LegacyFX Review: Is this broker legit, safe and trustworthy for UAE citizens and residents?
LegacyFX is a foreign exchange broker firm that was established in 2012 and
is located in Larnaca. The company is Cypriot. In 2017, LegacyFX renamed itself
and relaunched its services. Currently, All New Investments Ltd. is the
company's owner and is responsible for its operations.
Get started with LegacyFX.
Finding a trustworthy LegacyFX review, either locally or globally, may be a challenging procedure, especially when it comes to locating a comprehensive list from a reliable and trustworthy source.
Recent investigations have shown that LegacyFX operates as a foreign exchange broker in the country of Cyprus.
A firm that gives traders access to platforms that enable them to purchase and sell different currencies is known as a foreign exchange (Forex) broker.
Retail forex brokers and currency trading brokers are both names that refer to the same type of business. In turn, retail currency traders employ these brokers in order to acquire access to the 24-hour currency market for the sake of speculating.
Institutional clients and huge corporations such as investment banks can also take use of the forex broker services that are available.
All New Investments Ltd. is a corporate operator that is registered to operate as a CIF. Additionally, All New Investments Ltd. is a participant in the Investor Compensation Scheme.
LegacyFX, which has its headquarters in Larnaca, Cyprus, and is regulated by CySEC, MiFID, VFSC, BaFin, FCA, and NBRB, offers a high level of protection for its customers' financial assets.
LegacyFX allows trading of currency pairings, metals, commodities, equities, and indices on its platform, which can be accessed from a number of different devices, and the website can be seen in a wide variety of languages.
A foreign exchange account, often known as a forex account, is a trading account that is held by a trader with a firm like LegacyFX and is primarily issued for the purpose of trading currencies.
Typically, the number of accounts and types of accounts that a trader is permitted to open with a broker firm will vary depending on the country in which the brokerage is based, the trader's country of residence, and the regulatory authorities under whose jurisdiction the firm is authorized to conduct business.
In the case of LegacyFX, customers have the option of selecting from one of four distinct account types: Silver, Gold, Platinum, or VIP.
Tweets by LegacyFXtrade
The Silver Account requires a minimum deposit of $500, and the spread for the Silver Account begins at 1.6 pips. The Silver Account is accessible to customers who meet these requirements.
A minimum investment of $5,000 is required in order to open a Gold Account, and spreads start as low as 1.0 pips.
A minimum investment of $25,000 is required in order to open a Platinum account, yet the spread on this account may be as low as 0.6 pips.
The VIP Account has a minimum deposit requirement of $50,000 and enables traders to personalize their trading profiles.
For customers who would rather not earn interest on their money, LegacyFX now offers Islamic Accounts. There is also the option of using a Demo Account, which comes with a simulated balance of fifty thousand dollars. All different sorts of accounts have access to a variety of instructional and technical analysis tools.
LegacyFX does not work with traders based in the United States of America, Israel, Iran, Syria, Afghanistan, Myanmar, North Korea, Somalia, Yemen, Iraq, Sudan, South Sudan, British Columbia, Ontario, or Manitoba at this time.
The minimum deposit required to open a LegacyFX account is $500, and the maximum amount that may be deposited with a credit or debit card is $10,000.
It is only possible to withdraw up to the whole amount that was initially deposited on a particular credit card when making withdrawals. The balance has to be sent electronically to the customer's bank account.
When a customer deposits or withdraws more than $200 using a major credit or debit card, Skrill, Neteller, or a bank transfer, all costs associated with the transaction are covered by Legacy FX.
Credit cards, various cryptocurrencies, Neteller, Skrill, and wire transfers may all be used to make deposits, and credit cards, Neteller, Skrill, and wire transfers can all be used to withdraw money from an account.
The amount of money spent on trading is determined by a number of variables including fees, spreads, and margins.
The difference between the bid rate and the asking rate for a currency pair is known as the spread for that pair. A point of interest (pip) is the smallest possible change that can occur in a currency exchange rate. For currency pairs in which the Japanese yen serves as the term currency, one pip is equal to 0.01, but for all other pairs, one pip is equal to 0.0001.
Margin refers to the minimum quantity of funds that must be present in an account before a position may be opened. The current price of the base currency in relation to USD, the size (volume) of the position, and the leverage that has been applied to your trading account are all factors that go into the calculation of margin.
Commissions are the fees that a trader must pay to an investment broker in exchange for the broker's assistance in conducting transactions on the trader's behalf. The amount of commissions charged will fluctuate from one broker to the next, as well as depending on the asset that is being traded and the kind of service that is being provided by the broker.
Traders often pay lesser commissions when they work with execution-only brokers, which are defined as brokers that do not offer any kind of personalized financial advice and who grant traders full authority over the manner in which they trade the markets.
Contract for differences (CFDs) trading is a sort of derivative trading that enables traders to bet on the rising or falling prices of rapidly changing global financial markets. Traders will be required to pay commission when CFDs trading is performed on shares.
Trades in contracts for difference (CFDs) made on other markets don't incur commission fees, but they do add a spread on top of the price of the underlying asset.
Spreads and fees on stock trades are the primary contributors to LegacyFX's revenue stream. They provide swap-free accounts to all traders, however there is a fee assessed for each deal that is kept overnight and does not get credited to the traders' accounts.
There is very little information available concerning the deposit and withdrawal fees charged by LegacyFX. Traders have the ability to make deposits ranging from $500 to $10,000 with credit cards issued by Visa, MasterCard, Maestro, and Visa Electron. Traders also have the ability to make withdrawals ranging from $200 to $10,000 with same credit cards.
Leverage refers to the facility that enables a trader to create a position with a considerably bigger exposure to the market in comparison to the amount of money that they first placed in order to do so. Leveraged products like this amplify a trader's potential profit, but they also raise the trader's potential loss, which is to be expected.
The level of leverage is typically stated as a ratio, such as 50:1, 100:1, or 500:1. If a trader has a trading account balance of $1,000 and is trading ticket sizes of 500,000 USD/JPY, then that trader's leverage is equivalent to 500:1.
On its website, LegacyFX specifies a maximum leverage of 1:200 for both the silver and gold categories. However, because LegacyFX is subject to regulation under MiFID, the new regulations of the European Securities and Markets Authority (ESMA), which specify a maximum leverage of 1:30, may also apply.
The new rules impose a leverage ratio of 1:30 for foreign exchange transactions, 1:20 for indexes and gold, 1:10 for other commodities, and 1:5 for share transactions.
Forex brokerages that hold CySEC regulatory licenses are obligated to operate in accordance with ESMA rulings and MiFID II market infrastructure directives. Customers of these forex brokerages who wish to avoid the ESMA rulings and MiFID II market infrastructure directives have been chasing offshore entities.
Bonuses: It is common practice for forex brokers to entice new traders with promises of enticing deposit incentives. This could be helpful, but it is very necessary to determine what a legitimate bonus is.
A bonus of this kind is just a method of compensating traders for selecting a
certain broker, given that once the account is established, the trader will be
subject to the same fees as any other participant in the market.
Once the trader has demonstrated that he is an active trader, he will be eligible to get the bonus, which is just a reward for the trader's decision that will reimburse part of the trader's costs.
Customers should be aware that no deposit bonuses are an excellent way to get started trading, but they frequently come with ridiculous terms that require them to trade a certain volume of currency before they can make any kind of withdrawal, even if they make a profit from trading with the bonus money.
In addition, the European Securities and Markets Authority (ESMA) has imposed investor protection requirements on the promotion, distribution, or sale of CFDs to retail clients as of August 1, 2018. These regulations have been in effect since that day.
These ban brokers from providing the retail customer with any payment,
monetary or excluding non-monetary advantage regarding the promotion,
distribution, or sale of a CFD, other than the realized profits on any CFD that
is offered. This can happen either directly or indirectly.
LegacyFX offers risk-free trades to new customers dependent on the quantity of their initial deposit as an incentive for them to make a deposit and begin trading. This offer is only valid for brand-new account holders to make their initial deposit in order to qualify for the promotion.
LegacyFX allows customers to make three risk-free transactions of up to $50 each when they make a deposit of $1,000. If you make an initial deposit of $5,000, you are eligible for five risk-free trades with a maximum of $100 each. If you make an initial deposit of $10,000, you are eligible for seven risk-free trades with a maximum of $150 each.
Platforms for Financial Trading, Software, and the Features It Offers
The platform is the name given to the forex trading software that is made available to the customers of a broker firm and is utilized by those customers in the execution of their transactions.
When referring to a platform, the term "multi-asset" refers to the fact that it enables customers to trade not only foreign exchange but also other asset classes, such as contracts for difference (CFDs) on stocks, stock indices, precious metals, and cryptocurrencies. A platform may also be multi-lingual.
What a customer wants to trade will play a significant role in determining which trading platform they should go with; thus, this factor will also be one of the factors they use to select a broker.
LegacyFX provides its mobile and PC customers with access to the same MT5 trading platform. Traders are able to access their accounts through mobile devices and trade while they are on the road thanks to the MT5 platform, which is both user-friendly and loaded with a variety of trading tools and features.
The majority of brokers make available for trading all of the following types of market instruments, or at least some of them:
Forex: Trading foreign exchange, also known as currency trading or FX trading, takes place on the currency exchange market, which is comprised of private people, corporations, and financial organizations. Participants on this market exchange currencies for one another at varying exchange rates.
