LegacyFx Review
Founded in 2012, LegacyFx is an online forex and CFD broker that recently relaunched its services under new management in late 2017. The brokerage is currently owned and managed by a Cyprus Investment Firm (CIF) called A.N. Allnew investments Ltd. Its main office is located at Q Tower, 5th floor, Ioanni Kondylaki 47, 6042, Larnaca, Cyprus. Under the new management team, LegacyFx has now reoriented its corporate mission to empower their clients by educating them and helping them to develop trading strategies that can offer them get the highest returns on a wide selection of assets offered by the broker. This is largely due to the broker’s corporate philosophy that by being transparent, this will help to breed trust in LegacyFx in the long term.
LegacyFx Video Review
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LegacyFx Regulations
As a CIF based in Cyrpus, LegacyFx through its parent company A.N. Allnew investments Ltd comes under the jurisdiction of the Cyprus Securities Exchange Commission (CySEC). Its operation is authorized under the CIF license number 344/17. As a CySEC regulated financial services provider, this means LegacyFx is also a MiFID compliant broker and is authorized to offer its services to clients within the entire European economic area (EEA).
As a CySEC regulated broker, LegacyFx is able to offer its clients the assurance that their money will be safe with the broker and it will be handled professionally. In addition, LegacyFx being a member of the Investor Compensation Fund scheme is able to provide coverage of up to 20,000 euros to each client in the event that the broker becomes unable to fulfill its contractual obligations.
LegacyFx Reliability
A brand name that has been around since 2012, the LegacyFx name speaks of reliability and professionalism. The broker operates in accordance to the strict regulatory guidelines imposed by CySEC. For example, clients’ funds are kept in segregated accounts. In terms of security, the broker uses the latest encryption technology to ensure that all the clients’ data and personal information are kept secure.
LegacyFx Trading Platforms
To cater to the various needs of their international clientele, LegacyFX has provided its clients with a selection of trading platforms that will satisfy their trading needs. Platforms that are geared towards desktop computers include the Sirix WebTrader, the MetaTrader 4 and the Sirix Station.
Sirix WebTrader
The Sirix WebTrader is a browser-based trading platform that requires no software download or installation. Trading can be conducted through any updated web browser. Features of this trading platform include:
Hassle free trading
Fast and efficient trade execution
Live price feeds
Support for Multiple order types
One-click trading
Sirix Station
The Sirix Station is particularly suited for traders that wish to trade from their PC. The platform is suitable for any PC installed with Windows XP service pack 3 or later operating system. The platform comes integrated with an advanced charting package and ultra-fast execution. Its user-friendly interface ensures that you can start using the platform with minimal training.
MetaTrader 4
Probably the most widely adopted trading platform for the online forex industry, the MetaTrader 4 or MT4 platform is well liked by forex traders from all over the world for its reliability. The robust and versatile trading platform come with a wide array of trading tools such as advanced charts and a large library of technical indicators. It also has the ability to support multiple order types, customized user interface, and automated trading.
LegacyFx Mobile Trading
For traders that need to be constantly on the move, LegacyFx has also taken care of their needs by providing them with the LegacyFx Mobile Trader. The mobile trader is available free of charge and is available for iOS powered tablets and Apple Smartphone. Android-powered mobile devices can also download the mobile app from Google Play store.
LegacyFx Trade Types/Instruments
Traders at LegacyFx can trade in both the spot market or with a contract for difference (CFDs). Coverage of the asset classes includes currency pairs, commodities, precious metal and ECN.
