LegacyFX Review 2019 | Is LegacyFX a Scam or Legit Forex Broker?

Read our LegacyFX review to find out if LegacyFX is a scam or a reliable forex broker. Unbiased Forex brokers reviews combined with user comments.

Average broker rating

3.7/ 5

Rating breakdown

Protection & Regulations
80% Complete (danger)
4.0/5
Trading platforms
80% Complete (danger)
4.0/5
Tradable Products
100% Complete (danger)
5.0/5
Deposit and withdrawal
100% Complete (danger)
5.0/5
Trading Fees
20% Complete (danger)
1.0/5
Support
60% Complete (danger)
3.0/5
# Broker's Features LEGACYFX Availability
# Commissions
# Hedging
# PAMM
# Scalping
# Accepts US traders
# 24 hour trading
# Swaps
# Demo account
# Daily analysis
# Automated trading
# Mobile trading
# Trading by phone
# 1st deposit bonus
# Forex contests competitions
# Bonuses Promotions
# Interest charges on the balance
# Free education
# Expert advisors
# Partnership programs
# Trust management
# 24 hour support

The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review LegacyFX.

Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. LegacyFX offers Online Financial Trading and Investment Services Such as Currencies, Commodities, Indices, Stocks, Bonds, Cryptocurrency, Futures.

Tradable Products: LegacyFX offers the following assets for trading: 49 currency pairs, 2 Metals, 8 commodities, and 9 indices. Stock equities are also available for trading.

Broker Type: Many types of brokers can be found in the most dynamic market in the world. LegacyFX is STP.

Features: Not a wide selection of supporting features at LegacyFX. Although there are trading signals which may be useful.

Executing Trades:

LegacyFX allows you to execute a minimum trade of variable, fixed. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument. As LegacyFX offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades.

Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. LegacyFX recommended minimum capital is $500.

Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. LegacyFX is regulated by CySEC, BaFin, FCA. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.

Investor Protection & Regulations: LegacyFX is authorized and regulated by CySEC. The broker protects investors by conforming to the regulatory rules, maintaining a secured trading environment and insuring depositors’ funds.

Account currencies: Next lets consider the Account currencies each broker offers. LegacyFX offers UDS, EUR, GBP different account currencies for each account types.

Account Openning: 3 types of accounts are offered by LegacyFX. They are the Silver, Gold and Platinum Accounts. The account opening balances are: $500, $5,000 and $25, 000 respectively. Demo account with a virtual balance of $50,000 is provided. Islamic Account is available on request.

LegacyFX offers a demo account for practicing trading skills and get familiar with the broker’s trading platform.

Languages Available: Next lets have a look at each broker's different Language options. LegacyFX offers English, Spanish, Italian, German.

Payment methods: Next lets have a look at each broker's payment options. LegacyFX offers Credit/Debit Cards, Neteller, Skrill, Bank Wire Transfer different payment methods for each account types.

Deposit and withdrawal: Credit/debit card, Bank Wire Transfer and several e-wallet payments options are accepted by LegacyFX. Cash and cheque deposits are not allowed. The minimum deposit amount is $500

Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, LegacyFX makes MT5 available to clients.

Web & Desktop Trading Platforms: The only platform provided is the MT5. It is available as a downloadable desktop application and as a WebTrader which is accessible with a web browser. The MT5 is a sophisticated platform which supports a lot of features. It supports 6 pending orders, 38 technical indicators, 21 timeframes, an economic calendar, and access to the MQL5 market
Mobile Trading Platforms: The mobile trading platform from LegacyFX broker is the MT5. It is available as an Android app and an iOS app. These apps are packed with features to monitor the market, manage accounts, enter trades and so much more.

Other

Trader Education
LegacyFX provides adequate training for its clients targeting beginner traders. The training mainly comprises of Tutorial videos and eBooks. A glossary of terms is also available.

Promotions
No form of bonus has been announced by LegacyFX.

Support
The customer support on LegacyFX is available 24/5 on channels like email, web chat, web form, phone and social media. The support assistants are courteous and willing to help.

Recup
LegacyFX is a forex and CFD broker that operates from Cyprus. It is regulated by the reputable CySEC. Investors’ deposits are kept in separate bank accounts from that of the broker. The broker has also put in place industry standard security procedures to ensure safety.

Final Thoughts
LegacyFX is starting to push the boundaries of retail forex brokerage, despite its relatively late entry into the market. However, it needs to improve on existing product offering to make it distinct from the legion of other Cyprus-based brokerages.

Trading Experience
LegacyFx is a regulated platform with a product offering that is suitable for beginners and intermediate traders.

People Also Asked

Is LegacyFX regulated?
Yes, LegacyFX is regulated by top-tier regulators, CySEC, BaFin, FCA inclusive.
Where is LegacyFX based?
LegacyFX is based in Larnaca
How does LegacyFX make money?
LegacyFX charges a spread between the bid price and ask price. It does NOT charges a commission.
How do I deposit in LegacyFX account?
With LegacyFX you can deposit money via the following means; Credit Card, Neteller, Skrill, Wire Transfer.
How do I withdrawal in LegacyFX account?
LegacyFX lets you request a withdrawal of funds from your account via the following means; Credit Card, Neteller, Skrill, Wire Transfer.
What is the minimum deposit for LegacyFX?
LegacyFX has $500 minimum deposit.
What are the available account base currencies with LegacyFX?
LegacyFX trading accounts are offered in UDS, EUR, GBP. If your country's currency isn't included in the list, you will need to open an account with another currency base.
What is the max leverage in LegacyFX?
LegacyFX has a maximum leverage is 1:30 for professional traders.
How do I open an account with LegacyFX?
Opening an account with LegacyFX is a three-step process. First fill out the registration form, second is to send verification details to the verification department and lastly is to fund your account.
Does LegacyFX use MetaTrader?
LegacyFX platforms: Yes, LegacyFX use MetaTrader as well as the following platforms: MT5
What type of broker is LegacyFX?
LegacyFX appears to be a STP broker which offers market access to a variety of traders.
Does LegacyFX accept US clients?
No
Does LegacyFX offers Islamic accounts ?
Yes
What financial instruments can I trade?
You can trade a wide variety of instruments with LegacyFX: You can trade a wide variety of instruments with LegacyFX: Currencies, Commodities, Indices, Stocks, Bonds, Cryptocurrency, Futures

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