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LegacyFX Review – Is LegacyFX.Com A Reliable Broker?

Is LegacyFX Legit?

LegacyFX is a legit broker that offers an efficient system for deposit and withdrawal for all its clients, a crucial aspect for any trader. With access to over 80 trading videos, webinars, and educational resources, traders can enhance their skills and increase their chances of success.

Additionally, traders who have used LegacyFX have praised their customer service staff who are always available to assist during trading hours. Let’s take a look at this LegacyFX review to see what else is there to know.

Country of Regulation Cyprus, UK, Vanuatu, Germany, Belarus
Products Offered FX, CFDs, indices, shares, commodities, cryptocurrencies, stocks
Stock Trading Fees Class from 0.15% to 0.45% 
Inactivity Fee Charged $10 inactivity penalty after 90 days
Withdrawal Fee Charged none
Minimum Deposit $250
Depositing with Electronic Wallets Yes
Platforms  MT5, WebTrader
Demo Account  available for one-month
Customer Service Channels Phone, email, social media channels

including Telegram, Facebook,

Instagram, and Twitter.

Is LegacyFX Legit? Regulation and Security

LegacyFX has been a licensed broker since 2012. The company behind the brand, A.N. (All New Investments Limited), is registered as a Cyprus Investment Firm (CIF) and is a member of the investor compensation scheme.

Based in Larnaca, Cyprus, LegacyFX holds a license from CySEC and is MiFID compliant, allowing it to offer financial services throughout the European Economic Area. However, the broker has also received regulation from the FCA, BaFin, NBRB, and VFSC for added security. It may not accept all traders from the EEA as well as traders from the USA and Canada.

Regulation is essential for several reasons:

  • Protects clients’ funds: Regulators guarantee that clients’ funds are kept in segregated accounts away from the broker’s funds.
  • Provides a dispute resolution mechanism: In case of a dispute, a legit broker has to stick to the rules set by the regulator.
  • Offers a higher level of transparency: Regulated brokers are required to provide regular financial statements and reports. This gives a clearer sense of the broker’s financial standing.
  • Ensures fair trading practices: Regulators implement strict rules to stop unethical practices such as price manipulation.
  • Improves consumer confidence: Clients are more likely to trust a regulated broker.

So, working with a regulated broker offers numerous benefits to clients, ensuring their funds are safe and the broker operates transparently and fairly.

Note: If you’re on the lookout for a regulated, safe broker – you can take a look at our detailed Prospero Markets broker review.

LegacyFX Fees

Here is information from LegacyFX General Terms. Take a look at what they say:

  • Commissions: No commissions, except for stocks. LegacyFX earns on each forex trade from a markup embedded in the spread.
  • Fractional pips: Fractional pips are ten times more precise to take advantage of small price movements.
  • Swap-free accounts: All LegacyFX accounts are swap-free, meaning no commission or rollover interest is charged on positions that stay open overnight.
  • Inactivity fee: Accounts without any trading activity for ninety days will be charged an inactivity fee of 10.00 in the account’s base currency each month.
  • A margin call is placed at level 80% and a stop-out is placed at 30%.

LegacyFX Deposits and Withdrawals

LegacyFx funding methods

The minimum amount to deposit, as set by the Company, is $250 and the maximum amount depends on the method used to fund the account.

The processing time for withdrawals is typically 3 to 5 business days. However, please be aware that some methods have a daily limit on the amount that you can withdraw. For larger sums, wire transfer or Giropay are the only options that do not have a cap.

When it comes to bank transfers, a minimum of 150 in the selected currency is required. On the other hand, other methods have no minimum requirements.

LegacyFX does not impose any closure fees for withdrawals, but any additional costs incurred during the process will be passed on to the client.

It is important to note that depending on your location, other payment solutions may be available, including AVO Payments, EFT Pay, Volt, PayRedeem, Jeton, and GIGADAT.

Trading Platforms at LegacyFX

LegacyFx MetaTrader5

This broker operates on the MT5 trading platform, which is accessible to mobile and PC users. MT5 is the most advanced trading platform globally. It offers unique features that don’t exist on competitors’ platforms.

