LegacyFX Forex Trade Platform and Broker Review

LegacyFX Forex Trade Platform and Broker Review

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LegacyFX Broker Review

LegacyFX is a globally recognized financial asset management firm and brokerage which was established in 2014 in Vanuatu. LegacyFX’s main services consist of providing tradable financial instruments through powerful trading terminals.

LegacyFX has between 100 and 250 employees and is headquartered in Port Vila, Vanuatu.

Is LegacyFX Regulated?

Yes, LegacyFX is a forex broker which is owned and operated by A.N Allnew Investments, Ltd, which is a Cyprus-based firm authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC).

In addition, LegacyFX is also regulated by Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), which is the regulatory authority for Germany, also known as the Federal Financial Supervisory Authority.

LegacyFX also holds regulation and authorization with the National Bank of the Republic of Belarus (NBRB) and the Vanuatu Financial Services Commission (VFSC).

 

Is LegacyFX Regulated in the United States?

No, LegacyFX is not regulated in Virginia or any other US state. 

Is LegacyFX Regulated in Europe?

Yes, LegacyFX has the necessary cross-border licenses to offer financial services and products to European traders.

Is LegacyFX regulated in a Tier-1 Jurisdiction?

Yes, LegacyFX is regulated in a Tier-1 jurisdiction.

Tier-1 Jurisdiction provides LegacyFX with the license to offer financial services in Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

Is LegacyFX regulated in Tier-2 Jurisdiction?

Yes, LegacyFX is regulated in Tier-2 jurisdiction.

Tier-2 Jurisdiction provides LegacyFX with the license to offer financial services and operate in the British Virgin Islands, Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

What are the Platforms and Tools for Forex Trading in LegacyFX?

LegacyFX offers traders the powerful, user-friendly, dynamic MetaTrader 5, which is a leading trading platform in the industry. With LegacyFX MetaTrader 5, forex traders can trade across these devices:

  1. Desktop – which allows for Black Box Programming, making it a viable option for developers and those who want to use trading robots. MetaTrader 5 offers access to a variety of financial instruments which can be traded. In addition, forex traders have access to many trading tools, fundamental and technical analysis, charts, and more.
  2. Mobile – with LegacyFX MetaTrader 5 mobile on iOS, Android, and Windows Mobile, forex traders can use a variety of pending orders, one-click trading, crypto, clear segregation of orders, positions, and transactions, and optimized strategy testers, and more.
  3. Web – MetaTrader 5 can be used on any browser through the advanced, convenient WebTrader, which does not require downloading or installing.

Does LegacyFX Have a News Blog for Forex News?

Yes. There is a news blog for forex news provided on the official LegacyFX website.

Does LegacyFX Have a Traders Dashboard?

Yes, LegacyFX has a traders dashboard that can be accessed once forex traders have registered for a live trading account.

LegacyFX Traders Dashboard

LegacyFX-Traders-Dashboard

Does LegacyFX Have an Educational Section?

Yes, LegacyFX has an education system designed for forex traders. LegacyFX offers a Training Academy, which is provided free of charge on the official website.

 

What is the content of LegacyFX Forex Education?

LegacyFX offers the following topics under the Training Academy:

  1. Introduction to Forex
  2. Trading Education
  3. eBooks
  4. Forex for beginners
  5. Advanced Courses
  6. Introduction to Futures Contracts
  7. Glossary

The introduction to Forex section that LegacyFX offers consists of the following introduction courses:

  1. Social Trading (6 Lessons)
  2. MetaTrader Tutorials (5 Lessons)
  3. MetaTrader Mobile (6 Lessons)

The Trading Education section is divided into Forex V.O.D and Social Trading, which consists of videos for beginners and advanced traders. There are also sections dedicated to terms as well as MetaTrader.

The Social Trading section offered by LegacyFX covers social trading in detail, allowing traders to explore a plethora of trading opportunities.

LegacyFX offers forex traders with a variety of free eBooks covering the following topics:

  1. The trading market
  2. Terms eBook
  3. Beginners Strategies eBook
  4. Glossary eBook
  5. Global Trading eBook
  6. Trading Psychology eBook
  7. Capital Management eBook
  8. Market Analysis eBook, and more.

