LegacyFX Review and Tutorial 2020
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|LegacyFX Facts & Figures|
LegacyFX is a multi-asset broker offering an MT5 download & free signals.
|Instruments||Forex, CFDs, indices, shares, commodities, cryptocurrencies|
|Min. Trade||0.01 lots|
|Trade CFDs in a range of financial markets.|
Trade FX pairs with tight spreads & leverage.
Trade popular cryptos against the USD.
|Coins||BTC, LTC, ETH, XRP|
LegacyFX is a regulated broker offering forex and CFD trading, as well as free market signals. This review uncovers the registration and login process, minimum deposits, demo accounts, spreads, and more. Find out if LegacyFX is a legit and safe broker.
LegacyFX Company Details
Established in 2017, LegacyFX is registered in Vanuatu and regulated by the Vanuatu Financial Services Commission (VFSC). The brokerage is owned by its EU entity, A.N. Allnew Investments Ltd, which is authorised by several European regulators, including the CySEC (Cyprus), FCA (UK), and BaFIN (Germany).
The broker offers over 200 financial instruments including FX, commodities, cryptos, stocks, and indices. New and experienced traders also benefit from a selection of free trading tools and educational resources.
MetaTrader 5 Platform
LegacyFX offers both the web-based and downloadable desktop versions of MT5, the successor to the popular MT4. The software complements all levels of experience but is a particular favourite among advanced traders.
- Over 80 indicators and graphical tools
- Depth of Market view and economic feed
- One-click trading function with rapid execution
- Historical data centre and fast EA strategy tester
- Multiple time-frames, ranging from one minute to one month
Head to the broker’s website to download MT5 onto Windows or Mac PCs. Alternatively, you can access the WebTrader straight form your internet browser.
LegacyFX provides over 200 instruments in several asset classes:
- Forex – 40+ majors, minors, and exotics
- Indices – 12 major and minor global indices
- Precious Metals – 7 metals including gold and silver
- Cryptocurrencies – Bitcoin, Ethereum, Litecoin, and Ripple
- Commodities – 11 agriculture, energy, and other commodities
- Stocks – Dozens of global equities from Germany, the USA, the UK, and more
Spreads & Commission
Traders can choose between fixed or variable spread accounts. Variable spreads for major forex pairs such as EUR/USD start at 1.6 pips with the Silver account. Spreads get tighter with the Gold and Platinum accounts, going down to 0.6 pips. Fixed spreads are around 3 pips for EUR/USD with the Silver account.
All assets are commission-free, except for stocks where charges range from 0.15% to 0.45% depending on the account.
Leverage varies from 1:5 to 1:200 depending on the asset traded:
- Stocks – 1:5
- Forex – 1:200
- Metals – 1:100
- Indices – 1:100
- Commodities – 1:100
- Cryptocurrencies – 1:5
Margin requirements are listed on the Trading Conditions page but range from 0.5% to 20%.
LegacyFX offers cross-platform trading with the convenient MT5 mobile app. Traders can manage open positions, access interactive charting tools, and view full trading history on-the-go. You can also stay informed with the latest market news with the economic calendar and take advantage of optimised strategies for expert advisors.
The MT5 mobile app is easy to download onto iPhone (iOS) and Android (APK) smart devices and receives positive online ratings for its user-friendly design. On the downside, mobile trading is only available to Platinum account holders.
Deposits can be made via several fast and fee-free methods. Processing times vary:
- Neteller – Instant
- Skrill – Up to 30 minutes
- Wire transfer – 1 – 3 days
- Visa/Mastercard – Instant
- Bitcoin – Up to a few hours
- MyFatoorah – Up to a few hours
Withdrawals take 3 – 5 business days to process. There is a 150 minimum withdrawal amount in the chosen currency for bank transfers and no minimum for other methods. LegacyFX does not charge any closure fees for withdrawals but they do pass any additional costs onto the client.
