LegacyFX is a metatrader-only broker with top-tier licensing by some of the most trusted financial regulators in the world. Established since 2012, LegacyFX continues to provide fair conditions to traders with different goals and experience on the market.
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LegacyFX Review
The broker offers a considerable amount of instruments from various markets. Through the spicy MT5 trading platform, LegacyFX offers a wide selection of supporting tools and research materials, though its educational content has a rather limited scope and depth.
- LegacyFX is a very versatile broker that caters to both beginner and advanced traders’ needs.
- It has top-tier regulation from EU and UK. International clients are served from the LegacyFX’s offshore entity located in Vanuatu.
- It incorporates some of the industry’s best and most popular trading platforms with excellent charting system.
- LegacyFX collection of tools has what you need to succeed in the extremely volatile and unpredictable market environment.
- Variety of asset class that makes it possible for currency traders and speculators alike to exploit different opportunities in the complex financial market.
- Traders can also benefit from LegacyFX’s daily market analysis, trading signals, and access to autochartist premium tools all at one place.
- Autochartist is a powerful tool that is constantly scanning the markets on your behalf, and it gives you price alerts whenever a new opportunity presents itself.
LegacyFX is Know For:
Its diverse and all-encompassing services, catering to a broad spectrum of traders’ needs including international customers.
LegacyFX Summary
Pros
- Metatrader 5 platform
- Multiple regulation
- Autochartist integration
- Trading Central
- Educational webinars
- LegacyFX academy offers tutorials for beginners.
Cons
- Minimum deposit is above industry average
- Relatively higher cost of trading
- No proprietary platform
- Limited educational resource
Forex Broker Expert is recognised for being a source of ground-breaking, high-quality, factual content that doesn’t leave any stone unturned. Tens of thousands of traders have used our reviews as a springboard to greater levels of trading success. Industry Best Practices.
- Min. Deposit: $500
- Spreads: from 0.5 pips on GBPUSD
- Max. Leverage: Up to 1:200
- Min. Trade Size: 0.01
- Website: legacyfx.com
LegacyFX Performance
LegacyFX offers multiple account options primarily differentiated by the minimum deposit requirement. The account type available to choose depends on your location and the LegacyFX’s subsidiary you choose. The EU subsidiary offers 3 kinds of account type namely Silver, Gold and Platinum. International FX traders will see 7 types of account opening options (Standard, Bronze, Silver, Gold, Platinum, Premium and VIP) offered through the broker’s entity in Vanuatu. Live support, trading academy, educational materials etc are available across their various account types.
Safety of Funds
Established back in 2012, LegacyFX is considered safe because it is licensed by top-tier regulatory authorities. The broker is authorised by the Cyprus Securities and Investment Commission (CySEC), Financial Conduct Authority (FCA) and the Vanuatu Financial Services Commission (VFSC).
Trading Platforms & Tools
LegacyFX offers trade on the MT5 platform available in web and desktop version. Mobile trading is possible through the iOS and Android version of the platform. Trading signals, excellent charting system and Autochartist integration are notable mentions.
Minimum Deposit
The minimum first deposit depends on your account type – the equivalent of $500 for the smallest account type.
Leverages
Depends on your location and the broker’s entity you opened your account. Leverage extends up to 1:200 for international customers.
Spreads and Commissions
LegacyFX offers a variable spread structure with no commissions across all their account types. The minimum spread advertised is 0.5pips on the GBPUSD currency pair.
Deposit and Withdrawal Method
Credit card, debit card, Skril, Neteller, PerfectMoney, Cryptocurrency. Acceptable base currencies include USD, EUR, GBP, JPY, CHF, AUD, RUB, PLN, HUF, SGD, ZAR.
LegacyFX Transparency
LegacyFX is owned and operated by the A.N. Allnew Investments Ltd (EU licensed entity), and the Vanuatu registered entity with trade name A.N. Allnew Investments (VA) Ltd. Customer service is available at [email protected]
Conclusion: LegacyFX is an Excellent Broker
After thorough analysis of the different opportunities that this broker presents, we found that the broker performs above average and is safe for trading. The broker is authorised by top-category financial watchdogs. Their Metatrader 5 suite provides a safe way to kickstart your trading business in 2023.
2023 Expert Analysis
Here at the Forex Broker Expert, we have reviews of more than 200 Forex brokers and trading software. The number one item we check when reviewing a broker to see if they are a scam is a safety score. We use a Safety score algorithms to asses risk level. They major criteria we use in grouping a Forex broker in to risk levels include total years in business, which regulatory licenses each firm holds, is the broker publicly traded in any stock exchange as well as our manual in house check.
Different Forex brokers offer different account types which goes by different names like standard, classic, premium, VIP or gold. The most popular minimum deposit for a Forex basic account is $250. Leverages can go as high as 1:200. As for the pips charged on these accounts, EURUSD is usually the pair with the lowest spread and the ideal thing is that each type of account is unique and will either have fixed or floating pips depending on which account portfolio you have chosen. Learn more about the industry best prectices here.
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