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LegacyFX Review

(4 out of 5 stars from 106 Reviews)

$ 500,00

Deposit methodsCredit / Debit card, Skrill, Wire Transfer, Neteller
Withdrawal methodsCredit/Debit card, Electronic wallets, Skrill, Bank Wire
Last Update30/07/2021

LegacyFX is a forex brokerage company in Cyprus. It is a Cypriot forex brokerage company which was founded in 2012 and is based in Larnaca. In 2017, LegacyFX rebranded and relaunched its services, which are now owned and operated by All New Investments Ltd. (YEAR).


All New Investments Ltd. is a corporate operator who is registered as a CIF and is a member of the Investor Compensation Plan.

With its office in Larnaca, Cyprus LegacyFX is regulated by CySEC, MiFID, VFSC, BaFin, FCA and NBRB, thus ensuring extensive security for client funds.

LegacyFX provides currency pairs, metals, commodities, stocks and indices for trading on its platform on multiple devices and their website is available in many different languages.

Key Information on Fusion Markets

Year found 2017
Regulations CySEC, FCA, Vanuatu, BaFin, Arfin, VFSC
Trading platforms MT4, MT5, Mobile apps
Minimum deposit $500
Deposit methods credit cards, wire transfer, electronic wallets
Average spreads From 0.6 pip
Tradable assets Forex, crypto-currencies, energies, index
Customer service E-mail, phone call, live chat

Legacyfx

LegacyFX ACCOUNT TYPES

This broker offers four different account types, Silver, Gold, Platinum and VIP, are offered.

  • The Silver account is available for a minimum deposit of $ 500, and the silver account spread starts from 1.6 pips.
  • The Gold account requires a minimum deposit of $ 5,000 with spreads as low as 1.0 pips.
  • The Platinum account requires a minimum deposit of $ 25,000, and the spread is as low as 0.6 pips.
  • The VIP account requires $ 50,000, where traders can customize their accounts.

LegacyFX also provides Islamic accounts for those that prefer interest-free income. A forex demo account with a virtual balance of $ 50,000 is also available. Technical analysis and education tools are available for all kinds of accounts.

DEPOSITS AND WITHDRAWALS

The min. deposit for a LegacyFX account is $ 500, with a max. deposit of $ 10,000 with credit/ debit cards.

Withdrawals to credit cards can only be made to the full deposit amount of that particular card. The rest must be wired to the customer’s bank account.

Legacy FX covers all deposit and withdrawal fees for transactions through major credit or debit cards, Skrill, Neteller, and bank leads over $ 200.

Deposit options include credit cards, wire transfer, electronic wallets such as Neteller and Skrill. Credit card, Neteller, Skrill, and Wire Transfer are available as withdrawal options.

COSTS, FEES and COMMISSIONS

The cost of trading depends on various factors such as commissions, spread and margins.

The spread of a currency pair is the difference between the supply and the ask rate. A pip represents the smallest increase that a rate of exchange can move. One pip is 0.01 for currency pairs with JPY as the forward currency and 0.0001 for all other pairs.

The margin is the amount of money required in your account in order to open a position. The margin is calculated based on the current price of the base currency against the US dollar, the size (volume) of the position and the leverage applied to your trading account.

Commissions are the fees charged by an investment broker on a trader to transact on behalf of the trader. The level of commissions varies from broker to broker and also depends on the asset traded and the type of service offered by the broker.

Execution-only brokers, that is, a broker that involves no personal investment advice and offers traders complete control over how they trade the markets, tend to have lower commissions.

The Contract Dispute Trading (CFD) is a sort of derivative trading that enables traders to speculate on the rise or fall of prices in rapidly changing global financial markets, and its stock trading will be commission.

CFD trades in other markets don’t have a commission, but wrap around the market price of a particular instrument.

LegacyFX earns its income mainly through spreads and commissions on shares. They provide swap-free accounts to all traders, and fees are taken if a transaction is held overnight and not applied to the trader’s accounts.

