71% of retail investor accounts lose money with this provider.
LegacyFX Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $250
- Mobile Apps
- LegacyFX MT5
- Web Trader MT5
- CySEC
- VFSC
- 2017
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $250
- Mobile Apps
- LegacyFX MT5
- Web Trader MT5
- CySEC
- VFSC
- 2017
Our Evaluation of LegacyFX
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
LegacyFX is a broker with higher-than-average risk and the TU Overall Score of 4.67 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by LegacyFX clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
LegacyFX is a broker for professional market participants and novice traders. The company also offers ways of passive earning and investing.
Brief Look at LegacyFX
LegacyFX is an international broker that has been providing financial services since 2017. LegacyFX cooperates with both beginners and professional traders, and the company's clients can trade currencies, metals, indices, and many other assets. LegacyFX offers both independent trading and opportunities to invest, trading signals, and automated trading programs. LegacyFX has received 19 awards since its inception, including “Best STP/ECN Forex Broker” (by AtoZ Markets magazine, 2020), “Best Education & Training Modules” (by the Middle East magazine, 2020), and “Fastest Growing Broker” (by Europe magazine, 2021).
- The commission for the account replenishment and withdrawal of funds is paid by the broker.
- A wide range of educational materials of varying difficulty levels.
- Convenient ways to conduct financial transactions.
- Availability of investment programs, trading signals, and other auxiliary tools.
- The broker uses segregated accounts to store clients' money.
- There are several ways to contact support.
- The broker protects against a negative balance.
- High level of minimum deposit.
- Customer support is closed at night and on weekends.
- Stock trading is not available to Standard and Bronze account holders.LegacyFX is a broker for professional market participants and novice traders. The company also offers ways of passive earning and investing.
TU Expert Advice
Financial expert and analyst at Traders Union
LegacyFX is a Forex broker that has been on the market for not so long, only since 2017. But at the same time, the company has already received many awards and maintains the pace of development at a high level. LegacyFX cooperates with traders from different countries and offers comfortable trading conditions for users, regardless of whether they have experience in trading.
The company offers 7 groups of trading instruments and 7 types of trading accounts. The spread is available in two versions: floating and fixed. The size of the commission is determined for each asset separately, detailed information about each of them is in the public domain. As a trading platform, LegacyFX offers a terminal with advanced functionality that allows you to use trading robots and advisors. To improve the skills of users, the broker offers a training Academy that contains trading courses, videos, articles, and a glossary of terms. For some account holders, mentoring and trading psychology are available. LegacyFX also has ways to generate passive income, such as a PAMM account, and the broker is ready to cooperate with both investors and managers. Also, traders have access to trading signals, negative balance protection, and high-quality support service.
The broker uses ECN technology, which implies a higher speed of execution of trades, but also a higher level of the minimum deposit. So, the minimum amount for opening an account with LegacyFX is $250. Some of the training materials are available only to Silver account holders and above. The level of commission on a Standard account is also higher than for Gold or Premium account holders.
LegacyFX Summary
Your capital is at risk. 71% of retail investor accounts lose money with this provider. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
💻 Trading platform: | LegacyFX MT5 trading platform, Web Trader MT5, mobile app |
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📊 Accounts: | Real accounts: Standard, Bronze, Silver, Gold, Platinum, Premium, and VIP; Demo account, PAMM account |
💰 Account currency: | USD, EUR, GBP |
💵 Replenishment / Withdrawal: | Bank cards: Visa and MasterCard; Neteller, Skrill, Load, Bitcoin, Perfect Money, Wire Transfers, cryptocurrency |
🚀 Minimum deposit: | $250 |
⚖️ Leverage: | From 1:5 up to 1:200 |
💼 PAMM-accounts: | Yes |
📈️ Min Order: | 0.1 |
💱 Spread: | Floating and fixed |
🔧 Instruments: | Currency pairs, cryptocurrencies, stocks, indices, CFDs, precious metals, and commodities |
💹 Margin Call / Stop Out: | 80% / 30% |
🏛 Liquidity provider: | No data |
📱 Mobile trading: | Yes |
➕ Affiliate program: | Yes |
📋 Orders execution: | Dealing Desk, ECN |
⭐ Trading features: | Stock trading is not available for Standard and Bronze account holders |
🎁 Contests and bonuses: | Loyalty member program; Traders Union |
LegacyFX users can open one of 7 types of trading accounts, as well as test the conditions of each on a free demo account. The company provides more than 200 assets as working instruments, including currency pairs, cryptocurrencies, commodities, stocks, CFDs, indices, and metals. The maximum size of the trading leverage reaches 1:200, this indicator may vary depending on the instrument. The spread is available in two variations: fixed and floating, and its size also depends on the asset and the type of trading account. Also, clients can invest in a PAMM account and receive income without actively participating in trading.
