LegacyFX: A Comprehensive 2024 CFD Trading Brokers Review
All funds deposited into your trading account must be under the same name as your LegacyFX trading account. We offer impartial reviews of online brokers that are hand-written, edited and fact-checked by our research team, which spends thousands of hours each year assessing trading platforms. It offers a good range of assets, free trading signals and useful educational resources. LegacyFX also offers an Islamic trading account that enables clients to trade in compliance with Sharia law. As expected, capital requirements increase as you move through the premium accounts as do competitive rates and access to advanced features.
Open Free Demo Account
Regrettably, there is no investor compensation fund, for example, via the Hong-Kong-based Financial Commission, the primary authority for brokers regulated in smaller jurisdictions. Another option would avatrade review be a third-party insurance policy, which LegacyFX does not provide. It should be said, however, that many of today’s top brokers don’t provide these assurances, but it is a nice-to-have for brokers that offer it. The broker has additional regulation in other jurisdictions in which it operates, including regulation through CySEC for customers based in the EU. All client funds are kept in segregated accounts, separate from the broker’s operating funds, to protect clients in the event that the broker should become insolvent.
Forex Brokers
For our top picks among trading apps, read our guide to Best Forex Trading Apps. A wide variety of educational tools, designed for beginners and advanced traders. The contact information for LegacyFX is a testament to the broker’s internationality.
Does LegacyFX Offer A No Deposit Bonus?
The LegacyFX brand also holds regulatory status with the National Bank of the Republic of Belarus, the country’s central bank and regulator for local financial markets. Account verification remains mandatory, and most traders satisfy it by sending a copy of their ID and one proof of residency document. LegacyFX also asks for Taxpayer Identification Number (TIN), breaking with the procedure available at other offshore brokers. Please be advised that some specific products and/or multiplier levels may not be accessible for traders from EEA countries due to strict legal restrictions.
There is a 150 minimum for bank transfers in the chosen currency and no minimum for other methods. LegacyFX does not charge any closure fees for withdrawals but they do pass any additional costs onto the client. 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. As a MetaTrader-only broker, LegacyFX offers a decent variety of instruments with 425 symbols and 41 forex pairs – all available on MT5. LegacyFX’s educational offering is in line with the industry average – at least when it comes to its video content.
If you have traded with LegacyFX we would really like to know about your experience – please submit your own review. This average customer rating is based on 1 LegacyFX customer reviews submitted by our visitors. Withdrawals can take between three and five working days to be processed. All transactions are protected with 256-bit Rapid SSL encryption and are fire-walled. Transactions are also executed via Level-1 PCI-Certified service providers and servers are located in SAS-70 certified data centers.
The account opening process at LegacyFX is both short and straightforward, and I appreciated the hassle-free process. Traders can complete the application in less than 30 seconds by submitting their name, e-mail, phone number, desired password, and account base currency. Please note that equity and index CFDs do not trade continuously but open and close each day at the above specified times. These were executed first time, and reported accurately in the Portfolio section of the main dashboard.
- Traders may also face third-party processor costs, which can be applied at any brokers that use third-party payment options.
- Trading conditions are excellent for long-term investors as well as day traders.
- LegacyFX launched way back in 2012 and, with that in mind, it is safe to conclude that it has a decent user feedback score.
87.10% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. I did not find an inactivity fee at LegacyFX for international clients, but it exists from its CySEC-regulated entity, where access remains restricted to EU traders.
Making a Deposit
The process starts by clicking on the payment button at the top of the WebTrader platform, or the Trader Toolbar sidebar on the Legacy FX web page. There are plenty of payment options to choose from, including credit/debit cards and multiple e-Payment agents. It has a clearly marked ‘Open Real Account’ button, which is the starting point for those looking to sign up and trade on a cash basis. Next to it is an ‘Open Demo Account’ option for those who want to start off trading virtually. For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. The brokers website also includes a trading glossary that has a range of forex trading terminologies along with their definitions explained in layman terms.
Lastly, the broker offers a risk-free demo account, which is always useful, especially for less experienced traders. The broker has a good selection of educational resources and additional fxtm review trading tools to assist traders with their daily trading activities. The LegacyFX trading conditions are very competitive, with reasonable spreads from 0.6 pips, low fees and rapid trade execution speeds at the best available prices. I think they can be a decent choice of broker for anyone looking to trade online with minimal fuss in a regulated environment. Spreads are competitive, starting at 0.5 pips on some instruments, and execution is instant, with no requotes. LegacyFX uses segregated accounts for client funds and offers negative balance protection.
It represents a well-balanced collection of trading ideas, but traders should test their accuracy before blindly copying the recommendations. Overall, I can confidently rank the available research at LegacyFX as quality service. Equity trading, which I find the best offer at LegacyFX, requires a minimum deposit of $3,000, while access to the direct dealing desk is available from $5,000.
LegacyFX give you convenient access to the global market via the powerful and intuitive MetaTrader 5 (MT5) platform that is developed by software company MetaQuotes. MT5 is a popular online trading platform that is used by millions of traders all over the globe and widely known for its user-friendly interface, providing simple and real-time execution of trades. You can conduct in-depth financial market analysis through charts and technical indicators built into the platform. I think it is a great solution for anyone who want to trade manually using strategy templates or to run automated systems. I like the trading experience at LegacyFX as this broker does not charge swap rates on leveraged overnight positions. I prefer more client protection in the form of a compensation fund, but overall, LegacyFX presents a secure trading environment.