LegacyFX Review 2024 Competitive trading products and service
This section of the brokers website contains some informative market news articles that cover various different financial markets and review the latest market movements. It’s updated frequently and can help you stay up to date with some of latest financial news. You are free to switch between the two accounts from within the platform. You can open a live or demo account from the main menu on the broker’s homepage, where you will be taken to an online registration form.
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Generally, most traders that have used their services have had positive things to say about them, and the broker has a good overall reputation. There have only been a few miscommunications along the line with the brokers and traders. LegacyFX accepts payment from e-wallets, including Skrill, Neteller and Perfect Money. These payments are usually instant, though some providers, such as Skrill, can take up to half an hour to clear. Some e-wallets may have restrictions on the currencies that can be used.
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Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets. Beginner traders get numerous educational tools, and LegacyFX claims to lead in knowledge. Most remain ultra-short, just enough to introduce the topic without providing really deep insights. Eleven ebooks are also available, following the same principle as the video content. LegacyFX only lists 41 currency pairs and eight cryptocurrency pairs, which is certainly enough for new and intermediate traders, especially in conjunction with the other assets it offers.
The broker offers a broad range of account types, with something to suit almost any trader, from complete beginners to professionals. Trading conditions are excellent for long-term investors as well as day traders. There are no swap fees on long-term positions and no hidden commissions and fees. LegacyFX is a regulated broker offering forex and CFD trading as well as free market signals.
Traders must also submit their Tax Payer Identification Number (TIN), which other offshore brokers do not require. Mind you; EAs have nothing in common with auto-trading scams that used to be the rage a year or two ago. They execute strategies defined by traders, in a manner specified by traders, without outside intervention. The FAQ sections of a broker website can vary in quality, but the one at Legacy FX was pitched at the right level and answered a lot of questions we could imagine new users having.
An FAQ section answers some questions, and I recommend live chat or phone support as the most convenient contact method if traders require assistance. I did not find a time restriction on the LegacyFX demo account, available directly from the MT5 trading terminal. The customization options were disabled on the demo account, which was a bit disappointing.
Forex Risk Disclaimer
We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points. LegacyFX offers services from third-party provider Autochartist, features data and analytics from TradingView, and complements it with a live trading signals page. All of these services are excellent additions that are offered by some other brokers, but are largely missing in the offerings of newer or less-developed brokers.
Mobile trading apps
- Those with the cheapest accounts cannot expect to trade under industry-best conditions.
- Practical tools include an economic calendar, FX calculators, and the Autochartist plugin for MT5.
- Yes, LegacyFX is a reputable, licensed broker that adheres to strict operational standards.
- Currencies accepted are EUR, GBP and USD, and the minimum deposit amount is US$500.
With that said, the accounts offer all the same basic features, including live support and access to Trading Academy resources. LegacyFX offers both the web-based and downloadable desktop versions of MT5, the successor to the popular MT4. The software complements all levels of experience but is a particular favorite among advanced traders. Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades fp markets review placed during that time. He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry.
Overall, LegacyFX is good option for advanced traders with sufficient capital to trade with a premium account and those that are familiar with the MT5 platform. As a regulated broker, it must comply with strict financial conditions such as regular audits and monitoring. The MT5 mobile app is easy to download onto iPhone (iOS) and Android (APK) smart devices and receives positive online ratings for its user-friendly design. Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry.
You can request a reduction in spreads if you trade enough volume each month. I think this is a nice incentive and luno exchange review appreciate that they advertise this openly. There are many other brokers who will reward you for your loyalty but not all will publicly say this. LegacyFX categorizes its clients into various account types based on their initial deposits. I am not a fan of this setup as I think that all traders should be given access to the same conditions.
Currencies accepted are EUR, GBP and USD, and the minimum deposit amount is US$500. TradingBrokers.com is for informational purposes only and not intended for distribution or use by any person where it would be contrary to local law or regulation. We do not provide financial advice, offer or make solicitation of any investments. Rates, terms, products and services on third-party websites are subject to change without notice. We may be compensated but this should not be seen as an endorsement or recommendation by TradingBrokers.com, nor shall it bias our broker reviews. Trading Brokers Trading Brokers is dedicated to bringing you unbiased broker reviews, the latest broker news and trading guides to help you along your trading journey.
Our broker ratings are also informed by the experience of our researchers during the evaluation process. When it comes to mobile trading, there are robust mobile apps available, also using the MT5 platform, for both iOS and Android devices. The mobile apps allow traders to access most of the same features and functions as the desktop version of the platform, including graphs, charting tools, trading alerts and time frames.