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LegacyFX Review 2022

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Risk Warning: Trading Foreign Exchange (Forex) and Contracts for Difference (‘CFDs’) are complex financial products that are traded on margin. FX and CFDs carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, CFDs may not be suitable for all investors because you may lose all your invested capital. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved considering your investment objectives and level of experience. Seek independent advice, if necessary.

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“LegacyFX offers users the ability to trade on more than 200+ financial instruments covering CFDs on Forex, Metals, Oil, Cryptocurrencies, Indices and Stocks over 4 different account types on the MetaTrader 5 trading platform for desktop, web and mobile.”

LegacyFX was founded in 2012 and is regulated by the Vanuatu Financial Services Commission (VFSC), through its ownership company AN All New Investments (VA) Ltd.

The broker offers 4 different types of trading accounts called Silver, Gold, Platinum and VIP, with the ability to trade CFDs on Forex, Metals, Oil, Cryptocurrencies, Indices and Stocks. Each account offers commission-free trading on all asset classes with the exception of Stock CFDs, maximum leverage of 200:1 and no rollover fees for Silver, Gold and Platinum accounts which is useful for those looking for Islamic swap-free accounts.

Users can access the globally-recognized MetaTrader 5 trading platform for desktop, web and mobile, as well as, additional trading tools in the form of AutoChartist, online trading calculators and an economic calendar. The broker also provides market news and technical analysis reports, as well as, educational content in the form of videos and courses.

Pros: Cons:
  • Commission-free trading available.
  • No rollover fees for Gold, Silver and Platinum accounts.
  • Can trade on MetaTrader 5.
  • Offshore regulation.

 

About the Author

Jitan Solanki
After discovering techniques to trade pan-European and US equities, Jitan developed a love for a short to medium term trading on indices and commodities, and later on currencies.
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LegacyFX Main Features
☑️
Regulations
FCA (United Kingdom), CySEC (Cyprus), BaFin (Germany), VFSC (Vanuatu)
🗺
Supported Languages
English, Arabic, Russian
💰
Products (CFD)
Currencies, Commodities, Indices, Stocks, Futures, Crypto
💵
Min Deposit
$500
💹
Max Leverage
1:30 (FCA), 1:30 (CySEC), 1:30 (BaFin), 1:500 (VFSC)
🖥
Trading Desk Type
ECN, STP
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unknownLegacyFX accepts clients from your country:
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Risk Warning: Trading Foreign Exchange (Forex) and Contracts for Difference (‘CFDs’) are complex financial products that are traded on margin. FX and CFDs carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, CFDs may not be suitable for all investors because you may lose all your invested capital. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved considering your investment objectives and level of experience. Seek independent advice, if necessary.

LegacyFX Full Review

LegacyFX Video Review

Investor Protection & Regulations

“LegacyFX is owned by AN All New Investments (VA) Ltd which is regulated by the Vanuatu Financial Services Commission (VFSC).”

LegacyFX is owned by AN All New Investments (VA) Ltd which is regulated by the Vanuatu Financial Services Commission (VFSC), as confirmed on the VFSC register below:

The broker also advertises the segregation of client funds on their website, to provide further transparency and security to clients.

Tradable Products

“LegacyFX offers users the ability to trade on more than 200+ financial instruments covering CFDs on Forex, Metals, Oil, Cryptocurrencies, Indices and Stocks.”

Below is a list of just some of the available markets for trading:

Forex Commodities Indices
CADCHF WTI German30
EURGBP Corn JPN225
AUDNZD Natural Gas USTECH100
USDTRY Stocks Cryptocurrencies
Metals BMW BTCUSD
XAUUSD Apple ETHUSD
Copper Facebook XRPUSD

* Details regarding the available assets are taken from the LegacyFX website and trading platform and are correct at the time of this review.

Trading costs such as spreads rates vary depending on the instrument being traded and account type opened (fixed or variable) and are covered further down this review.

Account Opening

“LegacyFX offers 4 different types of trading accounts called Silver, Gold, Platinum and VIP. The first three accounts are swap-free and users have a choice of fixed or variable spreads. Users can also open a demo trading account.”

LegacyFX offers 4 different types of trading accounts called Silver, Gold, Platinum and VIP, as shown below:

The Silver Account is aimed at beginner traders offering a minimum deposit of $500, as well as some additional features listed in the image above. The Platinum Account offers the most features but has a high minimum deposit of $25,000.

The Silver, Gold and Platinum accounts all offer zero swap fees and users can choose between fixed and variable spreads. Accounts can be funded in USD/EUR/GBP.

To open an account, users simply need to click on the Open Account tab which will take them to a registration page. Once the name, email and phone number details have been put in, users are then taken to the LegacyFX client portal page.

To use all the features, users will need to upload documents for proof of residence and proof of identity, as well as fill out a questionnaire, as shown below:

The broker does not accept clients from United States of America, Israel, Iran, Syria, Afghanistan, Myanmar, North Korea, Somalia, Yemen, Iraq, Sudan, South Sudan, British Columbia, Ontario and Manito.