LegacyFX Key Parameters Evaluation
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Trading Account Opening
Cooperation with LegacyFX begins with opening a real or virtual account with the company. To do that, use the following step-by-step instructions:
Visit the official LegacyFX website. To open a new trading account, on the main page, click on the menu button (three horizontal stripes in the upper right corner).
In the list that opens, select "Open Account" to open a live trading account, or "Open Demo Account" to open a demo account.
Choose the type of account that suits you: personal or corporate. Fill out a short form with the following data: your name, surname, email, phone number. Come up with a password to enter your personal account, confirm the password. Select the currency of the account. Enter captcha and electronic signature.
Personal account. To get started, you need to upload your identity documents and credit/debit card details.
Functions of the LegacyFX personal account:
Also in the personal account, the trader can:
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Change password. A window in which a trader, if desired or necessary, can change the password for logging into the account.
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Deposit funds. You can replenish your trading account through this section.
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Trading history. In this window, users have access to the history of completed trades.
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Upload documents. Here you need to upload documents to verify your account. Without uploading documents, LegacyFX will not grant you access to trading.
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Market analysis. This section contains reports and analyses of the market situation for various trading instruments.
Regulation and safety
The LegacyFX broker is under the supervision of VFSC 14579 (Vanuatu Financial Services Commission) and CySEC 344/17 (Cyprus Securities and Exchange Commission), the same body issued the company a license to provide financial services under number 14579. LegacyFX uses segregated accounts to store funds for traders.
To protect clients from scammers posing as LegacyFX employees, the site contains a blacklist of organizations, individuals, and sites that should be avoided. The broker is not responsible for the account. If the client has given access to his account to a third party, LegacyFX will not be able to regulate or block the actions of the third party.
Advantages
- Client funds are held in segregated accounts
- The broker provides a list of cybercriminals and fraudulent organizations to help clients avoid being hacked
Disadvantages
- LegacyFX is regulated by only one body
Commissions and fees
Account type | Spread (minimum value) | Withdrawal commission |
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Standard | From $15 | LegacyFX undertakes the commission for deposits and withdrawals |
Bronze | From $15 | LegacyFX undertakes the commission for deposits and withdrawals |
Silver | From $15 | LegacyFX undertakes the commission for deposits and withdrawals |
Gold | From $9 | LegacyFX undertakes the commission for deposits and withdrawals |
Platinum | From $5 | LegacyFX undertakes the commission for deposits and withdrawals |
Premium | From $5 | LegacyFX undertakes the commission for deposits and withdrawals |
VIP | From $5 | LegacyFX undertakes the commission for deposits and withdrawals |
There is no data on the size of the swaps. If necessary, LegacyFX clients can open an Islamic account that operates under Sharia law.
To obtain an objective assessment of the trading conditions of LegacyFX, the Traders Union analysts compared the size of the trading commission of this company with its competitors. In the table below you can see the results of a comparison of the commission for trading currency pairs from different brokers.
Broker | Average commission | Level |
---|---|---|
|
$10 | |
|
$1 | |
|
$8.5 |
Account types
LegacyFX cooperates with traders from different countries and offers several types of accounts. Depending on the type of account, traders have access to different additional functions, as well as different levels of spread.
Account types:
Before opening a live trading account, traders can open a free demo account to check the trading conditions of the LegacyFX broker and their trading skills.
LegacyFX also has PAMM accounts for passive investing, available to all clients of the broker.
Deposit and Withdrawal
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You can replenish your account and withdraw funds in the following ways: by Visa and MasterCard; EPS such as Neteller, Skrill, Load, Bitcoin, Perfect Money; Wire Transfer, and cryptocurrency.
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The term for replenishment and withdrawal depends on the payment system, for example, instant payment is available and credits funds within a few hours (via the Blockchain system), bank transfers take 1-3 days, and via Load takes 3-5 days.
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For withdrawal of funds through the Blockchain system and bank transfer, the minimum transaction amount is set at $50 and $150, respectively.
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The broker does not charge a commission for transactions and also pays any commission set by the payment systems.
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To conduct financial transactions, a trader needs to be verified.
