LegacyFX – Islamic Account

LegacyFX offers an Islamic Account to traders of the Muslim faith, which can be opened as a swap-free version of any of the three swap-rated accounts with the same access to all the trading conditions, tools, and features.

LegacyFX at a Glance

Overall Rating

• 3.6/5

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OPEN AN ACCOUNT

Min Deposit

USD 500

Regulators

CySEC, MiFID, VFSC, BaFin, FCA, NBRB

Trading Platform

MT5

Crypto

Yes

Total Pairs

0

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

LegacyFX Islamic Account – 12 key points quick overview:

1. LegacyFX at a Glance
2. LegacyFX Islamic Account – 12 key points quick overview:
3. Legacy FX Overview
4. What exactly is a LegacyFX Islamic Account?
5. Which financial activities are restricted and prohibited by Sharia law?
6. What are the steps involved in opening a LegacyFX Islamic Account?
7. What are LegacyFX’s spread costs on an Islamic Account?
8. What other features does LegacyFX’s Islamic Account have?
9. LegacyFX Customer Reviews
10. LegacyFX Pros and Cons
11. Conclusion
12. Frequently Asked Questions

Legacy FX Overview

LegacyFX is a forex broker company in Cyprus that provides traders with access to platforms that allow them to buy and sell foreign currencies.

LegacyFX was founded in 2012 and is based in Larnaca. The broker is now being owned and operated by All New Investments Ltd. (AN) and in 2017, LegacyFX rebranded and relaunched its services accordingly.

With its office in Larnaca, Cyprus LegacyFX is regulated by several authorities to provide extensive security for clients’ funds.

LegacyFX is authorized and regulated by the Cyprus Securities Exchange Commission (CySEC), the Federal Financial Supervisory Authority (BaFin), the UK Financial Conduct Authority, the Vanuatu Financial Services Commission (VFSC), and the National Bank of the Republic of Belarus (NBRB).

All New Investments Ltd. is a corporate operator that is registered as a CIF and is a member of the Investor Compensation Scheme.

LegacyFX provides currency pairs, metals, commodities, stocks, and indices for trading across multiple devices on its platform and its website is available in many different languages.

LegacyFX has accumulated several awards during its years of service to traders, including Best Forex Broker in the Middle East, at the Daily Forex.com 2019 awards, Best STP/ECN Forex Broker, at the AtoZ Markets 2025 awards, and Best Broker of 2019, at the PipsoFX.com 2025 awards.

LegacyFX provides Islamic Accounts for those who prefer a no-interest income.

What exactly is a LegacyFX Islamic Account?

Islamic accounts, known as swap-free accounts, are compliant with Sharia law because there is no swap or rollover interest on overnight positions, which is against the Muslim faith.

Muslim clients can benefit from these same trading conditions and terms as regular trading account types, with the only difference having no swaps on trading instruments.

A handling charge may however apply.

An important feature of an Islamic Account is that transactions must be settled immediately, requiring that currencies be transferred from one account to the other right after the transaction has been completed and therefore paid for in full.

There are two key elements of the Islamic law that relate specifically to trading accounts, namely Riba and Gharar. Riba is a concept that refers to increasing or exceeding growth, which forbids interest credited from loans or deposits.

Gharar is an Arabic word associated with uncertainty, deception, and risk, which in modern finance include futures and options contracts, which have dates of delivery in the future.

Which financial activities are restricted and prohibited by Sharia law?

Due to the restrictions and prohibitions on Muslim traders when considering the intricate details involved with trading activities, the following may be affected or prohibited:

• Overnight rollovers, because it involves the receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 17:00 EST, as is prohibited by the Sharia law.

• Margin deposits and interest, because it involves the accrual of interest on funds that are deposited into the trading account, which is prohibited.

• Trading on margin results in a trader is liable for paying interest, which also amounts to Riba and is prohibited by Sharia law, as money is borrowed from the broker to buy or sell such equities.

• Short sales, which affect mostly shares and involve borrowing and subsequent sale of an asset, are prohibited.

