LegacyFX is a young online brokerage service offering a wide selection of financial instruments including forex, commodities, stocks, indices, precious metals, and cryptocurrencies using the MeTaTrader 5 platform.
Is LegacyFX for you? Learn more about its offerings, trading conditions, and more by reading this broker review in full.
LegacyFX Background & Safety
Established in 2017, LegacyFX was conceived with the aim of enhancing financial transparency and offering greater client protection for traders. LegacyFX is committed to ensuring that all trades are executed at the best available price, with no re-quotes.
Looking into the broker’s measure of safeguarding its client funds, the broker said it operates its clients’ accounts under negative balance protection along with the complete segregation of client funds from the company’s assets. This ensures the safety of client funds in the event of insolvency and any other financial mishaps.
Despite its young plight in the brokerage scene, LegacyFX has managed to turn heads and amass several distinctions and recognitions from several institutions. Some of the broker’s most recent awards include Best Forex Broker in Western Europe 2021, Best Forex Broker Middle East 2020, and Best Education and Training Middle East 2020 – all given by the International Business Magazine.
Is LegacyFX a safe broker? With its regulatory certification with the Vanuatu Financial Services Commissions (VFSC), LegacyFX has a set of regulatory obligations to fulfill. Along with Anti-Money Laundering and Complaints & Dispute Policy, LegacyFX has a Refund & Return Policy to guide clients in addressing issues with the broker.
Overall, LegacyFX is a decent broker as it complies with a regulatory standard and has safety measures concerning client funds.
LegacyFX Features & Fees
With more than 200 financial instruments, LegacyFX covers an array of asset classes including forex (with over 40 major, minor, and exotic pairs), indices (12 major and minor global indices), precious metals (7 metals including gold and silver), commodities, (11 agriculture, energy, and other commodities), stocks (dozens of global equities from major economies), and cryptocurrencies (Bitcoin, Ethereum, Litecoin, and Ripple).
LegacyFX also offers a variety of accounts as it has seven account types to choose from including Standard, Bronze, Silver, Gold, Platinum, Premium, and VIP.
Here are the specifications of each account type:
Standard – The initial deposit stands at $500. Trading conditions include access to Daily Signals, live support, Trading Academy, private channel, tips and updates, and commodities.
Bronze – signing up for the bronze account, you will have to deposit an initial amount of $1,000. Trading amenities under this account type are all the ones provided in the Standard account with the addition of Auto-charting tool and 3 protected trades.
Silver – To use this account, deposit a minimum of $3,000. Under this account, traders are offered all the trading amenities provided in the Bronze account, plus Trading Psychology, stocks, basic analysis, and basic mentoring.
Gold – the required minimum deposit under this account is $5,000. All the amenities given in the Silver account are provided in this account, along with some other features including premium ideas, personal success goal, VIP EU Mastercard, and Direct Dealing Desk.
Platinum – with $10,000 initial funding, you opt for this account which also provides all the given amenities in the Gold account, with the addition of a trading plan and Dealing Room Direct Line.
Premium – this account type requires a hefty $25,000 initial deposit. Traders are provided with basically everything – all the amenities in the Platinum account, plus platinum opportunities, platinum sessions, and advanced mentoring.
VIP – with a whopping $50,000 initial funding, this account is customizable. Depending on the demand of the user, any trading amenities can be provided to users of the VIP account.
All these account types can be converted to Swap-free accounts. A demo account is also provided by the broker by downloading the MT5 demo account.
Deposit options include Neteller, Skrill, wire transfer, VISA, Mastercard, Bitcoin, and MyFatoorah. The broker’s official site did not stipulate any existing funding fees for any funding method. For withdrawals, the same options are available but they differ in terms of processing time. It ranges from instant up to five business days. Bank transfers require a $150 minimum withdrawal fee.
Trading Platforms & Tools
LegacyFX offers the industry popular MetaTrader 5. The broker has the web-based and downloadable desktop versions of MT5. Salient features of the MT5 platform include 80 indicators and graphical tools, Depth of Market view and economic feed, One-click trading, Historical data centre, fast EA strategy tester, and multiple time-frames. The MT5 mobile app is easy to download onto iOS and Android smart devices.
LegacyFX provides a good set of educational resources for all experience levels, including courses, e-books, video tutorials, and market news. Practical tools include an economic calendar, FX calculators, and the AutoChartist plugin for MT5. The broker also offers live signals and the TradingView portal, consisting of real-time charts, fundamental data, and crypto market widgets.
Some of the convincing reasons why LegacyFX is a good try include having zero-commissions trading, a wide selection of asset classes, free signals and analytics, an extensive educational center, and its regulatory certification.
On the flip side, the broker only has the MT5 trading platform to offer and its starter account offering lacks competitive conditions and features.