LegacyFX Review 2023
LegacyFX is an online forex and CFD broker based in Cyprus. The company has been serving the retail trading industry for over a decade. While the broker doesn’t offer a proprietary trading app, clients can use the industry standard MT5 trading platform to explore multiple financial markets at LegacyFX. The company provides a mid-range product portfolio and average educational resources, while its pricing structure doesn’t seem much competitive either. This piece reviews the broker in detail.
Regulation and Security
LegacyFX holds regulations in two jurisdictions, including Cyprus and Vanuatu.
- Cyprus: Cyprus Securities and Exchange Commission (CySEC)
- Vanuatu: Vanuatu Financial Services Commissions (VFSC)
The company uses cutting-edge security protocols like biometric logins, two-step authentication, and SSL online encryption to protect clients’ confidential information from unauthorized access. However, the company doesn’t provide indemnity insurance if the broker goes bankrupt.
Negative Balance Protection
When trading with LegacyFX, clients never have to worry about going into the red, no matter how the market performs. It means you can never lose more than what you’ve invested with the company.
The broker keeps customer funds separate from the company’s business funds in top-tier banks, ensuring customers have instantaneous access to their money.
Investment safety is the top-most concern of every investor; hence, you should check Legacy FX’s security measures to satisfy your doubts.
Is LegacyFX available worldwide?
LegacyFX has regional offices in several parts of the world, including Vanuatu and Cyprus. The company accepts clients from almost all over the world, excluding Iran, Syria, France, Israel, Afghanistan, Belgium, Myanmar, Yemen, Iraq, Somalia, Sudan, North Korea, Manito, British Columbia, Ontario, and the United States.
LegacyFX is a pure MetaTrader5 (MT5) brokerage firm. The company doesn’t support any other in-house or third-party trading app. Clients can either use the MT5 trading platform online or download it on their desktops. On-the-go clients can also access the MT5 trading app via Android and iOS-based mobile phones and tablets.
Online trading: Clients who don’t wish to install software on their PCs can experience browser-based surfing via the MT5 web terminal. As an MT5 client, the broker provides the basic functionality you’d expect. Though, the Autochartist plugin isn’t available. One of MetaTrader’s most recognizable features is its user-friendly and powerful charts. The charting option is a breeze with MT5’s drag-and-drop support for roughly 50 indicators and the flexibility to reposition multiple tabs and windows alongside adjusting the zoom level.
Desktop trading: With its comprehensive features, the MT5 desktop trading platform allows clients to keep tabs on multiple windows and enhance their entire trading operation. MetaTrader5 is a multi-asset platform used by both retail traders and financial institutions. It has powerful tools for analyzing trends and finding potential trading opportunities. LegacyFX has recently released the latest version of the industry standard trading platform (MT5), having multiple trading tools and indicators required for a meaningful trading experience. The platform also supports automated trading for those struggling with time constraints or lack market knowledge.
Mobile trading: The MT5 mobile trading app can be downloaded from the Google Play Store or App Store depending upon your mobile-supported operating system, i-e, Android or iOS. Mobile access for traders means they can monitor their accounts, make trades, and analyze their performance from anywhere. The MT5 mobile trading app allows users to select from over 21 timeframes and 09 different charting patterns. Furthermore, the economic calendar keeps you abreast of all the newest market happenings, and the expert advisor optimization features help you make the most of your trading expertise. Most importantly, traders can open, edit and close positions with a single click.
The website provides sufficient details about their performance and effectiveness; you can view a quick overview by heading to the official website or clicking here.
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LegacyFX offers flexible account types, including Standard, Silver, Bronze, Gold, Platinum, Premium, and VIP.
Standard: The broker offers this type of account as a default for a minimum deposit of $500. Clients have a basic level of services and features available in the standard account.
Bronze: Clients with advanced skills might choose to sign up for the silver account. The account has a few additional features, such as 03 protected trades and an auto charting facility. The bronze account’s minimum deposit is $1000.
Silver: With a deposit requirement of $3000, the Silver account is suitable for clients looking for a diverse range of markets. In addition to all those features available in Standard and Bronze accounts, clients with the silver account can access market analysis and one-to-one personal support. Moreover, a trading psychology module is also reachable for silver account holders.
Gold: High-volume traders might find the gold account to be appealing. Though, it comes with a higher deposit requirement of $5000. Except for dealing desk trade execution and the availability of VIP Mastercard, the rest of the services stay the same as offered in the silver account.
Platinum: Seasoned professionals with extensive market knowledge and sufficient funds to start with are likely to be facilitated via this account. The broker needs you to deposit at least $10,000 to sign up for the platinum account. The account holder enjoys access to a premium trading plan inaccessible via any other account type we’ve already listed.
Premium: The broker serves the elite class of traders via a premium account. With a minimum deposit requirement of $25000, the company offers all that you could expect for a next-level trading experience. Some premium features include Dealing Room Direct Line, personalized trading sessions, and advanced mentoring.
VIP: The VIP account is the supreme account available for institutional investors. Clients can subscribe to customize services and features in the VIP account. The broker asks for a minimum deposit of $50,000 to register under the VIP account.
Demo account: Clients can also sign up for a demo account to learn and practice their trading skills without staking their real funds.
Note: The broker facilitates shariah practising traders across all account types. Clients can request the company to switch their conventional trading accounts to swap-free accounts anytime. If you have any queries, feel free to discuss them with the 24/5 customer care.
LegacyFX registration process is pretty fast. Clients only need to fill up the registration form, and the broker takes them straight to the dashboard. Traders can even fund their accounts without completing the KYC process. However, the broker mandates identity verification at the time of withdrawals.
