Review sections
LegacyFX Video Review
VIDEO
Investor Protection & Regulations “LegacyFX is authorized and regulated by CySEC. The broker protects investors by conforming to the regulatory rules, maintaining a secured trading environment and insuring depositors’ funds.”
LegacyFX is owned and operated by A.N. All New Investments Ltd, a Cyprus Investment Firm, authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC), under the license no. 344/17. Click here for details.
LegacyFX asserts that Client’s funds are insured and held in separate bank accounts which are banked with Astrobank Limited. The investors’ deposits do not appear in the company’s balance sheet and cannot be used to pay for company running expenses.
The broker states that it abides by the stringent financial stipulations by CySEC. Consequently, it is a financial member of the Investor Compensation Fund (ICF). This fund is setup to compensate traders to a certain limit, if they lose money as a result of broker bankruptcy.
The entire website and trading environment is protected with a 256-bit Rapid SSL encryption and properly firewalled. The transactions are executed by PCI-Certified service providers. The servers are located in SAS-70 certified data centers. So, it is supposedly virtually impossible for internet fraudsters to penetrate these systems.
Finally, LegacyFX states that it constantly evaluates its policies and standards in order to identify and control any risks that may affect investors.
Tradable Products “LegacyFX offers the following assets for trading: 49 currency pairs, 2 Metals, 8 commodities, and 9 indices. Stock equities are also available for trading.”
The following instruments are available for trading on the LegacyFX Platform:
Disclaimer: The above list was taken from www.legacyfx.com and is correct at the time of writing. The assets list can be changed without prior notice.
Account Opening “3 types of accounts are offered by LegacyFX. They are the Silver, Gold and Platinum Accounts. The account opening balances are: $500, $5,000 and $25, 000 respectively. Demo account with a virtual balance of $50,000 is provided. Islamic Account is available on request.”
Three types of Accounts are available depending on the minimum investor capital required to run the account. All the trading platforms, educational content, news and market analyses are available to all account holders. The maximum leverage for all accounts is 1:30. The following are the account types provided by LegacyFX:
Silver Account: The minimum opening balance is $500. The spread is as low as 2.4 pips. This account type is designed for beginner traders.
Gold Account: $5,000 is required to open this account. Spreads can be as low as 1.5 pips. It is best for intermediate level traders. One on one support as well as dealing room direct line is available for Gold Account traders.
Platinum Account: This is the premium account type with an opening balance of $25,000. It is specially designed for the experienced traders. Fixed spread starts from 0.8 pips. All the features of Gold Account are available in Platinum Account.
Islamic Account: This is an Islamic law compliant account that is interest free. The procedure is to first open a normal Silver, Gold or Platinum account, then contact your account manager to activate the Islamic account. The spread, leverage and every other feature remains the same.
Demo Account: This is a risk free account provided by LegacyFX for practice purposes. The Demo Account is funded with virtual trading funds. The amount is $50,000. The demo account is only available for one month after which it is deactivated.
To open a new account, click on “OPEN LIVE ACCOUNT” found on the top right hand corner of every webpage on the website. The form below displays.
Fill the form and click “Register”. Immediately the account is opened. You are then logged into the members’ area.
Deposits can be made in order to commence live trading. At this juncture, the WebTrader can be accessed via the link provided or the MT5 trading platform can be downloaded and installed.
After installation, you are automatically logged into the new account. Emails containing the new account number and password are received. The same details can be used to log into the WebTrader platform. Trading can commence once money is deposited into the trading account.
