LegacyFX is a regulated broker that offers CFD and forex trading as well as free-market signals. This review will show the registration and login process, demo accounts, spreads, deposits, and more and you will also learn whether LegacyFX is a legit and safe broker.
LegacyFX Company Details
Established in 2017, the company was registered in Vanuatu and regulated by the Vanuatu Financial Services Commission but it was also regulated by the CySEC in Cyprus and NBRB. The brokerage is owned by the EU entity, A.N Allnew Investments LTD which is authorized by other European regulators including the FCA, BaFin, and CySEC.
The broker offers more than 200 financial instruments like cryptos, stocks, commodities, FX, and indices. New and experienced traders benefit from a selection of free trading tools and educational resources.
LegacyFX offers a web-based and downloadable desktop version of the MetaTrader 5 as the successor to the popular MT4. The software complements all of the levels of experience but it is a favorite among the advanced traders. The features include:
-over 80 indicators and graphical tools
-depth of market view
-one-click trading function
-historical data center
-multiple time frames
You can head to the broker’s website to download the MetaTrader 5 to your Mac PC or Windows. You can also access the WebTrader straight from the internet browser.
LegacyFX provides more than 200 instruments in a few asset classes:
*Forex trading-40+ minors, majors, and exotics
*Indices-12 minor and major global indices
*Precious Metals- 7 metals including silver and gold
*Crypto-ETH, LTC, BTC, and XRP
*Commodities- energy, agriculture, other
*Stocks- global entities from the USA, UK, Germany, and more.
Spreads & Commission
Traders can choose between a variable or fixed spread accounts. The variable spreads for major forex pairs like EUR/USD starts at 1.6 pips with the Silver accounts. Teh spreads get tighter with the GOLD and Platinum accounts. The fixed spreads are around 3 pips for EUR/USD with the silver account.
All of the assets are commission-free except for the stocks where the charges range from 0.15% to 0.45%.
The leverage varies from 1:5 to 1:200 depending on the traded assets. The leverage for stocks is 1:5, for forex 1:200, for Metals 1:100, for indices 1:100, for commodities 1:100, Cryptocurrencies 1:5. The margin requirements are listed on the trading conditions page but they range from 0.5% to 20%.
LegacyFX offers cross-platform trading with the convenient MT5 mobile app so all traders can manage to open positions, get access to interacting charting tools and see the full trading history. You can also stay informed with the latest market news and the economic calendar and also take advantage of teh strategies for expert advisors.
The MT5 mobile app is easy to download onto ios devices, android ones as well. On the downside, mobile trading is only available to Platinum account holders.
Deposits can be made in a few fast and fee-free methods but the times will vary. With Neteller the deposit is almost instant, with skrill up to 30 minutes, with Wire Transfer 1-3 days, Visa or MasterCard is also instant and with Bitcoin is up to a few hours.
Withdrawals take up to 5 busienss days to process. There’s a 150 minimum withdrawal amount in eh chose currency for bank transfers and no minimum for other methods. LegacyFX doesn’t charge closure fees for the withdrawals but they pass other costs onto the client.
LegacyFX is regulated by the Vanuatu Financial Services Commission with license number 14579. The holding company A.N Allnew Investments Limited is also regulated by the Cyprus Securities and Exchange Commission under license number 344/17. The company holds licenses with the UK FCA and the Federal Financial Supervisory Authority of Germany making it a strongly regulated broker.
According to the regulatory requirements, the broker submits monthly financial reports to an external accounting company and the negative balance protection is in place so the broker ensures that all client funds are placed at renowned banks.
New clients can benefit from the brokers’ Safe Mode program where you can undo losing trades.
There are 4 account types available at LegacyFX: Silver, Gold, Platinum, and VIP.
You will see an increase in the minimum deposit requirements as well as tighter spreads as you move up the accounts. The minimum deposit with the silver account is set at $500 which is quite high compared to other brokers. The lowest spread is the account starts from 1.6 pips which are not very competitive in comparison to other options.
The accounts offer the same basic features like swap-free trading but you can only benefit from mobile trading with the Platinum account.
The good thing is that there are no swap fees and there’s commission-free trading. There’s also a wide range of assets available with free signals and analytics. Of course, as mentioned, the platform is regulated.
One of the possible drawbacks is that only MT5 is available and the starter accounts are not competitive. The trading hours vary depending on the time zones:
Tokyo – 19:00 – 04:00 EST
London – 03:00 – 12:00 EST
New York – 08:00 – 17:00 EST
The customer service is available from Monday to Friday with a live chat service that is prompt and helpful. The chat logo can be found at the bottom right-hand corner of the website but you can also get support via Telephone, email, online callback, and direct contact via address.
Help is available Monday to Friday at 08:00 – 24:00 GMT+3. The live chat service was particularly fast and helpful when tested. The chat logo can be found in the bottom right-hand corner of the website. Otherwise, you can reach customer support via:
LegacyFX executes transactions via Level-1 PCI Certified service providers along with servers located in SAS-70 certified data centers. The trading activities on the platform are secured with RAPID SSL encryption and are firewalled. Also, don’t forget that this is a regulated broker.
Legacy accepts traders from Thailand, Canada, Australia, United Kingdom, Singapore, South Africa, Hong Kong, India, France, Germany, Norway, Sweden, Italy, United Arab Emirates, Denmark, Saudi Arabia, Kuwait, and more. Traders from Korea, United States, Yemen, or Iran are not accepted.
LegacyFX has strong potential with the range of assets and free trading signals. The broker is regulated which is always a bonus but the high minimum deposit and spreads are not competitive enough to get new traders.
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