LegacyFX Review

What is LegacyFX?

LegacyFX, a multi-asset trading broker, offers brokerage services for forex trading and CFD trading on cryptocurrencies, gold, indices and major stocks. It has been serving traders around the world since 2017. LegacyFX has been GDPR compliant and is fully regulated by CySEC and FCA. This is in order to increase financial transparency and client protection. The spreads of trading are among the most restrictive in the market. They start at 0.6 pip.

The broker offers over 200 trading instruments. LegacyFX offers its clients the MetaTrader 5. Legacy FX provides its clients with the MetaTrader 5.


Broker: LegacyFX

Minimum deposit: 500 US$

Leverage: 1:30 | 1:200

Regulator: CySEC. FCA. BaFin. VFSC. NBRB.

Year: 2012

Platforms: MT5

HQ: Cyprus


LegacyFX Licences:

  • LegacyFX - Authorized by CySEC, (Cyprus).license number. 344/17. A.N All New Investment Limited

  • LegacyFX - authorized by BaFin (Germany)registration no: 348194 A.N All New Investment Limited

  • LegacyFX - Authorized by FCA UKregistration number: 797343

  • LegacyFX - authorized by VFSC (Vanuatu)registration no: 14579

LegacyFX - authorized by NBRB (Belarus)registration no: 193180778N All New Investment Limited


Overview

Legacy is a trusted broker that adheres to good regulations. LegacyFX offers full investment protection with negative balance protection and complete segregation. Mainstay is a customer-favorite MT5.

However, you will not be able to access 24/7 support. Conditions may also vary depending on the entity rules. Brokers' regulations can vary.

Pros

  • VIP card

  • Regulated

  • Safe Mode

  • Demo account

  • PAMM account


Cons

  • $500 minimum deposit

  • Does not accept US clients

  • The starter accounts are not competitive

  • No MT4 platform – only MT5 is available

Rating of the company overall

  • Reliability ⭐⭐⭐⭐⭐

  • Platform ⭐⭐⭐⭐

  • Commissions ⭐⭐⭐⭐

  • Support ⭐⭐⭐

  • Financial instruments ⭐⭐⭐⭐

RATING: 4.2

Specifications

LegacyFX is it safe?

LegacyFX is not a fraud, but a licensed broker. Online trading is all about security. You need to know that your capital is protected and secured by the law.

Is LegacyFX legit?

LegacyFX is a trademark of A.N All New Investment Limited and is licensed and regulated in Cyprus by the CySEC, a regulatory authority for Investment Services companies in Cyprus. It also has cross-border licenses because it is a European position that allows the company to offer investment services within the EEA area.

It simply means that the broker establishes its business in accordance with all laws and principles, and is ultimately dedicated to protecting clients as well as enabling market integrity.

Nevertheless, an international proposal running through an additional license in Vanuatu, or AN ALL NEW INVESTMENTS (VA) Limited under the domain https://int.legacyfx.com. These trading conditions are not the same as those in other laws and regulations. It was risky to trade in offshore zones. We should also mention that trading with an ALL NEW INVESTMENTS Limited subsidiary (VA) is not safe.

We recommend that you always verify the regulations and not sign up with only offshore brokers. (Read more about why offshore brokers should be avoided).

What can you do to be protected?

The LegacyFX license entails compliance with all regulatory requirements. Trader's investments are considered safe because the broker kept funds separate from LegacyFX operational funds while still maintaining good relationships with leading EU banks.

The CySEC regulatory standards align with the European MiFID directive, which allows LegacyFX to provide its services within the EEA and beyond. MiFID's stated goal is to contribute to the creation of a more integrated, deeper and more effective growth capital market, while strengthening investor protection. LegacyFX cannot offer its services to brokers that are not regulated by this type of regulation.

Leverage

Leverage is a loan that a broker gives to a trader. It allows you to trade with a multiplied volume, which can increase your potential gains but also increases your risk. First, you need to learn how to use tools effectively. There are also regulatory restrictions and standards that determine the maximum level of leverage that can be used.

LegacyFX Reviews has shown that brokers' leverage ratios have been set to a standard level for European traders, as ESMA severely restricts leverage for retail traders. The maximum leverage ratio is therefore set at a

  • Major currency pairs: 1:30

  • Global LegacyFX traders might still be entitled to a higher range up to 1:200

You must also learn how to leverage effectively to avoid falling for inefficient risks.

Types of accounts

LegacyFX offers several account types: Standard, Silver and Gold, Platinum, Bronze, gold, and Premium. Each account offers the same competitive trading conditions as other services. Higher grade accounts offer additional benefits.

With a minimum deposit requirement of $3000, the Silver account has a spread of just 1.6 pip. For a deposit of $5,000, this spread is reduced to 1.0 pip in the Gold account.

