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/10
The WikiFX Score of this broker is reduced because of too many complaints!

LegacyFX

Cyprus|5-10 years|
Regulated in Cyprus|Straight Through Processing(STP)|MT4/5 full license|Regional Brokers|High potential risk|Offshore Regulatory|

http://www.legacyfx.eu

Website

Rating Index

MT4/5 Identification

MT4/5

Full License

LegacyFX-Demo

United States
MT4
7

Influence

A

Influence index NO.1

Malaysia 5.03
The WikiFX Score of this broker is reduced because of too many complaints!

MT4/5 Identification

MT4/5 Identification

Full License

7
Server Name
LegacyFX-Demo MT4
Server Location United States

Influence

Influence

A

Influence index NO.1

Malaysia 5.03

Surpassed 13.64% brokers

Biz AreaSearch StatisticsAdvertisingSocial Media Index

Contact

+357 25030673
Support@legacyfx.eu
http://www.legacyfx.eu
Govant Building, Kumul Highway, P.O.Box 1276 Port Vila, Republic of Vanuatu

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Disclosure

More

Warning

ID BAPPEBTI
2023-04-20
Blocking 218 Website Domains, CoFTRA Reminds Investment Risks in Illegal Entities
LegacyFX
Fidelcrest
InstaForex

Danger

ID BAPPEBTI
2022-09-20
Bappebti Blocks 760 Website Domains, Reminds of the Risk of Transactions in Unlicensed PBK Entities
LegacyFX
Fidelcrest
InstaForex

Warning

SG MAS
2020-12-07

Contact number

English

+357 25030673

Broker Information

More

Check whenever you want

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WikiFX Risk Alerts 2
Previous Detection : 2024-03-28
  • The number of the complaints received by WikiFX have reached 7 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • The Vanuatu VFSC regulation with license number: 14579 is an offshore regulation. Please be aware of the risk!

WikiFX Verification

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Unable to withdraw

HORRIBLE SUPPORT

Ive made a withdrawal request more then a week ago and I didnt receive yet.Also tried to contact my account manager Andrew Green, their support team, the compliance department and noon reply my emails. Also tried thru their live chat and soon ask about my withdrawal they block and disconnect the chat. Simply horrible. When you make trades using your strategies they will try not to pay your profits at any reason. DONT OPERATE ON LEGACYFX.Plus your account manager will send you emails in languages that isnt yours or english. VERY UNPROFESSIONAL.

2020-08-17 13:23
Others

Unethical behavior

After i notice that this Market manipulator was manipulating the execution of my orders, i withdrawal and request to delete my account and all my data. After a year they keep using my data to call me and email. Contacting livechat i also notice when the question is not convenient for them they just turn you chat down. After requesting information about the agent im speaking they refuse to disclose the name. Also notice after using my brand new card at LegacyFx, they request to sign papers authorizing the transactions and after my card was Cloned and used in several sites! I order this card only to use at Legacyfx! This types of business should be investigate further their license, they should not be in this business, trying to harass people to deposit and follow their signals! NEVER DO THAT! Market maker companies only want you lose the money so they win. Be careful choosing your broker...

2021-01-15 00:37
    Sources

    LegacyFX · Company Summary

    Risk Warning

    Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

    General Information

    LegacyFX Review Summary in 10 Points
    Founded 2017
    Registered Country/Region Cyprus
    Regulation CYSEC
    Market Instruments Forex, Commodities, Oil, Cryptocurrencies, Indices, Stock, CFD
    Demo Account Available
    Leverage 1:200
    EUR/USD Spread From 0.5 pips
    Trading Platforms MT5
    Minimum deposit $500
    Customer Support Message online, phone, email

    What is LegacyFX?

    LegacyFX is an online forex and CFD brokerage company based in Larnaca, Cyprus, owned and operated by AN ALL NEW INVESTMENTS (VA) Limited, which is founded in 2004. AN ALL NEW INVESTMENTS (VA) Limited currently holds a regulated STP license from the Cyprus Securities and Exchange Commission (CYSEC, No. 344/17) and an offshore regulated Retail Forex license from the Vanuatu Financial Services Commission (VFSC, No. 14597).