Commodities: The commodities markets, just like the currency exchange markets, provide traders with a variety of chances for making investments. During periods of inflation or economic unpredictability, one tried-and-true method for mitigating risk is to make investments in contract-based, tradable products.
Indices: Actual stock market indices, also known as equity or stock indices, are a type of stock market index that are used to quantify the value of a particular sector of a stock market. Either a particular stock market or a subset of the greatest corporations in a country's economy can be represented by these symbols, depending on the context.
Metals of monetary value: Hard commodities are traded things that are dependent on contracts, and the trading of gold and other precious metals entails the trading of these commodities.
Energy: The high degree of price fluctuation that is typical of this product as a result of political and environmental factors, supply and demand, extreme weather conditions, and the expansion of economies around the world is one of the reasons why trading in this product is another one of the most popular options.
Cryptocurrencies: Since its introduction in 2008, Bitcoin (BTC) has been the
digital currency that has maintained the highest price levels and the greatest
market capitalization. It controls fifty percent of the entire market
capitalization of all cryptocurrencies.
Litecoin (LTC) is a cryptocurrency that is comparable to Bitcoin, but it has a different approach to scaling. LTCUSD is a fork of Bitcoin (BTCUSD), which means that the LTCUSD code was cloned from Bitcoin's source, modified in a few places, and then used to begin a new project. Litecoin is another alternative cryptocurrency that has seen a lot of success.
The Ripple network, which is a next-generation real-time gross settlement system, is one of the reasons why Ripple (RPL) is so popular among large banks. It enables quick transactions of funds across international borders at extremely minimal rates.
Ethereum (ETH), the second-largest cryptocurrency after Bitcoin, is notable for the fact that it empowers developers with the ability to build smart contracts on a platform.
The Bitcoin hard split that occurred in 2017 resulted in the creation of Bitcoin Cash (BCH), a new version of the blockchain that adheres to a distinct set of rules.
LegacyFX's offerings include cryptocurrencies in addition to foreign exchange, equities, and indexes. Participants can trade a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple, according on their preferences. Gold, silver, stocks, stock indexes, oil, and other commodities are all tradable via contracts for difference (CFD).
Traders have the option of choosing between variable and fixed spreads, with variable spreads often being lower in cost than fixed spreads on average.
A prospective trader needs to determine, as one of the very first things they must do, whether or not a broker such as LegacyFX is secure to trade with. To determine which regulatory agencies are acting as watchdogs over the activities of a brokerage is one of the most reliable benchmarks for measuring the safety of a brokerage.
With a license number of 344/17, LegacyFX is a licensed broker that operates under the umbrella of the CySEC authority. This indicates that they operate in a manner that is compatible with MiFID and that they are permitted to sell financial services across the whole EEA.
LegacyFX has also aligned itself with other renowned authorities in Europe, which provides traders with additional protection and insurance. The Financial Conduct Authority in the United Kingdom issues them a license with the number 797343, while the BaFin in Germany issues them a registration with the number 348194.
Additionally, LegacyFX is subject to regulation by the Belarus NBRB, holding the license number 193180778, as well as the VFSC, holding the license number 14579.
Potential traders need to be able to have confidence that the broker firm
they choose will be able to provide them with the essential assistance and aid
anytime they may want it.
Before beginning to engage in speculative trading, prospective traders should always undertake as much study on the topic as they possibly can.
Because trading with self-assurance and achieving financial success is highly dependent on having knowledge and an understanding of the markets, the research options provided by brokers are an essential component of the features that should be considered when selecting the right company to trade with.
Live Signals, Daily Market Trends, Weekly Market Trends, and Monthly Market Trends are all available on the same website that LegacyFX provides. A section devoted to technical analysis includes a Daily Analysis Video, charts for commodities, indices, stocks, and currencies, and charts for the department's namesake.
Markets News and an Economic Calendar in addition to a few calculators are also included, and Autochartist is the most recent feature to be added to
Traders can benefit significantly from using Autochartist; nonetheless, the design has a few shortcomings that can overshadow and even contradict the content's intended use.
Potential customers of LegacyFX should arm themselves with as much market knowledge and trading expertise as they can get their hands on before beginning to trade in the foreign exchange (FX) and commodity markets.
If the LegacyFX website does not give sufficient means to acquire the necessary skills and knowledge, a trader should look into alternative information sources and ways to do so in order to fulfill their needs.
On the LegacyFX homepage, the Education section can be found under the button labeled "Academy." This section is further subdivided into "Introduction to Forex," "Trading Education," " eBooks," "Forex for Beginners," "Advanced Courses," and a Glossary.
Written information, eBooks, and a large number of videos are all available for novice traders to peruse. There are around 17 movies and 11 eBooks mentioned here, all of which cover a variety of subjects and may be read online.
Given that it offers an MT5 trading platform, LegacyFX is a broker firm that prospective traders would do well to investigate more before making a final decision. Additionally, it provides simple methods for making deposits and withdrawals, in addition to providing access to more than 80 trading videos, webinars, and other training tools that are maintained by the LegacyFX academy.
Legacy FX Markets was established as a brokerage in 2012. In 2017, Legacy FX changed its name and relaunched its services under the direction of new management.
All New Investments Ltd. (AN), a financial investment firm with headquarters in Larnaca, Cyprus, is the current owner of the business and also manages its operations.
There is a possibility that Legacy FX is a corporate operator that is also a participant in the Investor Compensation Scheme and that is registered as a CIF.
Legacy FX is additionally regulated by CySEC, MiFID, VFSC, BaFin, FCA, and NBRB and in addition to offering trade in forex, indices stocks, and commodities, it provides extensive security for the funds of its customers. Legacy FX's office is located in Larnaca, which is located in the country of Cyprus.
The company offers trading in currency pairings, metals, commodities, equities, and indexes on its platform, which can be accessed from a variety of devices; as a result, the website is available in five different languages.
To establish whether regulatory bodies are acting as watchdogs over a broker's activities, such as LegacyFX's, is one of the simplest benchmarks to live the security of a broker like LegacyFX.
There is a possibility that Legacy FX is a licensed broker, primarily by the agency known as CySEC, and their license number is 344/17. This would seem to indicate that the operator is compliant with MiFID, which would give it the legal ability to sell financial services anywhere inside the EEA.
LegacyFX has also associated itself with other renowned organisations in Europe so that it may provide its traders an increased level of protection and insurance. They are required to register with BaFin and provide their registration number 348194 in order to conduct business in Germany. The Financial Conduct Authority regulates them in the United Kingdom using license number 797343.
Additionally, Legacy FX is subject to the regulations of the Belarus NBRB and the VFSC, each of which has issued the company a license bearing the number 193180778.
You can have a much higher exposure to the market you're trading in with the use of a facility known as leverage, which allows you to trade with a larger amount of capital than you initially placed to begin the transaction. Your potential profit can be magnified when you use leveraged items, such as when you trade foreign currency, but your potential loss can also be increased.
A ratio can be used to convey leverage; some common ratios include 50:1, 100:1, and 500:1.
The amount of collateral that is used as your margin to mask any credit risks that may occur as a result of your business activities. Margin is typically indicated as a percentage of the size of the position (such as 5 percent or 1 percent), and in order to ensure that you have sufficient margin, you need to have cash in your trading account.
On the website of Legacy FX, it is stated that the maximum leverage for the silver category and the gold category is 1:200.
Since the corporation is also subject to the requirements of MiFID, it is possible that the new restrictions issued by the European Securities and Markets Authority (ESMA) regarding a maximum leverage of 1:30 would be applied.
As a result of the new laws, the maximum multiple for foreign exchange operations will be set at 1:30, while it will be 1:20 for indices and gold, 1:10 for other commodities, and 1:5 for shares.
Forex brokerages that have regulatory licenses issued by CySEC and are bound to operate in accordance with the rules of ESMA and the MiFID II market infrastructure regulations are onboarding clients to offshore firms in order to circumvent the rulings on trading terms.
A forex account is a type of trading account that you may open with Legacy FX. This account functions in a manner quite similar to that of a checking account; however, unlike a checking account, a forex account is primarily intended for the purpose of trading on foreign currencies.
Forex Swap-free accounts are another name for Islamic accounts. This name comes from the fact that Islamic accounts don't allow swapping or rollover interest on overnight holdings because these practices go against the beliefs of Muslims.
It is common for the number and kind of accounts that a trader is allowed to create with a broker firm to vary depending on the nation in which the company operates and, as a result, the regulatory bodies under whose authority it falls.
The Silver account may be obtained with a minimum deposit of $500; hence, the spread for the Silver account begins at 1.6 pip levels.
A minimum deposit of $5,000 is required to open an account with The Gold, and spreads start as low as 1.0 pips.
The spread may be as low as 0.6 pips if you have the Platinum account, which needs a minimum deposit of $25,000.
The VIP account has a minimum deposit of $50,000 and enables users to personalize their trading profiles.
Islamic Accounts are available from Legacy FX as well, for customers who aren't interested in accruing any interest income. There is access to scholarly research and technical analysis tools for all different types of accounts. In addition, you can get a practice account that has a virtual balance of fifty thousand dollars.
Traders from the United States of America, Israel, Iran, Syria, Afghanistan, Myanmar, North Korea, Somalia, Yemen, Iraq, Sudan, South Sudan, British Columbia, Ontario, and Manitoba are not permitted to open accounts with Legacy FX.
