LegacyFX Review

Home » Reviews » LegacyFX Review

LegacyFX is a regulated trading broker that has a generous selection of financial instruments for trading online via the powerful yet user-friendly MetaTrader 5 (MT5) platforms which are flexible across desktop, web and mobile devices running on iOS and Android. The broker has a good selection of educational resources and additional trading tools to assist traders with their daily trading activities. The LegacyFX trading conditions are very competitive, with reasonable spreads from 0.6 pips, low fees and rapid trade execution speeds at the best available prices. I think they can be a decent choice of broker for anyone looking to trade online with minimal fuss in a regulated environment.

Summary

LegacyFX is a trading broker that offers contract for differences (CFDs) on stocks, commodities, indices, metals, cryptocurrencies and forex trading. The broker has very 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. You get 24-hours customer support via phone, chat and email. There is also a variety of convenient deposit and withdrawal methods to choose from, including popular e-Wallets for quick and easy account funding.

Our #1 Broker 2023

AvaTrade is an award-winning and multi-regulated broker offering a great selection of trading instruments including Forex, Cryptos, Stocks and Commodities. You can trade on all of your devices via user-friendly platforms with excellent trading conditions and no commission fees.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

TradeTrade

Regulation

When choosing a broker, regulation is one of the first things that I look for. This is because regulated broker can give certain protections that an unregulated broker cannot. I would always prefer to trade using a regulated broker as it gives me the confidence that they will operate in an honest and transparent manner. I am pleased to say that LegacyFX is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC). Their mission is to exercise effective supervision to ensure investor protection and the healthy development of the securities market. I personally think this is satisfactory regulation and wouldn’t have any problems trusting this broker. However, should you want additional top-tier regulation, you might want to take a look at another broker such as AvaTrade. They are regulated in multiple jurisdictions.

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. If you find that they do not allow clients from your country for any reason, please feel free to use our broker comparison tool to find an alternative option.

Platforms

MetaTrader 5 (MT5)

LegacyFX give you convenient access to the global market via the powerful and intuitive MetaTrader 5 (MT5) platform that is developed by 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. You can conduct in-depth financial market analysis through charts and technical indicators built into the platform. I think it is a great solution for anyone who want to trade manually using strategy templates or to run automated systems.

MetaTrader 5 (MT5) 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. I personally use the desktop platform for analysing charts in great detail and for running my automated strategies. The trading app is great for following your positions and the latest market news as and when you feel like it. The advantage of the web platform is that you can access your account from any device which can be handy in the case of an emergency.

Some of the key advantages of the LegacyFX MT5 platform include:

• User-friendly interface, providing simple and real-time execution of trades
• 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 notifications via SMS, email and platform pop-ups
• Available for desktop, web and mobile

Tools

The MT5 platform is already stacked with more tools than most traders will ever need. You will find everything you need for conducting in-depth market analysis with technical indicators, drawing tools and an economic calendar for fun mental analysis. You can also get plenty more tools from the MQL marketplace which is easily accessible directly from within the platform. You will find trading signals, expert advisors, technical indicators, scripts and much more. There is also the MQL programming interface where you can develop your own tools or hire a freelancer to do it for you. Whatever your idea for a trading strategy, you can bring it to life in MT5.

That being said, it is good to see that LegacyFX have a useful selection of additional financial trading tools including an economic calendar, trading glossary and calculators to support your trading. I especially like how they provide Autochartist integration as this is an excellent tool for automated market analysis based on your customised settings. It is important to note that any information contained within the brokers website is 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 can use the tools at your disposal to make your own decisions.

Autochartist

Autochartist is a financial market analytics company that leverages big data and proprietary technology to help stock futures and currency traders make more informed trading in the investment decision. Since its inception in 2004, Autochartist has grown to become a global leader in automated financial content generation and trade execution analytics for many leading Stock, Currency, Futures, and CFD brokerage firms worldwide. They service millions of traders in over 100 countries worldwide through their vast broker partnerships and pride themselves on our core commitment to service excellence and ongoing market leadership through developing innovative new products and services.

