LegacyFX Review

LegacyFX

LegacyFX

www.legacyfx.eu

  • Leverage: 1:30 | 1:200

  • Regulation: CySEC, FCA, BaFin, VFSC, NBRB

  • Min. Deposit: 500 US$

  • HQ: Cyprus

  • Platforms: MT5

  • Found in: 2012

LegacyFX Licenses

  • LegacyFX is authorized and regulated by the Cyprus Securities Exchange Commission (CySEC) under license No. 344/17. A.N All New Investment Limited.
  • LegacyFX is authorized and regulated by the Federal Financial Supervisory Authority (BaFin) under the Registration Number: 348194 A.N All New Investment Limited.
  • LegacyFX is authorized and regulated by the UK Financial Conduct Authority (Registration Number: 797343).
  • LegacyFX is authorized and regulated by the Vanuatu Financial Services Commission (VFSC) under the Registration Number: 14579
  • LegacyFX is authorized and regulated by the National Bank of the Republic of Belarus (NBRB) under the Registration Number: 193180778N All New Investment Limited.

 

Top 3 Forex Brokers

  1. What is LegacyFX?
  2. Is LegacyFX safe or a scam?
  3. Leverage
  4. Accounts
  5. Market Instruments
  6. Trading Fees
  7. Deposits and Withdrawals
  8. Trading Platform
  9. Customer Support
  10. Education
  11. Conclusion

What is LegacyFX?

LegacyFX is a multi-asset trading specialist providing brokerage services for forex and CFD trading on gold, oil, cryptocurrencies, indices, and major stocks, internationally for traders worldwide since 2017. LegacyFX is GDPR compiled and fully regulated by CySEC, FCA and BaFin, with a main objective to enhance financial transparency and offer greater client protection. Its trading conditions are among the tightest spreads in the market, starting from only 0.6 pips. 

The broker offers more than 200 trading instruments. LegacyFX provides its clients with the MetaTrader 5. Legacy FX gives the keys to access the forex market 24 hours a day, 5 days a week, allowing users to trade the most popular major, minor and exotic currency pairs. For full protection of investment LegacyFX operates negative balance protection along with complete segregation of client funds from company’s assets.

ProsCons
Broker with good record and establishment under European lawsConditions vary according to brokers’ regulation
Accounts have negative balance protection and segregated from company assetsHigh minimum deposit
Mainstay on customer popular MT5Does not accept clients from the U.S. or Canada
Swap-free account available for all clients

10 Points Summary
🏢 HeadquartersCyprus
🗺️ RegulationCySEC, FCA, BaFin, VFSC, NBRB
📉 InstrumentsShares, Indices, Forex, Commodities and Cryptocurrencies and CFDs
🖥 PlatformsMT5
💰 EUR/USD Spread0.6 pips
🎮 Demo AccountIncluded
💰 Base currenciesSeveral currencies offered
💳 Minimum deposit500$
📚 EducationVideo lessons, Trading platform guiding tutorials, Courses, eBooks
☎ Customer Support24/5

Is LegacyFX safe or a scam?

When it comes to online trading, security is paramount to understanding that your capital is secured and protected by the law regulations.

ProsCons
Regulated by several authorities Cyprus CySEC, Financial Conduct Authority FCAInternational proposal performed with offshore entity
Negative Balance Protection

Is LegacyFX legit?

LegacyFX is a brand name of the A.N All New Investment Limited that is authorized and regulated by the CySEC a regulatory authority for Investment Services firms in Cyprus, along with cross border licenses due to its European position, authorizing the company to provide investment services within the EEA zone.

In simple words, it means the broker fully establishes its business according to necessary laws and principles of operation, eventually dedicated to protect clients and enable market integrity.

Nevertheless, an international proposal running through additional license in Vanuatu, or AN ALL NEW INVESTMENTS (VA) Limited under the domain https://int.legacyfx.com. The trading conditions here are different and applicable to other laws and regulations. It was always quite risky to trade with offshore zones and we should definitely mention that trading with AN ALL NEW INVESTMENTS (VA) Limited subsidiary is not safe.

However, as we always recommend check on the regulation carefully and never sign in with an only offshore registered broker (read more why avoid trading with offshore brokers).

How are you protected?

Since LegacyFX license means its compliance with all the strict regulatory requirements, trader’s investment is considered to be safe, as the broker completely segregated funds from the operational funds of the LegacyFX while kept in leading and reputable EU banks.