    The broker provides traders with access to trade various financial instruments, including forex, commodities, cryptocurrencies, indices, and stocks, a range of trading platforms, trading tools, educational resources, and account types to suit the needs of different traders.

    In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.

    LegacyFX's website

    Pros & Cons

    Pros Cons
    • Regulated by CYSEC • VFSC license is offshore
    • Client fund segregation • High minimum deposit required
    • Wide range of trading instruments • Spreads not competitive
    • Multiple account types • Inactivity fees are charged
    • Demo and Islamic accounts offered
    • Commission-free
    • Popular MT5 trading platform
    • Various trading tools
    • No fees for deposits and withdrawals
    • Multiple payment methods
    • Comprehensive educational resources

    Please note that this table is not exhaustive and that there may be additional pros and cons to consider when evaluating LegacyFX as a potential broker.

    LegacyFX Alternative Brokers

      There are many alternative brokers to LegacyFX depending on the specific needs and preferences of the trader. Some popular options include:

      • TD Ameritrade - a reliable and established US-based brokerage firm with a wide range of investment products and advanced trading platforms.

      • City Index - a reputable UK-based broker with a user-friendly trading platform and a broad range of financial instruments available for trading.

      • CMC Markets - a well-regulated and reputable broker with a wide range of tradable instruments, low trading fees, and advanced trading platforms.

    Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

    Is LegacyFX Safe or Scam?

    LegacyFX is regulated by Cyprus Securities and Exchange Commission (CYSEC) which is a reputable regulatory body in the financial industry. The fact that they offer segregation of client funds is also a positive sign of their commitment to protecting their clients' funds. However,their Vanuatu Financial Services Commission (VFSC) license is offshore and there are some complaints from their clients.

    It's important to note that no broker can guarantee 100% safety of funds, and traders should always exercise caution and do their due diligence before investing. Overall, based on the regulatory oversight and fund protection measures, it can be said that LegacyFX is a relatively safe broker.

    Market Instruments

    LegacyFX offers a diverse range of 200+ trading instruments, including popular assets like forex currency pairs, commodities like gold and silver, oil, cryptocurrencies, major global indices, stocks, and a variety of CFDs. This selection of trading instruments allows traders to diversify their portfolios and potentially access multiple markets to find the most profitable opportunities.

    Market Instruments
    Market Instruments

    Accounts

    To meet different investors' needs and trading experience, LegacyFX offers seven different types of accounts: Standard (minimum deposit of $500), Bronze (minimum deposit of $1,000), Silver (minimum deposit of $3,000), Gold (minimum deposit of $5,000), Platinum (minimum deposit of $10,000), and Premium (minimum deposit of $25,000), and VIP accounts (minimum deposit of $50,000 or more). Additional account services include live support, trading academy, tips and updates, and more. All LegacyFX accounts are swap-free, meaning no commission or rollover interest is charged on positions that remain open overnight. The broker also offers demo accounts which are limited to 1-month.

    Account Types

    Leverage

    When it comes to trading leverage, the maximum leverage for trading major and minor currency pairs is up to 1:200, for exotic currency pairs 1:20 or 1:100, for major indices, energies and Gold 1:100, for non-major indices 1:20 or 1:100, for agricultural products 1:20, up to 1:5 for cryptocurrencies and 1:5 for stocks.

    Spreads & Commissions

    No commission is charged for trading all products other than stocks, and LegacyFX calculates commissions into spreads.

    Spreads on Silver accounts are 3 pips on EURUSD, 3.6 pips on EURGBP, 3.5 pips on German 30 Index, 3.1 pips on corn, 2.26 pips on Gold, and 590.00 pips on bitcoin.

