LegacyFX Review – Truth About LegacyFX.Com Broker
LegacyFX has been providing Forex traders with genuine and quality services since 2017. Although relatively new, during the last 5 years, LegacyFX has won awards and established a loyal customer base. All thanks to the highest security standards and customer-oriented vision of success.
First and foremost, LegacyFX is fully regulated and strictly supervised by several financial authorities – CySEC, FCA, BaFin, VFSC, and NBRB. Transparency is the company’s core value, which leads LegacyFX to earn clients’ trust through openness and honesty. The broker also believes that knowledge is power. Motivated by this philosophy, LegacyFX has developed strategies for empowering and educating clients.
Our LegacyFX review focuses on using everything the company offers to your own advantage. Read on and we’re sure everyone will find something that would inspire them to invest here.
|Regulation||CySEC, FCA, BaFin, VFSC, and NBRB|
|Instruments||Forex, CFDs on commodities, shares, indices, crypto|
|EUR/USD Spread||From 0.6 pips|
|Base Currencies||USD, EUR, GBP|
|Education||Articles, Video tutorials, E-books, Glossary|
LegacyFX License and Regulation
In contrast to brokerage firms that have obtained only jurisdictional licenses, LegacyFX is a broker powerhouse that prides on several online trading certificates issued by:
- The Cyprus Securities and Exchange Commission – CySEC
- Financial Conduct Authority in the United Kingdom – FCA
- The Federal Financial Supervisory Authority in Germany – BaFin
- Vanuatu Financial Services Commission – VFSC
- The National Bank of the Republic of Belarus in Belarus – NBRB
Three prestigious, top-tier licenses by FCA, CySEC, and BaFin are what distinguish LegacyFX from many other brokers on the market. The UK and EU licensing conditions are some of the strictest in the world. Besides the hefty investment the brokers have to make, customer security has a primary goal.
The way every investor’s capital is kept is of utmost importance for being regulated. That’s why every regulatory body in the EEA and UK will demand that companies keep clients’ investments in segregated bank accounts. In both the UK and EU, the leverage is capped at 1:30. Along with negative balance protection, these two risk-reducing measures are the pillars of client protection from sudden loss.
Compensation funds and protection by Financial Ombudsman is how clients are additionally supported in case of dispute or company failure. In the end, full transparency and transaction reporting are other ways of keeping the securities market safe, lucrative, and clean.
Non-UK and non-EU customers are protected by a loose VFSC regulation. The key difference is the lack of compensation protocol and leverage allowed – 1:200. International clientele is in that sense exposed to a bigger risk. However, careful risk management should compensate for this issue.
Trading Instruments Available at LegacyFX
A range of over 200 instruments with starting spreads from 0.5 pips on major currency pairs with leverage of up to 1:200 can be traded over at LegacyFX. We took the time to collect some of the most wanted instruments and sorted them into several broader asset groups:
- Forex (EUR/USD, GBP/USD, AUD/JPY, CAD/JPY, AUD/USD)
- CFDs on shares (Boeing, Adidas, Amazon, BMW, Tesla, Facebook, Coca-Cola, Nvidia)
- CFDs on commodities (gold, silver, copper, cocoa, coffee, cannabis, sugar)
- CFDs on indices (Dow Jones Industrial Average, S&P 500, Nasdaq Composite)
- CFDs on crypto (Litecoin, Bitcoin, Bitcoin cash, Ethereum, Ripple)
Account Types Offered at LegacyFX
Based on the clients’ differences in investing power, LegacyFX has more than a few account types available. Naturally, the higher the initial deposit, the more benefits, and services you unlock access to.
Clients are free to choose any of the following accounts:
- Standard – $500
- Bronze – $1.000
- Silver – $3.000
- Gold – $5.000
- Platinum – $10.000
- Premium – $25.000
- VIP – $50.000
The basic live account that you have to pay the $500 fee for offers common features like commission-free trading, live support, swap-free account and tips, and regular updates. A lot more expensive and advanced are the other accounts that require an initial deposit of at least several thousand dollars.
Retail traders might not have such investment capabilities but professionals and long-term investors are surely attracted by the features these accounts offer. This includes mentoring, premium ideas, personal success goals, direct dealing desk, a trading plan, a dealing room direct line, and others.
Trading Platform Used at LegacyFX
The single trading platform today which represents the most advanced technological solution in online trading and occupies the pedestal placed above all others is none other than MetaTrader 5.
LegacyFX makes sure the traders can access this unique premium software from any place, any time, and any device they wish. That’s why we find MT5 mobile (Android and iOS), web, and desktop (Microsoft, Mac).
Already worldwide famous and preferred by millions of investors, MT5 is a revolutionary software that is unmatched in its speed, abilities, and variety of features.
