LegacyFX Review 2020
LegacyFX is a regulated trading broker that has a reasonable choice of trading instruments for trading online via the powerful MetaTrader 5 (MT5) platforms which are flexible across desktop, web and mobile devices running on iOS and Android. The broker has a generous selection of educational resources and additional trading tools to assist traders. However, the minimum deposit requirement is high and spreads not the lowest when compared to other trading brokers. They could also benefit from offering social trading platform integration and PAMM accounts.
LegacyFX Review 2020, Pros & Cons
- Regulated broker
- Personal training
- No fees on deposits, instant withdrawals available
- Additional financial trading tools
- Tutorials & courses
- Not the lowest spreads
- Spread mark-ups
- High minimum deposit requirements
- Restricted leverage
- No social trading platforms
- No MetaTrader 4 (MT4) platform
- No USA traders allowed
In this detailed LegacyFX review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
LegacyFX is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including LegacyFX.
LegacyFX Review: Summary
LegacyFX is a trading broker that offers stocks, commodities, indices, cryptocurrencies and forex trading online. The broker offers competitive trading conditions including no rollover fees on long-term positions, negative balance protection and segregated client funds. They also have a generous selection of educational materials and additional trading tools but there is a high minimum deposit requirement and spreads are subject to a mark-up.
LegacyFX Review: Regulation
LegacyFx is owned and operated by A.N. Allnew investments Ltd. A.N. Allnew investments Ltd is a Cyprus Investment Firm, authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC). LegacyFx also have a worldwide brand that is regulated by the Vanuatu Financial Services Commission (VFSC). For the purpose of this LegacyFX review, the trading brokers review team will be focused on the CySEC entity.
LegacyFX Review: Countries
LegacyFx does not provide services for residents of certain regions, such as the United States of America, Israel, Iran, Syria, Afghanistan, Myanmar, North Korea, Somalia, Yemen, Iraq, Sudan, South Sudan, British Columbia, Ontario and Manito.
Some LegacyFX broker features and products mentioned within this LegacyFX review may not be available to traders from specific countries due to legal restrictions.
LegacyFX Review: Trading Platforms
MetaTrader 5 (MT5)
LegacyFX offer traders the powerful and intuitive MetaTrader 5 (MT5) platform that is developed by Russian software company MetaQuotes. MT5 is a popular online trading platform that is used by millions of traders all over the globe and widely known for its user-friendly interface, providing simple and real-time execution of trades. It is fully customisable to suit individual trader’s needs. Users can conduct in-depth financial market analysis through charts and technical indicators built into the platform.
MT5 is available on personal computers, MAC and smartphones (iOS & Android). The MT5 WebTrader can run directly in web browsers without needing to download or install any additional software whilst the mobile application is useful for those who need to access their account and trade whilst on the go from anywhere in the world where they have an internet connection. It should be noted that the web and mobile version do not have all of the same functionalities as the desktop platform.
Some of the key advantages of the LegacyFX MT5 platform include:
- One click trading: It can take less than a second to place a buy or a sell order
- Automated trading via the use of expert advisors (EAs)
- Historical data center and advanced multi-currency strategy tester to back test EAs
- Depth of the Market (DOM) view, that is, the volumes available at current price levels
- Built-in technical indicators, graphical tools, scripts ensure advanced technical analysis and provide essential assistance in decision making and transactions
- Support multiple chart and order types along with multiple timeframes
- Set price alert notification via SMS, email and platform pop-ups
- Available for desktop, web and mobile
LegacyFX Review: Trading Tools
LegacyFX have a selection of additional financial trading tools including an economic calendar, trading glossary and calculators to support trading.
LegacyFX have a section of their website that is dedicated to supplying trading signals on a variety of different assets. There are live, daily, weekly and monthly signals. These can be used to help inspire trade ideas but it should be strongly emphasised that the opinions contained on the Trading Signals are not made by the brokerage and do not constitute any opinion of them but reflect solely the current judgment of an independent third party, which might change without any prior notice and should not in any way be construed, either explicitly or implicitly, directly or indirectly, as investment advice, recommendation or suggestion of an investment strategy with respect to a financial instrument. Trading online always carries a significant risk which you should be follow aware of.
LegacyFX offer technical analysis videos from their in-house experts who analyse the market trends. These can help inspire trade ideas and assist in decision making although they are not intended as an offer, solicitation for the purchase or sale of any financial instrument, nor to provide any investment advice or service, or to perform any act of any kind. You are responsible for all trading decisions that you make.
This section of the brokers website contains some informative market news articles that cover various different financial markets and review the latest market movements. It’s updated frequently and can help traders stay up to date with some of latest financial news.
The economic calendar shows the date/time of the latest financial news releases that can have an impact on the various markets around the globe. It displays the previous, expected and actual impact of each release whilst it can also be filtered to only display the news that is relevant to you.