    For the Gold account, the EURUSD spread is 2.6 pips, the EURGBP spread 3 pips, the German 30 index spread 3.1 pips, the corn spread 2.4 pips, the Gold spread 2.12, and the bitcoin spread 550.00.

    Platinum account has a EURUSD spread of 2 pips, EURGBP spread of 2.4 pips, German 30 index spread of 2.5 pips, corn spread of 2 pips, the gold spread of 2.00 pips, and bitcoin spread of 520.00 pips.

    The commission for stock trading in Silver accounts is 0.45% per share, 0.30% per share for Gold accounts, and 0.15% for Platinum accounts.

    Below is a comparison table about spreads and commissions charged by different brokers:

    Broker EUR/USD Spread Commission
    LegacyFX Vary on the account type No
    TD Ameritrade 1.2 pips No
    City Index 0.5 pips No
    CMC Markets 0.7 pips No

    Note: The above values are subject to change and may vary depending on market conditions and account type. Please check the official websites of each broker for the latest information.

    Trading Platforms

    LegacyFX offers the popular MT5 trading platform to its clients, which is widely recognized for its advanced trading capabilities and features. MT5 offers a more extensive range of pending order types, an expanded list of technical indicators, advanced charting tools, one-click trading, and support for automated trading strategies using Expert Advisors (EAs). Additionally, the platform provides access to trading in various asset classes, including cryptocurrencies, and supports multiple languages, including English, Spanish, German, and Italian. MT5 can be accessed through a web browser or downloaded as a desktop or mobile application for Android and iOS devices.

    MT5

    Overall, LegacyFX's MT5 trading platforms are well-designed, user-friendly, and offer a range of advanced features suitable for both beginner and experienced traders.

    See the trading platform comparison table below:

    Broker Trading Platforms
    LegacyFX MT5
    TD Ameritrade thinkorswim, Web Platform
    City Index Advantage Web, AT Pro, MT4
    CMC Markets Next Generation, MT4, MT5

    Trading Tools

    LegacyFX offers various trading tools to help traders make informed trading decisions. The trading tools provided by LegacyFX include trading signals, technical analysis, market news, an economic calendar, calculators, and data and analytics.

    Trading signals are alerts that notify traders of potential trading opportunities in the market.

    Technical analysis tools provide traders with charts, indicators, and other tools to analyze market trends and make trading decisions based on technical analysis.

    Market news and an economic calendar provide traders with important information about current events and economic indicators that can affect the markets.

    Calculators help traders to manage their risk and position sizes, while data and analytics provide traders with in-depth insights into the markets and their performance.

    Trading Tools

    Deposits & Withdrawals

    LegacyFX welcomes a variety of payment methods, including VISA & MasterCard (supporting EUR, USD, GBP), NETELLER (supporting EUR, USD, GBP), Skrill (supporting EUR, USD, GBP), Kiarna (supporting EUR), iDEAL (supporting EUR), giropay (supporting USD, EUR), cryptocurrencies (supporting BTC, LTC, BCH, XRP), Wire Transfer (supporting EUR, USD, GBP), AVOPayments (suppporting ZAR), eft Pay (supporting ZAR), and GIGADAT (supporting CAD). iDEAL and GIGADAT are not available for withdrawals.

    Deposits
    Withdrawals

    LegacyFX minimum deposit vs other brokers

    LegacyFX Most other
    Minimum Deposit $500 (Std) $100

    No commission is charged for deposit and withdrawal. The minimum deposit and withdrawal amount vary on the payment method. Most deposits are instant, while most withdrawals can be processed within 3-5 business days.

    Fees

    LegacyFX charges various fees for its services, including spreads, overnight fees, and inactivity fees. No commissions. No deposit or withdrawal fees. Spreads are much higher than the industry-standard. Overnight fees are charged on positions that are held open overnight, and the amount varies depending on the instrument. Inactivity fees are also charged on accounts that have been inactive for 90 consecutive days or more, with a fee of 10 in the accounts base currency per month.