The Forex for Beginners section provides forex traders with the necessary information that they need to get started in the forex market, including videos on:

  1. The Forex market
  2. Basic forex terms
  3. Glossary of concepts, and more.

The section on “What is Forex?” refers to the history of the forex market in detail, and it also provides information that traders need to familiarise themselves with forex.

The Advance Courses offered by LegacyFX include the following topics:

  1. Trading tools
  2. CFDs and stocks
  3. Trading strategies

The introduction to futures contracts provides forex traders with the information that they need to trade in futures with LegacyFX, including the following:

  1. Rollover adjustment
  2. Calculations, and more

Lastly, the forex glossary provides forex traders with all the terms and definitions they need to navigate the forex market.

Is LegacyFX Legit?

Yes, LegacyFX is a legit Forex Broker and Trade Platform that has regulation through CySEC, BaFin, NBRB, and VFSC.

Is LegacyFX Safe?

Yes, LegacyFX is a reliable and safe Forex Trade platform with strict regulations and the necessary safety protocols to safeguard traders. LegacyFX is regulated by:

  • Cyprus Securities and Exchange Commission (CySEC).
  • Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
  • National Bank of the Republic of Belarus (NBRB)
  • Vanuatu Financial Services Commission (VFSC)

LegacyFX keeps all client funds in segregated accounts top-rated banks and ensures that funds are not used for operational purposes.

Is LegacyFX a Good Broker?

Yes. According to the Forex Suggest review, LegacyFX is a good broker for security, trading speed, online support, and for cryptocurrencies. 

In terms of security, LegacyFX is well-regulated and uses strict SSL protocols to ensure that clients and their data are kept safe while they trade.

The exact trading speed for LegacyFX is not provided by official sources, but the official LegacyFX website indicates fast and reliable trade execution.

Where online support is concerned, LegacyFX offers a live chat option that can be accessed 24 hours a day, five days a week.

In terms of cryptocurrencies, LegacyFX offers the trade of crypto-to-fiat and crypto-to-crypto in terms of LTC/USD, BCH/USD, XRP/USD, BTC/USD, BTC/ETH, and ETH/USD.

What is the Offering of Investment in LegacyFX?

Offerings of LegacyFX can be found below.

Feature LegacyFX
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Social Trading  Yes

Does LegacyFX have Nasdaq?

Yes, LegacyFX offers Nasdaq under USTECH100.

Nasdaq, known as the US Tech 100 or the Nasdaq composite, is the second-largest stock exchange by market capitalization. Nasdaq tracks the top technology stocks in the US.

What are the Awards of LegacyFX?

The most recent awards for LegacyFX are:

  1. Best Trading Signal Provider – PipsoFX.com – 2021
  2. Best Trading Signal Provider – TejaraForex.com – 2021
  3. Best broker in Europe – Global Excellence Rewards and Recognition – 2021
  4. Fastest Growing Multi-Asset Broker – 2021
  5. Best Trading Education Provider – GCC – 2021
  6. Commission-free forex and commodity broker of the year – MENA – 2021
  7. Best STP/ECN forex broker – 2021
  8. Most Innovative Forex Broker in the Middle East – 2021
  9. Most Innovative Forex Broker in South Africa – 2021
  10. Best Forex Broker in Western Europe – 2020

How to Use LegacyFX for Forex trading?

To use LegacyFX, a forex trader should have the necessities below:

  1. Traders must have a copy of their identity document along with proof of their residential address for LegacyFX’s “Know Your Client” or KYC process.
  2. Traders must be 18 years old or older to register an account.
  3. Traders must be able to pay the $500 minimum deposit.

Once a forex trader meets the conditions above, they can register a forex trading account to use the services of LegacyFX.

How to open a Forex trader account with LegacyFX?

To open a Forex Trading account with LegacyFX, a trader should follow the steps below.

  1. Forex traders can visit the official LegacyFX website and select the option to “Open Real Account.”
  2. A new page will reload, and traders can choose between a personal or corporate account.
  3. Forex traders must complete the digital application by providing their first and last name, email address, mobile number, a user-selected password, and preferred base account currency.
  4. Lastly, the trader must enter the Captcha code given and electronically sign in the field provided before they accept that they have read and understood the Terms and Conditions.
  5. The forex trader will be redirected to the area where they must provide a copy of their identity document and proof of residential address. In addition, traders must also upload a photo of their credit/debit card before making the initial deposit, verifying that the card is in their name.
  6. Once completed, the account will be verified, and traders can proceed to start trading.

