, and partners, please let us know through our whistleblower system Whistle42.