Very few details about LegacyFX deposit and withdrawal fees are known. With Visa, MasterCard, Maestro, and Visa Electron credit cards, merchants can deposit from $ 500 to $ 10,000, and merchants can withdraw a minimum of $ 200 to a maximum of $ 10,000.

LegacyFX Leverage

The facility that allows a trader to gain much greater exposure to the market than the amount he or she deposited to open a trade is called leverage. These leveraged products amplify a trader’s potential profit – but of course also increase the potential loss.

The amount of leverage is expressed as a ratio, for instance 50: 1, 100: 1 or 500: 1. Assuming a trader has $ 1000 in their trading account and is the size of the trading tickets of 500,000 USD / JPY, this leverage will equal 500: 1.

The LegacyFX website states a maximum leverage of 1: 200 on the Silver category and the Gold category, but is additionally regulated by MiFID, the new regulation of the European Securities and Markets Authority (ESMA) of a Maximum leverage of 1:30 may apply.

The new regulations prescribe a leverage of 1:30 for foreign exchange trading, 1:20 for indices and gold, 1:10 for other commodities, and 1: 5 for stocks.

CySEC regulatory licensed forex brokers are required to work under ESMA rulings and miFID II market infrastructure guidelines are sued by clients to offshore entities in order to circumvent decisions on terms. negotiation.

BONUS

Forex brokers tend to attract new traders with attractive deposit bonus offers. This may be helpful, but it’s essential to discern what an appropriate bonus is.

The forex bonus is simply a reward for choosing the trader who gives some of those expenses back to the trader once proving himself to be an active trader.

Customers should note that no deposit bonus is a great way to get you started trading, but it often comes with silly terms so that even if you make a profit you have to trade high volume before you can. make any form of withdrawal.

In addition, since august 1, 2018, the European Securities and Markets Authority (AEMA) has implemented investor protection measures on the marketing, distribution or sale of CFDs to retail clients.

These prevent brokers from directly or indirectly providing the retail client with a non-monetary, monetary or excluded payment benefit in reference to the marketing, distribution or sale of a CFD, other than the profits made on it.

As an incentive to deposit and start trading, LegacyFX grants risk-free trades based on the size of the initial deposit. This promotion is only for new account holders and depends on deposit for the first time.

For a deposit of $ 1,000, LegacyFX grants three risk-free trades up to $ 50 each. An initial deposit of $ 5,000 qualifies for five risk-free trades up to $ 100 each, while a deposit of $ 10,000 qualifies for seven risk-free trades up to $ 150.

TRADING PLATFORMS, SOFTWARE AND ITS FEATURES

The forex trading software provided by a brokerage company to its clients is called the trading platform.

A platform can be multi-active which implies that it allows clients to not only trade forex but also other asset classes like CFDs on stocks, stock indices, precious metals and cryptocurrencies.

The decision on which platform to choose will depend on what a client would like to trade, so this will be one of the criteria when choosing a broker as well.

Legacyfx platforms

LegacyFX uses the MT5 trading platform for mobile and IT users. The MT5 platform is user-friendly and rich in trading tools and features that allow traders to access their accounts through mobile devices to trade while on your travels.

LegacyFX MT5 is similar to traditional MT4, but faster and supports more types of commands. It also has a greater number of indicators and other characteristics, which include:

  • More than 50 indicators
  • Pending orders
  • Limit orders
  • Many expert advisers available
  • MQL5 programing language
  • Multi mapping
  • MT5 is also available on Windows, Mac, iOS and Android

MARKETS, PRODUCTS AND INSTRUMENTS

Most brokers offer some or all of the following type of market instruments for trading:

  • Forex: Forex trading, also called currency or fx trading, involves the forex market where individuals, businesses, and financial institutions exchange currencies for each other at floating rates.
  • Crypto-currencies: Digital currencies that are decentralized networks based on blockchain technology, a distributed ledger.
  • Index: Stock indices or stock exchange indices are actual stock indices that measure the value of a specific section of a stock market. They can represent a particular set of the largest companies in a country or they can represent a particular stock market.
  • Precious metals: Trading in gold and other precious metals involves hard commodities which are contract tradable commodities.
  • Energy: High energy price volatility due to political and environmental factors, supply and demand, extreme weather conditions and global economic growth is a typical feature of this product, making it another popular business choice.
  • Products: As with the forex markets, commodity markets offer different investment opportunities for traders. Investing in contract tradable assets is a reliable way to mitigate risk in times of inflation or economic uncertainty.

