LegacyFX Review
Overview
LegacyFX is a regulated broker offering forex and CFD trading as well as free market signals. In this review, we break down the registration and login process, minimum deposit requirements, demo accounts, spreads, and more. Find out if LegacyFX is a legit and safe broker.
Company Details
LegacyFX was established in 2017. The brokerage is registered in Vanuatu where it is regulated by the Vanuatu Financial Services Commission (VFSC). It is also regulated by the CySEC (Cyprus) and the National Bank of the Republic of Belarus (NBRB).
LegacyFX is now owned by A.N. Allnew Investments Ltd which is authorized by several European regulators, including the CySEC (Cyprus), FCA (UK), and BaFIN (Germany).
The broker offers over 250+ financial instruments including FX, commodities, cryptos, stocks, and indices. New and experienced traders also benefit from a selection of free trading tools and educational resources.
MetaTrader 5 Platform
LegacyFX offers both the web-based and downloadable desktop versions of MT5, the successor to the popular MT4. The software complements all levels of experience but is a particular favorite among advanced traders.
Features include:
- Real-time quotes
- Up to eight order types
- Over 80 indicators and graphical tools
- Depth of Market view and economic feed
- One-click trading function with rapid execution
- Historical data center and fast EA strategy tester
- three chart types and nine timeframes, ranging from one minute to one month
Head to the broker’s website to download MT5 onto Windows or Mac PCs.
Alternatively, you can access the WebTrader straight from your internet browser. No need for additional software of browser extensions, the WebTrader is compatible with all operating systems and trading operations.
Mobile trading is also supported.
How To Trade
Users can place a buy or sell order in a few straightforward steps:
- Select Tools from the menu in the top of the terminal
- Select New Order
- Double click on the asset you wish to speculate on, for example the EUR/USD
- Now simply amend the trade parameters. You should be able to view the symbol, order type, volume, stop loss and take profit. You can also add any comments
- Confirm the trade
Note, you can hit F9 to enable one-click trading on your chosen asset.
Assets
LegacyFX offers 250+ instruments across several asset classes:
- Forex – 140+ majors, minors, and exotics
- Indices – 12 major and minor global indices
- Precious Metals – Seven metals including gold and silver
- Cryptocurrencies – Bitcoin, Ethereum, Litecoin, and Ripple
- Commodities – 11 agriculture, energy, and other commodities
- Stocks – Dozens of global equities from Germany, the USA, the UK, and more
Spreads & Commission
Traders can choose between fixed or variable spread accounts. Variable spreads for major forex pairs such as EUR/USD start at 1.6 pips with the Silver account. Spreads get tighter with the Gold and Platinum accounts, going down to 0.6 pips. Fixed spreads are around 3 pips for EUR/USD with the Silver account.
All assets are commission-free, except for stocks where charges range from 0.15% to 0.45% depending on the account.
There is also a 10.00 inactivity penalty after 90 days of zero activity. This is 10 of the account’s denominated base currency.
Leverage
Leverage varies from 1:5 to 1:200 depending on the asset traded:
- Stocks – 1:5
- Forex – 1:200
- Metals – 1:100
- Indices – 1:100
- Commodities – 1:100
- Cryptocurrencies – 1:5
Margin requirements are listed on the Trading Conditions page but range from 0.5% to 20%.
Mobile App
LegacyFX offers cross-platform trading with the convenient MT5 mobile app. Traders can manage open positions, access interactive charting tools, and view full trading history on-the-go. You can also stay informed of the latest market news with the economic calendar and take advantage of optimized strategies for expert advisors.
The MT5 mobile app is easy to download onto iPhone (iOS) and Android (APK) smart devices and receives positive online ratings for its user-friendly design. Our experts also found the mobile app is beginner-friendly.
Payment Methods
Deposits can be made via several fast and fee-free methods. Processing times on popular options vary:
- Neteller – Instant
- Skrill – Up to 30 minutes
- Wire transfer – 1 – 3 days
- Visa/Mastercard – Instant
- Bitcoin – Up to a few hours
Deposit limits vary according to the method used. MasterCard or Visa transactions are capped at 10,000 whilst Neteller and wire transfers are unlimited. Not all base currencies are supported by each method, so be sure to check what is available locally.
Withdrawals take 3 to 5 business days to process. Some methods also implement a daily withdrawal cap. For large sums, wire transfer or Giropay are the only uncapped options.
There is a 150 minimum for bank transfers in the chosen currency and no minimum for other methods. LegacyFX does not charge any closure fees for withdrawals but they do pass any additional costs onto the client.
Note, several additional payment solutions are available depending on your location, including AVO Payments, EFT Pay, Volt, PayRedeem, Jeton and GIGADAT.
Demo Account
While using LegacyFX, we found the MT5 demo account is available to new traders who wish to browse the platform and familiarize themselves with trading tools and techniques. The account is equipped with $10,000 in virtual funds and is available for one month.