LegacyFX does not accept traders from some regions or countries. The restricted regions are: USA, Israel, Iran, Syria, Afghanistan, Myanmar, North Korea, Somalia, Yemen, Iraq, Sudan, South Sudan, British Columbia, Ontario and Manito
Deposit & Withdrawals Options “Credit/debit card, Bank Wire Transfer and several e-wallet payments options are accepted by LegacyFX. Cash and cheque deposits are not allowed. The minimum deposit amount is $500”
LegacyFX does not accept cash or cheque deposits. Third-party deposits are prohibited and all payments must emanate from the account holders bank or credit card. The broker may request for further documentation before approving a withdrawal request. The following payment options are acceptable:
Credit/Debit Card: The accepted cards are Visa, Visa Electron, Maestro and Mastercard. The following currencies are accepted; USD, EUR, GBP, JPY, CHF, AUD, RUB, PLN, HUF, SGD, ZAR. The minimum deposit is $500 and the maximum is $20,000. Transactions are processed instantly. The minimum withdrawal amount is $5 and it is processed within 24 hours. There are no deposit or withdrawal charges.
Bank Wire Transfer: Only the USD, EUR and GBP are accepted for bank transfers. The minimum deposit is $500 and there are no deposit fees. For withdrawals, the minimum amount is $200 and a withdrawal fee of €50 is charged. Bank transfers take 2-5 days for complete processing.
Neteller/Skrill/Perfect Money/WebMoney: These electronic payment options can be used for both withdrawals and deposits. The deposit transactions are processed instantly while withdrawals take up to 24 hours. The minimum deposit amount is $500 while the minimum withdrawal amount is $5.
Klarna/Paysafe/Qiwi/GiroPay/Przelewy24/Rapid Transfer/ePay.bg/ Nordea Solo/eps: These electronic payment channels are only used for deposits. The minimum amount is $500 and there are no deposit charges.
The payment processing channels provided by LegacyFX are secure and standard. There have not been any reports or filings of stolen or missing funds, or non-fulfillment of withdrawal requests.
Web & Desktop Trading Platforms “The only platform provided is the MT5. It is available as a downloadable desktop application and as a WebTrader which is accessible with a web browser. The MT5 is a sophisticated platform which supports a lot of features. It supports 6 pending orders, 38 technical indicators, 21 timeframes, an economic calendar, and access to the MQL5 market”
The trading platforms provided are as follows:
MT5 Trading Platform: This is the successor of the popular MT4 trading platform. LegacyFX provides the MT5 as a downloadable desktop application. It is compatible with Windows and MAC operating systems. While traders using the MT4 can access currency pairs, the modern MT5 also offers access to CFD’s, stocks and additional assets. Traders can access and upload expert advisors which are the key to automated trading on the MT5 platform.
It has tons of features which appeals to all levels and types of traders. Here are some of the features of the LegacyFX MT5.
• The market watch shows real time quotes. Every window is customizable. The workspace can be rearranged and customized.
The MT5 has advanced order management. Trades can be placed using ‘one click trading’ if activated. Risk Management using SL and PL are available. There are 6 types of pending orders.
There are 38 inbuilt technical indicators used for technical analysis. The platform is also capable of utilizing thousands of custom indicators.
The Economic Calendar is included in the MT5 platform. This is important for fundamental analysis.
The MetaTrader Market known as the MQL5 market is where different developers exhibit their forex robot, indicators and other trading tools for free of for sale. The MQL5 market is accessible from the LegacyFX MT5 platform.
The MT5 supports the use of Expert Advisors (EAs) which is used to automate forex trading.
Several free and paid signal services are available on the MT5 trading platform. Traders can subscribe to these signals to get alerts on when and how to trade a specific asset.
LegacyFX WebTrader: This is the same MT5 trading platform provided as a web version. The advantage of this version is that it is compatible with all operating systems and all devices. No need for downloads or installations. The link to access the platform is available on the LegacyFX website.
Mobile Trading Platforms “The mobile trading platform from LegacyFX broker is the MT5. It is available as an Android app and an iOS app. These apps are packed with features to monitor the market, manage accounts, enter trades and so much more.”
LegacyFX provides the MT5 as a mobile app. With this intuitive and sophisticated app, traders can monitor the markets and trade on the go. This app is designed for the iOS and Android mobile operating systems. The apps are downloadable via links on the website or from the respective app stores. Here are some of the features of the MT5 mobile app.