The broker has a selection of trading calculators to assist traders with money management and planning of trades. There is a Pivot Calculator, Fibonacci Calculator and Deal Size Calculator.
Discover TradingView’s premium analytics portal on LegacyFX, including real-time charts, fundamental data and cryptocurrency market widget.
LegacyFX Review: Education
LegacyFX has a wide range of tutorials and courses covering all levels, from beginners to experienced traders. There are live webinars examining main events in the market and analysing different approaches. They also offer periodical market research and analysis by financial experts on forex currencies, commodities, stocks and more.
Tutorial Videos & Courses
The brokers website has a section with tutorial videos on demand that cover a variety of trading topics including an introduction to forex trading and social trading. There are also in-depth courses that explain different trading strategies, trading instruments, trading tools and more.
LegacyFX provide a good selection of trading e-books that can assist traders of all experience levels to help them improve their trading skills and knowledge. There are a variety of important trading topics covered including money management, trader’s psychology, market analysis, advanced strategies and more.
The brokers website also includes a trading glossary that has a range of forex trading terminologies along with their definitions explained in layman terms.
LegacyFX Review: Trading Instruments
LegacyFX provide a variety of trading instruments for trading online including stocks, commodities, indices, cryptocurrencies and forex currency pairs.
LegacyFX Review: Trading Accounts & Fees
LegacyFX offer 3 main account types with a minimum deposit from $500 which is a lot more than many other brokerages, some of whom allow you to open a real trading account with just $1. Leverage is capped at 1:30 as per ESMA regulations. Spreads on the platinum account start from 0.6 pips but that account requires a $25,000 deposit. The broker charges no commissions – except stocks – they earn on each forex trade from a mark-up embedded in the spread, which is the difference between the bid price and the ask price. This means that LegacyFX spreads are greater than some of the best forex brokers who use raw spreads direct from liquidity providers that start from 0 pips.
- Basic trading for beginners
- Min $500 deposit
- 1:30 leverage
- Spreads from 1.6 pips
- Basic trading for beginners
- Min $5,000 deposit
- 1:30 leverage
- Spreads from 1 pip
- Basic trading for beginners
- Min $25,000 deposit
- 1:30 leverage
- Spreads from 0.6 pips
The LegacyFX Islamic account adheres to the principles of Islamic law regarding banking activity and Riba (interest). It is an interest free or swap free account type, for those who, for religious reasons cannot trade on interest/swap incurring accounts. However, account holders will still enjoy all of the benefits of all the account types offered by LegacyFX, their same spreads and same trading conditions. To apply for an Islamic account, you can open the account type you wish according to your deposit and contact your account manager to activate it.
LegacyFX demo accounts allow you try out the brokers services, platforms and to practice your trading strategies risk free by using virtual funds.
As broker fees can vary and change, there may be additional fees that are not listed in this LegacyFX review. It is imperative to ensure that you check and understand all of the latest information before you open a LegacyFX broker account for online trading.
LegacyFX Review: Customer Service
LegacyFX provide dedicated 24-hours customer support via phone, chat and email. The broker values customers and are happy to answer all general, technical and account related questions that you may have. They also appreciate hearing how they can improve the support available to traders.
LegacyFX Review: Deposit & Withdrawal
LegacyFX offer simple and easy execution of deposit and withdrawal by renowned banks. The broker has a variety of convenient methods for depositing and withdrawing funds from your trading account. This includes bank wire, credit/debit card and online payment systems such as Neteller and Skrill. Please note that some methods may only be available to specific countries and not all are available for both deposit and withdrawal.
Some fees may be charged when using certain payment methods. Withdrawal requests are processed within the same day or next if outside working hours. The withdrawal time can vary depending on the payment provider and method. Bank transfers may take a few business days to clear whilst some methods can be instant.
Some payment systems may have transaction limits, restrictions, and requirements which are indicated on their respective websites. You may need to verify your account to remove limits on particular methods in some countries. LegacyFX strictly does not accept third-party payments. All funds deposited into your trading account must be under the same name as your LegacyFX trading account.
LegacyFX Review: Account Opening
To open a trading account with LegacyFX, you will need to complete a short online application form on the brokers website. You will be required to submit some personal information and documents to verify your account which is a normal part of KYC procedures. This can be a passport, driver’s license and utility bill no older than 3 months. Once your account has been verified, you will be able to fund it and start trading online. Make sure that you read all of the brokers terms and conditions during the application process and only proceed of you clearly understand and agree with them all.
LegacyFX Review: Conclusion
LegacyFX is a regulated trading broker with a reasonable selection of trading instruments and a generous educational offering. They also have additional trading tools although they could benefit from social trading platform integration. The minimum deposit is quite high compared to other brokerages whilst the spreads are not the lowest that we have seen. For these reasons, you may want to consider another regulated trading broker.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68%. of retail investor accounts lose money with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.