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LegacyFX Review

LegacyFX Review

 

 

 

 

Overall Rating

4.7/5

Rated #250 of
Recommended FX Brokers

💰Minimum Deposit

USD 500

🌐 Regulators

CySEC, FCA, VFSC, NBRB

📱 Trading Desk

Meta Trader 5

Crypto

Yes

📈 Total Pairs

104

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

 

LegacyFX is a Cypriot forex broker company that was founded in 2012 and is based in Larnaca. In 2017, LegacyFX rebranded and relaunched its services, now being owned and operated by All New Investments Ltd. (AN).

Finding a reputable LegacyFX review local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth review regarding LegacyFX to help you make an informed decision before opening your account or trading on their platform.

According to research recently done, LegacyFX is a forex broker company in Cyprus.

A Forex broker is a company that provides traders with access to platforms that allow them to buy and sell foreign currencies.

Forex brokers are also known as retail forex brokers or currency trading brokers. Retail currency traders in turn use these brokers to gain access to the 24-hour currency market for speculation purposes.

Forex broker services are also provided for institutional clients and large companies such as investment banks.

All New Investments Ltd. is a corporate operator that is registered as a CIF and is a member of the Investor Compensation Scheme.

With its office in Larnaca, Cyprus LegacyFX is regulated by CySEC, MiFID, VFSC, BaFin, FCA, and NBRB, providing extensive security for client’s funds.

LegacyFX provides currency pairs, metals, commodities, stocks, and indices for trading on its platform across multiple devices and its website is available in many different languages.

 

Awards and Recognition

In the world of forex broker companies being honored with awards from esteemed organizations or publications, count much for the company’s reputation.

  • LegacyFX has accumulated the following awards during its years of service to traders:
  • Best Forex Broker in the Middle East, at the Daily Forex.com 2019 awards
  • Best STP/ECN Forex Broker, at the AtoZ Markets 2020 awards
  • Best Broker of 2019, at the PipsoFX.com 2020 awards

 

LegacyFX Accounts

A forex account is a trading account held by a trader with a company like LegacyFX that is primarily issued with the purpose of trading currencies.

Usually, the number and type of accounts that a trader can open with a broker company differ according to the country in which the brokerage operates, the country of residence of the trader, and the regulatory authorities under whose jurisdiction it operates.

 

 

Types of Accounts and its Features

In the case of LegacyFX four different account types, Silver, Gold, Platinum, and VIP are offered.

  • The Silver Account is available for a minimum deposit of $500, and the spread of the silver account starts from 1.6 pips.
  • The Gold Account requires a minimum deposit of $5,000 with spreads from as low as 1.0 pips.
  • The Platinum account requires a minimum deposit of $25,000, and the spread is as low as 0.6 pips.
  • The VIP Account requires $50,000, where traders can customize their accounts.

 

LegacyFX also provides Islamic Accounts for those who prefer a no-interest income. A Demo Account with a virtual balance of $50,000 is also available. Technical analysis and educational tools are available for all types of accounts.

LegacyFX does not accept traders from the USA, Israel, Iran, Syria, Afghanistan, Myanmar, North Korea, Somalia, Yemen, Iraq, Sudan, South Sudan, British Columbia, Ontario, and Manito.

 

Overall Rating

4.7/5

Rated #250 of
Recommended FX Brokers

💰Minimum Deposit

USD 500

🌐 Regulators

CySEC, FCA, VFSC, NBRB

📱 Trading Desk

Meta Trader 5

Crypto

Yes

📈 Total Pairs

104

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Deposits and Withdrawals

The minimum deposit for a LegacyFX account is $500, with a maximum deposit of $10 000 with credit or debit cards.

Withdrawals to credit cards can only be done to the total amount of the deposit from that particular card. The remainder must be wired to the client’s bank account.

Legacy FX covers all deposit and withdrawal fees for transactions via major credit or debit cards, Skrill, Neteller, and bank wires above $200.

Deposit options include credit card, cryptocurrencies, Neteller, Skrill, and Wire Transfer while credit card, Neteller, Skrill, and Wire Transfer are available as withdrawal options.

 

Cost and Fees, Commissions and Spreads

The cost of trading depends on different factors like commissions, spreads, and margins.

The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.

Margin is the amount of money required in your account to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your trading account.

Commissions are the charges imposed by an investment broker on a trader for making trades on the trader’s behalf. The level of commissions will vary between different brokers and also depends on the asset being traded and the type of service offered by the broker.

Execution-only brokers, which is a broker that does not involve in any personal investment advice and gives traders complete control over how they trade the markets, tend to have lower commissions.