    Overall, LegacyFX fees are competitive within the industry, but traders should be aware of the potential costs involved when trading with this broker.

    See the fee comparison table below:

    Broker Deposit Fee Withdrawal Fee Inactivity Fee
    LegacyFX Free Free $10/month after 90 consecutive days of inactivity
    TD Ameritrade Free $0 for ACH, $25 for wire $0
    City Index Free for debit card, 1.5% credit card Free £12/month after 12 months of inactivity
    CMC Markets Free for debit card, 0.6% credit card Free £10/month after 12 months of inactivity

    Note: Deposit and withdrawal fees may vary depending on the payment method used, and inactivity fees may vary based on the account type and location of the trader.

    Customer Service

    Customer support is available Monday through Friday between 08:00 and 24:00 (GMT+3). LegacyFX provides its registered office address in Vanuatu, an official phone number in Switzerland, a messenger with a UK landline, e-mail addresses, a web form, and live chat. An FAQ section answers some questions, and I recommend live chat or phone support as the most convenient contact method if traders require assistance. You can also follow this broker on some social networks including Twitter, Facebook, Instagram, LinkedIn and YouTube.

    Customer Service

    Education

    LegacyFX provides a range of educational resources to help traders improve their knowledge and skills in trading. These resources include live webinars, a trading academy that covers various topics, video tutorials, e-books, and a comprehensive glossary of trading terms.

    Education

    User Exposure on WikiFX

    On our website, you can see that some users have reported that LegacyFX set the market against trader. Please be aware and exercise caution when investing. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.

    User Exposure on WikiFX

    Conclusion

    LegacyFX appears to be a reputable and well-regulated broker offering a wide range of trading instruments, educational resources, and trading tools, including the popular MT5 trading platform. Their customer service is generally well-reviewed, and they offer commission-free trading. However, their spreads may be considered high by some traders, and their several negative reviews from their clients could be a disadvantage for infrequent traders. Overall, LegacyFX may be a good choice for traders looking for a regulated broker with a range of trading options and reliable customer support.

    Frequently Asked Questions (FAQs)

    Q 1: Is LegacyFX regulated?
    A 1: Yes. It is regulated by Cyprus Securities and Exchange Commission (CYSEC).
    Q 2: Does LegacyFX offer demo accounts?
    A 2: Yes. Demo trading accounts are limited to 1-month.
    Q 3: Does LegacyFX offer Islamic trading accounts?
    A 3: Yes. Legacy FX offers Islamic trading accounts that enables clients of the Muslim faith to trade global financial markets without compromising Sharia laws.
    Q 4: Does LegacyFX offer the industry-standard MT4 & MT5?
    A 4: Yes. It supports MT5.
    Q 5: What is the minimum deposit for LegacyFX?
    A 5: Opening the most basic Standard account with LegacyFX requires a minimum deposit of $500.
    Q 6: Is LegacyFX a good broker for beginners?
    A 6: No. It is not a good choice for beginners. Though it is a regulated broker, their minimum deposit of up to $500 is too high for beginners. However, you can open a demo account to test their trading condition and platform.

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    2022-08-26 18:22

    Experts have found that the foreign exchange market has seen a daily average trading volume of 6.6 trillion dollars from April 2019 until today.

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    2022-08-26 18:22
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    WikiFX report: LegacyFX wins two awards at the 10th edition of Global Brands Magazine Awards

    NewsWikiFX report: LegacyFX wins two awards at the 10th edition of Global Brands Magazine Awards

    2022-04-19 14:51

    LegacyFX has won the 'Most Innovative Forex Broker, Africa' and 'Best Trading Education, MENA' for the year 2022. The ceremony will be held at the Palm Jumeirah – Waldorf Astoria in 2022 in Dubai.

    WikiFX
    2022-04-19 14:51
    News
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    LegacyFX Signs Sponsorship Deal with Spanish Football Club Real Betis

    NewsLegacyFX Signs Sponsorship Deal with Spanish Football Club Real Betis

    2021-08-13 09:35

    The deal was signed for an initial period of two years and with the possibility of extending it further.