Bonuses & Promos
LegacyFX does not offer any explicit bonus deals or promotions. It does, however, run a loyalty program where traders gain rewards for partnering with the broker. Rewards include branded merchandise and access to specialized content.
At the time of writing, the popular ‘friend referral’ program is also live.
Check the official website and social media pages for news of any future no-deposit bonuses and rebate deals.
LegacyFX Regulation
LegacyFX is regulated by the Vanuatu Financial Services Commission (VFSC) under license number 14579. The holding company, A.N. Allnew Investments Limited, is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 344/17. The company also holds licenses with the Financial Conduct Authority (FCA) in the UK and the Federal Financial Supervisory Authority (BaFIN) of Germany.
As per regulatory requirements, the broker submits monthly financial reports to an external accounting firm. Negative balance protection is also in place and the broker ensures that all client funds are segregated at renowned banks.
We’re happy LegacyFX is a legitimate online broker and not a scam.
Additional Features
LegacyFX offers a decent selection of educational resources for all experience levels, including courses, e-books, video tutorials, and market news. Practical tools include an economic calendar, FX calculators, and the Autochartist plugin for MT5.
The broker also provides live signals and the TradingView portal, consisting of real-time charts, fundamental data, and crypto market widgets.
In addition, LegacyFX has partnered with Trading Central to offer a suite of analysis tools to equip traders with the relevant information to make informed investment decisions.
New clients can also benefit from the broker’s Safe Mode program, where you can undo three losing trades. Details can be found in the program terms and conditions.
LegacyFX Accounts
There are seven account types available at LegacyFX: Standard, Bronze, Silver, Gold, Platinum, Premium and VIP.
As expected, capital requirements increase as you move through the premium accounts as do competitive rates and access to advanced features. With that said, the accounts offer all the same basic features, including live support and access to Trading Academy resources.
Minimum deposit requirements start at $500 for the Standard account, fairly high when compared to other brokers. The lowest spreads in this account also start at 1.6 pips, which again is not very competitive versus other providers.
LegacyFX also offers an Islamic trading account that enables clients to trade in compliance with Sharia law.
In addition, there is a PAMM account option. Here, users can entrust experienced traders with their funds. Alternatively, established investors can trade with customers’ funds to generate additional income.
Benefits
When we used LegacyFX, we found the brokerage has a lot to offer the right trader. Some of the key advantages include:
- VIP card
- Regulated
- Safe Mode
- Demo account
- PAMM account
- One-click trading
- Free signals and analytics
- Wide range of assets available
- No swap fees and commission-free trading (except for stocks)
- Seven account types offered to suit a range of requirements
Drawbacks
Our expert traders also found have some limitations:
- $500 minimum deposit
- Does not accept US clients
- The starter accounts are not competitive
- No MT4 platform – only MT5 is available
Trading Hours
The global FX market is open 24 hours a day, though certain trading sessions based on time zones vary:
- Tokyo – 19:00 – 04:00 EST
- London – 03:00 – 12:00 EST
- New York – 08:00 – 17:00 EST
Trading hours are also available to view from within the LegacyFX MetaTrader 5 terminal.
Note, trading hours vary between assets. All times are GMT +2 or GMT +3 (during daylight savings).
Customer Support
Help is available Monday to Friday between 08:00 – 24:00 GMT+3.
LegacyFX offers a popular live chat function. The chat logo can be found in the bottom right-hand corner of the website. Alternatively, you can reach customer support via:
- Telephone – +41315087455
- Email – support@legacyfx.com
- Online callback form – Contact Us page
- Address – Govant Building, Kumul Highway, P.O.Box 1276, Port Vila, Republic of Vanuatu
LegacyFX is also active across social media channels including Telegram, Facebook, Instagram and Twitter.
Security
LegacyFX implements a variety of measures to ensure the safety and security of client funds.
As a regulated broker, it must comply with strict financial conditions such as regular audits and monitoring.
All transactions are protected with 256-bit Rapid SSL encryption and are fire-walled. Transactions are also executed via Level-1 PCI-Certified service providers and servers are located in SAS-70 certified data centers.
All client funds are held in segregated accounts that can only be used to pay the client. These funds are inaccessible by the company in the event of bankruptcy.
LegacyFX Verdict
LegacyFX has strong potential. It offers a good range of assets, free trading signals and useful educational resources. The broker is also regulated which is a bonus.
However, the high minimum deposit and spreads are likely not competitive enough to attract many beginners. The single platform offering is also limiting to less experienced traders.
Overall, LegacyFX is good option for advanced traders with sufficient capital to trade with a premium account and those that are familiar with the MT5 platform.
Accepted Countries
LegacyFX accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use LegacyFX from United States, Korea, Yemen, Iran.
