LegacyFX Review

Overall LegacyFX is a trustworthy and low-risk broker with a high overall rating of 7 out of 10. LegacyFX is authorized and regulated by CySEC and offers leverage up to 1:200.

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 Review – 21 key points quick overview:

1. LegacyFX at a Glance
2. LegacyFX Review – 21 key points quick overview:
3. LegacyFX Overview
4. LegacyFX Safety and Security
5. LegacyFX Sign-up Bonus
6. LegacyFX Minimum Deposit
7. A step-by-step guide to LegacyFX depositing the minimum amount
8. LegacyFX Account Types
9. LegacyFX Account Features
10. How to set up a LegacyFX Demo Account – Step by Step
11. LegacyFX Islamic Account
12. LegacyFX Trading Platforms
13. LegacyFX Fees and Spreads
14. LegacyFX Deposit and Withdrawal
15. LegacyFX Best Countries by Traders
16. LegacyFX vs Etoro vs XM – Comparison Table
17. LegacyFX Current Popularity Trend
18. LegacyFX Pros and Cons 
19. Conclusion  
20. Disclaimer
21. Frequently Asked Questions

LegacyFX Overview

According to research in South Africa, LegacyFX is a brokerage firm founded in 2012. In 2017, LegacyFX rebranded and re-launched its services under new management.

The company is now owned and operated by All New Investments Ltd. (AN), a financial investment firm based in Larnaca, Cyprus.

LegacyFX is a corporate operator that is registered as a CIF and also is a member of the Investor Compensation Scheme.

With its office in Larnaca, Cyprus, LegacyFX is also regulated by CySEC, MiFID, VFSC, BaFin, FCA, and NBRB and apart from offering trade in forex, indices stocks, and commodities, it provides extensive security for clients’ funds.

The brand provides currency pairs, metals, commodities, stocks, and indices for trading on its platform across multiple devices and the website is available in five languages.

LegacyFX Safety and Security

One of the best benchmarks to measure the safety of a broker like LegacyFX is to establish which regulating authorities are watchdogs over its actions.

LegacyFX is a regulated broker, mainly under the CySEC body, with a license number of 344/17. This means that the operator is compliant with MiFID, which gives it the theoretical right to sell financial services all through the EEA.

To give traders more security and insurance, LegacyFX also aligned with other reputable bodies in Europe. For the UK, they are regulated by the FCA with license no. 797343, and for Germany, they have registration no. 348194 by BaFin.

LegacyFX is also regulated by the Belarus NBRB with license no. 193180778 and by the VFSC with license no. 14579.

LegacyFX does not allow all traders from the EEA or traders from the US and Canada.

LegacyFX Sign-up Bonus

LegacyFX does not offer a sign-up bonus.

Traders who register a real account with Legacy FX are not offered either a sign-up bonus, a deposit bonus, or a welcome bonus.

Offering a deposit or welcome bonus is the best way in which to assure traders that they will receive some money back depending on the initial deposit made.

Various brokers also offer no deposit bonuses to traders in the same effort to draw in more customers and bonuses like this may aid not only the broker in acquiring new clients but also traders who have strict budgetary restrictions.

Although Legacy FX does not offer bonuses, rewards, promotions, or competitions traders should not be discouraged by this from registering for a real account as bonuses may still be in the planning and development phases to be announced at a later stage.

LegacyFX Minimum Deposit

LegacyFX has a minimum deposit requirement of $500 for a Silver account, $5 000 for a Gold account, and $25 000 for a Platinum Account.

This minimum deposit amount was equivalent to ZAR 7 996,05 at an average current exchange rate between the US Dollar and the South African Rand at the time of writing.

LegacyFX’s authorization as a broker and its regulatory authorities require that client funds must be kept in segregated accounts, separate from the broker account and that such funds could only be used by traders to conduct their trading activities.

A step-by-step guide to LegacyFX depositing the minimum amount

Deposits can be made with LegacyFX using the following steps:

Traders can fund their accounts by sending the funds to one of the LegacyFX segregated clients’ accounts from their own bank account or execute the option to deposit the minimum amount from their personal area after a live trading account was registered and had been approved.