The following are some of the most common market instruments that most brokers make available for trading:
Forex trading, also known as currency trading or FX trading, is a form of trading that takes place on the currency exchange market. The currency exchange market is a global, decentralized marketplace in which individuals, companies, and financial institutions trade currencies with one another at varying exchange rates.
Commodity markets, in addition to currency exchange markets, provide traders with a large number of alternatives for making investments. During times of inflation or economic instability, investing in contract-based tradable products may be a dependable way to minimize risk.
Equity indices, also known as stock indices, are genuine stock exchange indexes that quantify the value of a certain sector of a stock market. They are also known as stock prices. They will either represent a particular stock exchange or a certain group of the most significant corporations in a country's economy.
The trade of hard commodities, such as gold and other precious metals, along with the trading of petroleum, copper, or petroleum, are examples of tradable items that are dependent on contracts. These hard commodities play an important part in the commodity market.
The effect of political and environmental issues, supply and demand, harsh weather, and the economic process across the world all contribute to the high level of volatility that is characteristic of energy prices.
Legacy FX provides customers with the opportunity to trade cryptocurrencies in addition to currency, equities, and indices. Participants can trade a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple, according on their preferences.
Both fixed and variable spreads are available for traders to choose from, with variable spreads often being priced lower than their fixed counterparts. Gold, silver, stocks, stock indexes, oil, and other commodities are all tradable via contracts for difference (CFD).
Due to the fact that Legacy FX operates on a global scale, the company may provide customers with a selection of account types. These account types will vary according to the requirements of the regulatory body with which Legacy FX complies. As a result, customers may encounter various fee structures depending on the nation or region in which they reside.
The cost is contingent on a number of factors, including spread and margins.
The difference between the bid rate and the ask rate of a currency pair is referred to as the spread of that pair. A point of interest (pip) is the smallest possible change that can occur in a currency exchange rate. One pip is equal to 0.0001 for all other currency pairings, but it is equal to 0.01 for currency pairs that include the Japanese yen.
The amount of cash that must be present in your account before you may initiate a margin position is referred to as the margin. The current price of the base currency measured in US dollars, the dimensions (volume) of the position, and the leverage that is applied to your trading account are all factors that are considered when determining the amount of margin required.
Spreads and fees on stock trades are the primary contributors to Legacy FX's revenue stream.
They provide swap-free accounts to any and all traders, which indicates that the exchange rates are not passed on to traders in any way. In the event that any deal is held overnight and in the event that it is not applied to trader accounts, a charge will be assessed.
There is a very limited amount of information available on the deposit and withdrawal fees charged by Legacy FX. Traders have the ability to make deposits ranging from $500 to $10,000 using credit cards issued by Visa, MasterCard, Maestro, and Visa Electron. Traders also have the ability to make withdrawals ranging from $200 to $10,000 using same credit cards.
It is only possible to make withdrawals to a credit card up to the amount that was originally deposited on that card. Any remaining funds will be transferred to the customer's checking account instead of being returned to the customer.
Deposit and withdrawal costs are covered by Legacy FX for any transactions using major credit and debit cards, Skrill, Neteller, and bank transfers that are over $200.
The software that enables LegacyFX's customers to carry out their transactions and is referred to as the forex trading platform is made available to those customers by LegacyFX.
A multi-asset trading platform is one that enables clients to trade not just foreign exchange but also other asset classes. These other asset classes might include CFDs on stocks, stock indices, precious metals, and cryptocurrencies.
What a customer wants to trade in the long run should always be taken into consideration when making a selection regarding which platform to go with. The MT5 trading platform, which is used by Legacy FX, is accessible via mobile devices in addition to traditional computers.
The MT5 platform is not only simple to use, but it is also loaded with a variety of trading tools and features that enable traders to access their accounts using mobile devices. This is a feature that may be particularly useful for people who prefer to trade while they are traveling.
The establishment of a replacement account through the Legacy FX approval procedure is completely digital, requiring no paperwork and taking very little time.
In the same way that you would have to go through a basic "know your customer" procedure in order to open a bank account, in order to open a forex trading account with LegacyFX for the first time, you will be forced to journey through this process.
Because of this, Legacy FX will be able to verify that the personal information you have provided is accurate, and as a result, the security of your cash and the information about your account will be secured.
Following the completion of the preliminary registration, you will typically get an email containing your login information. These data will correlate to a login on a trading platform that is compatible with the type of account you have.
Creating an account with Legacy FX is something that can be done entirely online and won't take more than a few seconds to do. LegacyFX complies with AML standards, which means that customers are needed to provide private information such as a copy of the trader's identification document and a proof of domicile.
After successfully logging into the brand-new account, a series of emails containing the account number and password will be sent to the user. These credentials may then be used to access onto the WebTrader platform. As soon as funds are sent into the trading account, trading activities can get under way.
Potential traders have a responsibility to verify that the broker they select will provide help whenever it is required by them. This is done to assist clients in quickly locating the answers to their inquiries and to provide them with the easiest possible user experience.
When it comes to Legacy FX, the following support channels are at your disposal:
On this website, you may participate in instant web chat. The chat assistants are quick to respond to your questions.
On the website's "Contact Us" page is a form with the heading "Send Us a Message."
A telephone number and an email address are required.
Monday through Friday, from 8:00 to 24:00 (GMT+3), help for customers is available. in the English language
Legacy Effects EDUCATION
Before beginning to trade, prospective customers of Legacy FX should ensure that they have mastered all of the information and trading abilities necessary to be successful in the global forex and commodities trading markets.
A trader should look into other instructive websites and methods to get the necessary information if the Legacy FX website does not give the tools to do so on its own.
Education is presented in the form of a Glossary, as well as Introduction to Forex, Trading Education, eBooks, Forex for Beginners, and Advanced Courses. This information may be found by clicking on the Academy button. For novice traders, there is a variety of textual information, eBooks, and a great deal of video content.
LegacyFX, which has its headquarters in Vanuatu and has been in operation
since 2012, has been recognized all around the world for the quality of the
brokerage services it provides. As a trading platform, the broker makes use of
the widespread MetaTrader5 (MT5) software developed by MetaQuotes. As a result,
the broker is able to take use of all of the standard MT5 capabilities,
including automated trading.
LegacyFX not only allows you to trade foreign currency, but it also lets you trade contracts for difference (CFDs) on spot gold, oil, cryptocurrencies, indices, and stocks. LegacyFX provides extensive tools for beginner traders and provides a number of account types to meet the requirements of traders with varying levels of expertise. LegacyFX is a leading provider of foreign exchange (FX) trading services.
For the convenience of its customers, LegacyFX offers free trading tools like as indicators and trading signals, in addition to segregated accounts that offer security against negative balances. Additionally, the broker provides services in the areas of copy trading and algorithmic trading. LegacyFX does not work with customers located in the United States of America or Canada.
Forex traders who wish to trade CFDs in different asset classes, such as spot gold and cryptocurrencies, can do so through certain providers.
LegacyFX's platforms and user interface may be accessed in a variety of languages, including English, Spanish, Arabic, German, and Russian, which is beneficial to international traders.
Traders who are just starting out might benefit from beginning instructional materials, such as courses for beginners all the way up to more expert traders.
When compared to that of other forex brokers, LegacyFX's minimum deposit requirement of $500 is on the higher end. In spite of this, the broker provides some of the most competitive dealer spreads in the industry, with prices beginning at 0.5 pip. LegacyFX promises that all of its customers will receive the very best exchange rate possible for any and all deals that they have LegacyFX carry out on their behalf.
You have the option of accessing either variable or fixed spreads for major, minor, and exotic currency pairings, depending on the kind of account that you pick. The following table provides information regarding LegacyFX's major currency pair dealing spreads, along with margin requirements, minimum and maximum quantities for trades in units and lots, volume steps in units and lots, contract size, digits for currency quotes, and variable target spreads for each of the three different account types: Platinum, Gold, and Silver.
You may trade contracts for difference (CFDs) on currency pairings, commodities such as gold and oil, cryptocurrencies, indices, and equities in addition to foreign currency pairs.
LegacyFX is able to provide its customers with a trading platform that is already well-known to a large number of forex traders since it supports the MT5 trading platform. In addition to the trading platform that LegacyFX provides, additional instances of its user-friendliness include the following:
Can open a trial account in fewer than ten minutes if you register online.
Interface that is easy to use, along with in-depth analyses and instructional materials
The MetaTrader5 program is accessible for desktop computers as well as mobile devices, and there is also an online version that does not require downloading.
Methods of depositing and withdrawing money that are easy to use
The combination of the MT5 software and the LegacyFX interface makes it simple for both experienced and inexperienced traders to utilize the platform.
Education Provided by LegacyFX
LegacyFX provides a wealth of training tools for traders of all experience levels, from novices to seasoned experts. The following are examples of educational resources that LegacyFX offers:
Video collection: The vast video library covers a wide range of topics, including buying and selling as well as currency pairings for beginners, chance and risk, emotional trading, trend analysis, lessons for MT5, calculating pips, and both passive and aggressive trading strategies.
In-depth courses: CFDs and stocks, trading tools, and trading methods are covered in in-depth trading courses that are designed for both novice and experienced traders.
LegacyFX publications are an excellent resource for learning about various markets and trading strategies. Trading the market, trading methods for novices, trading psychology, and a variety of literature on technical and fundamental market analysis are some of the topics covered in this course.