Autochartist

The Autochartist plugin integrates seamlessly with your MT5 platform, giving you access to continual market analysis within a single chart, and the ability to execute trade directly in your MT5 platform. It is easy to install the MT5 plugin and get a simple interface with all of the Autochartist features which your can customise according to your preferred trading environment. I think this is a brilliant tool for those of you who want the very best market analysis capabilities to help you spot signals without needing to stare at charts so that you can make informed decisions as and when needed.

Trading Signals

LegacyFX have a section of their website that is dedicated to supplying trading signals on a variety of different assets. There is a good variety of live, daily, weekly and monthly signals. These can be used to help inspire trade ideas. I think it is better to trade manually as this can be a good way to learn from your mistakes and improve as a trader in the long term. However, I understand that social trading can be a great solution for those of you who do not have the time or knowledge to trade by yourself. If that is the case, eToro is one of the best social trading platforms out there.

Technical Analysis

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. I found the analysis to be very useful and was actually made aware of some possible trade setups that I may have otherwise overlooked. I would just be sure to confirm any analysis with my own trading strategy.

Market News

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 you stay up to date with some of latest financial news.

Economic Calendar

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 economic calendar is a popular tool for fundamental analysis of various markets. I think this is a vital tool that I like to try and utilise before making any trade decision. I can tell you from experience that it is not nice to be caught on the wrong side of a major news event.

Trading Calculators

The broker has a selection of trading calculators to assist you with money management and planning of trades. There is a Pivot Calculator, Fibonacci Calculator and Deal Size Calculator. You may find these handy if you are planning your trades in a rush or you are just not very good at maths.

Data Analytics

You can discover TradingView’s premium analytics portal on LegacyFX, including real-time charts, fundamental data and cryptocurrency market widget. TradingView is the most active social network for traders and investors where you can connect with millions of traders from around the world and learn from the experiences of others. The premium plan gives you access to all TradingView features. You can get eight charts per layout, use up to five devices at one time, set up to 200 alerts and 25 indicators per chart, and have unlimited access to indicator templates, enhanced watch lists, and saved chart layouts.

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. I think there is a decent amount of content to teach and train traders from all over the world to trade forex, stocks and commodities, using the newest technology and platforms. It you are a beginner and looking for more, IronFX also have a great selection of educational content to help bring you up to speed with the markets.

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 much more.

Trading eBooks

LegacyFX provide a good selection of trading guides 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.

Trading Glossary

The brokers website also includes a trading glossary that has a range of forex trading terminologies along with their definitions explained in layman terms. This is nothing ground breaking but it can be useful to have everything in one place and there are lots of terms you will frequently come across.

Markets

LegacyFX provide a wide variety of CFD trading instruments across multiple asset classes for trading online including a good selection of stocks, commodities, indices, metals, cryptocurrencies and forex currency pairs. A contract for differences (CFD) is a financial contract that pays the differences in the settlement price between the open and closing trades. This means that you can speculate on which direction the price will move without needing to physically own the underlying asset. The difference in price from when you enter and exit the position will be the profit or loss minus any broker fees. I think there is enough for everyone to build a diversified portfolio, regardless of your interests. If you want even more, RoboForex have a great selection.

Accounts

LegacyFX offer 3 main account types with a minimum deposit starting from $500. This isn’t the lowest deposit you will find, brokers such as Librtex let you get started with $100 in comparison. Leverage is capped at 1:30 as per ESMA regulations. If you want access to higher leverage then you might want to check out XM Group. Spreads on the platinum account start from just 0.6 pips. 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. The spreads are not the lowest but I don’t think the overall cost will work out much cheaper if you shop around simply because there is no commission fee on some instruments. If you are planning on using a scalping strategy and require the tightest possible spreads, IC Markets have spreads from as low as 0.0 pips with ECN execution at the best possible prices.