Also, CySEC regulatory standards fully aligned with the European MiFID directive that also enables LegacyFX to offer its service within the EEA zone and beyond. The stated objective of MiFID is to participate in building a more integrated, deeper and more effective in generating growth capital market, while strengthening the protection of investors. However, this type of regulation does not let LegacyFX to offer its services where the broker is NOT regulated.

Leverage

Leverage, known as a loan given by the broker to the trader enables you to trade through the multiplied volume that may raise your potential gains, yet in reverse increases high risks too. So firstly you should learn how to use tools smartly, also various regulatory standards and restrictions set a particular allowed level of leverage that is considered to be safe.

LegacyFX Reviews shows that brokers’ leverage ratios are set to a standard level allowed for European traders since ESMA significantly restricts the use of leverage for retail traders. Therefore, the maximum level is set to a

  • 1:30 for major currency pairs 
  • The global LegacyFX traders may be still entitled for a higher range of up to 1:200

And of course, always learn how to use leverage smartly in order not to fall under inefficient risks.

Account Opening

ProsCons
Fast digital account openingAccount types and proposal may vary according to jurisdiction
Islamic Account
Demo Account

Account types

There are three account types designed by LegacyFX – Silver, Gold and Platinum. All accounts feature the same competitive trading conditions and available services, while higher grade account will add on extra benefits.

The Silver account is available from a minimum deposit of $500, with the smallest spread of 1.6 pips. This is reduced to 1.0 pips in the Gold account for a deposit of $5,000. 

Each of the account types bringing the particular possibility for your trading strategy while allowing either beginning traders, investors or professionals to find its own way in trading.

Islamic Account 

The LegacyFX Islamic account adheres to the principles of Islamic law regarding banking activity and Riba (interest). It is an interest free or swap free account type, for those who, for religious reasons cannot trade on interest/swap incurring accounts. However, account holders will still enjoy all of the benefits of all the Account Types offered by LegacyFX, their same spreads and same trading conditions.

Demo Account

LegacyFX demo accounts allow clients to try out the broker’s services, platforms and to practice trading strategies risk-free by using virtual funds.

Instruments

LegacyFX provides access to seamless trading through the great range of 200+ underlying assets, while you may choose from leading Shares, Indices, Forex, Commodities and Cryptocurrencies and CFDs.

Therefore, with access to most liquid and popular markets you may choose the desired and most understanding instrument according to your trading need and use BDSwiss user-friendly portal to benefit from trading.

Fees

LegacyFX offers some of the lowest dealer spreads in the business, starting at 0.6 pips. 

No rollover fees on long-term positions, negative balance protection, client funds are separate from LegacyFX’s funds.

Swap Free on all LegacyFX Account Types (Silver, Gold, Platinum). LegacyFX charges no swaps on long-term positions, providing ideal conditions for long term trading and investment. For full protection of investment LegacyFX operates negative balance protection along with complete segregation of client funds from company’s assets.  

ProsCons
Flexible fee conditions defined by the account typeWithdrawal Wire transfer fee
Variable spread

Find on Forex fees

Of course, spreads fees defined by the account type you use. Variable spreads for major forex pairs such as EUR/USD start at 1.6 pips with the Silver account. Spreads get tighter with the Gold and Platinum accounts, going down to 0.6 pips. Fixed spreads are around 3 pips for EUR/USD with the Silver account.


Deposits and Withdrawals

Another very important part of our LegacyFX review is how to transfer money from or to your trading account. Eventually, all account management happens through an online field while LegacyFX makes it possible to process the transaction via major credit/debit cards, Skrill, Neteller and Bank Wire Transfer. Payment methods vary depending on the entity you are trading with.

ProsCons
No deposit feesConditions vary according to the entity
Fast digital deposits, including Neteller, and Credit CardsHigh minimum deposit

What is the minimum deposit for LegacyFX?

As for the minimum deposit amount, the Silver account at LegacyFX requires 500$ as a start, while other accounts deploy higher levels of first deposits. The pleasant moment is that LegacyFX does not charge any fees on credit card/electronic wallet deposits as well, yet may vary from rules to another.

Withdrawals

From the moment you submit and confirm the request to withdraw money from your account the accounting department of LegacyFX typically processed and confirm withdrawal within 3 business days.

