LegacyFX Review (2023)

What is LegacyFX?

LegacyFX is a multi-asset trading specialist providing brokerage services for forex and CFD trading on gold, oil, cryptocurrencies, indices, and major stocks, internationally for traders worldwide since 2017. LegacyFX is GDPR compiled and fully regulated by CySEC, FCA and BaFin, with a main objective to enhance financial transparency and offer greater client protection. Its trading conditions are among the tightest spreads in the market, starting from only 0.6 pips. 

The broker offers more than 200 trading instruments. LegacyFX provides its clients with the MetaTrader 5. Legacy FX gives the keys to access the forex market 24 hours a day, 5 days a week, allowing users to trade the most popular major, minor and exotic currency pairs. For full protection of investment LegacyFX operates negative balance protection along with complete segregation of client funds from company’s assets.

Is LegacyFX safe or a scam?

When it comes to online trading, security is paramount to understanding that your capital is secured and protected by the law and regulations.

Is LegacyFX legit?

LegacyFX is a brand name of the A.N All New Investment Limited that is authorized and regulated by the CySEC a regulatory authority for Investment Services firms in Cyprus, along with cross-border licenses due to its European position, authorizing the company to provide investment services within the EEA zone.

In simple words, it means the broker fully establishes its business according to necessary laws and principles of operation, eventually dedicated to protecting clients and enabling market integrity.

Nevertheless, an international proposal running through an additional license in Vanuatu, or AN ALL NEW INVESTMENTS (VA) Limited under the domain https://int.legacyfx.com. The trading conditions here are different and applicable to other laws and regulations. It was always quite risky to trade with offshore zones and we should definitely mention that trading with AN ALL NEW INVESTMENTS (VA) Limited subsidiary is not safe.

However, we always recommend checking on the regulation carefully and never signing in with an only offshore registered brokers (read more why avoid trading with offshore brokers).

How are you protected?

Since the LegacyFX license means its compliance with all the strict regulatory requirements, the trader’s investment is considered to be safe, as the broker completely segregated funds from the operational funds of the LegacyFX while keeping in leading and reputable EU banks.

Also, CySEC regulatory standards are fully aligned with the European MiFID directive that also enables LegacyFX to offer its service within the EEA zone and beyond. The stated objective of MiFID is to participate in building a more integrated, deeper, and more effective generating growth capital market while strengthening the protection of investors. However, this type of regulation does not let LegacyFX offer its services where the broker is NOT regulated.

Leverage

Leverage, known as a loan given by the broker to the trader enables you to trade through the multiplied volume that may raise your potential gains, yet in reverse increases high risks too. So firstly you should learn how to use tools smartly, also various regulatory standards and restrictions set a particular allowed level of leverage that is considered to be safe.

LegacyFX Reviews shows that brokers’ leverage ratios are set to a standard level allowed for European traders since ESMA significantly restricts the use of leverage for retail traders. Therefore, the maximum level is set to a

• 1:30 for major currency pairs 
• The global LegacyFX traders may be still entitled to a higher range of up to 1:200

And of course, always learn how to use leverage smartly in order not to fall under inefficient risks.

Account Opening

Account types

There are several account types designed by LegacyFX – Standard, Silver, Gold, Platinum, Bronze, Gold, and Premium. All accounts feature the same competitive trading conditions and available services, while higher grade accounts will add on extra benefits.

The Silver account is available from a minimum deposit of $3 000, with the smallest spread of 1.6 pips. This is reduced to 1.0 pips in the Gold account for a deposit of $5,000. 

Each of the account types brings a particular possibility for your trading strategy while allowing either beginning traders, investors, or professionals to find their own way in trading.

Islamic Account 

The LegacyFX Islamic account adheres to the principles of Islamic law regarding banking activity and Riba (interest). It is an interest-free or swap-free account type, for those who, for religious reasons cannot trade on interest/swap incurring accounts. However, account holders will still enjoy all of the benefits of all the Account Types offered by LegacyFX, their same spreads, and the same trading conditions.

Demo Account

LegacyFX demo accounts allow clients to try out the broker’s services, and platforms and to practice trading strategies risk-free by using virtual funds.

Instruments

LegacyFX provides access to seamless trading through the great range of 200+ underlying assets, while you may choose from leading Shares, Indices, Forex, Commodities Cryptocurrencies, and CFDs.

Therefore, with access to the most liquid and popular markets, you may choose the desired and most understanding instrument according to your trading need and use BDSwiss user-friendly portal to benefit from trading.

Fees

LegacyFX offers some of the lowest dealer spreads in the business, starting at 0.6 pips. 