Glossary: The website of LegacyFX contains a comprehensive glossary that defines the terminology and idioms that are pertinent to foreign exchange trading.
LegacyFX gives traders access to both fundamental and sophisticated trading tools, in addition to providing outstanding training materials. These tools include the following:
Trading signals: You have the ability to gain access to live trading signals that make use of some of the most well-known technical analysis indicators, including Williams percent Return, Bull/Bear Power, the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Stochastic RSI. The signals include a wide variety of tradable assets, in addition to currency pairings in the foreign exchange market.
Technical analysis: In this section of the broker's website, you will discover video tutorials on how to read charts on commodities, indices, equities, and currency pairings, as well as daily market analysis.
The most recent market news is readily available, and direct connections are provided so that users may trade on the markets that are discussed in the news reports.
You can remain up to date with the latest news that may influence your trading selections by using the economic calendar function. This feature displays all of the significant economic releases that have an impact on the currencies of the world.
Calculators: Traders have access to a variety of helpful calculators on the LegacyFX website. These calculators include a pivot calculator that displays pivot points on exchange rates, a deal size calculator that assists with money management, and a Fibonacci calculator that facilitates in-depth technical analysis.
Data analytics: This helpful feature grants you access to TradingView's premium analytics portal, which provides you with a cryptocurrency market widget in addition to real-time charts, fundamental data, and other analytical tools.
Support for Customers of LegacyFX
The LegacyFX customer service team may be reached by phone from Monday through Friday between the hours of 8:00 a.m. and 12:00 p.m. (GMT +3). You have direct access to a number of the broker's departments, including compliance, complaints, dealing, affiliates, and support, when you send an email to the broker.
You may also get in touch with its office in Vanuatu directly by sending an email or calling the number provided. It appears that the connections to the Customer Service and Dealing buttons on the Contact Us page of the broker's website have been deactivated, since both of these links go to a page that is empty. This portion of the page is labeled "Call Us."
Please contact us at firstname.lastname@example.org.
The number to reach you at in Vanuatu is: 413 1 508 7455
Send correspondence to the following address: Post Box 1276, Port Vila, Republic of Vanuatu Govant Building Kumul Highway
Customers of LegacyFX have access to brokerage services for foreign exchange (forex) and contracts for difference (CFD) trading on gold, oil, cryptocurrencies, indices, and major stocks. The dealing spreads offered by the broker start at a competitive 0.5 pips and are only available on the MT5 trading platform, which is the only one the broker uses as its primary trading platform.
The first six accounts are free, but after that, various payments may be associated with the VIP account, which offers more customization options. The Trading Academy, live support, daily signals, tips, and updates, a private channel, access to commodities trading, and a swap-free account are all included in each and every account category.
The platinum account type gives a dealing room direct line and trading plan support, while the premium account type offers platinum sessions and advanced coaching. In addition to providing access to personal success objectives, fundamental coaching, and the direct dealing desk, the gold account also grants you a VIP EU Mastercard credit card.
You will have access to safeguarded trades, trading psychology assessments, and stock trading if you upgrade to the silver account. The basic and bronze accounts do not have access to the features that are accessible for the silver, gold, platinum, premium, and VIP accounts, respectively.
The LegacyFX mobile app, which is compatible with Android and iOS devices, is essentially the MT5 platform ported over to a mobile device and is available for download now. Among the functions offered by the app are:
One-click trading means that you can open a trade on your mobile device with only the touch of a button.
Cryptocurrency trading is now supported by MT5, which also includes brand new and exclusive features.
Tools for expanded technical analysis: MT5 now gives users the option to select from 21 distinct time periods as well as 9 more methods for chart construction.
With the optimized strategy tester, both add-ons and software for expert advisors (EAs) may be evaluated with precise result displays.
Enhancements to EAs: For expert advisors (EAs), Integrated Metaquotes Language (MQL) FX market product tabs are now accessible.
The economic calendar is a component that should not be overlooked by any forex trader.
LegacyFX provides services that are equivalent to those of many other reputable brokers who have been in business for much longer; this is despite the fact that LegacyFX is a relative newbie on the online forex broking market.
The fact that LegacyFX does not work with customers from the United States or Canada is one of the company's many shortcomings. A positive aspect of this company is that it provides adequate training resources for newcomers. Additionally, it allows FX and CFD trading on a diverse range of asset classes, which should appeal to the majority of traders.
Before you fund a genuine account with LegacyFX, you may check to see whether the services and platforms supplied by LegacyFX's MT5 are suitable for your requirements by creating a demo account with the broker.
LegacyFX was established in 2012, and its owning firm, AN All New Investments (VA) Ltd., is responsible for bringing the company under the jurisdiction of the Vanuatu Financial Services Commission (VFSC).
The broker provides clients with the opportunity to trade CFDs on Forex, Metals, Oil, Cryptocurrencies, Indices, and Stocks through a selection of four distinct trading accounts referred to as Silver, Gold, Platinum, and VIP respectively. If you are seeking for Islamic swap-free accounts, each account provides commission-free trading on all asset classes other than stock CFDs, maximum leverage of 200:1, and no rollover fees for Silver, Gold, and Platinum accounts, respectively.
Users get access to the industry-leading MetaTrader 5 trading platform, which is available for use on desktop computers, the web, and mobile devices. In addition, users have access to supplementary trading tools, including as an economic calendar, online trading calculators, and AutoChartist. Additionally, the broker offers instructional information in the form of videos and courses, in addition to providing market news and technical analysis reports.
AN All New Investments (VA) Ltd. is the owner of LegacyFX, and the Vanuatu Financial Services Commission is the regulatory body for AN All New Investments (VA) Ltd. (VFSC).
Costs associated with trading, such as spreads and commissions, might differ based on the item being traded and the kind of account that is created (fixed or variable).
Silver, Gold, Platinum, and VIP are the four distinct categories of trading accounts that may be opened with LegacyFX. The first three accounts do not charge swap fees, and consumers may choose between having their spreads be fixed or variable. Users also have the option to establish a practice trading account.
The Silver Account is designed for novice traders and requires a minimum deposit of $500. It also offers the extra features that are outlined in the graphic that is located above this paragraph. The Platinum Account has the highest initial deposit requirement of $25,000 yet provides access to the most perks.
There are no swap costs associated with the Silver, Gold, or Platinum accounts, and customers have the option of selecting between a fixed or variable spread. You are able to fund your account with US Dollars, Euros, or Great British Pounds.
Users only need to click on the Open Account option to begin the account creation process, which will bring them to a page where they can enter their information. After the user has entered their data, including their name, email address, and phone number, they are then brought to the LegacyFX client portal page.
The broker does not work with customers coming from the following countries: the United States of America, Israel, Iran, Syria, Afghanistan, Myanmar, North Korea, Somalia, Yemen, Iraq, Sudan, South Sudan, British Columbia, Ontario, or Manitoba.
LegacyFX gives its customers the option to make fee-free deposits of cash using a variety of payment methods, including credit and debit cards, bank wire transfers (for amounts above $200), Neteller, Perfect Money, Rapid Transfer, Alipay, PaySafeCard, and more. A transfer to the bank is required in order to process withdrawals.
Users of LegacyFX are given the opportunity to trade using the widely used MetaTrader 5 trading platform, which is available both for desktop and web usage.
Users of LegacyFX are given the opportunity to trade using the MetaTrader 5 mobile app, which is compatible with both Android and iOS. These may be obtained by downloading them straight from the Google Playstore or the Apple App Store.
Users of LegacyFX have access to the AutoChartist plugin utility for MT5, which is available to them through LegacyFX. This includes market analysis, such as automated notifications on developing and finished chart formations and Fibonacci patterns. Both the desktop and mobile versions of the MetaTrader 5 trading platform are compatible with its utilization.
In addition, the client portal part of the broker's website includes access to a variety of trading calculators, as well as live trading signals, which can be accessed on the homepage.
Trading with LegacyFX is completely free of commissions and swap fees; all customers are responsible for are the spreads and any applicable administrative costs. In addition, users have the option of selecting either a fixed spread or a variable spread account.
When trading with a fixed account on the Silver Account, the spread for CADCHF is 8.4 pips, however when trading with a variable account, the spread is only 2.8 pips.
In addition, the terms and conditions of the broker's website disclose that there is a cost of fifty dollars (or euros or pounds sterling), to close an account.
Commissions for stock CFDs can range anywhere from 0.15 percent to 0.45 percent, and the fee rate will depend on the type of account that is established.
There are currently three distinct promos available from LegacyFX. These include:
The Safe Mode Program allows you to undo any lost trade, provided you comply with the restrictions and conditions mentioned on their website.
When you recommend a friend, you are eligible to get a bonus of up to ten percent of their initial investment.
No Costs: There are no fees charged for making deposits or withdrawals, however this perk is only available if the amount being withdrawn by wire transfer is more than $200.
Each page prominently displays a Live Chat button in the middle of the page. As soon as we began a conversation using the chat feature, we were immediately greeted by a member of the Customer Service team. Our inquiry was responded to quickly and in a manner that was both adequate and satisfactory. The agent that provides customer service was well-informed and eager to offer assistance with the problem.
The broker provides many client service channels, one of which is live chat, in addition to the other assistance options. On the page labeled "Contact us," there is a list of several methods, including a phone number, an email address, an online callback request form, and connections to LegacyFX's various social media outlets.
The broker can be reached Monday through Friday between the hours of 8:00 and 2:00:00 GMT+3.
