LegacyFX Review 2019 | Is LegacyFX a Scam or Legit Forex Broker?
Rating breakdown
LegacyFX Overview
LegacyFX is an online forex and CFD broker located in Cyprus. It offers forex, stocks, indices and commodities for trading on the MT5 platform.
| # | 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.
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.
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.