Up to 8, pending order types allow precise control over all your positions. That, the one-click trading feature helps you place trades and open new positions with just a single click.
Advanced traders can experiment with the optimized strategy tester as a new capability of expert advisors and a clear look at results. An economic calendar is another useful option that keeps a trader always updated on market events and changes in due time.
LegacyFX Deposits and Withdrawals
It is evident that the broker invests a lot into making the transactions utterly safe for all clients, since the security of their funds is what matters to investors the most. LegacyFX clients can fund their trading accounts through some of the various options provided:
- Credit / Debit Card via various credit card processors
- Bank Wire Transfers to one of the Company’s bank accounts
- Direct wallet transfer methods such as, but not limited to EFTPay, Giropay, iDeal, etc
- Alternative Payment Methods such as, but not limited to Skrill, Neteller, etc
- Cryptocurrency exchanges
Withdrawals are of course processed via the same method the deposit came through. Typically, the company processes the withdrawal requests during the first 24 hours since the application was submitted. LegacyFX does ask for customers to be patient during 3-5 business days, how much it could take for the funds to appear in their bank account.
As for the fees that LegacyFX charges, there are no deposit and withdrawal fees. If the Client’s account remains unused for at least ninety (90) consecutive days, the
The client’s account will be treated as a ‘dormant/inactive account’. This will attract a $10.00 fee.
LegacyFX Offers Bonuses and Promotions
Traders who decide to benefit from trading more and promoting LegacyFX can partake in some of the promotional programs or loyalty projects.
Depending on the number of transactions (deposits and withdrawals), completed trades, referrals, positive posts, and reviews in a period of 30 days, traders can apply for a certain tier. Every loyalty tier brings some benefits, although the higher tiers bring the most advantages. These can be access to specialized content, phone sessions with the lead account manager, gifts, and gift cards.
Investors can also gain benefits by introducing LegacyFX to their friends, family, and colleagues. Referring a friend is based on sharing the personal referral link with friends and getting commission according to the volume traded by the referrals.
There are also always some active special promotions, and traders can apply for them on the LegacyFX website. Currently, ongoing promotion is a Safe Mode Program, that allows up to 3 reversible trades.
Education Available at LegacyFX
LegacyFX takes learning seriously. All clients with access to the website can choose some of the informative ways of gaining knowledge. Whether those are articles, E-books or videos, LegacyFX has you covered. Growing your existing knowledge while learning something new every day undoubtedly increases your chances of success in the Forex market.
All educational material is divided into two groups that define every investor’s level of skill and knowledge. That’s how you will find specialized learning material for two major expertise levels: Beginner and Advanced.
Extensive Forex Glossary is also available directly from the web presence and helps investors learn the terms and expressions most used in the modern online trading community. The list contains the terminology and expressions along with their definitions commonly used in the world of financial trading.
A reputable company takes special care of its clients’ needs. LegacyFX appreciates hearing how they can improve and better support their customers. For that purpose they have enabled several ways of possible communication:
- You can leave a message for the staff on the website itself. All you have to do is complete the fill-in form and leave your basic contact info to receive the reply.
- Calling customer support is possible via several phone numbers of their offices around the world.
- Emails are listed and each is controlled by the department in charge of a particular service.
- Live chat feature on the site, that connects you to a free support agent to discuss your problem and alternative solutions.
LegacyFX Overall Summary
This LegacyFX review was our attempt to deliver your data about a legitimate online trading services provider. Although LegacyFX has been on the market for only several years, the firm has already achieved greatness. Licenses by CySEC, FCA, BaFin, VFSC, and NBRB speak in their favor.
The best trading platform in the world brings you endless possibilities for superbly fast order execution, strategy testing and one-click trading on all popular world markets. With low fees and quick transactions, you can gain an edge in comparison to your peers. Although the accounts may seem pricey, for this kind of service you get, it’s unrealistic to expect anything less.
FAQ About LegacyFX Broker
Are the Funds in my Trading Account Safe at LegacyFX?
LegacyFX puts customers’ safety of funds first above all else. Various licenses confirm this broker to be safe and good for investments.
How Can I Deposit Funds at LegacyFX?
Depositing funds to your live trading account at LegacyFX could be done via bank wire transfer, credit/debit cards, electronic wallets, and crypto exchange.
What Documents are Required to Create a Live Account at LegacyFX?
The registration process is very simple, you only need basic personal documentation to verify your identity.
What Account Types Does LegacyFX Offer?
Account types to choose from are Standard, Bronze, Silver, Gold, Platinum, Premium, and VIP.
Does LegacyFX Offer Demo Account?
Yes, besides the live trading account types, you can open a trial account and test the platform and the conditions of trade.