Please send any correspondence to the following address: Govant Building, Kumul Highway, P.O. Box 1276, Port Vila, Republic of Vanuatu.
Analysis is given a significant amount of attention at LegacyFX. Every day, fresh films and news stories on market analysis are uploaded. A Trading Calculator and an Economic Calendar are two of the helpful tools that the broker makes available to clients.
The most recent market events and activity from the European, American, and Asian Trading Sessions are discussed by analysts in their Market Review Reports.
The website also includes an economic calendar, which provides traders with information about impending market events, the influence that these events are expected to have, and the instruments that are most likely to be affected. The LegacyFX calculators are helpful for traders of all experience levels, from novice to expert. A Pivot, Fibonacci, and Deal Size calculator are all available from the broker.
On its website, LegacyFX provides users with access to a specialized 'Education' area, which features a varied library of Video Tutorials including more than 80 individual films.
The video tutorials offer helpful information on the fundamentals of trading as well as essential words associated with the market, and they are primarily designed with novice traders in mind. The videos are brief, thought-provoking, and animated in nature.
The 'Advanced Courses' part of LegacyFX is dedicated to providing instructional content that is suitable for more seasoned traders.
Based on our observations, LegacyFX offers a trading platform that is both easy to use and transparent. Clients are able to trade commission-free (with the exception of stock trades) and swap-free on more than 200+ CFD instruments covering a wide range of markets, including cryptocurrencies, commodities, stocks, and indices.
The broker provides a total of four distinct trading account categories, which are referred to respectively as Silver, Gold, Platinum, and VIP. Users also have the option of selecting an account with a variable spread or a fixed spread; however, the best spreads are available on the accounts requiring a greater initial deposit.
Users have access to a variety of extra trading tools and promotions through the MetaTrader 5 trading platform, which is available for desktop, online, and mobile use. These features include AutoChartist, which provides live market analysis, and the Safe Mode Program.
How does LegacyFX generate revenue for itself? LegacyFX generates the majority of its revenue through spreads on particular tradable asset classes as well as administrative fees in particular circumstances.
What are the steps for making a deposit into my LegacyFX account? Credit cards and debit cards, bank wire transfers, Neteller, Perfect Money, Rapid Transfer, Alipay, and a variety of other payment methods can all be used to deposit funds into a trading account.
What is the minimum deposit required when trading with LegacyFX? The bare minimum required for a deposit is $500 USD.
What are the steps involved in taking money out of LegacyFX? The following methods can be used to request a withdrawal: credit card, cryptocurrencies, wire transfer, Neteller, and Skrill.
What is the maximum amount of leverage that LegacyFX allows? LegacyFX provides a maximum leverage of 1:200 to its customers.
How can I get started with LegacyFX as a new customer? On the LegacyFX website, opening an account is as easy as clicking a button and can be completed in just a few simple steps.
Is LegacyFX a customer of MetaTrader? The answer is MetaTrader 5.
LegacyFX gives its customers the opportunity to trade on more than 200 different financial products, including CFDs on forex, metals, oil, cryptocurrencies, indices, and stocks, using the MetaTrader 5 trading platform, which is accessible through desktop, online, and mobile devices.
LegacyFX was established in 2012, and its owning firm, AN All New Investments (VA) Ltd., is responsible for bringing the company under the jurisdiction of the Vanuatu Financial Services Commission (VFSC).
The broker provides clients with the opportunity to trade CFDs on Forex, Metals, Oil, Cryptocurrencies, Indices, and Stocks through a selection of four distinct trading accounts referred to as Silver, Gold, Platinum, and VIP respectively. If you are seeking for Islamic swap-free accounts, each account provides commission-free trading on all asset classes other than stock CFDs, maximum leverage of 200:1, and no rollover fees for Silver, Gold, and Platinum accounts, respectively.
Users have access to the world-famous MetaTrader 5 trading platform for desktop, web, and mobile devices. In addition, users have access to supplementary trading tools such as AutoChartist, online trading calculators, and an economic calendar. Additionally, the broker offers instructional information in the form of videos and courses, in addition to providing market news and technical analysis reports.
LegacyFX is subject to regulations in a number of different jurisdictions.
They are registered with the Vanuatu Financial Services Commission (VFSC) as AN
ALL NEW INVESTMENTS (VA) and with the Cyprus Securities and Exchange Commission
(CySec) as A.N. All new Investments Ltd. Additionally, the Financial Conduct
Authority has granted A.N. ALLNEW INVESTMENTS LTD (FCA / EEA Authorised 797343)
permission to sell particular goods and services inside the United Kingdom.
The jurisdiction from where your regulation originates will determine the amount of protection afforded to your cash. It is not feasible to determine what your regulation is at this time due to the fact that there are many different permutations that go into defining your regulation. You will need to verify with the manager of your account to see which regulatory body you fall under.
Even though LegacyFX (A.N. ALLNEW INVESTMENTS LTD) is authorized by the FCA, this authorization only applies to the EEA, therefore it is highly doubtful that your money will be protected by the FSCS.
If Vanuatu is your jurisdiction, you not only lack any kind of security for your cash but also have a tough time gaining access to legal services in the event that you need them.
If you are subject to the regulations of CySec, there is a possibility that you will have access to money protection. In the event that a firm goes out of business, all brokers that are authorized by CySec are required to become members of "The Investor Compensation Fund," which provides a guarantee of money equal to 90 percent of the customer's remaining deposit, up to a maximum of €20,000. On the other hand, according to CySec, this sum may be as little as €3,417 depending on the organizational structure of your broker. Because the answer is dependent on both your nation and its regulations, you will need to check with the manager of your account to see which solution is appropriate for you.
Keep in mind, too, that if you trade cryptocurrencies using CFDs (contracts for difference; trading the prices of cryptocurrencies without actually holding the cryptocurrencies), then you are not covered by the Cyprus Investor Compensation Fund. Because cryptocurrencies are not considered to be 'financial instruments,' the MIFID II law does not recognize them. If, on the other hand, you had created your account with a broker that was regulated by the FCA, both you and your assets would have been safeguarded by the FSCS.
It is strongly suggested that you select a broker who is regulated by the Financial Conduct Authority (FCA) in the United Kingdom or the Financial Market Supervisory Authority (FINMA) in Switzerland and who offers government-backed client funds protection (one hundred percent of the remaining deposit) up to GBP 85,000 (FSCS) or CHF 100,000 (Esisuisse), whichever is greater. These restrictions are more stringent, the regulations are more clear, and in the case of a disagreement, they are more targeted towards customers.
You should use our search engine to choose a broker who offers security for your assets in order to avoid dealing with copied and fraudulent companies.
LegacyFX is an unusual broker since it exclusively provides the MT5 trading platform and it guarantees that leveraged overnight positions will not be subject to swap rates. Retail traders with portfolios that are less than $25,000 are required to accept greater spreads, but the fact that there are no fees charged on overnight positions attracted my curiosity. After analyzing LegacyFX, I came to the conclusion that the swap-free offer does not produce a competitive advantage. How does LegacyFX stack up against the most prestigious brokers in the foreign exchange market? Find out more by reading this comprehensive LegacyFX review.
Swap-free trading on the MT5 trading platform is one of the highlights of the LegacyFX overview.
Despite the fact that there is a $1,000 minimum deposit restriction, I am grateful that LegacyFX gives traders access to the really helpful Autochartist plugin (still, some brokers charge an even higher minimum). In order to gain access to the stock market, traders are required to make a deposit of $3,000. This amount must remain within a fair range. This makes beginning an account with LegacyFX more expensive, but the fact that it does not provide swap rates makes it a broker that should be taken into consideration by traders who are able to afford the needed minimum deposit.
Trading with a broker who is subject to regulation will reduce the risk of being a victim of fraud or malpractice. Traders should always check for regulation and verify it with the regulator by comparing the issued license with their database. This is something I always propose to traders. LegacyFX provides clients with access to a single regulatory body.
LegacyFX has a spotless record with the regulatory agencies. At LegacyFX, customer deposits are kept completely separate from company money, and traders are given protection against negative balances, which is something that I consider to be an absolute must for leveraged trading. Unfortunately, there is no investor compensation fund, such as the one offered by the Financial Commission, which is headquartered in Hong Kong and serves as the principal authority for brokers registered in smaller countries. A policy issued by a third party is another possibility; however, LegacyFX does not offer these policies to its customers. It is important to note, however, that many of today's most successful brokers do not provide these assurances; yet, it is a desirable perk for brokers to supply it for their clients.
LegacyFX deviates from the generally recognized AML standards in that it demands evidence of payment for deposits made by credit or debit card and also permits third parties to make such deposits. In order to combat the AML breach, traders are required to also sign a Transaction Authorization / Declaration of Deposit (DOD) Form. In addition to that, traders are required to produce their Taxpayer Identification Number (TIN), which is a requirement that is not met by other offshore brokers.
The fact that LegacyFX provides contact information in many languages is evidence that the broker operates on a global scale. The reported phone number for the firm is located in Switzerland. The instant messaging service WhatsApp displays a telephone number that is located in the United Kingdom and is accessible through the WhatsApp for Business app.
At LegacyFX, things become a little confusing when it comes to the costs associated with trading. Scalpers and other types of short-term traders will find LegacyFX to be a costly broker unless they have a minimum deposit of $25,000. This is because the spreads on all assets as well as the costs for equities CFDs are extremely high.