No rollover fees on long-term positions, negative balance protection, and client funds are separate from LegacyFX’s funds.

Swap Free on all LegacyFX Account Types (Silver, Gold, Platinum). LegacyFX charges no swaps on long-term positions, providing ideal conditions for long-term trading and investment. For full protection of investment, LegacyFX operates negative balance protection along with complete segregation of client funds from the company’s assets.  

Find on Forex fees

Of course, spreads fees are defined by the account type you use. Variable spreads for major forex pairs such as EUR/USD start at 1.6 pips with the Silver account. 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.

Deposits and Withdrawals

Another very important part of our LegacyFX review is how to transfer money from or to your trading account. Eventually, all account management happens through an online field while LegacyFX makes it possible to process the transaction via major credit/debit cards, Skrill, Neteller, and Bank Wire Transfer. Payment methods vary depending on the entity you are trading with.

What is the minimum deposit for LegacyFX?

As for the minimum deposit amount, the Silver account at LegacyFX requires 500$ as a start, while other accounts deploy higher levels of first deposits. The pleasant moment is that LegacyFX does not charge any fees on credit card/electronic wallet deposits as well, yet this may vary from rule to another.

Withdrawals

From the moment you submit and confirm the request to withdraw money from your account the accounting department of LegacyFX typically processes and confirms withdrawal within 3 business days.

As for the transfer fees, make sure to check conditions in detail with the payment provider and broker respectively as various jurisdictions may apply different rules due to international policies. Overall, LegacyFX defines no commission for withdrawals via Bank Cards but charges a 50$ fee for Wire Transfer withdrawals.

Trading Platforms

The software solution offered by the LegacyFX mainstays the popular choice of MetaTrader5 platform, which provides a comprehensive trading feature and vast solutions. It is not actually a surprise, as MT5 is a known industry intuitive platform that allows trading anywhere and anytime with advanced charting tools, and indicators to manage the risks with a better possibility to determine price direction.

Web Platforms

Trade Forex and CFDs with the MetaTrader 5 web platform without installing or downloading any software application. You can trade on the Forex market with any browser and operating system with an internet connection.

Desktop Platform

MetaTrader5 for Desktop is designed to monitor and optimize your entire trading process by offering broad functionality. MetaTrader5 is an institutional multi-asset platform offering outstanding trading possibilities and technical analysis tools. Traders can enjoy the latest version of the most popular trading platform with plenty of cutting-edge features and benefits brought by LegacyFX.

Mobile Platform

LegacyFX Mobile Platform is available on both Android and IOS and allows traders to place eight types of pending orders to get more precise control over open positions. MetaTrader5 supports the trading of cryptocurrencies with a set of new and unique crypto features. Mobile MT5 simplifies the process of opening a new position with a single click and includes additional technical tools, which provide options to choose from over 21 timeframes for charting and nine additional techniques for chart structuring.

Customer Support

Support is available 24-hours, and clients can either send an email, call support, or engage with customer support via a live chat feature. The support staff is fluent in English, Arabic, and Russian. The broker values customers and is happy to answer all general, technical, and account-related questions that you may have. They also appreciate hearing how they can improve the support available to traders.

Education

LegacyFX traders can find a variety of video lessons, trading platform guiding tutorials and courses, download full eBooks on a wide range of subjects, and enrich their knowledge in webinars presented by industry experts. On top of that, LegacyFX provides advanced trading tools and analysis and offers daily, weekly, and monthly market research.

The broker also provides:

• wide range of tutorials and courses covering all levels, from beginners to experienced traders; 
• live webinars examining main events in the market and analyzing different approaches; 
• periodical market research and analysis by top financial experts on currency, commodities, stocks, and more;
• financial trading tools including an economic calendar, glossary, and calculators to support trading.

Pros	Cons
Free Demo account	None
Advanced education with Webinars, Videos, Economic Calendars
Good range of trading tools
Economic Calendar and Market News

Conclusion

Overall, the LegacyFX review presents a global brokerage company with a well-established customer-oriented operation that provides a secure, as well regulated trading environment suitable for almost every demand.

It appears to be one of the industry’s most promising brokers, established itself as a leader in the retail sector in recent years. LegacyFX is MiFID-compliant and regulated by CySEC, VFSC, and the National Bank of the Republic of Belarus (NBRB). In general, this broker has a clean regulatory record, and its transparency is impeccable.

Besides, the main tool and a very powerful one in the LegacyFX business strategy is – education, which attracts new traders and gives a great opportunity for both parties. And that is apart from its largely established social responsibility and other activities they regularly held.

Nevertheless, let us know your opinion about LegacyFX, share your experience, and do not hesitate to ask for additional information if necessary in the comment area below.