As for the transfer fees, make sure to check conditions in detail with the payment provider and broker respectively as various jurisdictions may apply different rules due to international policies. Overall, LegacyFX defines no commission for withdrawals via Bank Cards, but charges 50$ fee for Wire Transfer withdrawals.


Trading Platforms

The software solution offered by the LegacyFX mainstays the popular choice of MetaTrader5 platform, that provides a comprehensive trading feature and vast solutions. It is not actually a surprise, as MT5 is a known industry intuitive platform that allows trading anywhere and anytime with advanced charting tools, indicators to manage the risks with a better possibility to determine price direction.

ProsCons
User friendly softwareNo trading alternative
Mainstay on MT5
Versions suitable for Web, Mobile and Desktop trading
Supporting numerous languages

Web Platforms

Trade Forex and CFDs with the MetaTrader 5 web platform without installing or downloading any software application. You can trade on the Forex market with any browser and operating system with an internet connection.

Desktop Platform

MetaTrader5 for Desktop is designed to monitor and optimize your entire trading process by offering a broad functionality. MetaTrader5 is an institutional multi-asset platform offering outstanding trading possibilities and technical analysis tools. Traders can enjoy the latest version of the most popular trading platform with plenty of cutting-edge features and benefits brought by LegacyFX.

Mobile Platform

LegacyFX Mobile Platform is available on both Android and IOS and allows traders to place eight types of pending orders to get more precise control over open positions. MetaTrader5 supports the trading of cryptocurrencies with a set of new and unique crypto features. Mobile MT5 simplifies the process of opening a new position with a single click and includes additional technical tools, which provide options to choose from over 21 timeframes for charting and nine additional techniques for chart structuring.

Customer Support

Support is available 24-hours, and clients can either send an email, call support, or engage with customer support via a live chat feature. The support staff is fluent in English, Arabic, and Russian. The broker values customers and are happy to answer all general, technical and account related questions that you may have. They also appreciate hearing how they can improve the support available to traders.

ProsCons
Quality customer support Support not available 24/7
Live Chat
Multilingual support

Education

LegacyFX traders can find a variety of video lessons, trading platform guiding tutorials and courses, download full eBooks on a wide range of subjects and enrich their knowledge in webinars presented by industry’s experts. On top of that, LegacyFX provides advanced trading tools and analysis and offers daily, weekly and monthly market research.

The broker also provides:

  • wide range of tutorials and courses covering all levels, from beginners to experienced traders; 
  • live webinars examining main events in the market and analyzing different approaches; 
  • periodical market research and analysis by top financial experts on currency, commodities, stocks and more;
  • financial trading tools including economic calendar, glossary and calculators to support trading.

ProsCons
Free Demo accountNone
Advanced education with Webinars, Videos, Economic Calendars
Good range of trading tools
Economic Calendar and Market News

Conclusion

Overall, the LegacyFX review presents a global brokerage company with a well-established customer oriented operation that provides a secure, as well regulated trading environment suitable for almost every demand.

It appears to be one of the industry’s most promising brokers, established itself as a leader in the retail sector in recent years. LegacyFX is MiFID-compliant and regulated by CySEC, VFSC, and the National Bank of the Republic of Belarus (NBRB). In general, this broker has a clean regulatory record, and its transparency is impeccable.

Besides, the main tool and a very powerful one in the LegacyFX business strategy is – education, which attracts new traders and gives a great opportunity for both parties. And that is apart its largely established social responsibility and other activities they regularly held.

Nevertheless, let us know your opinion about LegacyFX, share your experience and do not hesitate to ask for additional information if necessary in the comment area below.

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5 responses to “LegacyFX”

  1. LegacyFX’s representatives are driven to get me to invest, yet are not always available to assist me in my trades. Nevertheless, they have given me insight on how to trade better with better assets. Overall, my portfolio has grown, albeit slowly.

  2. Nice broker
    No problem with withdrawals
    Spreads on Crypto, Indices are high!! please reduce them

  3. Many deposit options. Fast and easy withdrawals. Good variety of spreads and assets. Overall pleased.

  4. although i didnt have a big capital to start with, they helped me grow and encouraged me to diversify my portfolio, i just wish they would would give more leverage

  5. I started trade with $2500 and they took my all money with wrong calculations. they are completely fraud company. i had few balance left but they closed my all trade. please please do not use this broker. they are totally fraud. I had balance $120 balance left and i was doing hedging. as soon market close they have raised all loses and automatically closed all my trades. one of his sales guy was pushing me to use them. don’t trap urself with them

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