Founded in 2012, LegacyFX is one broker that was around at the peak of the “Wild West” stage of the industry, where a ton of weird stunts were pulled in the Forex market and the regulation policy was not as strict as it is today.
We’re not saying that the LegacyFX was warped in shady deals back in those days. They did an excellent job delivering a decent service for traders at that time.
The user feedback for this broker is pretty decent. Hence, tons of traders are pleased with the services of the LegacyFX. One remarkable feature of the LegacyFX is the fact that the broker is a regulated and licensed Forex broker.
A.N. (All New Investments Limited) is the corporate body behind the LegacyFX brand, which is registered under the CIF body. In essence, the All New Investments Limited is a member of the Investor Compensation Scheme, and it’s regulated and licensed by CySEC, with license number: 344/17.
Having the CySEC license means that LegacyFX is in full acquiescence with the MiFID directives, which means that it has to obey strict guidelines when dealing with investors’ money.
Apart from its CySEC regulation, the brokerage also has an impressive number of other financial regulatory bodies pulling its strings. The regulatory umbrella of the broker covers most EU countries except Belgium. In the UK, they have been given the registration number of 7973433 by the FCA as well as the No. 348194 by BaFin in Germany. They are also licensed under the VFSC with the number 14579. To beef up their security and reputation in Europe, LegacyFX have also been regulated by the Belarus NBRB with a license no: 193180778.
However, it’s essential to know that the broker doesn’t accept traders from the US and Canada.
So why is it a great idea to open a trading account with LegacyFX?
The official LegacyFX website boasts of having several perks for various Forex traders. The broker has unequalled liquidity, which is a great feature to look out for to get the best trading conditions.
The spreads of the LegacyFX are quite competitive when compared to other brokers in the industry. They range from 0.6pips to about 1.6pips, but it all depends on the particular primary currency you select and the exact market condition.
Traders with the Silver account have a minimum of 1.6pips, Gold customers are open to a minimum of 1.0 pips, and the 0.6pips is for platinum members.
Traders switch brokers because they need improvement from their prevailing brokers. That’s where LegacyFX comes in.
The broker seems to be very transparent in its dealings, and it circulates regular market discipline and its annual reports for traders to see.
Also, the support and customer service team of the broker is amazing – they are always around to answer customers for every trading session.
Account Types with LegacyFX
There are three types of trading account available at LegacyFX and the broker makes it really easy for traders to choose the most suitable account for their needs.
The one with the least minimum deposit is the most accessible account. Newbie traders and professional traders who want to test the broker usually start with this account type. It’s known as the Silver account. To open the Silver account, you must be able to produce $250, which is quite reasonable, because the account comes with a ton of perks, apart from analysis insights, dealing Room Direct Line, and 1-on-1 support.
The maximum leverage is 1:200, which is fair enough, considering the credibility of the broker.
The Gold account raises the stakes with a bit. The minimum amount required for a deposit for this one is $5,000. Forex traders can gain access to all the features and perks as well as the ones covered by the Silver account for the $5,000.
For those that opt for the Platinum account, the minimum deposit is $25,000. This allows traders to trade profitably without spending so much on pips. With this money, traders can get enough access to all the broker’s trading platforms, educational bonus, technical support, and 1-on-1 support.
The LegacyFX provides Sharia-biddable accounts for traders of the Islamic faith. These accounts have specific rules concerning Riba, and they are swap-free.
LegacyFX Trading Platforms
MT5 is the flagship of the LegacyFX trading platform line-up. When it comes to satisfying all the needs and wants of most professional traders, the MT5 platform comes in handy. It shines at every operational facet. Plus, it has a superb charting system, and it supports different scores of time frames and drawing tools. The technical tools in the trading are unmatchable. Traders can also customise their tools and generate indicators for their educational purpose. To make things better, it features a vast selection of preinstalled indicators that traders can tweak.
One of the top features of MT5 are the EAs. With these, traders can carry out automated trading to a level where their involvement is only essential when the trading tactics fed into the EAs fail for some reason. The EAs can be tailored and bought from other originators or formed from scratch.
Another strength of the MT5 platform is its chart-based trading along with its position keeping. Traders can instantly react to trading signals and alerts thanks to its remarkable platform.
Traders can download MT5 for free on the LegacyFX website. The platform supports both demo accounts and real money.
The broker platform also supports the Web Trader, which is a decent trading tool. It comes with one-click trading off the charts, real-time quotes, excellent execution-speed, and scores of order types. Traders can also find the demo account option with the Web Trader too.
Traders also have the option of using the LegacyFX Mobile, which is another solution for traders on the go. Apart from giving enough compatibility to a trader, there is full access to portfolios and trading pairs to pick from. At the touch of a single button, traders can study their account history.
LegacyFX Deposits and Withdrawals
Surprisingly, the broker allows a handful of withdrawal and deposit methods with the use of Debit and Credit cards, such as MasterCard, Visa, and Visa Electron stand out. The broker also supports bank wires.
Withdrawing and depositing funds from the LegacyFX platform is pretty easy, as it takes less than 24 hours.
LegacyFX Review Conclusion
The LegacyFX is the ideal Forex broker for traders that are looking for an ECN platform with a minimum deposit of $250 and those who are looking for a platform that delivers fast execution trades.
Most importantly, the broker is regulated by five top regulatory bodies that cover most European countries, Middle East Asia, and Sub-Saharan Africa. That fact alone is an excellent reason to trade forex with this broker.
However, traders living in the US and Canada will not be able to use the services because they don’t accept them. Also, newbie Forex traders that are looking for high leverage of 1:1000 as well as ridiculously low minimum deposit can’t trade with LegacyFX.
Please be advised that some particular products and multiplier levels may not be open for traders from EEA countries due to some strict legal restrictions.
Forextraders' Broker of the Month
ForexTB is generally considered a reliable and reputable firm. It offers a variety of desirable features and attracts traders from all over Europe. The brokerage is fully regulated and licensed by the Cyprus Securities and Exchange Commission (CySEC) and is fully compliant with the European Securities and Markets Authority (ESMA). Customer reviews are usually positive, and independent industry websites that have reviewed ForexTB have concluded that the broker is safe...