Comment on LegacyFX

<p>Absolutely avoid. Long story short – if the traders at legacy were any good at what they do they wouldn’t be chasing after guys with account less than 10k. They would be on a beach, retired and sipping margaritas. Note that when you lose on a trade, the broker gets the money. Their Spreads wider than the grand canyon (1 lot on WTI will cost 100 GBP. This means the trade must move in your direction, be it buy or sell buy 100 GBP before you make a profit).</p> <p>They promote unsafe trading practices such as giving incentives to trade based on traded lots. This is specifically against UK FCA guidelines for treating customers fairly. Vanatu is useless at helping you as a retail client.</p> <p>I got involved with Legacy since I was looking for a ‘safe pair of hands’. I had an account with open trades that were placed by a management company and the trades were in 25% draw down with no hope of things turning around. I got in touch with Legacy to see if they could help. They assigned me to one of their advisors, who was very knowledgeable and even demonstrated some impressive techniques in real-time. This gave me the confidence to trust him. All seemed good so far. He gave me a set of signals (trades to place) on a friday afternoon and by monday morning, my account was in 80% drawdown. By the evening I had lost 7k GBP. Apparently that trader was fined 100k USD however I have no proof.</p> <p>I wrote in to complain and after threatening legal action, they assigned me to a senior trader, who was head of compliance. As a form of settlement, they gave me 1k GBP and the idea was that the senior trader would help replace lost equity and regain their trust. It worked well for a month – and slowly I began to develop trust with the senior trader. </p> <p>Slowly, the demands started for me to put the word out and quotas started regarding how many people I could get to sign up with Legacy Fx. This was so that it would be ‘worth their time’, ‘you do something for me, I do something for you ‘ etc. I disagreed with about 50% of the trading suggestions but mostly went along with them. I often risked 50% of the equity as stop loss without realising it. The account grew 300% in 2 months and all was going well. I was truly impressed. Then with 2 trades that went very bad very quickly, all was lost in a day. The account hit margin call before it hit the stop loss, which shows how far the stop loss was. </p> <p>It’s a big boy game, trading. All I can say is learn to trade yourself, find a regulated broker and never accept signals. Develop your own signals, be consistent and risk max 2% per trade.</p>