Contract for differences (CFDs) trading is a form of derivative trading that enables traders to speculate on the rising or falling prices of fast-moving global financial markets, and its trading on shares will incur commission.

CFD trades on other markets have no commission but do wrap a spread around the market price of a certain instrument.

LegacyFX earns its income primarily from spreads and commissions on stocks. They offer swap-free accounts to all traders, and a charge is taken if any trade is held overnight and if it is not applied to trader’s accounts.

Very few details about LegacyFX’s deposit and withdrawal fees are known. With credit cards of Visa, MasterCard, Maestro, and Visa Electron, traders can deposit from $500 to $10,000, and traders can withdraw a minimum of $200 to a maximum of $10,000.

 

Leverage

The facility that enables a trader to get a much larger exposure to the market than the amount he or she deposited to open a trade, is called leverage. Such leveraged products magnify a trader’s potential profit – but of course, also increase the potential loss.

The amount of leverage is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that a trader has $1,000 in his or her trading account and is trading ticket sizes of 500,000 USD/JPY, that leverage will equate to 500:1.

LegacyFX’s website states maximum leverage of 1:200 on the silver category and the gold category, but also being regulated by MiFID, the new European Securities and Markets Authority (ESMA) regulations of maximum leverage of 1:30 may apply.

The new regulations prescribe leverage of 1:30 for FX deals, 1:20 for indices and gold, 1:10 for other commodities, and 1:5 for shares.

Forex brokerages with CySEC regulatory licenses are bound to operate under the ESMA rulings and MiFID II market infrastructure directives have been chased by clients to offshore entities to circumvent rulings on trading terms.

 

Bonuses

Forex brokers tend to lure new traders with offers of attractive deposit bonuses. This can be useful, but it is essential to discern what a proper bonus is.

Such a bonus is but a way to compensate traders for choosing a certain broker since once the account is opened, the trader will have the same expenses as any other.

The bonus is just a reward for the trader’s choice that gives some of these expenses back to the trader, once proving himself as an active trader.

Customers should note that no deposit bonuses are a great way to help you start trading, but it often comes with ridiculous terms so that even if you do make a profit, you have to trade a high volume before you can do any form of withdrawal.

Moreover, since 1 August 2018 The European Securities and Markets Authority (ESMA) has placed investor protection measures on the marketing, distribution, or sale of CFDs to retail clients.

These prevent brokers from directly or indirectly provide the retail client with a payment, monetary or excluded non-monetary benefit about the marketing, distribution, or sale of a CFD, other than the realized profits on any CFD provided.

As an incentive to deposit and start trading, LegacyFX awards risk-free trades based on the size of the initial deposit. This promotion is solely for new account holders, and dependent on the first-time deposit.

For a $1,000 deposit, LegacyFX grants three risk-free trades up to $50 each. A $5,000 initial deposit is eligible for five risk-free trades up to $100 each, while a $10,000 deposit qualifies for seven risk-free trades up to $150.

 

Trading Platforms, Software, and its Features

The forex trading software provided by a broker company to its clients is called the platform and is used to carry out their trades.

A platform can be a multi-asset one, which means that it allows clients to not only trade forex but also other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.

The decision about which platform to choose will depend on what a client would like to trade, therefore it will be one of the criteria when choosing a broker too.

LegacyFX uses the MT5 trading platform for both mobile and computer users. The MT5 platform is user-friendly and rich with trading tools and features that allow traders to access their accounts through mobile devices to trade while on the go.

LegacyFX MT5 is similar to the traditional MT4, but faster and supports more types of orders. It also has a larger number of indicators and other features, which include:

  • More than 50 indicators
  • Many available Expert Advisors
  • MQL5 programming language
  • Pending orders
  • Limit orders
  • Multi charting

MT5 is also available in Windows, Mac, iOS, and Android

 

Markets, Products, and Instruments

Most brokers offer all or some of the following kinds of market instruments for trading:

Forex:

Forex trading, also called currency or FX trading, involves the currency exchange market where individuals, companies, and financial institutions exchange currencies for one another at floating rates.

Commodities:

As with currency exchange markets, commodity markets offer different investment opportunities for traders. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of inflation or economic uncertainty.

Indices:

Equity or stock indices are actual stock market indexes that measure the value of a specific section of a stock market. They can represent a specific set of the largest companies of a nation or they can represent a specific stock market.

Precious metals:

The trading of gold and other precious metals involves hard commodities that are contract-based tradable goods.

Energy:

The high volatility of energy prices due to political and environmental factors, supply and demand, extreme weather conditions, and global economic growth is a typical feature of this product, making it another popular trading choice.