Besides forex, stocks and indices, LegacyFX also offers cryptocurrencies. Traders can trade their favorite cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple. CFD trading options include gold, silver, stocks, stock indices, oil, and other commodities.

Traders can choose from fixed and variable spreads, where fixed spreads are on average higher than variable spreads.

SAFETY AND REGULATIONS

One of the first things a potential trader has to establish is whether or not a broker like LegacyFX is safe to trade with. One of the safest benchmarks for measuring the safety of a brokerage is to determine which regulators are watchdogs over its actions.

LegacyFX is a regulated broker under the CySEC organization, with a license number of 344/17. This means that they’re acting in accordance with MiFID and are able to sell financial services throughout the EEA.

To give traders more security and assurance, LegacyFX also aligns itself with other reputable bodies in Europe. For UK they’re regulated by FCA with license no: 797343 and for Germany they have registration # 348194 by BaFin.

LegacyFX is also regulated by Belarus NBRB with license no: 193180778 and by VFSC with license no.14579.

CUSTOMER SUPPORT

Prospective traders must be assured that the brokerage firm they have chosen offers the necessary support and help whenever they need it.

In the case of LegacyFX, the following support channels are available:

Customer support is out there Monday through Friday from 8:00 a.m. to midnight (GMT + 3) and offered in three languages, English, Arabic and Russian.

MARKETS RESEARCH

Prospective traders should research speculative trading as much as possible before starting to do so.

Trading with confidence and success relies heavily on knowing and understanding the markets. That is why the research options offered by brokers are an integral part of its characteristics when choosing the right company to trade with.

LegacyFX offers a page with live signals, daily market trends, weekly market trends, and monthly market trends. A technical analysis section features daily analysis video, commodity charts, index charts, stock charts and currency charts.

Markets News and an economic calendar with a few calculators are also available and Autochartist is the latest addition to LegacyFX’s research resources.

Autochartist represents a crucial service for marketers, but sometimes overriding design flaws defies the purpose of the content.

TRADING EDUCATION AND FORMATION

Before starting to trade, potential clients of LegacyFX should avail themselves of all possible information and trading skills necessary to achieve success in the world of forex and commodity trading.

If the LegacyFX website itself doesn’t provide enough resources, a trader should explore other sources and informative means to get these skills and knowledge.

New traders will find a combination of written content, eBooks, and plenty of videos.

Conclusion

LegacyFX broker is as a well-regulated broker that provides online trading in a wide range of products. It is an online brokerage firm worth trying out by potential Canadian traders knowing that they provide an MT5 trading platform.

Additionally, it offers easy withdrawal and deposit systems and access to over 80 trading videos, webinars, and other educational resources hosted by LegacyFX academy.

LegacyFX FAQs

How many instruments can I trade with LegacyFX?

You can trade several different instruments with this broker, which include the following:

  • Forex Currencies: (40+)
  • CFDs: (135+) Gold, Stock indices, Oil, Silver, Stocks, Other commodities.
  • Cryptocurrencies: (4) Bitcoin, Litecoin, Ethereum

Does LegacyFX offer leverage?

Yes, this broker offers a maximum leverage of 1: 200 / 1:30

Is LegacyFX regulated?

Yes, it is regulated by VFSC Registration # 14579, CySEC, FCA, BaFin, Arfin, Vanuatu

Is LegacyFX a recommended forex trading broker for experts and beginners?

LegacyFX provides a good trading environment for all types of traders.

How long does it take to make a withdrawal?

Withdrawals using some methods can be processed overnight, but depending on the bank, it can take several days for the money to be available.

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$ 500,00

$ 500,00