LegacyFx Account Types
For trading accounts at LegacyFx , there are 4 main types of trading accounts. These accounts consist of the following:
Silver Account
Gold Account
ECN Account
Platinum Account
Silver Account
Beginner trader’s account
Minimum deposit of $250
Leverage 1:50
Spread: Fixed/Variable
Free Education
Free technical Analysis report
Market Analysis & News
Gold Account
For traders looking for better trading benefits
Minimum deposit of $10,000
Leverage 1:50
Spread: Fixed/Variable
Free Education
Free technical Analysis report
Market Analysis & News
Analysis insights
1 to 1 support
ECN Account
For Advanced traders
Minimum deposit of $50,000
Leverage 1:50
Spread: Raw spreads + Commissions
Free Education
Free technical Analysis report
Market Analysis & News
Analysis insights
1 to 1 support
Dealing room
Platinum Account
For Professional investors
Minimum deposit of $100,000
Leverage 1:50
Spread: Fixed/Variable
Free Education
Free technical Analysis report
Market Analysis & News
Analysis insights
1 to 1 support
Dealing room
LegacyFx Commissions & Spreads
As for the trading cost at LegacyFx, they depend on the type of trading account that you are using. LegacyFx offers a choice of fixed spreads, variable spreads and raw spreads with commissions. For the Silver account, the minimum spread starts from a minimum of 2.5 pips. For the Gold account, the minimum spread begins at 1.5 pips. With the platinum account, the minimum spread begins at 1.1 pips. For the ECN account, the spreads are raw and usually start from as low as 0.04 pip. There is also a commission charge on top of every trade. To give you an idea of the typical spreads that you can expect at LegacyFx, we have a compiled a table below.
Instrument
Spreads (Commission)
USD/JPY
0.7 (0.7)
EUR/USD
0.6 (0.9)
EUR/CHF
1.8 (1.8)
EUR/GBP
1.0 (1.0)
USD/CHF
0.9 (0.9)
XAG/USD
40
XAU/USD
40
DAX
100
DOW
300
BRENT
3
LegacyFx Deposits & Withdrawals Options
LegacyFx is able to provide its traders a wide selection of payment methods for them to use to fund or withdraw their funds at the brokerage. These methods include credit/debit cards, bank wire transfer and eWallets such as Skrill, Webmoney. In total, there are 49 different payment methods supported by LegacyFx. As for the time required for a withdrawal, it takes around 3 to 5 business days for the entire withdrawal process to be completed. However, it should be noted that bank wire transfers will take even longer than 5 business days.
LegacyFx Bonus & Promotions
In terms of bonuses, LegacyFx does not offer any kind of deposit or trading bonus. However, the broker does offer a Forex trading loyalty program called Legacy Pro. For each lot of trade made, you can earn 1 legacy coin. Each Legacy coin is equivalent to $1 credit back to your trading account.
LegacyFx Customer Support
The customer support service at LegacyFx is available on a 24 hours basis from Monday to Friday. Traders can get in touch with the support team through email, live chat, web contact form or by the telephone.
Pros
Regulated Broker
Multiple trading platform choices
Selection of trading account
24/5 customer support
Support wide range of payment methods
Cons
Uncompetitive spreads
No localized telephone support
LegacyFx Q&A
Yes, This is a regulated broker under the jurisdiction of the Cyprus Securities Exchange Commission.
They are based in Cyprus. Their head office is located at Q Tower, 5th floor, Ioanni Kondylaki 47, 6042, Larnaca, Cyprus.
How does LegacyFx make money?
The firm makes its money by charging its clients a mist of widening spreads and commissions on the trades that they made through the broker’s trading platforms.
How to deposit in LegacyFx account?
There are 3 main methods of depositing funds at LegacyFx, credit/debit cards, bank wire transfer and eWallets.
How to withdraw money from LegacyFx?
Withdrawals of funds are also done through the same methods used for depositing funds. For example, if a trader funded his account using his credit card, his withdrawal methods will also be through his credit card.
How to open an account with LegacyFx?
To open a trading account with this broker , simply fill up the registration form and submit it with all the required documents for verification.
Yes, This is a reliable broker. The broker operates within the strict regulatory requirements imposed by CySEC.
Does LegacyFx use MetaTrader?
Apart from the Sirix based trading platforms, LegacyFx has also provided its clients with the popular MetaTrader 4 platform.
What is LegacyFx ’s leverage?
The maximum leverage is 1:50.
No, LegacyFx is not a scam. It has been operational since 2012.
Security at LegacyFx is a top priority for the broker. They use the latest encryption technology to ensure that all their clients’ personal information and data are well protected from hackers.
Conclusion
Overall, LegacyFx offers a well-rounded service to its clients. Although the selection of trading instruments is not as many as what we would have expected from a broker that has been around since 2012, their selection actually includes the bulk of the popular assets that are usually being traded. Apart from forex, traders at LegacyFx also have a choice of CFDs to trade with. In short, their offers are interesting enough.
