Legend Trading Review: Answer All Your Dilemmas Today
When you first look at their website, Legend Trading seems perfectly legitimate. They proudly present their packages, the strength of their connections, and how it all comes into one in their platform.
The broker sells you their pitch, but should you take them up on their offer? Find out in our Legend Trading review.
Who is Legend Trading?
Legend Trading is a crypto trading firm operating from California and Lithuania. They provide “payment-as-a-service and financial services for crypto exchanges, wallets, NFT marketplace, etc.”
The company’s goal is to connect crypto and traditional banking and make crypto trading more accessible and easier.
|Broker name||Reliable Broker Must Have|
|Legal name:||Legend Trading Inc.||Transparently displayed in the disclaimer or legal documents|
|Regulation:||Regulated (FinCEN, FCIS)||Within your legal jurisdiction – local regulator|
|Registered in:||California, US
|Your country or the country whose license applies in your legal jurisdiction|
|Established:||2019||The older the domain – the higher the possibility the company is trustworthy|
|Website:||legendtrading.com||Domain should be from local or international zones, no .xyz, etc.|
|Financial Authorities Warnings:||None||None|
|Phone, email, social media, web form|
|If withdrawal is possible:||Yes||Yes|
|Fees:||Fees vary depending on the currency, only applied if the withdrawal is less than 50,000||Transparent fees – list of spread and commissions|
|If Active on Social Media:||Twitter, LinkedIn||Often present on social media|
|Investor Protection:||No||Compensation fund|
Is Legend Trading Regulated?
The short answer is yes, but that does not tell you the whole story, so stay with us. Legend Trading says on its website they are regulated by the Financial Crimes Enforcement Network (FinCEN). We find nothing wrong with this, FinCEN is a legitimate regulator and we found Legend Trading in their register. However, since this firm operates in the US, we would have liked to see a CFTC stamp of approval.
CFTC is a Tier 1 regulator for the US forex market and their license has great weight compared to others. The American regulatory body imposes strict rules on brokers and in doing so protects the traders.
Additionally, Legend Trading is registered in Lithuania under the name Legend Financial UAB. The license checks out but like with the previous license, it would be better if the broker was a part of the MiFID regulatory framework.
Legend Trading Profile
Although it has a lot of information on it, the LegendTrading.com website could work on making that information more accessible to potential clients. They place their license information prominently, which we applaud, but we could not find any contact email or a Legend Trading phone number.
The company provides its proprietary software to other crypto brokers. Trusted companies like Gate.io, Phemex, and others integrate Legend Pay into their platforms to bring crypto trading and banking closer together. As far as we could tell, Legend Trading KYC verification is not required to use their services.
Furthermore, Legend Trading has more than 800 institutional partners and also works closely with a multitude of banks, financial institutions, and crypto custodians.
|Trading platforms:||Proprietary trading technology|
|Account types:||Depends on Legend Trading client you choose|
|Financial Instruments On Offer:||Cryptocurrencies (Bitcoin, Ethereum, USDT, etc.)|
|Maximum leverage:||Depends on the Legend Trading client you choose|
|Minimum Deposit:||Depends on the Legend Trading client you choose|
|Desktop app:||Depends on the Legend Trading client you choose|
|Autotrading:||Depends on the Legend Trading client you choose|
|Demo account:||Depends on the Legend Trading client you choose|
|Education or Extra tools:||No|
Is Legend Trading Safe?
Legend Trading is generally safe for business. There are a lot of positive reviews that we’ll get into in the next section and the broker is rated well on other sites. They also have many established crypto traders for partners which serves as a vote of confidence of sorts.
But be careful! They are not regulated by a Tier 1 regulator which is always preferable. This does not have to mean anything, but the rules Legend Trading follows are a bit more lenient than they would be had they been imposed by CFTC for example.
Trader Reviews – Sharing Experiences
In our eyes, trader reviews are an essential part of any unbiased and quality review. They bring you the real-life experiences of people who had direct contact with the broker in question.
The first website you should always check for this purpose is TrustPilot. There, you can find a total of 18 reviews from Legend Trading clients and the broker’s average grade is 4.1 stars. The comments are overwhelmingly positive and praise the broker in many ways.
Among other noteworthy websites, Legend Trading has a rating of 81 out of 100 on ScamAdvisor’s trust score. The remarks are good overall, but they do voice their concerns about Legend Trading offering “high-risk cryptocurrency services,” so keep that in mind.
How Does the Legend Trading Platform Reach Clients and Who Are They?
LegendTrading offers its services to other businesses and brokers. It has developed software that allows its users to buy, sell, and trade cryptocurrencies with fast fiat currency settlements.
Having said that, Legend Trading clients are mostly crypto brokers. Among others, the most notable clients include Gate.io, Kucoin, Cobo, and Bitrue.
Deposits and Withdrawal Methods
There are two ways you can make deposits at Legend Trading:
- Debit/credit card
- Wire transfer
As you can see, the broker accepts only fiat currency payments which is bad news for those deep in crypto. However, good news for every potential trader is that Legend Trading does not charge any fees for deposits.
On the other hand, the firm charges you a fee for withdrawals and the amount depends on the currency:
The good thing is that there is a way to avoid paying fees. If you withdraw more than 50,000 in any currency, Legend Trading covers the cost of the transaction the bank charges and you do not pay them any of the fees above.
Reasons To Avoid This Company
From everything we could find, LegendTrading is a perfectly legitimate broker. The only thing we feel could be better about them is stronger regulation.
As a rule of thumb, we always suggest you find a broker that is regulated by some of the Tier 1 regulators. Those include the CFTC, MiFID, FCA, and several others. Those brokers are ideal to partner with.
Our Safe Trading Experts’ Opinion of Legend Trading
It is time to wrap up our Legend Trading Review and after everything we detailed, we can say that Legend Trading is a quality crypto trading broker. Its proprietary platform is catered to crypto trading and gives you a seamless user experience.
However, you might want specific things and features that Legend Trading cannot provide. If that is the case, contact us and we’ll recommend you the best brokers for your needs.
Is Legend Trading Legit?
Yes, Legend Trading is legit. They are a regulated crypto broker, although we would rather they had a stronger regulator.
How do I start crypto trading?
If you are a complete novice to the crypto world, we advise you to first study the field. Read about currencies, the current state of the market, and general do’s and don'ts of trading. The next thing to do is find a reliable partner and lucky for you, we are here to help. Contact us with any questions you have and we will provide you with a free consultation session to answer all of them.
How can you help me choose the best forex or crypto broker?
The most important thing we do for you is take into account your needs. Firstly, we analyze your requirements, skills and preferences, and then give you our suggestions around that. We also want you to know that our consultation is 100% free!