Cryptocurrencies:

Bitcoin (BTC) is the digital currency with the largest market capitalization and price levels since its inception in 2008. It dominates 50% of the total crypto market cap.

Litecoin (LTC) is similar to Bitcoin but differs in terms of scalability.  Litecoin is another very popular altcoin and LTCUSD is a fork of Bitcoin (BTCUSD), copied from Bitcoin’s code and with some alterations and launched a new project.

Ripple (RPL) is popular among big banks with the Ripple network a next-generation real-time gross settlement system. It allows instant cross-border fund transactions at very low costs.

Ethereum (ETH) is the second-largest cryptocurrency after Bitcoin and allows developers to create smart contracts on a platform.

Bitcoin Cash (BCH) was created by the Bitcoin hard fork in 2017 as a new version of the blockchain with different rules.

Besides forex, stocks, and indices, LegacyFX also offers cryptocurrencies. Traders can trade their favorite cryptocurrencies including Bitcoin, Ethereum, Litecoin, and Ripple. CFD trading options include Gold, Silver, Stocks, Stock Indexes, Oil, and Other Commodities.

Traders may choose between fixed and variable spreads, where fixed spreads are on average higher than variable spreads.

 

 

Safety and Regulation

One of the first things a potential trader needs to establish is whether a broker like LegacyFX is safe to trade with. One of the surest benchmarks to measure the safety of a brokerage is to establish which regulating authorities are watchdogs over its actions.

LegacyFX is a regulated broker under the CySEC body, with a license number of 344/17. This means that they act compliant with MiFID, and able to sell financial services all through the EEA.

To give traders more security and insurance, LegacyFX also aligns with other reputable bodies in Europe. For the UK, they are regulated by the FCA with license no: 797343 and for Germany, they have registration no. 348194 by BaFin.

LegacyFX is also regulated by the Belarus NBRB with license no: 193180778 and by the VFSC with license no. 14579.

 

Customer Support

Potential traders need to be assured that the broker company they chose can offer the necessary support and help whenever they may need it.

In the case of LegacyFX the following support channels are available:

  • Instant Web Chat on the website. The chat assistants are responsive.
  • A “Send Us a Message” form on the “Contact Us” page of the website.
  • An email address,
  • Phone numbers.

The customer support is available from Monday to Friday 8:00-24:00 (GMT+3) and is offered in three languages, English, Arabic, and Russian.

 

Research

Potential traders should always do as much as possible research about speculative trading before commencing to do it.

Trading with confidence and success relies heavily on knowledge and understanding of the markets, therefore research options offered by brokers form an integral part of its features when choosing the right company to trade with.

LegacyFX offers a page with Live Signals, Daily Market Trends, Weekly Market Trends, and Monthly Market Trends. A Technical Analysis section features Daily Analysis Video, Commodities Charts, Indices Charts, Stocks Charts, and Currencies Charts.

Markets News and an Economic Calendar with some calculators are also available and Autochartist is the latest addition to LegacyFX’s research resources.

Autochartist represents a significant service to traders, but design flaws sometimes outshine defy the purpose of the content.

 

Education and Training

Before starting to trade, potential clients of LegacyFX should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.

If LegacyFX’s website itself does not provide enough means, a trader should explore other information sources and means to obtain that skills and knowledge.

Education is published under the Academy tab on the LegacyFX homepage and is broken down into Introduction to Forex, Trading Education, eBooks, Forex for Beginners, Advanced Courses, and a Glossary.

New traders will find a combination of written content, eBooks, and many videos. About 17 videos and 11 eBooks are listed, covering various topics, all of which can be read online.

 

Conclusion

LegacyFX is a broker company worth being tried out by potential traders, knowing that it provides an MT5 trading platform. Furthermore, it offers easy withdrawal and deposit systems and access to over 80 trading videos, webinars, and other educational resources hosted by LegacyFX academy.

 

You might also like: LegacyFX Minimum Deposit

You might also like: LegacyFX Account Types

You might also like: LegacyFX Demo Account

You might also like: LegacyFX Fees and Spreads

You might also like: LegacyFX Sign up Bonus

You might also like: LegacyFX Islamic Account

 

Disclaimer

LegacyFX warns all potential traders that Forex and CFDs trading always carries a high level of risk and may not be suitable for all investors.

Before clients decide to trade the products offered by LegacyFX, they are advised to carefully contemplate their investment objectives, financial situation, needs, and level of experience before investing money they cannot afford to lose.

When traders use LegacyFX’s margin leveraged accounts, they should maintain a sufficient level of margin to sustain their positions, since trading Forex/CFD and Options on margin carries a high level of risk.