What are the Forex Trader Account Types with LegacyFX?

Forex Trading Platform and Financial Asset Management Institution LegacyFX have five different account types that are offered.

LegacyFX Account Types are listed below. 

  1. Demo Account
  2. Islamic Account
  3. Standard Account
  4. Bronze Account
  5. Silver Account
  6. Gold Account
  7. Platinum Account
  8. Premium Account
  9. VIP Account
  10. PAMM Account

1. Demo Account

LegacyFX offers forex traders with the option of registering for a demo account. This account provides beginner traders with a practice account, while more experienced traders can use it to test forex trading strategies or explore what LegacyFX offers.

2. Islamic Account

LegacyFX offers Muslim forex traders with the ability to convert any of the live trading accounts to that of an Islamic, Swap-Free Account. This exempts Muslim traders from overnight or rollover fees.

3. Standard Account

The LegacyFX Standard Account is designed to provide beginner traders with basic trading without risking significant capital, allowing them to gain experience. The features of the Standard Account are as follows:

  • Minimum deposit of $500
  • No account management and maintenance fees charged
  • Fixed spreads from 3 pips and variable spread from 1.6 pips
  • Commissions from 0.1 pips on stocks
  • Daily signals
  • Live support
  • Access to the Trading Academy
  • Option to convert to a swap-free/Islamic account
  • Access to a private channel
  • Tips and updates
  • Access to trade various commodities

4. Bronze Account

The Bronze Account is designed for more advanced forex traders who need more access to a variety of features. The LegacyFX Bronze Account has the following:

  • Minimum deposit of $1,000
  • No account management and maintenance fees charged
  • Daily signals
  • Live support
  • Access to the Trading Academy
  • Option to convert to a swap-free/Islamic account
  • Access to a private channel
  • Tips and updates
  • Access to trade various commodities
  • Auto-charting tools
  • 3 protected trades

5. Silver Account

The Silver Account that LegacyFX offers is intended for experienced traders and has the following features:

  • Minimum deposit of $3,000
  • No account management and maintenance fees charged
  • Fixed spreads from 3 pips and variable spread from 1.6 pips
  • Commissions from 0.45% on stocks
  • Daily signals
  • Live support
  • Access to the Trading Academy
  • Option to convert to a swap-free/Islamic account
  • Access to a private channel
  • Tips and updates
  • Access to trade various commodities and stocks
  • Auto-charting tools
  • 3 protected trades
  • Access to trading psychology
  • Basic analysis and mentoring

6. Gold Account

The Gold Account is one of the popular options that LegacyFX offers that has the following features:

  • Minimum deposit of $5,000
  • No account management and maintenance fees charged
  • Fixed spreads from 2.6 pips and variable spread from 1 pip
  • Commissions from 0.3% on stocks
  • Daily signals
  • Live support
  • Access to the Trading Academy
  • Option to convert to a swap-free/Islamic account
  • Access to a private channel
  • Tips and updates
  • Access to trade various commodities and stocks
  • Auto-charting tools
  • 3 protected trades
  • Access to trading psychology
  • Basic analysis and mentoring
  • Access to premium ideas
  • Personal success goals
  • VIP EU Mastercard
  • Direct Dealing Desk

7. Platinum Account

The Platinum Account is for experienced forex traders which have the following features:

  • Minimum deposit of $10,000
  • No account management and maintenance fees charged
  • Fixed spreads from 2.6 pips and variable spread from 1 pip
  • Commissions from 0.3% on stocks
  • Daily signals
  • Live support
  • Access to the Trading Academy
  • Option to convert to a swap-free/Islamic account
  • Access to a private channel
  • Tips and updates
  • Access to trade various commodities and stocks
  • Auto-charting tools
  • 3 protected trades
  • Access to trading psychology
  • Basic analysis and mentoring
  • Access to premium ideas
  • Personal success goals
  • VIP EU Mastercard
  • Direct Dealing Desk
  • Access to a Trading plan
  • Dealing Room Direct Line

8. Premium Account

The LegacyFX Premium Account is designed especially for professional traders and has the following features:

