LegacyFX is an online retail broker that has lots of regulations from CySEC, MiFID, VFSC, BaFin, FCA, and NBRB. Traders can trade forex, indices stocks, and commodities through this broker. They provide extensive support for the client’s safety of funds.
We have carried out an extensive review of this company and found it legit and recommendable. This broker is famous for experience and customer support, along with some other unique trading features. Therefore, they provide a great variety of markets and products.
Read this LegacyFX broker review before opening your account. Is this a Scam or Reliable Forex Broker? Find out more with the AtoZ Markets Forex broker review of Legacy FX.
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LegacyFX was launched in 2012 that has a decent user feedback score. This broker is backed by A.N. (All-New Investments Limited), which is a corporate operator. This broker got registered as a CIF, and it is also a member of the investor compensation scheme.
The permanent office of LegacyFX is situated in Q Tower, 5th floor, Ioanni Kondylaki 47, 6042, Larnaca, Cyprus.
LegacyFX is regulated under the CySEC body with license number 344/17. This company is biddable with MiFID, which gives it a right to provide its financial services all through the EEA. Moreover, this broker took its time to register its regulatory processes with most of the national regulatory agencies of the EEA.
Moreover, to give traders security and insurance, LegacyFX took their regulation further by aligning with other regulatory bodies in Europe. For the traders of the UK, this broker is regulated by the FCA with license no: 797343. For traders in Germany, it got the registration no. 348194 by BaFin. Furthermore, LegacyFX got their registration from NBRB with a license no: 193180778. Additionally, its VFSC license no. is 14579.
This company is based in Larnaca, Cyprus. It was established in the year of 2012. LegacyFX allows traders to trade a variety of financial instruments, including forex, indices, and stocks, as lots of regulations back them. As the company is an STP and ECN broker, it does not do any market-making against the traders.
LegacyFX offers MT5 platforms for trading that allows traders to engage in AI trading. This platform is user-friendly and rich with trading tools & features.
They also 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 quite similar to traditional MT4, and it is considered as one of the best Forex trading platforms. The graphical structure is the same as MT4, MT5 is marginally faster, supports more types of orders. It also has a larger amount of indicators and has some other features.
This reliable trading platform provides many useful features, which include:
- More than 50 indicators
- Many available Expert Advisors
- MQL5 programing language
- Pending orders
- Limit orders
- Multi charting
MT5 is also available in Windows, Mac, iOS, & Android.
LegacyFX has four different account types: Silver, Gold, Platinum, and VIP.
- The Silver account is available for a minimum deposit of $500, and the spread of the silver account starts from 1.6 pips.
- The Gold requires a minimum deposit of $5,000. Traders get spreads from as low as 1.0 pips.
- Moreover, the Platinum account requires a minimum deposit of $25,000, and the spread is as low as 0.6 pips.
- The VIP account requires $50,000, where traders can customize their accounts.
- It provides the same leverage at 1:200, while traders can choose fixed spread as well.
- It also provides Islamic Accounts for those who are not interested in any interest income.
- The minimum spread of as low as 0.6 pips is available to Platinum account traders only. To get the spread, traders should invest a minimum of $25,000 deposit.
- The aim of the broker is the new retail traders. The Silver account has spread as low as1.6 pips, which is also smaller compared to the other brokers.
- Technical analysis and educational tools are available for all types of accounts.
Besides forex, stocks, and indices, this company also offers cryptocurrencies. Traders can trade their favorite cryptocurrencies through this broker including the Bitcoin, Ethereum, Litecoin and Ripple.
The main earning of the LegacyFX is from the spreads and commissions. This broker offers swap-free accounts to all traders, that means the swap rates are not passed to traders.
This charge is only taken if any trade held overnight and if they are not applied to trader’s accounts. The reason may be the broker is covering the charges, which is a nice service, or there is no real trading occurs, which would be questionable practices. However, LegacyFx has the right to take out the swap-free opportunities as it was mentioned at their T&C Section 63.2 & 63.3
Moreover, there are no details about the deposit and withdrawal fees. With credit cards of Visa, MasterCard, Maestro, and Visa Electron, traders can deposit from $500 to $10,000, and traders can withdraw a minimum of $200 to a maximum of $10,000.
The customer support of LegacyFX is available 5 days a week from Monday to Friday 8:00-24:00 (GMT+3). There is an option for sending an email or integrated message service from their website. Moreover, traders can call directly to their customer support.
LegacyFX has got lots of regulations from CySEC, MiFID, VFSC, BaFin, FCA, and NBRB.
LegacyFX is a well-regulated broker that offers online trading in a wide range of products. However, the main drawback of the broker is the wider spread. Besides that, other features are very attractive to traders.
The broker might not be attractive for the trader who likes to trade using MT4 trading platform as it only provides MT5 trading platform. However, there is a very thin line between MT4 and MT5 and all the features remain the same.
On the other hand, the broker is highly regulated by some of the famous forex regulators like CySEC and FCA which increases the trust factor. By diving deep into the LegacyFX profile, we can say that the broker is reliable. At last, we suggest you do your own research before opening an account with the broker.