    WikiFX
    2021-08-13 09:35
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    LegacyFX Signs Sponsorship Deal with Spanish Football Club Real Betis

    User Reviews

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    9

    Comments

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    Nuotrader
    more than one year
    Enter slippage - reduced it to a minimum, quite to my surprise. I've been with other brokers where slippage was as frequent as breakfast. Not with LegacyFX, thankfully. The spread? Fair. Not the best I've seen, but not bad either. Now, time for some reality check. While the spreads were reasonable, the commissions made my jaw drop! It felt like visiting a five-star restaurant and finding the prices just over the top. And let's not get started on the account-opening procedures - there was more paperwork than in a bureaucratic office! Their trading signals seemed like mixed bags of nuts. Some were bang on target; others were as wayward as a kite in a storm. How about the withdrawal speed? Well, let's just say it would be quicker to order a pizza from Italy directly!
    2023-12-04 16:12
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    0
    0
    FX1524833598
    more than one year
    I've been using their platform for my forex trading for a while now and it's been...interesting. On the upside, their trading platform performance is quite impressive. Quick order execution has rarely been a problem, and the interface is user-friendly. They've got their act together in terms of regulation, which gives me a sense of security, knowing I am trading with a broker following financial standards. One thing I genuinely applaud LegacyFX for is their trading signals. If you're the type to rely on signals, you're in luck. They provide quite accurate signals which have genuinely helped improve my trading strategies. However, few things have room for improvement. Their spreads, for starters, aren't the best I've seen in the market. They're relatively wider which isn't ideal as a cost-effective trader. Then comes the withdrawal speed. Their claim of quick withdrawals didn't quite hit the mark for me. It was a bit like waiting for Christmas morning, to put it politely.
    2023-12-02 13:23
    Reply
    0
    0
    Indra2359
    6-12months
    This morning I want to ask when will this LegacyFX Broker be blacklisted
    2023-06-26 10:42
    Reply
    0
    0
    。时间有泪
    more than one year
    I am a novice, and I began to trade with Legacy FX one year ago. I want to say that Legacy is just amazing, providing rich educational resources, transparent trading environment, professional customer support. I should come to this platform earlier.
    2023-03-02 10:08
    Reply
    0
    0
    FX1203994094
    more than one year
    I have to say that LegacyFX is always my first choice. They provide wide selection of trading assets, fast deposit and withdrawal, a legit broker. I have many pleasant trading experiences on this platform. I definitely give it five stars.⭐ ⭐⭐⭐⭐
    2023-02-14 10:14
    Reply
    0
    0
    FTS sys17343073191
    more than one year
    I’ve traded with Legacy FX for many times. I can say it is reliable broker. Withdrawal were processed quickly, which satisfied me most. High recommend this broker!⭐⭐⭐⭐⭐
    2022-12-08 15:51
    Reply
    0
    0
    登高山赏远景
    more than one year
    So poor customer support they offer...I can also clearly remember when I haven’t invest funds on their platform, their customer service is very good. But now, I request for a withdrawal, no one replies me.
    2022-11-22 17:54
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    0
    0
    FX1026059027
    more than one year
    Two weeks have passed since I requested a withdrawal and I still have not received my funds. I tried to contact my account manager through email, online chat, telephone, however, after that my account was blocked. Only one piece of advice: DON’T TARDE WITH LEGACY FX. You simply cannot afford the risk.
    2022-11-22 16:09
    Reply
    0
    0
    FX1011968867
    more than one year
    NEVER INVEST IN LEGACYFX! This shameless broker steals your money, full stop. At first he serves him effusively as if he were his god, but when he already has his money in hand, he no longer serves him. They only give you general words like "we are processing, please wait patiently", and NEVER REFUND YOUR MONEY!!!
    2022-11-18 18:18
    Reply
    0
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