  • Minimum deposit of $25,000
  • No account management and maintenance fees charged
  • Fixed spreads from 2 pips and variable spread from 0.6 pips
  • Commissions from 0.15% on stocks
  • Daily signals
  • Live support
  • Access to the Trading Academy
  • Option to convert to a swap-free/Islamic account
  • Access to a private channel
  • Tips and updates
  • Access to trade various commodities and stocks
  • Auto-charting tools
  • 3 protected trades
  • Access to trading psychology
  • Basic analysis and mentoring
  • Access to premium ideas
  • Personal success goals
  • VIP EU Mastercard
  • Direct Dealing Desk
  • Access to a Trading plan
  • Dealing Room Direct Line
  • Platinum Opportunities
  • Platinum Sessions
  • Advanced Mentoring

9. VIP Account

The LegacyFX VIP Account is an account designed for corporate, institutional, and professional traders. This account does not have set account features but has customizable options. For more information on the LegacyFX VIP Account, forex traders can contact customer support.

10. PAMM Account

LegacyFX offers Account Managers and Investors with a PAMM Account. A PAMM account is an effective tool that is designed especially for a transparent and efficient trading experience. The benefits of the PAMM Account are as follows:

  • Allows traders to access and manage multiple accounts
  • Traders and managers can trade large volumes with tighter control to maximize returns
  • Managers can choose their own trading conditions
  • There is a flexible commission system

How to Withdraw Money from LegacyFX?

To withdraw money from LegacyFX, the following should be done:

  • To withdraw, forex traders can log into their client portal and select “Withdrawal” from the main dashboard.
  • Once selected, traders are requested to complete a withdrawal request and ensure that they provide the correct information.
  • Once the forex trader has selected “Request a Withdrawal,” LegacyFX will be informed of the forex trader’s request.
  • Forex traders must note that reimbursements for deposited funds will only be returned in the way they were received, whenever possible.
  • Traders must provide their Account ID, the amount they wish to withdraw, and the reason for their withdrawal before selecting “Next.”

How many days do deposits take with LegacyFX?

The processing time for deposits with LegacyFX will depend on the payment method that traders use. Deposits can take one business day, or they can take up to a few business days to reflect.

What are the costs and fees with LegacyFX?

There are four types of costs with LegacyFX, namely spreads, commissions, swap fees, and margin requirements. 

LegacyFX charges either fixed or variable spreads. The spread is the difference between the bid and asks price, indicated in pips. Where variable spreads are concerned, they will differ and fluctuate according to the financial instrument traded, trading size, and market conditions on the trading day.

Commissions are charged as a flat rate to one or more financial instruments, whereas swap fees are either credited or debited, depending on the instrument and whether the trader holds a long or short position. Swap rates can be accessed on the MetaTrader 5 platform.

Margin requirements or calls are seen as collateral and must be paid by the trader at the beginning of the trade. Leverage lowers these requirements significantly. However, leverage must be used wisely.

What are the Trading Fees with LegacyFX?

The Forex Trading Fees with LegacyFX are below. 

The Standard Account:

  1. Fixed spreads from 3 pips and variable spread from 1.6 pips
  2. Commissions: from 0.1 pips on stocks
  3. Margin Requirement: from 0.5% on forex majors.

The Bronze Account:

  1. Fixed spreads from 3 pips and variable spread from 1.6 pips
  2. Commissions: from 0.1 pips on stocks
  3. Margin Requirement: from 0.5% on forex majors.

The Silver Account:

  1. Fixed spreads from 3 pips and variable spread from 1.6 pips
  2. Commissions: from 0.45% on stocks
  3. Margin Requirement: from 0.5% on forex majors.

The Gold Account:

  1. Fixed spreads from 2.6 pips and variable spread from 1 pip
  2. Commissions: from 0.3% pips on stocks
  3. Margin Requirement: from 0.5% on forex majors.

The Platinum Account

  1. Fixed spreads from 2.6 pips and variable spread from 1 pip
  2. Commissions: from 0.3% on stocks
  3. Margin Requirement: from 0.5% on forex majors.

What is the minimum deposit in LegacyFX?

The recommended minimum initial amount is 500 USD. 

What are the contract specifications in LegacyFX?

Feature LegacyFX
Forex Trading Yes
CFDs 200+
Forex Pairs 50+
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) 6
Social Trading  Yes

Does LegacyFX have promotional offers?