The MT5 demo account is available for new traders who wish to browse the platform and familiarise themselves with trading tools and techniques. The account is equipped with $10,000 in virtual funds and is available for 1 month.
Bonuses & Promos
Apart from its referral program, Legacy FX does not offer any bonus deals or promotions at this time. You can check the website and social media pages for news of any future no deposit bonuses and rebate deals.
LegacyFX is regulated by the Vanuatu Financial Services Commission (VFSC) under license number 14579. The holding company, A.N. Allnew Investments Limited, is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 344/17. The company also holds licenses with the Financial Conduct Authority (FCA) in the UK and the Federal Financial Supervisory Authority (BaFIN) of Germany.
As per regulatory requirements, the broker submits monthly financial reports to an external accounting firm. Negative balance protection is also in place and the broker ensures that all client funds are segregated at renowned banks.
We’re happy LegacyFX is a legitimate online broker and not a scam.
LegacyFX offers a decent selection of educational resources for all experience levels, including courses, e-books, video tutorials, and market news. Practical tools include an economic calendar, FX calculators, and the AutoChartist plugin for MT5.
The broker also provides live signals and the TradingView portal, consisting of real-time charts, fundamental data, and crypto market widgets.
New clients can also benefit from the broker’s Safe Mode program, where you can undo losing trades. Details can be found in the program terms and conditions.
There are 4 account types available at LegacyFX: Silver, Gold, Platinum, and VIP. As expected, you will see an increase in minimum deposit requirements as well as tighter spreads as you move up the accounts. The minimum deposit with the Silver account is $500, which is rather high compared to other brokers. The lowest spreads in this account also start from 1.6 pips, which again is not very competitive in comparison to other options.
The accounts offer all the same basic features, including swap-free trading which is a highlight. Unfortunately, you can only benefit from mobile trading with the Platinum account.
Positives in legacyfx.com customer reviews include:
- No swap fees and commission-free trading
- Wide range of assets available
- Free signals and analytics
- VIP card
Disadvantages of choosing LegacyFX include:
- Only MT5 available
- Starter account not competitive
The global FX market is open 24 hours a day, though certain trading sessions based on time zones vary:
- Tokyo – 19:00 – 04:00 EST
- London – 03:00 – 12:00 EST
- New York – 08:00 – 17:00 EST
Help is available Monday to Friday at 08:00 – 24:00 GMT+3. The live chat service was particularly fast and helpful when tested. The chat logo can be found in the bottom right-hand corner of the website. Otherwise, you can reach customer support via:
- Telephone – +41315087455
- Email – email@example.com
- Online callback form – Contact Us page
- Address – Govant Building, Kumul Highway, P.O.Box 1276 Port Vila, Republic of Vanuatu
LegacyFX executes transactions via Level-1 PCI-Certified service providers and servers are located in SAS-70 certified data centres. Trading activities on the platform are also secured with Rapid SSL encryption and are firewalled.
LegacyFX has serious potential with its range of assets and free trading signals. The broker is also regulated which is a bonus. However, the high minimum deposit and spreads are not competitive enough to attract new traders.
LegacyFX accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use LegacyFX from United States, Korea, Yemen, Iran.
Is LegacyFX a scam?
The broker is a legit company with a solid reputation and licenses in several jurisdictions.
Does LegacyFX offer a no deposit bonus?
At the time of writing, LegacyFX does not offer any no deposit bonus deals or promotions.
How do I register for a LegacyFX trading account?
You can open a live or demo account from the main menu, where you will be taken to an online registration form. You will need to submit identification documents to register for a live account.
Can I open live and demo accounts at LegacyFX?
Yes, you can open a live account and a demo account simultaneously. You are free to switch between the two accounts from within the platform.
What is the minimum initial deposit at LegacyFX?
The minimum deposit is the equivalent of $500 for a Silver account, $5,000 for a Gold account and $25,000 for a Platinum account.
|LegacyFX is a multi-asset broker offering an MT5 download & free signals.|