LegacyFX Review 2024
LegacyFX is a multi-asset broker offering an MT5 download & free signals.
Trade FX pairs with tight spreads & leverage.
Trade dozens of shares in major US, European, and Asian companies.
Trade leveraged CFDs in a range of financial markets.
Go long or short on popular cryptos against the USD and EUR
- Best Trading Signals Provider 2021
- Broker of the Year 2021
- Best STP Forex Broker 2020
- Best Forex Broker in the Middle East 2019
LegacyFX is a regulated broker offering forex and CFD trading as well as free market signals. In this review, we break down the registration and login process, minimum deposit requirements, demo accounts, spreads, and more. Find out if LegacyFX is a legit and safe broker.
LegacyFX was established in 2017. The brokerage is registered in Vanuatu where it is regulated by the Vanuatu Financial Services Commission (VFSC). It is also regulated by the CySEC (Cyprus) and the National Bank of the Republic of Belarus (NBRB).
LegacyFX is now owned by A.N. Allnew Investments Ltd which is authorized by several European regulators, including the CySEC (Cyprus), FCA (UK), and BaFIN (Germany).
The broker offers over 250+ 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 favorite among advanced traders.
- Real-time quotes
- Up to eight order types
- Over 80 indicators and graphical tools
- Depth of Market view and economic feed
- One-click trading function with rapid execution
- Historical data center and fast EA strategy tester
- three chart types and nine timeframes, 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 from your internet browser. No need for additional software of browser extensions, the WebTrader is compatible with all operating systems and trading operations.
Mobile trading is also supported.
How To Trade
Users can place a buy or sell order in a few straightforward steps:
- Select Tools from the menu in the top of the terminal
- Select New Order
- Double click on the asset you wish to speculate on, for example the EUR/USD
- Now simply amend the trade parameters. You should be able to view the symbol, order type, volume, stop loss and take profit. You can also add any comments
- Confirm the trade
Note, you can hit F9 to enable one-click trading on your chosen asset.
LegacyFX offers 250+ instruments across several asset classes:
- Forex – 140+ majors, minors, and exotics
- Indices – 12 major and minor global indices
- Precious Metals – Seven 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.
There is also a 10.00 inactivity penalty after 90 days of zero activity. This is 10 of the account’s denominated base currency.
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 of the latest market news with the economic calendar and take advantage of optimized 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. Our experts also found the mobile app is beginner-friendly.
Deposits can be made via several fast and fee-free methods. Processing times on popular options vary:
- Neteller – Instant
- Skrill – Up to 30 minutes
- Wire transfer – 1 – 3 days
- Visa/Mastercard – Instant
- Bitcoin – Up to a few hours
Deposit limits vary according to the method used. MasterCard or Visa transactions are capped at 10,000 whilst Neteller and wire transfers are unlimited. Not all base currencies are supported by each method, so be sure to check what is available locally.
Withdrawals take 3 to 5 business days to process. Some methods also implement a daily withdrawal cap. For large sums, wire transfer or Giropay are the only uncapped options.
There is a 150 minimum for bank transfers in the chosen currency 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.
Note, several additional payment solutions are available depending on your location, including AVO Payments, EFT Pay, Volt, PayRedeem, Jeton and GIGADAT.
While using LegacyFX, we found the MT5 demo account is available to new traders who wish to browse the platform and familiarize themselves with trading tools and techniques. The account is equipped with $10,000 in virtual funds and is available for one month.
Bonuses & Promos
LegacyFX does not offer any explicit bonus deals or promotions. It does, however, run a loyalty program where traders gain rewards for partnering with the broker. Rewards include branded merchandise and access to specialized content.
At the time of writing, the popular ‘friend referral’ program is also live.
Check the official 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.
In addition, LegacyFX has partnered with Trading Central to offer a suite of analysis tools to equip traders with the relevant information to make informed investment decisions.
New clients can also benefit from the broker’s Safe Mode program, where you can undo three losing trades. Details can be found in the program terms and conditions.
There are seven account types available at LegacyFX: Standard, Bronze, Silver, Gold, Platinum, Premium and VIP.
As expected, capital requirements increase as you move through the premium accounts as do competitive rates and access to advanced features. With that said, the accounts offer all the same basic features, including live support and access to Trading Academy resources.
Minimum deposit requirements start at $500 for the Standard account, fairly high when compared to other brokers. The lowest spreads in this account also start at 1.6 pips, which again is not very competitive versus other providers.
LegacyFX also offers an Islamic trading account that enables clients to trade in compliance with Sharia law.
In addition, there is a PAMM account option. Here, users can entrust experienced traders with their funds. Alternatively, established investors can trade with customers’ funds to generate additional income.