LegacyFX extends comparative advantages to all its customers in an effort to provide all traders with additional trading strength and control. You can request a reduction in spreads if you trade enough volume each month. I think this is a nice incentive and appreciate that they advertise this openly. There are many other brokers who will reward you for your loyalty but not all will publicly say this. LegacyFX categorizes its clients into various account types based on their initial deposits. The higher your initial deposit is, the more advantages you can get. I am not a fan of this setup as I think that all traders should be given access to the same conditions. Never the less, I can understand and respect the broker decision to incentives traders.

Silver Account

• Basic trading for beginners
• Min $500 deposit
• 1:30 leverage
• Spreads from 1.6 pips (Option of Fixed Spread)
• Education
• Economic Calendar
• Technical Analysis Reports
• Market Analysis and News
• MetaTrader 5

Gold Account

• Gold traders
• Min $5,000 deposit
• 1:30 leverage
• Spreads from 1 pip (Option of Fixed Spread)
• Education
• Economic Calendar
• Technical Analysis Reports
• Market Analysis and News
• MetaTrader 5
• Analysis Insights
• 1-on-1 Support
• Dealing Room Direct Line

Platinum Account

• Basic trading for beginners
• Min $25,000 deposit
• 1:30 leverage
• Spreads from just 0.6 pips (Option of Fixed Spread)
• Education
• Economic Calendar
• Technical Analysis Reports
• Market Analysis and News
• MetaTrader 5
• Analysis Insights
• 1-on-1 Support
• Dealing Room Direct Line

Islamic Account

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.

Demo Account

LegacyFX demo accounts allow you try out the brokers services, platforms and to practice your trading strategies risk free by using virtual funds. This can be a great way to see if the broker is suitable for your needs and to build your confidence up before making a financial commitment.

Support

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. I have always been pleased with the support and like how they have taken the time to respond to both positive and negative feedback online.

Funding

LegacyFX offer simple and easy execution of deposit and withdrawal by renowned banks. The broker has a good variety of convenient methods for depositing and withdrawing funds from your trading account. This includes bank wire, credit/debit cards and digital wallets. I like that they support online payment processors as I find this is the most convenient way for me to move funds around between my trading accounts. I don’t always want to wait days for a bank transfer to clear. It is not ideal if there is some market news that I want to try and quickly capitalise on.

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 payments 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. The broker 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. This is pretty standard procedure for a regulated brokerage firm.

Conclusion

Overall, there are lots of aspects of this broker that I like and some small areas I think they could improve. I like how LegacyFX is a regulated trading broker with a decent selection of trading instruments for trading on the popular and sophisticated MetaTrader 5 (MT5) platform across web, desktop and mobile devices. They have a choice of account types to cater to different trader needs, with variable and fixed spreads for all trading strategies.

In addition to competitive online trading conditions, LegacyFX provide clients with a generous educational offering and additional trading tools to help ensure an enjoyable trading environment, regardless of your experience level. They welcome clients from all back grounds and have a very helpful support team on hand 24 hours a day to assist with any questions that you may have.

Despite the many positive, the spreads starting from 0.6 pips are not the lowest and the minimum deposit of $500 is also quite high. I also feel like they could expand the trading instruments to include some more individual stocks. If you are primarily looking to trade forex and not fussed about spreads, I think they are a solid broker that is certainly worth consideration.

$500

LegacyFX is a regulated trading broker with a competitive range of trading products and services, including CFD trading via the powerful MetaTrader 5 platform. They have a decent selection of account types, funding options, trading instruments, educational materials and robust trading tools to asset with your market analysis.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

TradeTrade

About the Author

Trading Brokers
Trading Brokers is dedicated to bringing you unbiased broker reviews, the latest broker news and trading guides to help you along your trading journey. We have over 20 years of experience when it comes to trading online so we know what to look for.