Deposit & Withdrawals options

“LegacyFX offers users the ability to deposit funds fee-free via credit and debit cards, bank wire transfer (above $200), Neteller, Perfect Money, Rapid Transfer, Alipay, PaySafeCard and others. Withdrawals can be made via bank transfer.”

LegacyFX offers users the ability to deposit funds fee-free via credit and debit cards, bank wire transfer (above $200), Neteller, Perfect Money, Rapid Transfer, Alipay, PaySafeCard and others. This can be done easily from the client portal area, as shown below:

Withdrawals can be made via bank wire transfer and is fee-free if the amount is above 200 USD.

Web & Desktop Trading Platforms

“LegacyFX offers users the ability to trade on the globally-recognised MetaTrader 5 trading platform for desktop and web.”

The MetaTrader 5 trading platform provided by LegacyFX offers the following features and more:

  • Algorithmic/Automated trading using MQL5 language
  • One-click trading
  • Multiple order types
  • 21 timeframes for charting

Mobile Trading Platforms

“LegacyFX offers users the ability to trade on the globally-recognised MetaTrader 5 mobile trading app for Android and iOS.”

LegacyFX offers users the ability to trade on the MetaTrader 5 mobile app for Android and iOS users. These can be downloaded directly from the Apple App Store or Google Playstore.

The MetaTrader 5 mobile trading app allows for:

  • Eight types of orders
  • 21 timeframes for charting
  • One-click trading
  • Multiple asset class trading including cryptos
  • Up to date news alerts

The MetaTrader 5 mobile trading app provided by LegacyFX is covered in more detail in the video review.

Trading Features

“LegacyFX offers trading features in the form of an AutoChartist MT5 plugin for market analysis, as well as access to Live Signals and a range of different Trading Calculators.”

LegacyFX offers users the ability to access the AutoChartist plugin tool for MT5. This provides market analysis such as automatic notifications of emerging and completed chart formations and fibonacci patterns. It can be used on the desktop and mobile version of the MetaTrader 5 trading platform.

The broker also provides access to live signals and a range of different trading calculators on the homepage and in the client portal area.

Commissions & Spreads

“LegacyFX offers commission-free and swap-free trading with just spreads payable and administrative fees in certain cases. The best spread accounts are on the higher minimum deposit account types.”

LegacyFX offers commission-free and swap-free trading with just spreads payable and administrative fees in certain cases. Users can also choose from the fixed spread and variable spread accounts. The differences can be quite big as they are compared below.

Forex Variable Spreads

Forex Fixed Spreads

On the Silver Account, the spread for CADCHF on a Fixed account is 8.4 pips whereas on a Variable account it is 2.8 pips.

The broker also charges a 50 USD/EUR/GBP account closure fee which is mentioned in their online Terms and Conditions, as shown below:

Stock CFDs are commission-based and range from 0.15% to 0.45% commission depending on which account is opened, as shown below:

Bonus & Promotions

“As LegacyFX is regulated by an offshore regulator, they offer 3 promotions called Safe Account Mode, Refer a Friend and Zero Fees.”

LegacyFX currently provides 3 different promotions. These are:

  • Safe Mode Program: Undo any losing trade, subject to terms and conditions listed on their website.
  • Refer a Friend: Receive up to a 10% bonus of deposit when referring a friend.
  • Zero Fees: Zero fees on deposits or withdrawals (but actually only if the withdrawal via wire transfer is above $200).

Customer Support

“LegacyFX offers customer support via an Instant Chat function, Telephone and Email and an Online Contact Form. The website features an elaborate FAQ section and direct links to the brokers Social Media channels.’’

The Live Chat icon is centrally featured on each page. Upon activating the chat function, we were greeted by a Service Representative within seconds. Our query was answered promptly and in the most adequate manner. The Customer Service Agent was knowledgeable and willing to assist in the matter.

In addition to the Live chat function, the broker has several client support channels available. The ‘Contact us’ page lists several options: Telephone, Email, an Online Callback Request Form and links to LegacyFX Social Media channels.

The broker is available from Monday to Friday from 8.00 to 204.00 GMT+3.

Contact Information:

Research

“LegacyFX has a strong focus on analysis. Market Analysis videos and news reports are added daily. The broker further offers useful tools such as an Economic Calendar and a Trading Calculator.’’

LegacyFX’s in-house analysts provide multiple Market Analysis video’s daily – covering the key trading sessions.

In their Market Review Reports analysts share recent market developments and activity across the European, US and Asian Trading Sessions.

The website also features an economic calendar, offering traders an insight into the upcoming market events, their projected impact and the likely to be affected instruments. Both beginner and advanced traders will find the LegacyFX calculators useful. The broker offers a Pivot, Fibonacci and Deal Size calculator.

Users can also access market analysis from the client portal area, as shown below:

Trader Education

“LegacyFX provides an impressive range of educational tools such as Video Tutorials, E-books and complete Online Trading Courses.’’

The LegacyFX website hosts a dedicated ‘Education’ section which includes a diversified library of Video Tutorials, consisting of over 80 videos.

