LegacyFX is a regulated broker that has a reasonable choice of trading instruments across multiple asset classes, such as stocks, commodities, indices, cryptocurrency, metals, energies, and forex, for online trading. They provide clients with the MetaTrader 5 platform, additional trading tools, and a good selection of educational materials. The broker offers competitive trading conditions including no rollover fees on long term positions, negative balance protection, and more.
LegacyFX Review Introduction
In this LegacyFX review, we will take a look at some of the most important factors worth considering when choosing a forex broker for your online trading needs. This includes trading platforms, trading tools, research and education, account funding options, customer support and broker regulation.
You may also wish to view my best forex brokers based on countless hours that I have spent researching and testing hundreds of brokers, all of which you can see in my forex broker reviews. You can also use my free trading tool to compare forex brokers including LegacyFX.
LegacyFX Platforms & Tools
LegacyFX provides clients with the powerful and intuitive MetaTrader 5 (MT5) platform, which was designed by Russian software company Metaquotes. MT5 is widely known for its user-friendly interface and real-time execution of trades. It is fully customizable to suit individual trader’s needs.
The MT5 platform is available as desktop applications for Windows and Mac computers, a WebTrader that can run directly on modern web browsers, and mobile apps for iOS and Android devices. The mobile app gives traders access to manage their accounts and trade on the go, provided there is an internet connection. However, the web and mobile versions do not have all of the same functionalities as the desktop platform.
Legacy Traders are also provided with a selection of additional financial trading tools, including an Economic Calendar, Trading signals, Technical analysis, Market News, Trading Calculator, Data Analytics, and more.
LegacyFX Research & Education
The broker provides a wide range of educational materials for all levels of traders, from beginners to experienced traders. The educational resources include live webinars, periodic market research, and analysis, tutorial videos, eBooks, a trading glossary. and more.
LegacyFX Trading Accounts
LegacyFX offer traders 3 main account types:
- Silver Account — Requires a minimum deposit of $500, spreads are from 1.6 pips.
- Gold Account — The required minimum deposit is $5000, while the spreads start from 1 pip.
- Platinum Account — It has a minimum deposit of $25,000, and spreads start from 0.6 pips.
The broker offers swap-free Islamic Accounts. For all account types, the leverage is capped at 1:30. There is also the demo account, which traders can use to try out the broker services and to practice their trading strategies risk free, using virtual funds.
LegacyFX Account Funding
LegacyFX offers a variety of convenient methods for depositing and withdrawing funds from your trading account. They include bank wire, credit/ debit cards, and online payment systems such as Neteller and Skrill. Please note that some payment methods are only available to specific countries. The transaction fees, limits, and processing time depend on the payment method used.
LegacyFX Customer Service
The broker provides clients with 24-hour customer support, which is available via phone, online chat, and email, to answer all your general, technical, and account-related questions.
LegacyFX is owned and operated by A.N Allnew Investments Ltd, which is a Cyprus Investment Firm authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). Their international brand is regulated by the Vanuatu Financial Services Commission (VFSC).
LegacyFX Review Summary
LegacyFX is a regulated trading broker with a reasonable selection of trading instruments and educational materials. The broker provides clients with the popular MetaTrader platform, along with additional trading tools.
It is worth mentioning that some of the trading products and services in this LegacyFX review may differ or not be available to traders in some countries due to regulations. As brokers terms can change over time, please verify all information is up to date directly from the LegacyFX broker website which you can visit by using the link below.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A large percentage of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.