LegacyFX Review 2024
Website: www.legacyfx.eu
Min. Deposit: US$ 500
Leverage: 1:30 | 1:200
Trading Platforms: MT5
Regulation: CySEC, FCA, BaFin, VFSC, NBRB
Headquarters: Cyprus
Founded: 2012
Regulatory Licenses:
- LegacyFX - authorized by CySEC (Cyprus) license no. 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 (UK) registration no: 797343
- LegacyFX - authorized by VFSC (Vanuatu) registration no: 14579
- LegacyFX - authorized by NBRB (Belarus) registration no: 193180778N All New Investment Limited
Updated on January 22, 2024
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Our methodology for reviewing forex brokers involves an in-depth analysis, comparing a wide range of factors including regulations, fees, platforms, customer support, and trading conditions. Our team has meticulously examined over 1000 brokers to ensure that our recommendations are based on comprehensive and unbiased information. This approach enables us to provide traders with accurate and relevant assessments to make informed decisions.
LegacyFX is a distinguished multi-asset trading specialist, providing brokerage services globally for forex and CFD trading on various assets such as gold, oil, cryptocurrencies, indices, and major stocks since 2017. The firm emphasizes financial transparency and client protection, complying with GDPR and being rigorously regulated by CySEC, FCA, and BaFin. LegacyFX is renowned for its competitive trading conditions, offering tight spreads starting from as low as 0.6 pips. The broker facilitates trading on more than 200 instruments and equips its clients with the advanced MetaTrader 5 platform, enabling access to the forex market 24 hours a day, five days a week.
Pros
LegacyFX is recognized for its reliable brokerage services and adherence to strict regulatory standards.
The broker provides competitive trading conditions, featuring a broad spectrum of instruments.
For enhanced investment safety, LegacyFX incorporates negative balance protection and segregates client funds.
Users benefit from the popular and userfriendly MT5 trading platform.
Cons
Customer support is not available 24/7.
Trading conditions and regulatory protections may vary depending on the entity and jurisdiction.
The market offering is confined to FX and CFDs, limiting options for diversification.
LegacyFX Review Summary in 12 Points ▲
Headquarters: Cyprus
Regulation: CySEC, FCA, BaFin, VFSC, NBRB
Instruments: Shares, Indices, Forex, Commodities, Cryptocurrencies, and CFDs
Platforms: MT5
EUR/USD Spread: 0.6 pips
Demo Account: Included
Base currencies: Various
Minimum deposit: $500
Education: Includes video lessons, trading platform tutorials, courses, and eBooks
Customer Support: Available 24/5
LegacyFX stands out as a trustworthy broker with a commendable reputation, offering high-quality services and favorable trading conditions to both novices and seasoned traders. The broker's advantage lies in its low spreads across a comprehensive range of trading instruments, particularly notable for FX pairs starting from 0.6 pips. Based on our exhaustive research and comparison with over 1000 brokers, LegacyFX secures an overall ranking of 8.3 out of 5.
LegacyFX is a legitimate broker, not a scam, prioritizing security and ensuring that clients' capital is safeguarded under strict laws and regulations. The broker's trustworthiness is backed by a high trust score of 8.9 out of 5, attributed to its long-standing reputation, reliable licenses, and regulated operations in various regions. However, it's noteworthy that international trading is facilitated through an offshore entity, which typically carries higher risks.
LegacyFX's adherence to regulatory standards ensures the safety of traders' investments. The broker strictly separates client funds from its operational finances, depositing them in reputable EU banks. Being regulated by CySEC aligns LegacyFX with the European MiFID directive, further bolstering investor protection and market integrity. Nevertheless, it’s crucial for traders to engage with brokers regulated in their respective jurisdictions to ensure full regulatory protections.
Leverage is a double-edged sword, offering the potential for magnified profits but also increasing the risk of substantial losses. LegacyFX abides by ESMA's guidelines, capping leverage for European traders at 1:30 for major currency pairs. However, international clients may access higher leverage levels, up to 1:200, emphasizing the importance of using leverage wisely to mitigate undue risks.
Account Types
LegacyFX offers a variety of account types tailored to meet the needs of different traders – including Standard, Silver, Gold, Platinum, Bronze, Gold, and Premium. Each account type provides the same competitive trading conditions and services, with additional benefits available in the higher-tier accounts. The Silver account, for instance, requires a minimum deposit of $3,000 and offers spreads as low as 1.6 pips, while the Gold account, with a $5,000 minimum deposit, features reduced spreads of 1.0 pip. These diverse account options allow traders of all levels, from beginners to professionals, to find an account that best fits their trading strategy.
Islamic Account
The LegacyFX Islamic account is tailored to comply with the principles of Islamic law related to banking and Riba (interest). This swap-free account type is designed for traders who, due to religious beliefs, cannot engage in trading on accounts that incur interest or swaps. Nevertheless, Islamic account holders will still benefit from the same trading conditions, spreads, and advantages as those offered by the other LegacyFX account types.