Each account type offers a different opportunity for your trading strategy and allows either beginners, investors, or professionals the freedom to trade their way.

Islamic Account

LegacyFX Islamic accounts adhere to Islamic law in banking activity and Riba (interest). This account type is interest-free and swap-free for those who cannot trade on accounts that incur interest/swap. Account holders will still be able to enjoy all of LegacyFX's Account Types, the same spreads and the same trading conditions.

Demo Account

LegacyFX demo accounts let clients test out their services and platforms. Clients can also practice trading strategies using virtual funds risk-free with LegacyFX.

Instruments

LegacyFX allows seamless trading with a wide range of 200+ underlying assets. You can also choose from the most popular Shares, Indices and Forex as well as CFDs.

You can therefore choose the most liquid and well-known markets to suit your trading needs and use BDSwiss' user-friendly portal to trade.

Fees

LegacyFX has one of the lowest dealer spreads available in the industry, starting at 0.6 pip.

LegacyFX funds do not have rollover fees for long-term positions. Client funds are also exempt from negative balance protection.

All LegacyFX account types (Silver/Gold/Platinum) are eligible for free Swaps LegacyFX does not charge swaps for long-term positions. This creates ideal conditions for long term trading and investment. LegacyFX offers full protection for investment with negative balance protection and complete segregation from company assets of client funds.

Forex fees

Spreads fees are determined by which account type you have. Variable spreads on major forex pairs like EUR/USD start from 1.6 pip with the Silver account. Spreads drop to 0.6 pip with Platinum and Gold accounts. With the Silver account, fixed spreads are approximately 3 pips per EUR/USD.

Deposits and withdrawals

Our LegacyFX review also covers how to transfer money to or from your trading account. All account management is done online. LegacyFX allows you to transfer funds via Skrill and Neteller as well as credit/debit cards. The payment methods you use will vary depending on which entity you trade with.

What is LegacyFX's minimum deposit?

LegacyFX Silver accounts require 500$ to start. Other accounts have higher minimum deposits. LegacyFX doesn't charge fees for credit card/electronic-wallet deposits. However, this can vary from one rule to the next.


Legacy minimum deposit vs. other brokers

Withdrawals

LegacyFX's accounting department usually processes withdrawal requests within three business days of the time you confirm and submit them.

Transfer fees are subject to change. You should discuss the details with your broker and payment provider as different jurisdictions might have different rules. LegacyFX charges 50$ for wire transfer withdrawals but no commission on withdrawals via Bank Cards.

Trade Platforms

LegacyFX's software solution is the MetaTrader5 platform. This platform offers a wide range of trading features and many solutions. This is not surprising, since MT5 is a well-known industry intuitive platform. It allows trading from anywhere, anytime, with advanced charting tools and indicators that help to manage risk and determine price direction.

Web platforms

MetaTrader 5 allows you to trade Forex and CFDs without the need for any software installation. Trades on the Forex market can be made with any internet-connected browser or operating system.

Desktop Platform

MetaTrader5 Desktop allows you to optimize and monitor your trading process with a wide range of functionality. MetaTrader5 for Desktop is an institution multi-asset platform that offers outstanding trading options and technical analysis tools. LegacyFX offers traders the most up-to-date version of the most popular trading platform. It also includes many cutting-edge features and benefits.

Mobile Platform

LegacyFX Mobile Platform can be used on Android and IOS. It allows traders to place eight types pending orders and gives them more control over open positions. MetaTrader5 allows you to trade cryptocurrencies using a unique set of crypto features. Mobile MT5 makes it easy to open a new position. It also includes additional technical tools that allow you to select from more than 21 timeframes and nine other techniques for chart structuring.

Customer Support

Clients can contact support 24 hours a day via email, phone, or live chat. Support staff can speak English and Russian. The broker cares about customers and will answer any questions you might have regarding account management, technical issues, or general matters. They are also open to suggestions for improving the trading support.


Education

LegacyFX traders have access to a range of video lessons, trading platform tutorials, courses, and eBooks. They can also download full eBooks on a wide variety of topics and enhance their knowledge through webinars given by industry experts. LegacyFX also offers advanced trading tools, analysis, and market research on a daily, weekly and monthly basis.

The broker can also provide:

  • A wide variety of tutorials and courses are available to all levels of traders, from novice to expert.

  • Live webinars that examine the main market events and analyze different approaches.

  • Periodical market research and analysis by leading financial experts on currencies, commodities, stocks, etc.

  • Financial trading tools, including a glossary, economic calendar, and calculators to help you trade.

Conclusion

The LegacyFX review reveals a global brokerage firm with a customer-oriented operation and a safe, regulated trading environment that can be used for nearly every need. It is one of the most successful brokers in the sector, and has been a leader in retail in recent years. Education is the other key tool in LegacyFX's business strategy. It attracts new traders and offers great opportunities for both sides.