Having said that, I feel obligated to explain how the lack of swap rates makes LegacyFX the perfect broker for leveraged traders who hold positions for more than a week, at which point the broker's trading expenses drop to the lowest level seen elsewhere in the business.
LegacyFX gives traders the option of choosing between variable spreads and fixed spreads, however I am unable to advocate the fixed spread option since even without swap rates, trading expenses are still very high.
Equity traders had to additionally take into consideration the lack of swap rates as well as the favorable influence on the profits of trading. Because traders in equities leave their positions open for longer periods of time than traders in forex or commodities, I strongly advise traders to overlook the 0.45 percent charge that is offered by LegacyFX and instead take into account the absence of financing expenses. It is possible to save hundreds or even thousands of dollars in terms of trading fees.
The following image is a screenshot that was taken from the LegacyFX MT4 Premium trading account during the London-New York overlap session, which is the most liquid one and often provides traders with the lowest spreads.
Although I was unable to locate an inactivity fee for foreign customers of LegacyFX, I was able to locate one for its CySEC-regulated business. However, access to this entity is still restricted to EU traders. In general, scalping and other forms of short-term trading are strongly discouraged by Legacy. It does so while maintaining one of the most favorable trading circumstances for investors who want to keep their positions open for more than a week.
Even though LegacyFX only includes 41 currency pairings and eight cryptocurrency pairs, this number is more than sufficient for beginner and intermediate traders, particularly when taken into consideration in conjunction with the other assets that are made available by the company. Additionally, the broker provides access to 11 index CFDs and 19 commodities CFDs. The majority of the assets are comprised of 246 stock CFDs that are listed in nine different jurisdictions. In addition, there are 13 ETFs.
Retail traders have access to a maximum leverage of 1:200 through LegacyFX, which is, in my opinion, a competitive offering for active traders, as it increases both flexibility and profitability. There is protection against negative balances, and there are no swap rates, which combines to make this an excellent trading environment for long-term traders.
Please be aware that stock and index CFDs do not trade continuously but instead open and close at the hours mentioned above each day.
The next step that I propose for MT5 traders to do in order to access trading hours is as follows:
1. In the Market Watch window, right-click the symbol you want to examine, and then pick the Specification option.
2. Go to the bottom of the page till you find Sessions.
The seven different account types offered by LegacyFX are confusing to me for no good reason. A minimum deposit of $3,000 is required in order to engage in equity trading at LegacyFX, whilst a minimum deposit of $5,000 is required in order to gain access to the direct dealing desk. Because of this, LegacyFX is an excellent choice for stock traders who manage larger portfolios.
PAMM accounts, which enable a full solution for portfolio management, are made available to LegacyFX account managers as well. This makes it possible for more specialized traders and smaller account management organizations to expand their asset management businesses while maintaining control over the parameters.
Demo Account for LegacyFX.com. The LegacyFX demo account, which can be accessed straight from the MT5 trading interface, does not appear to have any kind of time limit attached to it. It was a little frustrating that the sample account didn't have any of the personalization choices available to use.
LegacyFX is a peculiar broker in that it does not offer traders the features and infrastructure of MT4, but instead offers traders with the MT5 trading platform. Desktop clients, lightweight mobile versions, and dedicated mobile apps are all available for use with the platform. Beginner traders who do not already have access to MT4 trading solutions will not miss MT4, and I appreciate that LegacyFX makes the Autochartist plugin available to users who deposit more than $1,000. Although MT5 includes complete support for algorithmic trading and an integrated copy trading service, it lags significantly behind MT4 in each of these areas.
The absence of swap rates on leveraged overnight positions is the aspect of LegacyFX that stands out to me as being particularly distinctive, particularly for equities traders. It has a big and favorable effect on earnings while simultaneously lowering the costs of trading significantly. I feel it's important to emphasize that in order to qualify for the advantage, traders must maintain open positions for at least a week. Scalpers and other traders that trade for short periods of time will find LegacyFX to be a costly broker because to the high spreads and costs.
The Fields of Study and Instruction: LegacyFX supplements its offering with a live trading signals website, which it combines with services provided by a third-party supplier called Autochartist. TradingView contributes data and analytics to LegacyFX's offering. All of these services are wonderful additions that are provided by some other brokers, but the majority of these services are not provided by brokers who are either less established or newer in the industry. Despite the fact that it contains a collection of trading ideas that are well-balanced, investors should verify their precision before mindlessly following the suggestions. In general, I am able to say with complete certainty that the research that is accessible at LegacyFX is an excellent service.
LegacyFX provides new traders with a wide variety of teaching tools, and the company claims to have the most expertise. They provide what appears to be an unending supply of video content. The vast majority continue to be quite brief and just cover enough ground to present the subject at hand without delving very deeply into the matter. In addition, there are eleven ebooks that may be downloaded, each of which follows the same format as the video material.
Even though LegacyFX's website advertises the availability of webinars, I had a hard time tracking them down on the platform.
The hours of operation for customer service are 8:00 am to 4:00 pm (GMT+3), Monday through Friday. LegacyFX offers its customers with a registered office location in Vanuatu, an official phone number in Switzerland, a messenger with a landline in the United Kingdom, e-mail addresses, a web form, and live chat support services. The Frequently Asked Problems (FAQ) section provides answers to some of the questions that traders may have, and I recommend live chat or phone support as the most convenient means of contact for traders who want assistance.
Although LegacyFX does not provide deposit incentives, they do have a Loyalty Program in place for their affiliates. The structure is a combination of minimal equity, executed trades, and referral traders, which is a clever idea that appeals to me, but the returns continue to be poor. The most valuable of these four tiers comes with a gift card for an amount that is not defined. LegacyFX does not offer any benefits that are useful to traders; instead, it sells branded products and provides extra material.
The procedure of establishing an account with LegacyFX is quick and uncomplicated, and I loved how easy it was to do so. Traders may finish the application in fewer than thirty seconds by providing their name, e-mail address, phone number, preferred password, and account base currency in the appropriate fields. In addition to that, there is a signature box, which I thought was an intriguing addition.
Account verification is still required, and the majority of traders comply with this requirement by submitting a copy of their identification and one document that verifies their residency. In addition, LegacyFX requires that you provide your Taxpayer Identification Number (TIN), which is not the standard practice followed by other offshore brokers.
The minimum deposit required to open a LegacyFX account is $500. This is more than brokers that require only $100, but in reality, I find that it's not realistic to trade with only $100, so by requiring a higher minimum deposit, LegacyFX is actually, in a way, setting its traders up for greater success. Other brokers require only $100, but I find that it's not realistic to trade with only $100. Trading stocks calls for a minimum deposit of $3,000, while getting access to the dealing desk calls for a minimum of $5,000.
Various Methods of Payment: Perfect Money, bank transfers, credit and debit cards, cryptocurrencies, and Neteller, Skrill, and VLoad are the payment methods that LegacyFX accepts.
The fact that LegacyFX allows customers to make deposits through a third party is perplexing to me because this goes against the generally acknowledged AML regulations. LegacyFX fights back by requiring all traders to sign a Transaction Authorization / Declaration of Deposit (DOD) Form. This is their attempt to resist the competition. There are no costs associated with deposits or withdrawals at this time; however, LegacyFX maintains the right to institute such fees in the future. In addition, traders could be required to pay third-party processing fees, which can be levied by any broker that provides clients with access to third-party payment alternatives.
Because this broker does not impose swap rates on leveraged overnight positions, the trading experience at LegacyFX is one that I really like. Even though I would like there to be greater security for customers in the form of a compensation fund, LegacyFX provides a safe atmosphere for trading in general. The asset selection is about what one would expect, and while spreads and costs are hefty, the absence of swap rates makes this broker one of the more cost-effective options for investors who hold positions for more than five trading days at a time.
Both the Autochartist plugin and LegacyFX's extensive research service come highly recommended from me. MT5 users can download the plugin. Beginner traders have access to a considerable number of educational information; nevertheless, the quality of this content is noticeably lacking. My opinion is that equities traders with deposits more than $5,000, which is the minimum necessary to activate all useful features at LegacyFX, would benefit the most from using the LegacyFX platform. A deposit of at least $500 is required to continue.
Is LegacyFX a reliable broker to work with? Due to the fact that this broker does not impose swap rates, Legacy is a good option for investors who leave positions open for more than one week.
Is the FCA responsible for regulating LegacyFX? LegacyFX has a subsidiary in the European Union that is regulated by the Financial Conduct Authority and the Cyprus Securities and Exchange Commission. Legacy places restrictions on access based on the user's location.
LegacyFX is an unrefined MetaTrader 5 (MT5) broker that provides clients with
access to a diverse selection of CFD markets and currency pairings. It has
established a solid base of research products, and the substance of its investor
education services is comparable to that of other companies in the field. In
general, LegacyFX has not yet reached its full potential and is currently behind
other leading MetaTrader brokers.
Both a tier-1 regulator (high trust) and a tier-2 regulator have given LegacyFX its authorization to operate (average trust). The Financial Conduct Authority is the tier-1 authority that has granted LegacyFX authorization to operate in the forex market (FCA).
LegacyFX provides clients with access to 425 CFDs in a wide range of popular asset classes, such as stocks, exchange-traded funds (ETFs), commodities, metals, foreign exchange, and cryptocurrencies.