The video lessons are predominantly geared towards beginner traders and provide useful information about the basics of trading and key market terms. The videos are short, insightful and animated.

LegacyFX offers educational material for more experienced traders in the ‘Advanced Courses’ section. The courses are categorised into 4 separate themes, as shown below:

User can also access useful Ebooks on various topics, as shown in the image below:

Trading Experience

“LegacyFX provides a simple and transparent trading offering to trade on 200+ CFD instruments covering Forex, Commodities, Stocks, Indices and Cryptocurrencies. Beginner traders may enjoy the simplicity of the offering – commission-free trading (except stocks) and swap-free trading.”

From our observations, LegacyFX provides a simple and transparent trading offering to trade commission-free (except stocks) and swap-free on more than 200+ CFD instruments covering Forex, Commodities, Indices, Stocks and Cryptocurrencies.

The broker offers four different types of trading accounts called Silver, Gold, Platinum and VIP. Users also have the choice between Variable Spread and Fixed Spread accounts, although the best spreads are on the higher minimum deposit accounts.

Users can trade from the MetaTrader 5 trading platform for desktop, web and mobile while accessing additional trading features such as AutoChartist, live market analysis and promotions such as the Safe Mode Program.

FAQ

Is LegacyFX regulated?

Yes, by the Vanuatu Financial Services Commission (VFSC).

Where is LegacyFX based?

LegacyFX is based at Govant Building, Kumul Highway, P.O.Box 1276 Port Vila, Republic of Vanuatu.

How does LegacyFX make money?

LegacyFX makes money mainly through spreads on certain tradable asset classes and administrative fees in certain situations.

How do I deposit in LegacyFX account?

Funds can be deposited into a trading account via credit and debit cards, bank wire transfer, Neteller, Perfect Money, Rapid Transfer, Alipay and others.

What is the min. deposit for LegacyFX?

The minimum deposit is 500 USD.

How do I withdraw money from LegacyFX?

Withdrawals can be made using Credit Card, Cryptocurrencies, Neteller, Skrill and wire transfer.

What is the max leverage in LegacyFX?

The maximum leverage offered by LegacyFX is 1:200.

How do I open an account with LegacyFX?

An account can be opened at the click of a button on the LegacyFX website and can be done in just a few steps.

Does LegacyFX use MetaTrader?

Yes, MetaTrader 5.

Conclusion

“LegacyFX offers users the ability to trade on more than 200+ financial instruments covering CFDs on Forex, Metals, Oil, Cryptocurrencies, Indices and Stocks over 4 different account types on the MetaTrader 5 trading platform for desktop, web and mobile.”

LegacyFX was founded in 2012 and is regulated by the Vanuatu Financial Services Commission (VFSC), through its ownership company AN All New Investments (VA) Ltd.

The broker offers 4 different types of trading accounts called Silver, Gold, Platinum and VIP, with the ability to trade CFDs on Forex, Metals, Oil, Cryptocurrencies, Indices and Stocks. Each account offers commission-free trading on all asset classes with the exception of Stock CFDs, maximum leverage of 200:1 and no rollover fees for Silver, Gold and Platinum accounts which is useful for those looking for Islamic swap-free accounts.

Users can access the globally-recognised MetaTrader 5 trading platform for desktop, web and mobile, as well as, additional trading tools in the form of AutoChartist, online trading calculators and an economic calendar. The broker also provides market news and technical analysis reports, as well as, educational content in the form of videos and courses.

  • Commission-free trading available.
  • Swap-free trading available.
  • Can trade on MetaTrader 5.
  • Additional trading features include AutoChartist.
broker

Risk Warning: Trading Foreign Exchange (Forex) and Contracts for Difference (‘CFDs’) are complex financial products that are traded on margin. FX and CFDs carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, CFDs may not be suitable for all investors because you may lose all your invested capital. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved considering your investment objectives and level of experience. Seek independent advice, if necessary.

See LegacyFX Full Information
Broker General Information
Trading Features
Other Details
Headquarters Country
Cyprus
Foundation Year
2012
Regulations
FCA (United Kingdom), CySEC (Cyprus), BaFin (Germany), VFSC (Vanuatu)
Publicly Traded
No
Number Of Employees
200+
Trading Desk Type
ECN, STP
Trading platforms
MT5
Restricted Countries
United States, North Korea, Iran, Iraq, Afghanistan, Somalia, Yemen, Syria, Israel, Myanmar, South Sudan, Canada, Sudan
Supported Languages
English, Arabic, Russian
Min Deposit
$500
Max Leverage
1:30 (FCA), 1:30 (CySEC), 1:30 (BaFin), 1:500 (VFSC)
Deposit Options
Wire Transfer, Credit Card, Cryptocurrencies, Skrill, Neteller
Withdrawal Options
Wire Transfer, Credit Card, Cryptocurrencies, Skrill, Neteller
Cryptocurrencies
Bitcoin, Litecoin, Ethereum
Products (CFD)
Currencies, Commodities, Indices, Stocks, Futures, Crypto
Demo Account
Yes
Islamic Account
Yes
Segregated Account
Yes
Managed Account
No
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