Using a higher than necessary leverage can work against a trader as well as for him. It is always possible that you could sustain a loss of some or all of your initial investment.

While LegacyFX usually makes all efforts to fill a trade at the price requested, trading online does not necessarily reduce risks associated with currency trading, therefore quotes and trades are usually subject to the terms and conditions of a Client Agreement.

Potential traders should first acquaint themselves with all the risks associated with trading on margin and seek advice from an independent financial advisor if they have any doubts, according to research.

 

LegacyFX at a Glance

Broker’s Name LegacyFX
Headquartered Port Vila, Republic of Vanuatu/ Larnaca, Cyprus
Year Founded 2012, rebranded in 2017
Regulating Authorities VFSC Registration No. 14579, CySEC, FCA, BaFin, Arfin, Vanuatu
Countries not accepted for trade USA, Israel, Iran, Syria, Afghanistan, Myanmar, North Korea, Somalia, Yemen, Iraq, Sudan, South Sudan, British Columbia, Ontario, and Manito.
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts No
Managed Accounts No
Maximum Leverage 200:1
Minimum Deposit 500 USD
Deposit Options BankWire, VISA, MasterCard, Maestro, Neteller, Skrill, UnionPay, Cryptocurrencies,
Withdrawal Options BankWire, VISA, MasterCard, Maestro, Neteller, Skrill, UnionPay
Platform Types MT5 Terminal

MT5 IOS

MT5 Android

OS Compatibility Mac, Windows, Linux, Mobile, Web, iPhone, iPad
Tradable Assets Currencies: (40+)

Cryptocurrencies: (4) Bitcoin, Litecoin, Ethereum

CFD: (135+) Gold, Silver, Stocks, Stock Indexes, Oil, Other Commodities

Customer Support Languages English, Arabic, and Russian.
Customer Service Hours Mon-Fri 8:00-24:00 (GMT+3)

 

 

Overall Rating

4.7/5

Rated #250 of
Recommended FX Brokers

💰Minimum Deposit

USD 500

🌐 Regulators

CySEC, FCA, VFSC, NBRB

📱 Trading Desk

Meta Trader 5

Crypto

Yes

📈 Total Pairs

104

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

FAQ’s

 

Trading Environment

 

How many instruments can I trade with LegacyFX?

You can trade several different instruments with LegacyFX, which include the following:

  • Forex Currencies: (40+)
  • Cryptocurrencies: (4) Bitcoin, Litecoin, Ethereum
  • CFD: (135+) Gold, Silver, Stocks, Stock Indexes, Oil, Other Commodities.

 

Which platforms are supported by LegacyFX?

LegacyFX provides the following popular trading platforms:

  • MetaTrader5

 

Does LegacyFX offer leverage?

Yes, LegacyFX offers maximum leverage of 1: 200/ 1:30

 

What spreads can I expect with LegacyFX?

LegacyFX offers variable spreads on its various accounts. If details on the website are not comprehensive, more information can be obtained from the customer support service.

 

Does LegacyFX charge commission?

More information on commissions can be obtained from the customer support service.

 

Is LegacyFX regulated?

Yes, LegacyFX is regulated by VFSC Registration No. 14579, CySEC, FCA, BaFin, Arfin, Vanuatu

 

Is LegacyFX a recommended forex trading broker for experts and beginners?

LegacyFX offers a fair trading environment for all types of traders.

 

What is the overall rating out of 10 for LegacyFX?

6/10

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account is offered by broker companies and funded with virtual money that enables a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account funded with the customer’s actual money.

 

Does LegacyFX offer a demo account?

Yes

 

Can I convert my demo account to a live trading account with LegacyFX?

Not clear from the information on the company homepage.

 

Which live trading accounts does LegacyFX offer?

  • Islamic Account
  • Silver Account
  • Gold Account
  • Platinum Account
  • VIP Account

 

What are the available deposit currencies for a live trading account?

USD and more

 

Deposits and Withdrawals

 

What is the minimum deposit for LegacyFX?

$ 500

 

How do you make a deposit and withdrawal from LegacyFX?

LegacyFX offers the following deposit and withdrawal methods:

  • BankWire
  • VISA
  • MasterCard
  • Maestro
  • Neteller
  • Skrill
  • UnionPay

 

The same method as used to fund an account must usually be used to withdraw money and monies will be only refunded to accounts in the same name as the trading account.

 

Does LegacyFX charge withdrawal fees?

Yes, the amounts can be found on the company homepage.

 

How long does it take to make a withdrawal?

Withdrawals using certain methods may be processed within a day but depending on bank services it may take several days for the money to be available.

 

 

 

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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