Yes, LegacyFX Trade and Exchange platform has promotional offers to existing forex trading account holders, including:

  1. Loyalty Programme

Does LegacyFX have a welcome bonus?

No, LegacyFX does not have a welcome bonus.

A welcome bonus is offered to traders who register a real account for the first time and provides them with trading credit. 

Does LegacyFX have a deposit bonus?

No, LegacyFX does not have a deposit bonus.

A deposit bonus is granted to forex traders either when they register a new account or with every deposit, according to the broker's discretion. 

Is there a commission-free trade bonus in LegacyFX?

No, LegacyFX does not offer forex traders with a commission-free trade bonus.  

Is there a VIP bonus in LegacyFX?

No, LegacyFX does not offer forex traders with a VIP bonus.

Can you start trading with no money at LegacyFX?

No, you cannot start trading with no money at LegacyFX. To start trading, traders must pay a minimum deposit of $500.

How does leverage work with LegacyFX?

LegacyFX offers leverage according to the financial instrument being traded as follows:

  • Forex – 1:200 for majors and minors
  • Forex exotics – 1:100
  • Indices – 1:100
  • Commodities – 1:20
  • Metals – between 1:20 and 1:100
  • Cryptocurrencies – 1:5

Leverage is a helpful tool that allows traders to open more significant positions by lowering the margin requirement or call that is needed at the start of each trade as collateral. Leverage can maximize the trader’s profit potential, but it can also expose traders to significant losses.

Where are the headquarters of LegacyFX?

LegacyFX is headquartered in Port Vila, Vanuatu.

Who is LegacyFX’s CEO?

LegacyFX is owned and operated by A.N Allnew Investments, and the CEO is Jad Abdelrahman, who has held the position since November 2016.

What are the social media accounts of LegacyFX?

Traders can follow LegacyFX on the following social media accounts:

  • Facebook
  • Twitter
  • LinkedIn
  • Instagram
  • WhatsApp

How many employees do work for LegacyFX?

LegacyFX has over between 100 and 250 employees, according to official resources.

What are the opinions about LegacyFX?

LegacyFX is a reputable and popular forex broker in the industry which offers comprehensive and competitive trading conditions. LegacyFX is well-known for the variety of account types that are shown, the powerful trading software supported, and its award-winning history.

What are LegacyFX Contests?

LegacyFX does not run any contests.

LegacyFX does not currently have any contests, and there are no announcements on the official websites that indicate whether there will be contests held in the future.

Does LegacyFX have online support?

Yes, LegacyFX offers online support to forex traders through its live chat function, which can be accessed 24 hours a day, five days a week.

Does LegacyFX offer demo accounts for Forex trading?

Yes, LegacyFX offers a free demo account for all new traders. The demo account can be opened with the following steps:

  1. Forex traders can visit the official LegacyFX website and select the main menu.
  2. From here, forex traders can select “Open Demo Account.”
  3. A new page will load, and traders can complete the demo account registration by providing their first and last name, email address, mobile number, and a user-selected password.
  4. Lastly, forex traders can select their account base currency and enter the Captcha code before selecting that they accept the Terms and Conditions and proceed by clicking “Continue.”
  5. Traders will receive a verification email that will contain their demo account login credentials and a link to download MetaTrader 5.

Does LegacyFX have a mobile app for Forex trading?

LegacyFX does not have its own mobile app for forex trading.

LegacyFX offers the use of the MetaTrader 5 mobile app on Windows Phone, iOS, and Android.

With the MetaTrader 5 mobile trading app and a LegacyFX account, forex traders can trade various financial markets while benefiting from the competitive trading conditions that LegacyFX offers.

LegacyFX MT5 Mobile Platform

Does LegacyFX publish an economic calendar?

Yes, LegacyFX publishes an economic calendar on the official website.

An economic calendar is a crucial trading tool that provides traders with the ability to view relevant economic information which is scheduled to be released. Such events could impact the financial markets and, subsequently, the trader’s trading.

LegacyFX MT5 Economic Calendar

What is the communication information of LegacyFX?

LegacyFX can be contacted via two main telephone numbers, namely:

  • Telephone – +41 315 087 455
  • WhatsApp – +44 203 929 3848

The main business address for LegacyFX is in Port Vila, Vanuatu.