Demo Account
LegacyFX provides demo accounts that enable clients to test the broker's platforms and services. They also allow traders to practice their trading strategies without any risk, utilizing virtual funds.
LegacyFX Instruments
Our extensive research indicates that LegacyFX offers access to a robust trading environment through a wide range of over 200 underlying assets. Traders can select from top Shares, Indices, Forex, Commodities, Cryptocurrencies, and CFDs. This availability ensures traders can engage with the most liquid and popular markets, selecting instruments that best suit their trading needs. LegacyFX's user-friendly portal further enhances the trading experience. However, it's important to note that different entities might offer varying conditions, primarily focusing on CFDs and Forex Instruments. LegacyFX Markets Range Score is graded at 8.2 out of 10, reflecting the broad selection of trading instruments, with the only limitation being the variation in conditions across different entities.
Fees
LegacyFX is known for its competitive pricing, featuring some of the lowest spreads and commission-free trading. The broker does not charge rollover fees on long-term positions and ensures negative balance protection. Additionally, client funds are kept separate from LegacyFX’s own funds, enhancing security. All account types, including Silver, Gold, and Platinum, are swap-free, making LegacyFX an attractive option for long-term traders and investors. Our comprehensive comparison to over 1000 other brokers ranks LegacyFX's fees as low, with an overall rating of 8.4 out of 10.
LegacyFX Spreads
LegacyFX is competitive in its spread offerings, starting at a mere 0.6 pips. The spread fees vary depending on the account type, with variable spreads for major forex pairs like EUR/USD beginning at 1.6 pips for the Silver account and tightening to 0.6 pips for Gold and Platinum accounts. Fixed spreads are approximately 3 pips for the EUR/USD pair with the Silver account. Our evaluation places LegacyFX's spreads as highly competitive, with an overall rating of 8.0 out of 10. This assessment is based on the company's ability to offer forex spreads significantly lower than the industry average of 1.2 pips for EUR/USD, alongside attractive spreads for other trading instruments, though it's noted that spreads can be higher for certain account types.
Transferring funds to and from your trading account is a crucial aspect of the trading experience. LegacyFX facilitates this through a variety of methods including major credit/debit cards, Skrill, Neteller, and bank wire transfers, though available payment options may vary based on the entity you're trading with. We've assessed LegacyFX's funding methods as excellent, giving them a score of 4.0 out of 5. While the minimum deposit requirement is somewhat higher than the average in the industry, the fees for deposits and withdrawals are minimal to none, and any commissions are incorporated into the spreads.
Pros
No fees on credit card/electronic wallet deposits
Diverse payment options
Cons
Higher than average minimum deposit requirement
$50 charge for wire transfer withdrawals
The minimum deposit to open a Silver account with LegacyFX stands at $500, which is on par with many other brokers, yet high for beginners. Withdrawals are processed within three business days, and while no commission is charged for bank card withdrawals, a $50 fee is applicable for wire transfers. Withdrawal processing times are standard, taking up to 3 business days to process, with funds taking an additional 5-7 days to appear in your account.
LegacyFX leverages the widely acclaimed MetaTrader5 (MT5) platform, offering a multifaceted trading experience with comprehensive features and solutions. Scored at 4.1 out of 5, the platform stands out for its advanced charting tools, risk management indicators, and the versatility to trade anytime, anywhere. The lack of alternative platforms, however, is a notable drawback.
Pros
Advanced charting and risk management tools
Availability on web, desktop, and mobile platforms
Cons
Limited to only the MT5 platform
LegacyFX provides the MT5 platform across web, desktop, and mobile interfaces, enabling trading on the Forex market with any browser and operating system, as well as on Android and iOS. The mobile platform supports cryptocurrency trading with unique features, allows for the execution of eight types of pending orders, and offers over 21 timeframes for robust chart analysis.
LegacyFX's customer support is accessible 24 hours on weekdays via email, phone, or live chat, with staff proficient in English, Arabic, and Russian. Our evaluation rates the broker's customer support as excellent, with a score of 4.4 out of 5. The team provides swift, knowledgeable responses, although weekend support is not available.
Pros
Multilingual support
Quick and knowledgeable responses
Cons
No support available on weekends
LegacyFX invests significantly in trader education, offering a wide array of video lessons, tutorials, eBooks, and webinars led by industry experts. The broker's educational resources are rated at 4.5 out of 5, catering to both novice and experienced traders with comprehensive market research, analysis tools, and a variety of learning materials.
Pros
Extensive educational resources
Daily, weekly, and monthly market research
Cons
Could benefit from more interactive learning options
In summary, LegacyFX presents a well-rounded trading environment, marked by a secure and regulated platform suitable for a diverse range of traders. With its focus on education, comprehensive trading platform, and efficient customer support, LegacyFX establishes itself as a commendable choice for individuals seeking to trade in the forex market. Based on our extensive review, comparing over 1000 brokers, LegacyFX is highly recommended for beginners, professionals, and those interested in various trading strategies including copy trading, scalping, and hedging. Its commitment to education and customer satisfaction makes it a standout option for traders prioritizing learning and development in their trading journey.