Cryptocurrency: Crypto Contracts for Difference are not offered to retail traders from any broker's company in the United Kingdom (UK), nor are they available to residents of the UK.
Whether you pick LegacyFX's EU entity that is controlled by CySEC or its international entity that is located in Vanuatu, the variety of account options that are accessible to you will change accordingly. Unfortunately, there are no available average spreads to evaluate the real cost of trading with LegacyFX, which is something I have come to expect from the best brokers in this area. This is something I have come to expect from the best brokers in this category.
EU entity: LegacyFX provides EU residents with the opportunity to choose from three different account kinds: Silver, Gold, and Platinum. Each of these account types requires a minimum deposit of either $500, $5,000, or $25,000. The Platinum account has the lowest spreads advertised, while the Gold account offers spreads that are somewhat greater. The Silver account's trading expenses are significantly greater than those of the Gold account, with the lowest minimum spread on the EUR/USD reaching as high as 1.6 pips.
LegacyFX, a company based in Vanuatu, provides seven different account types for its international customers. The Standard account requires a minimum deposit of $500, while the Bronze account requires $1,000, the Silver account requires $3,000, the Gold account requires $5,000, the Platinum account requires $10,000, the Premium account requires $25,000, and the VIP account requires $50,000. Your degree of client assistance, such as mentorship and the opportunity to communicate with the trading desk, as well as the variety of access to various trading tools, are both determined by the account type you have.
LegacyFX lags behind industry giants like as IG and Saxo Bank since the company does not have its own dedicated mobile app. Read our guide to the best forex trading apps to learn more about our top choices among trading applications.
An overview of the apps Given that LegacyFX is a MetaTrader-only broker, the iOS and Android versions of the MT5 app both come standard and can be downloaded from the respective app stores (Apple App Store and Google Play Store). There is currently a problem accessing MetaTrader 4 (MT4).
LegacyFX is a broker that solely supports the MetaTrader platform. It provides a basic and unadorned version of the MT5 experience. LegacyFX does provide the Autochartist plugin, but other than that, there are no noteworthy add-ons that enable LegacyFX differentiate itself from the finest MetaTrader brokers.
An overview of the platforms: LegacyFX clients get access to the whole MetaTrader suite, both for desktop and web trading. The trading platform for desktop computers is compatible with the macOS and Windows operating systems, while the online version may be accessed quickly and conveniently with any contemporary web browser.
Charting: The MetaTrader platform suite is well-known for its high-quality charts that are also user-friendly. The MT5 charting interface makes charting a snap thanks to the ability to drag and drop almost 50 indicators, reorganize numerous windows and tabs, and zoom in and out of the chart.
The research that LegacyFX has to provide is quite comparable to what other companies in the sector provide. It has a decent collection of video material; nevertheless, the layout appears to be out of date. On the other hand, it does not provide a substantial supply of written articles. LegacyFX has established a foundation upon which it may expand its offering in this area, although it is currently a long way behind the industry's top brokers in this category.
LegacyFX places its research service within the Trading Tools section of its website. This part also contains an outline of the study. There, I discovered a calendar for economic events, trading alerts provided by Autochartist, and daily analysis films that each concentrate on one or two specific currency pairings.
The market news and analysis part of the LegacyFX website offers stories in headline style. These headlines may be enlarged to expose further information in the form of bulleted lists. The headlines of the market news were satisfactory in my opinion; nevertheless, I was unable to locate any research papers on LegacyFX, which left me wanting more.
Trading signals from Autochartist are provided by LegacyFX. Autochartist is a provider of research solutions for the foreign exchange (forex) and contract for difference (CFD) industries. At LegacyFX, Autochartist may be downloaded as a plugin for MT5, and it can also be accessed in the Trading Tools part of the website, under the heading Market Reports.
At least in terms of the video content that it provides, the educational offering that LegacyFX provides is on par with what is often seen in the business. Their instructional Academy component is quite well structured, with video courses and classes grouped according to the user's degree of experience.
However, LegacyFX's selection of written materials is restricted to perhaps a dozen ebooks, all of which struck me as being very elementary in nature. To a considerable extent, LegacyFX is just unable to compete with the industry's top brokers in this area.
Center for education: Within the instructional content, there are at least 10 films geared for beginners, in addition to recordings that are more advanced and part of the LegacyFX Academy. Additional films are stored on the YouTube channel that belongs to the broker.
LegacyFX's instructional offering might benefit from the addition of more written content, which would assist bring it closer to a balanced state. As things are, there are almost no articles available, with the exception of their ebooks, which I found to be deficient in information.
LegacyFX is an exclusive MetaTrader broker that provides clients with access to a respectable selection of financial products, including 425 symbols and 41 currency pairs, all of which may be traded using MT5.
In general, though, LegacyFX has a difficult time competing with the most reputable MetaTrader brokers. The publication of LegacyFX's average spread data on a monthly basis, in addition to enhancements to the company's research and education programs, will help elevate the company and bring it closer to the leaders in the industry.
Licenses for Legacy FX:
A.N. All New Investment Limited is the entity that has the license for LegacyFX, which is issued by the Cyprus Securities Exchange Commission (CySEC) and grants authorization and regulation.
The Federal Financial Supervisory Authority (BaFin) has granted authorization and regulation to LegacyFX. Its registration number is 348194 A.N All New Investment Limited.
The United Kingdom Financial Conduct Authority has granted LegacyFX authorization and regulates the company (Registration Number: 797343).
Vanuatu Financial Services Commission (VFSC) has granted LegacyFX authorization and regulates the company's operations. LegacyFX's registration number is 14579.
Under the Registration Number: 193180778N, the National Bank of the Republic of Belarus (NBRB) has granted LegacyFX the authority to conduct business and oversees its regulation. All New Investment Limited. All New Investment.
Tweets by FXStreetNews
Tweets by financemagnates
Tweets by CoinMarketCap
Since 2017, LegacyFX has been a leader in the multi-asset trading industry, offering traders all over the world with brokerage services for foreign exchange (FX) and contract for difference (CFD) trading on major equities, gold, oil, cryptocurrencies, and indices. LegacyFX is completely compliant with the General Data Safety Regulation (GDPR) and is fully regulated by CySEC, FCA, and BaFin. The company's primary goal is to improve financial transparency and give more consumer protection. Its spreads are among the narrowest in the industry, starting at only 0.6 pips, making it one of the best places to trade in the market.
The broker provides access to more than two hundred different trading products. LegacyFX gives its customers access to the MetaTrader 5 trading platform. Legacy FX provides its customers with the means to get access to the foreign exchange market twenty-four hours a day, five days a week. This enables customers the opportunity to trade the most common major, minor, and exotic currency pairings. Negative balance protection and total separation of client money and business assets are two of the safeguards that LegacyFX employs to ensure that investments are protected to their maximum extent.
LegacyFX is a brand name of the A.N All New Investment Limited, which is authorized and regulated by the CySEC, which is a regulatory authority for Investment Services firms in Cyprus. In addition, the company possesses cross-border licenses as a result of its European position, which authorizes it to provide investment services within the EEA zone. LegacyFX is a subsidiary of the A.N All New Investment Limited.
To put it another way, it indicates that the broker has properly established its company in accordance with all of the relevant laws and principles of operation, and has ultimately committed themselves to protecting their customers and maintaining the integrity of the market.
Despite this, there is a plan for international business that operates through an extra license in Vanuatu or through AN ALL NEW INVESTMENTS (VA) Limited operating under the URL https://int.legacyfx.com. The terms of trade in this location are distinct from those in other places and are subject to a distinctive set of rules and regulations. Trading with offshore zones has always involved a fair amount of risk, and we should clearly make it clear that doing business with AN ALL NEW INVESTMENTS (VA) Limited's subsidiary is not a risk-free activity.
Because holding a LegacyFX license indicates that the company satisfies all of the stringent regulatory requirements, it is generally accepted that a trader's investment is secure. This is because the broker completely separates client funds from the operational funds of LegacyFX, and these funds are kept in leading and reputable EU banks.
Additionally, the regulatory norms of CySEC are completely matched with the European MiFID legislation, which enables LegacyFX to offer its service within the EEA zone and even farther afield. The declared purpose of MiFID is to increase the protection of investors while also contributing to the development of a growth capital market that is more interconnected, deeper, more effective in providing new opportunities for investment. However, because of the nature of this legislation, LegacyFX is unable to provide its services in jurisdictions where the broker is NOT licensed.
You are able to trade through the multiplied volume that is made possible by leverage, which is known as a loan issued by the broker to the trader. Although this may boost your potential winnings, it also raises the high dangers that you face. Therefore, the first thing you need to do is educate yourself on how to make effective use of the instruments at your disposal. Additionally, numerous regulatory requirements and regulations establish a specific permitted degree of leverage that is regarded to be safe.
Since ESMA places considerable restrictions on the use of leverage by retail traders, LegacyFX Reviews reveals that the leverage ratios offered by brokers are all set to a standard level that is acceptable for European traders. As a result, the highest possible level has been set at a 1:30 for the most important currency pairings. There is a possibility that worldwide LegacyFX traders might still be eligible for a larger range of up to 1:200. Also, make it a habit to educate yourself on the proper use of leverage at all times so that you can avoid taking unnecessary risks.
Silver, Gold, and Platinum are the three tiers of accounts that are available to choose from while trading with LegacyFX. The trading conditions and services that are accessible to use are equally competitive across all accounts; however, higher grade accounts come with additional advantages.