Here we list steps that you may follow to open your account and start placing trades.
1. Visit the broker’s official website and click the Trade Now button at the top right corner of the homepage.
2. Enter your details on the registration page, select your preferred account type and mark your acceptance of the terms and conditions.
3. Access the member area using the dashboard’s side navigation panel.
4. Select your preferred payment methods from the available options, such as Debit cards, Credit cards, Skrill, Neteller, Perfect Money, Bank transfers, etc.
5. Enter your desired amount and authenticate the transaction to complete funds transfers.
After having funds in your account, you are good to start placing trades. Concerning account verification, the broker asks for a copy of the ID card, Passport, or Driving license. Moreover, you also need to submit a copy of your utility bill or bank statement to verify your address.
LegacyFX has designed its dashboard artistically. With every feature accessible right from the face of the dashboard, the broker makes it pretty easy for clients to navigate around. Starting from the left navigation panel, clients have four sections available, subdividing into different tabs. The uppermost section contains quick access buttons, including dashboard, Metatrader5, and Daily Edge having a search bar at the top. Then comes technical analysis wizards powered by TradingView and Autochartists. Down below is a collection of fundamental tools. Should you wish to add funds to your account, initiate a withdrawal request, view trading history, or edit your profile, all options are accessible via the personal area section. Next comes the educational library tab featuring video tutorials, advanced courses, e-books, and a glossary at your disposal. The window in the middle has several shortcuts, while the right-side terminal provides easy access to the daily edge.
Deposit and withdrawals
LegacyFX supports various payment methods for account funding and processing withdrawals. Available options include Debit cards, Credit cards, e-wallets (Skrill, Neteller), Wire transfers, Perfect Money, Jeton, cryptocurrencies, and a few more. The minimum deposit to open an account with the broker is $500.
Clients depositing funds to their accounts should ensure that the payment source is in their name since the company doesn’t entertain third-party transfers. Clients can fund their accounts in GBP, EUR, USD, and a few more currencies. The broker processes card and e-wallet deposits instantaneously. However, wire transfers take a little longer to reflect in your account.
The broker hasn’t defined any minimum threshold for withdrawals. Clients can request any amount they want, and the broker will release it to their original payment method. It takes the broker between 3-5 days to process your withdrawals.
The broker supports multiple financial markets, allowing clients to trade a wide range of tradable assets. However, the product portfolio still lacks competitive variety. There are a total of 400+ trading symbols available across forex, stocks, commodities, indices, and cryptocurrencies.
Commissions and Fees
Though the broker claims to employ a competitive pricing structure, it seems a little costlier compared to average industry standards. Besides asking for higher deposits, the company also charges an account inactivity fee of $50 or equivalent from clients with no trading activity in the past 90 days. The company also charges a commission that varies from 0.15% to 0.45% on trading stocks and metals, respectively. Swap charges on overnight positions are also part of the broker’s trading cost.
Concerning non-trading costs, the company doesn’t charge fees on deposits and withdrawals. However, a currency conversion charge is still applicable on funds transferred in currencies other than your account’s base currency.
The broker employs a variable spread charging policy, but it doesn’t list average spreads, making it difficult to assess the actual trading cost on majors like EURUSD. However, the company’s targeted spreads on EURUSD in Silver, Gold, and Premium account stays around 1.6, 1.0, and 0.6 pips, respectively.
Leverage is the practice of taking on positions while using borrowed money. To increase their market exposure, brokers often let their clients employ leverage up to a certain amount. While the company offers maximum leverage of up to 1:200, clients based in countries with stringent regulatory frameworks are limited to a leverage of 1:30.
Undoubtedly, leverage enhances clients’ market exposure. However, it also magnifies the risk of loss. Remember, a higher leverage level in a volatile market like forex can be detrimental, especially for newbies. It can wipe off your trading account in no time. Therefore you must be very careful when selecting the leverage for your account.
Analysis and Education
LegacyFX educational facility meets the average level of industry standards. The broker provides access to its research database via the Trading Tools tab on its homepage. Clients can access an economic calendar to track major upcoming economic events, Autochartist trading alerts, and daily videos featuring different currency pairs analysis. A handful of e-books and a short selection of video tutorials covering a few topics aimed at newbies and veterans also make part of the analysis and educational section. However, the company lacks in offering rich written content. Overall, the broker needs to improve its research and educational offerings. We believe the broker’s instructional offering might benefit from more of a balance between video and written content.
LegacyFX customer support appears somewhat slower. Though the company serves clients in multiple languages, the average time it takes to respond to your queries is between 3-5 minutes via web chat and telephone. Email correspondence takes even more time for clients to receive a resolution to their escalated concerns.
Reputation amongst Traders
With a rating of 4.5 out of 5 stars, LegacyFX is one of the highly reputable brokers. Clients seemed to be applauding the company for its overall services, including an easy signup process, quick deposit and withdrawals, and multiple account types.
LegacyFX has housed a number of awards in acknowledgement of its contribution to the industry.
- Best Trading Education Mena Awards 2022 by Global Brand Magazine
- Most Innovative Forex Broker Africa Awards 2022 by Global Brand Magazine
- Best Forex Broker Middle East Awards 2019 by Dailyforex.com
Can beginners trade with LegacyFX?
Yes! beginners can trade with LegacyFX for sure. However, the broker doesn’t offer ideal trading conditions for newbies to start, such as high minimums, a costlier pricing structure, a limited product portfolio, and fewer educational resources.
LegacyFX is a medium-range forex broker preferably suitable for experienced traders. Though the high initial deposit requirements, the average trading costs, and the lack of platform variety make it struggle to compete with the best brokerage firms in the industry.