The MT5 platform boasts exceptional charting capabilities, including various chart types, technical indicators, and timeframes. It is a highly customizable trading platform that has 50+ pre-installed technical indicators. Additionally, traders can even create their own technical indicators within the platform.

Tip: Bear in mind that regulated brokers provide protection, financial stability, and transparency, making trading safer and more secure. Also as ForexCT does.

LegacyFX Offers Promotions

Firstly, you should know that LegacyFX offers 250+ instruments across several asset classes. Let’s hop into them down below!

  • Forex – 140+ majors, minors, and exotics
  • Indices – 12 major and minor global indices
  • Precious Metals – 7 metals, including gold and silver
  • Crypto – Bitcoin, Ethereum, Litecoin, and Ripple
  • Commodities – 11 agriculture, energy, and other commodities
  • Stocks – Dozens of global equities from Germany, the USA, the UK

LegacyFX does not have any specific bonus or promotion programs. However, it does have a loyalty program that rewards traders for their partnership with the broker. The rewards include branded merchandise and access to exclusive content.

LegacyFx offers

The broker also has a popular referral program currently available on their website.

Available Account Types at LegacyFX

LegacyFX offers seven different account types: Standard, Bronze, Silver, Gold, Platinum, Premium, and VIP.

As you move up the account tiers, the capital requirements increase, as do the competitive rates and access to advanced features. However, all accounts provide access to basic features such as live support and Trading Academy resources.

The minimum deposit for the Standard account starts at $500, which is relatively high compared to other brokers. The lowest spreads for this account also start at 1.6 pips, which is not very competitive compared to other providers.

For clients who wish to trade in accordance with Sharia law, LegacyFX also offers an Islamic trading account. In addition, there is the option of a PAMM account, where users can entrust experienced traders with their funds.

Educational Resources

LegacyFx Educational resources

Legacy FX provides one of the most extensive online trading learning systems in the FX industry. The academy offers a vast array of articles, e-books, and videos, catering to every level of forex trader seeking to expand their knowledge of financial markets.

Furthermore, traders can attend webinars and share their experiences and information. The broker’s in-house team provides assistance and guidance, even on complex topics and challenges. This is vitally important.

Customer Service

Legacy FX’s customer support operates extended business hours five days a week. They offer 24/7 assistance through various channels including Live Chat, WhatsApp, and email. Our testing of the Live Chat service revealed that it provides high-quality support.

Response times are quick, the staff is knowledgeable and professional, and there is no initial interaction with a bot. If you prefer to handle your inquiries over the phone, you can reach the customer support team or the broker’s dealing desk. There, you can speak with customer service agents who can assist you with placing trades.

Overall Summary

LegacyFX offers excellent trading conditions for both novice and experienced traders, with the option to select from three different account types. If you are a proficient or amateur trader seeking professional trading tools to enhance your trades, LegacyFX is the right choice for you. Additionally, it is a great option for those seeking a regulated broker that operates ECN accounts with a maximum leverage of 1:200.

However, if you are looking for a broker with a higher leverage of up to 1:1000 to 1:300, which is riskier, LegacyFX may not be the best fit. Please note that due to strict legal restrictions, some multiplier levels may not be accessible to traders from EEA countries.

FAQs

Is LegacyFX a Regulated Broker?

Yes, LegacyFX is a regulated and legit broker. Your money is completely safe with them.

How Do I Contact LegacyFX Support?

You can contact their customer support via phone, email, and social media channels, including Telegram, Facebook, Instagram, and Twitter.

When Was LegacyFX Founded?

LegacyFX was founded in 2012. Keep in mind that this is a regulated and safe broker.

What Trading Accounts Are Available at LegacyFX?

LegacyFX offers seven different account types: Standard, Bronze, Silver, Gold, Platinum, Premium, and VIP.

What Are LegacyFX Fees?

Legacy FX does not charge any deposit or withdrawal fees. They charge an inactivity fee without any trading activity for ninety (90) consecutive days.

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