Legends FX Markets

Note: Legends FX Marketss official site - https://www.legendsfxmarkets.com/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.

What is Legends FX Markets？

Legends FX Markets is a broker offering a feature-rich environment for forex and CFD trading, including a user-friendly platform (although its authenticity is questionable), multiple asset classes (forex, commodities, indices), and the allure of a no-minimum deposit and high leverage (up to 1:400).

Pros & Cons

Pros:

No minimum deposit requirement: For new traders or those with limited capital, it allows them to try out the platform, test their strategies, and gain experience before committing larger sums.

Multilingual customer service team: Legends FX Markets has multilingual customer service team, ensuring that traders from diverse linguistic backgrounds receive timely and effective support.

High leverage: Legends FX Markets offers high leverage of up to 1:400, providing traders with the opportunity to amplify their positions and potentially maximize their returns on investment.

User-friendly platform: Trade with the globally popular MT4 system, renowned for its comprehensive tools and features designed to enhance trading efficiency, suitable for both beginners and experts.

Cons:

Not regulated: Lack of regulatory oversight raises significant concerns about the safety and security of investment funds.

No educational resources: Doesn't offer educational materials to help users make informed investment decisions. This could be a disadvantage for beginners.

Is Legends FX Markets Legit？

The evidence suggests that Legends FX Markets is not a legitimate forex broker. Regardless of the standards placed on the company by any individual regulator, Legends FX Markets claims to have always maintained a high degree of internal and external compliance standards. This is quite unlikely, considering Legends FX Markets LLC, the sites co-owner, is registered in a nation with no regulations at all — Saint Vincent and the Grenadines.

Saint Vincent and the Grenadines is a favored base of operations for dodgy brokers due to a lack of regulatory norms and oversight. While this country has a financial regulator, it does not control the activities of forex and CFD brokers, unlike other offshore jurisdictions.

Market Instruments

Legends FX Markets provides Contracts for Difference on a variety of financial instruments. Traders can access forex pairs, allowing speculation on currency exchange rate movements. Additionally, Legends FX Markets offers CFDs on commodities and indices. This could include options to trade contracts based on the value of physical commodities like oil or gold, or on the performance of major stock market indexes.

Accounts

Legends FX Markets offers two account types: Standard (STP) and ECN. Both lack minimum deposit requirements, potentially appealing to new traders. The key difference between the two appears to be the spread (difference between the buy and sell price), with the ECN account offering a slightly tighter spread than the standard STP account. However, the spread difference is only 1 pip, raising questions about the practical significance of this distinction.

Leverage

FX Markets offers leverage of up to 1:400, with the option to select a lower level of 1:100 during account opening. These leverage levels are significantly higher than those allowed by many regulatory bodies, such as the EU and UK which cap leverage at 1:30 for retail traders. High leverage can magnify both profits and losses, so it's crucial to understand the associated risks before utilizing it.

Spreads & Commissions

Legends FX Markets advertises spreads between 0 and 1 pip, which is a theoretically very competitive level. A pip represents the smallest increment that a currency can be traded in. Tighter spreads generally translate to lower trading costs for investors.

Trading Platform

Legends FX Markets claims to offer the popular MetaTrader 4 platform for trade execution. However, a red flag emerges here. The downloadable installation file is apparently linked to a different broker, Pure M Global, raising concerns about the legitimacy of Legends FX Markets' platform offering.

Deposits & Withdrawals

Legends FX Markets offers a variety of deposit methods, including traditional bank wire transfer and electronic options like Etana Custody and GTBBank. Additionally, they cater to cryptocurrency users by accepting Bitcoin, Ethereum, and Ripple for deposits. While this flexibility might seem attractive, it's important to consider the overall credibility of Legends FX Markets.

Customer Service

Legends FX Markets accepts contact primarily via email.

Email: support@legendsfxmarkets.com

Languages: English, Spanish, Chinese, Russian

Conclusion

Legends FX Markets advertises a tempting array of features for new traders, including a user-friendly platform (MT4,though its legitimacy is questionable), a variety of instruments (forex, commodities, indices), a no-minimum deposit requirement, and high leverage (up to 1:400). However, these advantages are overshadowed by critical red flags that cast doubt on Legends FX Markets' legitimacy.

The biggest concern is their lack of regulation. Being registered in St. Vincent and the Grenadines, a jurisdiction known for lax oversight in the forex market, raises serious security issues about deposited funds.

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 provided in this review may be subject to change due to the constant updating of the company's services and policies.