LegacyFX Review – All About LegacyFX.Com
LegacyFX is a regulated trading broker that has a generous selection of financial instruments for trading online via the powerful yet user-friendly MetaTrader 5 (MT5) platform. The LegacyFX broker has a good selection of educational resources and additional trading tools to assist traders with their daily trading activities.
On top of that, the LegacyFX trading conditions are very competitive, with reasonable spreads from 0.6 pips, low fees, and rapid trade execution speeds at the best available prices. They are regulated by CySEC, FCA, and BaFin, with the main objective to enhance financial transparency and offer greater client protection.
In this LegacyFX review, we will talk more about this broker and what it brings to the table in the world of online trading.
If you have the time, we would appreciate it if you would read our comprehensive analysis of licensed brokers such as CommSec, FXCC, and JP Markets.
LegacyFX Regulation and Security of Fund
|Headquarters||Govant Building, Kumul Highway,P.O.Box 1276 Port Vila|
|Regulation||CySEC, FCA, BaFin, VFSC, NBRB|
|Platforms||Web, Mobile, and Desktop|
|Instruments||Shares, Indices, Forex, Commodities and Cryptocurrencies, and CFDs|
|Base Currencies||EUR, USD, and AUD|
LegacyFX Regulation and Security of Fund
Is LegacyFX legit? LegacyFX is a brand name of the A.N All New Investment Limited that is authorized and regulated by the CySEC, a regulatory authority for Investment Services firms in Cyprus, along with cross-border licenses due to its European position, authorizing the company to provide investment services within the EEA zone.
So, to answer the question ‘Is LegacyFX regulated’? Yes, they are a fully regulated company that offers financial services online. LegacyFX does not provide services for residents of certain regions, such as the United States of America, Israel, Iran, Syria, Afghanistan, Myanmar, North Korea, Somalia, Yemen, Iraq, Sudan, South Sudan, British Columbia, Ontario, and Manito.
Any payments funded to LegacyFX accounts by traders are held in a segregated bank account.
For added security, LegacyFX uses tier-1 banks for this. That’s why it’s important to work with regulated brokers who haven’t violated any terms and conditions. On top of that, LegacyFX doesn’t have any complaints made against the broker.
LegacyFX Available Account Types
LegacyFX offers several account types designs:
- 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$
- Premium- minimum deposit 25.000$
- VIP- minimum deposit of 50.000$
Each of the account types brings a particular possibility for your trading strategy while allowing beginning traders, investors, or professionals to find their own way in trading. On top of that, users can try out a demo account and see how trading with LegacyFX works.
LegacyFX also gives you convenient access to the global market via the powerful and intuitive MetaTrader 5 (MT5) platform. It is fully customizable to suit an individual trader’s needs. You can conduct in-depth financial market analysis through charts and technical indicators built into the platform.
Leverage, known as a loan given by the broker to the trader, enables you to trade through the multiplied volume that may raise your potential gains, yet in reverse increases high risks too.
LegacyFX Reviews shows that brokers’ leverage ratios are set to a standard level of 1:30 allowed for European traders since ESMA significantly restricts the use of leverage for retail traders.
Overall, the leverage is good and it follows the guidelines. Make sure you fully understand how leverage works and in case you need help, always ask for it.
LegacyFX Trading Instrument
After some research, we saw that LegacyFX provides access to seamless trading through the great range of 200+ underlying assets, while you may choose from leading shares, indices, forex, commodities, cryptocurrencies, and CFDs.
With access to the most liquid and popular markets, you can choose the desired and most understanding instrument according to your trading need and use BDSwiss user-friendly portal to benefit from trading.
This means that you can speculate on which direction the price will move without needing to physically own the underlying asset. The difference in price from when you enter and exit the position will be the profit or loss minus any broker fees.
So, with all of this said, is LegacyFX a good broker? Yes, they are. Not only do they offer programs for experienced traders, but they also offer them for beginners. Overall, there are plenty of options to choose from when it comes to where and on what you would like to invest your money.