Real time market quotes, full order management and history.
3 types of charts with customizable charts colour schemes.
9 timeframes from one minute to one month.
Sound notifications.
30 indicators and 24 analytical objects.
Trading Features “Not a wide selection of supporting features at LegacyFX. Although there are trading signals which may be useful.”
The trading signals are a nice feature. You can access them free of charge directly on the website or you register an account and receive notifications. Signals for currencies and commodities include studies with various indicators and oscillators and are pushed through every few hours. There is no indication as to their success rate.
Apart from this there are no additional trading tools or features apart from the research tools.
Commissions & Spreads “LegacyFX only charges commissions on stocks CFDs. The charges for trading forex, CFD and indices are embedded into the spread.”
Legacy FX offers both fixed and variable spreads. The table below represents the asset symbol and the variable spread for the Platinum Account which offers the lowest spreads:
SYMBOL
TYPICAL SPREAD
SYMBOL
TYPICAL SPREAD
CURRENCIES INDICES
EURUSD
0.8
DOW
150
USDJPY
1
SP
51
GBPUSD
1.3
NSDQ
61
EURJPY
1.5
CAC
150
AUDUSD
1.3
DAX
150
EURCHF
1.9
FTSE
75
AUDJPY
1.8
IBEX
745
USDCAD
1.4
TADAWUL
500
NZDUSD
1.6
VIX
506.4
USDCHF
1.6
METALS
EURGBP
1.6
Silver
3.6
EURAUD
1.9
Gold
43
GBPJPY
2.9
COMMODITIES
CHFJPY
2.5
CL
7.6
CADJPY
2
BRENT
7.3
NZDJPY
2.2
SUG11
7.2
GBPAUD
2.9
COFFE
13.2
EURNZD
2.7
COPP
7.4
AUDCAD
2.5
NGAS
7.5
CADCHF
2.8
CORN
53
GBPCHF
3.3
WHEAT
56
NZDCHF
3.9
NZDCAD
4
AUDCHF
2.2
EURCAD
2.2
AUDNZD
2.3
GBPNZD
4.1
USDRUB
78.6
GBPCAD
2.9
USDHKD
3.6
USDSGD
2.1
USDCNH
5.4
USDDKK
5.9
EURTRY
32.5
USDTRY
15.1
EURDKK
5.3
EURNOK
61.7
EURHUF
68
EURPLN
66.5
EURSEK
68.9
USDCZK
69.3
USDHUF
66.9
USDILS
75.5
USDMXN
106.6
USDNOK
69.5
USDPLN
65.7
USDRON
110.1
USDZAR
122.8
USDSEK
69.3
Equities are traded from stock exchanges and a minimum commission of 0.15% of notional value of the trade is charged. Raw spreads starting from 0.0 are featured.
*This list was correct at time of writing the review and was taken directly from the LegacyFX.com website.
Bonus & Promotions “No form of bonus has been announced by LegacyFX.”
LegacyFX does not offer any bonuses to welcome new clients or encourage old clients. There are no trading contests or promotions.
Customer Support “The customer support on LegacyFX is available 24/5 on channels like email, web chat, web form, phone and social media. The support assistants are courteous and willing to help.”
The following support channels are available:
Instant Web Chat: This feature is available on the website. The chat assistants are responsive.
“Send Us a Message” Form is on the “Contact Us” page of the website. A client can receive assistance by filling the form.
Email: support@legacyfx.com.
Phone Number: + 35725030673
Social Media: The following social media channels are available:
Facebook.com/LegacyFX
LinkedIn.com/LegacyFX
Instagram.com/LegacyFx01
Twitter.com/LegacyFX
YouTube.com/Legacy FX
The support assistants are responsive as it took about 40 seconds for a chat representative to respond to a chat message. The social media channels are active. Email response is less than 24 hours.