• Forward sales are affected. The trading of futures contracts involves the buying and selling of contracts at a future date according to a price agreed upon on the day of entering such a contract.

What are the steps involved in opening a LegacyFX Islamic Account?

Traders who are eligible for an Islamic Account must probably complete the live account application and then state that they want to apply for the Islamic option. Legacy FX may also require certain additional documents, apart from proof of identity and residential address, before approving an application for an Islamic account.

What are LegacyFX’s spread costs on an Islamic Account?

To make up for money lost by not charging overnight fees, a broker like Legacy FX usually charges extra fees on Islamic accounts – either in administration fees, wider spreads, or additional commissions.

New Islamic traders should contact the broker’s customer service team to enquire about any special conditions or extra fees before joining, because it is often overlooked or not clearly indicated on the account features pages.

What other features does LegacyFX’s Islamic Account have?

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 the benefits of all the Account Types offered by LegacyFX, their same spreads, and the same trading conditions When making use of the Legacy FX Islamic account, traders can expect key features like the following:

Interest is not charged on contracts that are held for more than 24 hours

Accounts are activated with a required minimum deposit

Some specific restrictions and limits may apply to the Islamic Account

Overall Rating

• 3.6/5

Read Review

OPEN AN ACCOUNT

Min Deposit

USD 500

Regulators

CySEC, MiFID, VFSC, BaFin, FCA, NBRB

Trading Platform

MT5

Crypto

Yes

Total Pairs

0

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

LegacyFX Customer Reviews

Why you should join LegacyFX and request to be under Max Berge?

I’ve been following LegacyFx’s free signals for quite some time now. At first, I wasn’t sure if the accuracy rate they claim is true or not. But after a couple of months of “research”, they were right about it. My belief in the increased and I was very happy to join them.

I funded my real account, and I was placed under Max Berge, a wonderful guy. I keep winning thanks to his signals, of course, there are SL hits (Nobody is perfect) but the profit is way more than the loss. Overall, he’s a good guy as well. Messages to ask if I am doing good, did I take the trade or not, and how much profit I made. I appreciate people who do this as it greatly increases the morale and understanding between each other. Thanks a lot, Max, hope to earn more with you.

Feel free to join LegacyFX free signals group, and evaluate yourself by doing what I did, checking their success and loss rate over a period of time, and then consider joining them for real. You won’t regret it!

Awesome I have never ever seen like withdrawal…

Awesome I’ve never ever seen like withdraw funds reach my bank account I just say a few words Superrrrrrrrrrr ❤❤❤❤❤❤🙏🙏🙏🙏🙏🙏
Ahmed Mohammed Ghouse

I have seen great profits that I never…

I have seen great profits that I never imagined even though I am a beginner, it’s all thanks to Legacy Fx and Daniel Ray the guy who contacted me. Now I will pay off my debt faster than I thought. Do not hesitate that 250$ is strictly for you to start trading and nothing else.

LegacyFX Pros and Cons

Conclusion

LegacyFX offers an Islamic Account to traders of the Muslim faith, which can be opened as a swap-free version of any of the three swap-rated accounts with the same access to all the trading conditions, tools, and features.

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Frequently Asked Questions

Does LegacyFX offer leverage?

Yes, LegacyFX offers maximum leverage from 1:5 to 1:200 depending on the asset traded.

What spreads can I expect with LegacyFX?

LegacyFX offers spreads from 1.6 pips.

Does LegacyFX charge commission?

All assets are commission-free, except for stocks where charges range from 0.15% to 0.45% depending on the account.

Are there additional charges on the Islamic account?

LegacyFX does offer an Islamic Account and traders can expect extra fees on Islamic accounts – either in wider spreads, additional commissions, or administration fees to make up for money that they lose by not charging overnight fees.

New Islamic traders should enquire about these special conditions or extra fees before joining, because it is often overlooked or not indicated on the account features pages.

What is the overall rating out of 10 for LegacyFX?

7/10.