Step 1 – Log in

Traders then log into their personal area, select the option for deposits, and follow the instructions to make a deposit into their trading account. Traders must make sure that they select the correct deposit currency if there is a choice available.

Step 2 –Make the deposit

Funds must be transferred in the same currency as the bank account to which they are sending them, to prevent currency conversion fees from being charged.

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 Account Types

LegacyFX offers four different account types, Silver, Gold, Platinum, and VIP accounts. The minimum deposit required to open an account is $500.

The accounts offer the same basic features, including swap-free trading which is a benefit to traders. Unfortunately, traders can only benefit from mobile trading when they hold a Platinum account. Technical analysis and educational tools are available for all types of accounts.

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

LegacyFX Account Features

📍LegacyFX Silver Account

This type of account can be opened with a minimum deposit of $500, and the spread of the account starts from 1.6 pips.

📍LegacyFX Gold Account

This account requires a minimum deposit of $5 000 and has spread from as low as 1.0 pips.

📍LegacyFX Platinum Account

This account type requires a minimum deposit of $25 000 and the spread can be as low as 0.6 pips.

📍LegacyFX VIP Account

The top-tier VIP account requires a deposit of $50 000, and traders can customize their accounts.

How to set up a LegacyFX Demo Account – Step by Step

To register for, and set up a demo account with Legacy FX, traders must visit the website and follow the simple steps.

Step 1 – Open Your Account

• Navigate to the LegacyFX homepage
• Click on the demo account button on the middle left of the page

Step 2 – Fill out the form

• Complete the simple online registration form. Provide your full name, email address, and phone number, and create a password for your demo account
• Read and Continue

A demo account is also referred to as a practice account because it provides traders with the ability and freedom to explore a broker’s offering without running the risk of losing money, due to the provision of virtual money with which to ‘trade’.

Beginner traders can use a demo account to get acquainted with the live trading environment, where they can actively participate in trades and develop their own strategies.

Demo accounts are not intended for beginners only but provide more advanced traders an opportunity to explore what Legacy FX has to offer.

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 Islamic Account

The purpose of an Islamic Account is that it caters explicitly to Muslim traders who follow the strict rules of Sharia law. These rules prevent followers from paying any type of interest, such as overnight fees, which are seen as exploitive or wasteful.

Overnight fees are charged when traders hold positions open for longer after the trading day has concluded. This type of account allows exemption from such fees or interest, should traders hold positions open for longer.

Brokers offer an Islamic Account only to Muslim traders who follow Sharia law. Traders must, however, take note that there are certain features indicated on the Islamic account which may differ vastly from the other individual account types, such as minimum deposits, spreads, and more.

Traders who are interested in registering for an Islamic account must contact the broker’s customer support team to verify the availability and current conditions of such an account as conditions may have changed from the time of writing.

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 Trading Platforms

The forex trading platform is in essence the software provided by LegacyFX to its clients to carry out their trades.

A multi-asset trading platform is one that allows clients to trade forex but other asset classes, including CFDs on stocks, stock indices, precious metals, and cryptocurrencies as well.

The decision about which platform to choose will always depend on what a client would like to trade. LegacyFX runs on the MT5 trading platform that supports both mobile and computer users.

The MT5 platform is user-friendly and rich with trading tools and features that permit traders to access their accounts through mobile devices, which is a much-needed feature for those who wish to trade while on the go.

📍LegacyFX MT5 is similar to the traditional MT4, but faster and supports more types of orders. It also has a larger number of indicators and other features, which include:

• More than 50 indicators
• Many available Expert Advisors
• MQL5 programing language
• Pending orders
• Limit orders
• Multi charting
• MT5 is also available on Windows, Mac, iOS, & Android.

LegacyFX Fees and Spreads

Legacy FX’s spreads on EUR/USD start from 1,6 pips with the Silver account.

Traders can choose between fixed or variable spread accounts. Spreads get tighter with the Gold and Platinum accounts, going down to 0.6 pips.

Fixed spreads are around 3 pips for EUR/USD with the Silver account.

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

LegacyFX charges no rollover fees on long-term positions, providing ideal conditions for long-term trading and investment.