Research “LegacyFX provides the Economic Calendar and Market News. These tools assist the trader in making his trading decisions. ”
The following research tools are provided:
• An Economic Calendar is provided on the Website and also on the Trading Platform. This shows the dates of certain economic activities across the world. These activities are likely to impact the market and affect the prices of some assets.
Market News: This is provided daily on the website.
LegacyFX Blog: This features tutorials, trading tools, trading ideas, and industry news. Signals on when to buy or sell are also on the blog.
Trader Education “LegacyFX provides adequate training for its clients targeting beginner traders. The training mainly comprises of Tutorial videos and eBooks. A glossary of terms is also available.”
LegacyFX has the “Legacy Academy” section of the website.
Video on Demand (VOD): This section of the website is made up of a library of 82 video lessons on the following topics: Forex Trading, Market Analysis, Trading Psychology, Trading Strategies, Technical Indicators, Signals, Stocks, CFDs and MT4. The videos are short, precise and of high quality. Progress is measured as a percentage of the videos watched.
There is an article on “Introduction to Forex” really covering the very basics.
eBooks: 3 eBooks are provided. They are on the topics: Forex; Stocks; CFDs. They appear to be generic eBooks that appear on many other brokers website. They are decent for beginners nut not for intermediates.
Glossary: A glossary defining 160 forex/CFD trading related terms is featured.
Trading Experience “LegacyFx is a regulated platform with a product offering that is suitable for beginners and intermediate traders.”
LegacyFX has a product offering that caters to beginners and intermediate traders. One thing that appeals to beginners is the comprehensive educational suite.
The LegacyFX MT5 platform provided is just perfect for the intermediate-level trader as it contains a whole range of indicators and complex charting and also very suitable for a novice trader due to its simplicity. LegacyFX is also championing the push to finally leave the MT4 behind and get on with the MT5 platform. The MT5 has some key advantages over the MT4, and intermediate-level traders will appreciate things like the in-built Economic Calendar a lot.
The account types are also designed for both lesser volume traders and experts.
FAQ Here are some of the “Frequently Asked Questions” about LegacyFX:
Where is LegacyFX based?
The LegacyFX broker firm is based in Cyprus.
How does LegacyFX make money?
LegacyFX makes money from spreads and commissions.
How do I deposit in LegacyFX account?
The payment options accepted are: Bank Transfers, Credit/Debit Cards like Mastercard, Maestro, Visa Electron and VISA. ePayment options like Neteller, Skrill, Perfect Money, WebMoney, Klarna, Paysafe, Qiwi, GiroPay, Przelewy24, Rapid Transfer, ePay.bg, Nordea Solo and eps.
What is the min. deposit for LegacyFX?
The minimum deposit is $500 for the Silver account.
What is the maximum leverage in LegacyFX?
Maximum leverage is 1:30 for all account types.
How do I open an account with LegacyFX?
Click the “Open Live Account” button found on the top right hand side of the website.
Does LegacyFX use MetaTrader?
Yes, the MT5 is provided to all clients.
Conclusion LegacyFX is a forex and CFD broker that operates from Cyprus. It is regulated by the reputable CySEC. Investors’ deposits are kept in separate bank accounts from that of the broker. The broker has also put in place industry standard security procedures to ensure safety.
The broker provides the MT5 platform provided as WebTrader, Desktop Client and Mobile apps. The platform is modern, sophisticated and suitable for all traders at all levels. The Legacy Academy is a commendable asset as it is replete with training materials.
Generally speaking, LegacyFX is starting to push the boundaries of retail forex brokerage, despite its relatively late entry into the market. However, it needs to improve on existing product offering to make it distinct from the legion of other Cyprus-based brokerages.
Pros Cons
Highly regulated under the CySEC oversight.
Uses the modern platform
Beginner friendly broker that offers in depth education
A wide selection of deposit and withdrawal methods.
No commissions or overnight Swaps are charged
Spreads are on the high side with EUR/USD at 3.5pips