When we used LegacyFX, we found the brokerage has a lot to offer the right trader. Some of the key advantages include:
- VIP card
- Safe Mode
- Demo account
- PAMM account
- One-click trading
- Free signals and analytics
- Wide range of assets available
- No swap fees and commission-free trading (except for stocks)
- Seven account types offered to suit a range of requirements
Our expert traders also found have some limitations:
- $500 minimum deposit
- Does not accept US clients
- The starter accounts are not competitive
- No MT4 platform – only MT5 is available
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
Trading hours are also available to view from within the LegacyFX MetaTrader 5 terminal.
Note, trading hours vary between assets. All times are GMT +2 or GMT +3 (during daylight savings).
Help is available Monday to Friday between 08:00 – 24:00 GMT+3.
LegacyFX offers a popular live chat function. The chat logo can be found in the bottom right-hand corner of the website. Alternatively, you can reach customer support via:
- Telephone – +41315087455
- Email – firstname.lastname@example.org
- Online callback form – Contact Us page
- Address – Govant Building, Kumul Highway, P.O.Box 1276, Port Vila, Republic of Vanuatu
LegacyFX is also active across social media channels including Telegram, Facebook, Instagram and Twitter.
LegacyFX implements a variety of measures to ensure the safety and security of client funds.
As a regulated broker, it must comply with strict financial conditions such as regular audits and monitoring.
All transactions are protected with 256-bit Rapid SSL encryption and are fire-walled. Transactions are also executed via Level-1 PCI-Certified service providers and servers are located in SAS-70 certified data centers.
All client funds are held in segregated accounts that can only be used to pay the client. These funds are inaccessible by the company in the event of bankruptcy.
LegacyFX has strong potential. It offers a good range of assets, free trading signals and useful educational resources. The broker is also regulated which is a bonus.
However, the high minimum deposit and spreads are likely not competitive enough to attract many beginners. The single platform offering is also limiting to less experienced traders.
Overall, LegacyFX is good option for advanced traders with sufficient capital to trade with a premium account and those that are familiar with the MT5 platform.
Is LegacyFX A Reliable Broker?
Yes, LegacyFX is a reputable, licensed broker that adheres to strict operational standards. The broker offers negative balance protection to all clients, 256-bit Rapid SSL encryption on all transfers as well as firewalls.
How Long Does It Take To Withdraw Funds From LegacyFX?
Withdrawals can take between three and five working days to be processed. This does vary according to the method used. Withdrawals must be deposited into the source account.
Does LegacyFX Offer MT4 And MT5 Platforms?
No, only the MT5 platform is available to trade with LegacyFX. MT5 is best suited to experienced traders. For traders with limited knowledge of trading, we would recommend looking for an alternative broker.
What Is The Minimum Deposit Requirement For 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. The sums are not hugely accessible so if you are looking for more competitive options, see our list of alternatives below.
Is LegacyFX A Scam?
The broker is a legitimate company with a solid reputation and licenses in several jurisdictions. It also offers a safe mode for novice investors plus Pa AMM account.
Does LegacyFX Offer A No Deposit Bonus?
At the time of writing, LegacyFX does not offer any no deposit bonus deals or promotions. Check out the broker’s official site and social media channels for news on the latest promos.
How Do I Register For A LegacyFX Trading Account?
You can open a live or demo account from the main menu on the broker’s homepage, where you will be taken to an online registration form. You will need to submit identification documents to register for a live account. Fortunately, the account opening form only takes a few minutes to complete.
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.
Top 3 Alternatives to LegacyFX
Compare LegacyFX with the top 3 similar brokers that accept traders from your location.
IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
Go to IG
Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage for experienced traders, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
Go to Interactive Brokers
Forex.com – Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of day trading markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
Go to Forex.com
LegacyFX Comparison Table
|Forex, CFDs, indices, shares, commodities, cryptocurrencies, stocks
|CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
|Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
|Forex, Spot Metals
|CySEC, FCA, VFSC, NBRB
|FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA
|FCA, SEC, FINRA, CBI, CIRO, SFC, MAS, MNB
|Active Trader Program With A 15% Reduction In Costs
|MT5, TradingView, AutoChartist, TradingCentral
|Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
|Trader Workstation (TWS), Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
|MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
|1:30 (Retail), 1:250 (Pro)
Compare Trading Instruments
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LegacyFX vs Other Brokers
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Customer Reviews1 / 5
This average customer rating is based on 1 LegacyFX customer reviews submitted by our visitors.
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|LegacyFX is a multi-asset broker offering an MT5 download & free signals.