Fees, spreads, and commissions that traders can expect on the company’s spread list when trading with Legacy FX are as follows:

CFD

FTSE Spread 2pips

GBP/USD Spread 1.5 pips

Oil Spread 0.13 pips

Stocks Spread – Variable

Forex

GBP/USD Spread 1.5pips

EUR/USD Spread 1.6 pips

EUR/GBP Spread 1.5 pips

Cryptocurrency

Spread Variable

Coins: BTC, LTC, ETH, XRP.

LegacyFX Deposit and Withdrawal

The minimum deposit for a LegacyFX account is $500, with a maximum deposit of $10,000 with credit/debit cards.

Withdrawals to credit cards can only be in the amount of the deposit from that particular card and the remainder will be wired to the client’s bank account.

📍 Legacy FX covers all deposit and withdrawal fees for transactions via major credit/debit cards, Skrill, Neteller, and bank wires above $200. Deposit options include:

Credit card

cryptocurrencies

Neteller

Skrill

Wire Transfer

Withdrawal options available are also credit card, Neteller, Skrill, and Wire Transfer.

LegacyFX Best Countries by Traders

LegacyFX vs Etoro vs XM – Comparison Table

LegacyFX Current Popularity Trend

As According to Google Trends, here is an overview of how frequently the search term – “LegacyFX” is entered into Google’s search engine over a given period of time.

LegacyFX Pros and Cons 

Conclusion  

Overall, LegacyFX can be summarised as a credible and trustworthy broker and is considered an average risk with competitive trading fees and spreads. LegacyFX offers traders the MetaTrader suite of platforms as well as a basic web and mobile app. LegacyFX is a regulated broker, mainly under the CySEC body, with a license number of 344/17.

Disclaimer

LegacyFX warns all potential customers that Forex and CFD trading always carries a high level of risk and may not be suitable for all investors.

Before deciding to trade the products offered by LegacyFX, potential traders are advised to carefully consider their investment objectives, financial situation, needs, and level of experience before investing money they cannot afford to lose.

LegacyFX warns that margin trading involves the potential for profit as well as the risk of loss and that movements in the price of foreign exchange and commodities are very unpredictable.

Therefore LegacyFX cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.

You might also like: LegacyFX Account Types

You might also like: LegacyFX Demo Account

You might also like: LegacyFX Fees and Spreads

You might also like: LegacyFX Islamic Account

You might also like: LegacyFX Minimum Deposit

You might also like: LegacyFX Sign-up Bonus

Risk Management

LegacyFX is a forex and CFD broker that provides trading services to clients. In terms of risk management, LegacyFX offers several tools and features to help traders manage their risk, including:

1. Margin calls: LegacyFX sets margin requirements and alerts traders if their account balance falls below the minimum margin level.
2. Stop loss orders: Traders can set stop loss orders to limit their potential losses on a trade.
3. Negative balance protection: LegacyFX protects clients from incurring negative balances on their trading accounts.
4. Leverage options: LegacyFX allows traders to choose the amount of leverage they wish to use on their trades, helping them manage their risk exposure.
5. Trading alerts: LegacyFX provides real-time alerts to traders, allowing them to stay informed about market events and changes in their trading positions.

It is important for traders to thoroughly understand the risks involved in forex and CFD trading and to develop a sound risk management strategy before entering into trades. LegacyFX provides educational resources and support to help traders make informed decisions.

Frequently Asked Questions

How many instruments can I trade with LegacyFX?

You can trade several different instruments with LegacyFX, which include the following:

• Forex – 40+ majors, minors, and exotics
• Indices – 12 major and minor global indices
• Precious Metals – 7 metals including gold and silver
• Cryptocurrencies – Bitcoin, Ethereum, Litecoin, and Ripple
• Commodities – 11 agriculture, energy, and other commodities
• Stocks – Dozens of global equities from Germany, the USA, the UK, and more

Which platforms are supported by LegacyFX?

LegacyFX provides the following popular trading platforms:

• MT5

Does LegacyFX offer leverage?

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

Is LegacyFX a recommended forex trading broker for experts and beginners?

LegacyFX offers a fair-trading environment for most types of traders.

What is the overall rating out of 10 for LegacyFX?

7/10.