The Silver account requires a minimum deposit of $500 and has the tightest spread at 1.6 pips. This account is accessible to traders who meet these requirements. With a Gold account and a deposit of $5,000, you will only pay 1.0 pip for this transaction.
Each of the account kinds brings a unique possibility for your trading approach while also giving novice traders, investors, and seasoned experts the opportunity to navigate the market in their own unique manner.
The Islamic account offered by LegacyFX is compliant with the tenets of Islamic law regulating the conduct of financial institutions and riba (interest). People who cannot trade on accounts that incur interest or swap fees due to their religious beliefs can use this sort of account, which does not charge them either interest or swap fees. However, account holders will continue to enjoy all of the benefits of all of the Account Types offered by LegacyFX, including the identical spreads and trading conditions as before.
Demo accounts provided by LegacyFX enable customers to test out the broker's services and platforms, as well as practice trading methods using virtual funds in a risk-free environment.
LegacyFX provides clients access to a smooth trading experience over a vast choice of underlying assets numbering in excess of 200, allowing clients to choose from the industry's most prominent shares, indices, forex pairs, commodities, and CFDs.
Therefore, because you will have access to the most liquid and popular markets, you will be able to pick the instrument that best suits your trading needs in terms of both knowledge and desirability, and you will be able to take use of BDSwiss's user-friendly trading interface.
Starting at 0.6 pips, the dealer spreads provided by LegacyFX are among the most competitively priced in the industry.
Negative balance protection is provided, and customer money are kept separate from LegacyFX's own funds. Rollover fees are not charged on long-term positions.
Swaps are completely free across the board for LegacyFX accounts (Silver, Gold, Platinum). Due to the fact that LegacyFX does not impose swap fees on long-term holdings, the company creates conditions that are perfect for long-term trading and investing. Negative balance protection and total separation of client money and business assets are two of the safeguards that LegacyFX employs to ensure that investments are protected to their maximum extent.
The fees associated with Spreads are determined on the type of account you utilize. When trading with a Silver account, the minimum variable spread for major currency pairings such as EUR/USD is 1.6 pips. When you upgrade to a Gold or Platinum account, your spread will be reduced to 0.6 pips from a previous level. For the EUR/USD pair, the fixed spreads for the Silver account are around 3 pip in size.
In this section of our LegacyFX review, we will cover another extremely crucial topic: how to move money out of or into your trading account. LegacyFX makes it possible to conduct the transaction using major credit and debit cards, Skrill, Neteller, and bank wire transfer. Eventually, all account maintenance will be done through an online field. The payment options are different based on the company that you are doing business with.
When it comes to the quantity of the minimum deposit, LegacyFX's Silver account requires a beginning investment of 500 dollars, while other accounts require greater amounts of initial deposits. The good news is that LegacyFX does not assess any fees for deposits made using credit cards or electronic wallets; nevertheless, the specifics of this policy may change from one set of regulations to another.
After you have submitted and confirmed the request to withdraw money from your account, the accounting department of LegacyFX will normally process and confirm withdrawal within three business days from the moment you have submitted and confirmed the request.
When it comes to the transfer costs, you should be sure to examine the conditions in full with the payment provider and the broker respectively. This is because different jurisdictions may apply different laws owing to the fact that international policies are different. In general, LegacyFX does not charge a commission for withdrawals made using bank cards but does impose a fee of fifty dollars for withdrawals made using wire transfers.
LegacyFX's software solution is based on the widely used MetaTrader5 platform, which offers a full trading feature and a wide variety of solutions. This platform is the most popular choice. It shouldn't come as much of a surprise given that MT5 is a well-known and widely used industry intuitive platform that enables trading at any time and from any location with advanced charting tools, indicators that help traders better manage risks, and a greater number of opportunities to ascertain price direction.
With the MetaTrader 5 online platform, you may trade foreign exchange and contracts for difference (CFDs) without having to install or download any software. Any web browser and computer operating system will do as long as you have an internet connection and want to trade on the Forex market.
Your whole trading process may be monitored and improved with the help of MetaTrader5 for Desktop, which provides a comprehensive set of functionalities. MetaTrader5 is a multi-asset platform that is designed for institutional use. It provides excellent trading opportunities as well as tools for technical analysis. Traders may take advantage of the most recent edition of the most popular trading platform, which comes equipped with a plethora of innovative features and perks that are made available by LegacyFX.
Traders may place eight different types of pending orders on the LegacyFX Mobile Platform, which is compatible with both Android and IOS. This provides traders with greater precision and control over open positions. The trading of cryptocurrencies is supported in MetaTrader5 thanks to an array of brand-new and one-of-a-kind crypto capabilities. Mobile MT5 makes it easier to create a new position by allowing users to do so with just one click. It also offers extra technical capabilities that allow users to select from over 21 different periods for charting and nine more approaches for chart structure.
Customers have the option of contacting customer service through email, via phone, or by using a live chat tool to have a conversation with a representative. Support is accessible around the clock. The support team is trilingual and is able to communicate well in English, Arabic, and Russian. The customer is important to the broker, thus they will gladly answer any questions you have about your account as well as any general or technical concerns you may have. They are also interested in hearing how they might enhance the help that is already given to traders.
Traders who use LegacyFX may access a selection of video lessons, trading platform leading tutorials and courses, download entire eBooks on a wide range of topics, and broaden their subject-matter expertise by participating in webinars offered by industry professionals. In addition to this, LegacyFX provides cutting-edge trading tools and analyses, and it also delivers market research on a daily, weekly, and monthly basis.
Additionally, the broker offers:
Large number of different lessons and courses that span all levels, from novice traders to those with years of expertise.
Webinars in real time that examine major developments in the market and compare and contrast various strategies.
Research and analysis of the market conducted on a periodic basis by leading financial specialists on currencies, commodities, stocks, and other financial instruments.
Support for trading provided by various financial trading tools such as an economic calendar, a dictionary, and calculators.
In general, the LegacyFX review reveals a worldwide brokerage firm that has a well-established customer-oriented business and offers a safe trading environment that is also well-regulated and can accommodate practically any demand.
It has established itself as a market leader in the retail business in recent years, giving the impression that it is one of the most promising brokers in the industry. Compliance with the MiFID requirements and regulation by CySEC, VFSC, and the National Bank of the Republic of Belarus are hallmarks of LegacyFX's market standing (NBRB). In general, this broker has a spotless reputation with the regulatory agencies, and its openness is second to none.
In addition, education is the primary instrument and a very effective one in LegacyFX's business strategy. This is because education draws in new traders and provides a fantastic opportunity for both LegacyFX and the new traders. Not only that, but this is in addition to its well-established social responsibilities as well as the other events they frequently held.
Sites like LegacyFX in the UAE
Here is a list of quality Forex, CFD, Stock and Crypto Brokers for new and professional traders living in the UAE:
- Olymp Trade - People simply love this one (Olymp Trade Review)
- Binance - World's largest cryptocurrency e-wallet and exchange that also has an online trading platform, where their members can invest or trade in virtually hundreds of cryptocurrencies and new tokens. (Binance Review)
- IG Markets UAE - UK broker located at Tower 2, Level 27, Al Fattan Currency House, DIFC. (IG Markets UAE Review)
- City Index Middle East - London-city broker with a branch in the UAE. (City Index Middle East Review)
- eToro - Social trading platform, but much better options are available out there. (eToro Review)
- Swissquote - It's a Swiss bank that offers an online trading platform for forex and CFD trading. (Swissquote Review)
- easyMarkets - Israeli brand that is big all over. (easyMarkets Review)
- Forex.com - Google ranks them in the top 10 for the term "forex". (Forex.com Review)
- Plus500 - UK brand that has its own platform, OK for CFDs, with mediocre reviews. (Plus500 Review)
- AvaTrade - Regulated by ADGM's Financial Services Regulatory Authority (FSRA) in Abu Dhabi. (AvaTrade Review)
- FXCM.com - Oldest brand when it comes to retail online forex trading. (FXCM.com Review)
- Mashreq Neo - An online trading platform provided by Mashreq Bank. (Mashreq Neo Review)
- ForexTime (FXTM) - Owned by Andrey Dashin from the Alpari broker fame. (ForexTime FXTM Review)
- Noor Capital - Licensed and Regulated by the UAE Central Bank and SCA. (Noor Capital Review)
- XM.com - XM broker is big in Africa and South East Asia, and now promoting themselves hard in the UAE. (XM.com Review)
- Saxo Bank - Danish Investment Bank with a long history of catering for premium forex investors. It also provides crypto trading facility. (Saxo Bank Review)
- Pepperstone - Originally Australian, but licensed locally by Dubai Financial Services Authority. (Pepperstone Review)
- CMC Markets - UK-based broker that is popular among CFD traders. (CMC Markets Review)
- ETX Capital - UK broker that has a decent reputation among Arab investors. (ETX Capital Review)
- Interactive Brokers - American online-trading broker that is expanding into Asian and Arab markets nowadays. (Interactive Brokers Review)
- Rakuten Securities - Japanese broker that usually looks out for large institutional investors. (Rakuten Securities Review)
- Dukascopy Bank SA - Swiss bank that offers online forex trading on its own proprietary platform. (Dukascopy Bank SA Review)
- IQ Option - It's a below-average broker with no Dubai office, but does have a toll-free virtual number for UAE: 800 032 0891 -> No Arabic, English only. (IQ Option Review)
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.