Deposits and Withdrawals at LegacyFX
Another very important part of our LegacyFX review is how to transfer money from or to your trading account. Eventually, all account management happens through an online field.
LegacyFX offers the following methods to deposit:
- Visa or Master debit or credit card
- Wire transfer
When it comes to the minimum deposit the silver account at LegacyFX requires 500$ as a start, while other accounts deploy higher levels of first deposits. The good thing is that LegacyFX does not charge any fees on credit card/electronic wallet deposits as well.
LegacyFX does not charge a fee for inactive accounts. This is a very good thing, since many brokers do charge inactivity fees, but this is not the case with LegacyFX.
When it comes to withdrawals, from the moment you submit and confirm the request to withdraw money from your account the accounting department of LegacyFX typically processes and confirms withdrawal within 3 business days.
LegacyFx also doesn’t have any complaints from users regarding the withdrawal, so there shouldn’t be any issues in that area.
Trading Platform Overview
The software solution offered by LegacyFX mainstays the popular choice of the MetaTrader5 platform, which provides a comprehensive trading feature and vast solutions. It is not actually a surprise, as MT5 is a known industry intuitive platform that allows trading anywhere and anytime with advanced charting tools, and indicators to manage the risks with a better possibility to determine price direction.
On top of that, LegacyFX Autochartist provides the world’s first Market Scanner available for MT4 & MT5 using a non-trading Expert Advisor script. Scan markets for trading opportunities while viewing all symbols and time intervals from a single graph. Autochartist offers a simple user interface that can be customized to suit how you like to trade.
You can also use their trading platform on the web, on a desktop, and on a mobile app.
LegacyFX offers customer support via the following methods:
- Live chat
Support is available 24 hours and clients can either send an email, call support, or engage with customer support via a live chat feature. The support staff is fluent in English, Arabic, and Russian. The broker values customers and is happy to answer all general, technical, and account-related questions that you may have.
LegacyFX traders can find a variety of video lessons, trading platform guiding tutorials and courses, download full eBooks on a wide range of subjects, and enrich their knowledge in webinars presented by industry experts. On top of that, LegacyFX provides advanced trading tools and analysis and offers daily, weekly, and monthly market research.
They also offer periodical market research and analysis by financial experts on forex currencies, commodities, stocks, and more. Overall, this is very good, especially for beginners. LegacyFX has plenty of options to choose from when it comes to education.
We conducted this LegacyFX review, to give you an insight into how a reliable trustworthy broker operates. While sometimes it can be hard to differentiate if something is legit or a scam, brokers that are this transparent are easy to be seen as being a good investment path even if someone doesn’t have much experience.
The fact that this broker is regulated by so many regulatory bodies including CySEC, FCA, BaFin, VFSC, and NBRB should give you peace of mind knowing that your funds are completely safe and secure.
This commission-free trading environment features competitive average spreads and the best trading platform for all your needs. There is a minimum deposit of $500 which may seem high if you are just starting out but remember that scam brokers will easily ask for twice as much just to put your money in their pocket.
Always think twice before taking any risks while investing money and choose reliable and transparent brokers like this one to ensure your funds are in good hands.
FAQs About LegacyFX Broker
Can I have a Demo and Live Account Working at the Same Time?
You will be able to use both a demo and live account at the same time if you just open them on different browsers.
What Trading Platform Does LegacyFX Offer?
LegacyFx offers the industry’s best MetaTrader5 which gives a trader great power over their investment funds.
What Is the Minimum Deposit at LegacyFX?
The minimum deposit requirement for trading with LegacyFX is $500, which may seem high but in general, isn’t that bad considering your funds are safe.
Is LegacyFX a Safe Broker?
Yes, LegacyFX is a licensed broker that follows many regulations set by different regulatory bodies.
Does LegacyFX Offer Demo Account?
Yes, this broker offers a demo account for you to try out their services before signing up.