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
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.
Pros & Cons
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.
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.
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:
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.
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:
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.
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.
LegacyFX minimum deposit vs other brokers
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:
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.
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.
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.
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)
WikiFX