Investment Options
LegacyFX clients can profit from trading on their own, but there is also an opportunity that will help generate income even for those traders who have no Forex experience or those who do not desire to spend a lot of time on trading and mastering the market.
PAMM accounts
With this service, users make a profit by simply depositing funds into the account and paying a small fee to the fund manager. It works as follows: the client invests in one or more PAMM accounts, each of the accounts has a manager, i.e., a professional trader. He makes trades, and the profit is divided among all investors who have invested money in the account, in proportion to their investments.
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To generate income, the user does not need to have the skills and knowledge of Forex trading.
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All trades are made by a professional trader.
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The investor does not interfere in the trading process, his task is to invest in an account and make a profit.
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Funds are not transferred to the manager and remain on the client's account. Thus, no one can withdraw the profit due to the investor.
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Users can invest in several PAMM accounts with different managers.
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LegacyFX cooperates with both investors and professional traders who are ready to become PAMM account managers.
For their work, managers receive a remuneration - a percentage of the profits. This commission is automatically deducted from the account of all traders who have invested in the PAMM account.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
LegacyFX’s affiliate program:
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LegacyFX referral program. The broker gives traders the opportunity to receive additional income for attracting new active users to the company. To do this, you need to open a real trading account, contact the support service by writing a request to the broker's email, and receive an individual referral link. It can be shared with friends on social networks, on other platforms on the internet.
LegacyFX credits the affiliate program member with a reward for each client who clicked on the referral link and opened a live trading account. The received bonus is credited within 24 hours, it can be used for trading or withdrawn.
Customer support
The broker provides traders with a customer support service, which, if necessary, will help users to solve problems with transactions and answer questions about trading and non-trading operations. Support is active from Monday to Friday and does not work on Saturday and Sunday.
Advantages
- The company has many ways to contact support
- Traders can order a callback
Disadvantages
- Support is unavailable on weekends
This broker provides the following communication channels for its clients, where you can:
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write a message to the online chat on the site;
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fill out the feedback form;
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call a number specified on the website;
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send an email (depending on the department: the broker provides different mailing addresses for clients with different requests);
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visit the broker's physical office.
LegacyFX is also available on social networks such as Twitter, Facebook, LinkedIn, YouTube, and Instagram.
Contacts
Foundation date | 2017 |
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Registration address | Q Tower, 5th floor, Ioanni Kondylaki 47, 6042, Larnaca, Cyprus |
Regulation | CySEC, VFSC |
Official site | https://int.legacyfx.com/ |
Contacts |
+35725030673
|
Education
Both professionals and novice traders can trade with LegacyFX. To support the development of its clients, the broker provides a section with free training materials, among which there are courses for beginners and advanced users.
The company has a demo account where clients can practice trading and test new trading strategies without putting their capital at risk.
Comparison of LegacyFX with other Brokers
LegacyFX | RoboForex | Pocket Option | Exness | Libertex | 4XC | |
Trading platform |
LegacyFX MT5, Web Trader MT5, Mobile Apps | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Pocket Option, MT5, MT4 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | Libertex, MT5, MT4 | MT5, MT4, WebTrader |
Min deposit | $250 | $10 | $5 | $10 | 100 | $50 |
Leverage |
From 1:5 to 1:200 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:2000 |
From 1:1 to 1:30 for retail clients |
From 1:1 to 1:500 |
Trust management | No | No | No | No | No | No |
Accrual of % on the balance | No | No | No | No | No | No |
Spread | From 0 points | From 0 points | From 1.2 point | From 1 point | From 0.1 points | From 0 points |
Level of margin call / stop out |
80% / 30% | 60% / 40% | 30% / 50% | No / 60% | 50% / 50% | 100% / 50% |
Execution of orders | ECN, Dealing Desk | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution |
No deposit bonus | No | No | No | No | No | $50 |
Cent accounts | No | Yes | No | No | No | No |
Detailed Review of LegacyFX
LegacyFX is an international Forex broker, whose task is to provide its clients with optimal working conditions. The company started was founded in 2017 and has repeatedly received awards in the "Fastest Growing Broker" category. LegacyFX offers a convenient trading terminal with advanced functionality, a sufficient number of liquid instruments, and traders can use trading robots for their work. The broker also provides trading signals, thanks to which traders can improve the results of trading sessions. The advantage is also the availability of programs: investment, affiliate, and loyalty programs. Owing to them, users have access to passive income and financial bonuses.
LegacyFX by the numbers:
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The company offers over 200 trading instruments in different groups.
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There are 7 types of trading accounts available to traders.
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The maximum leverage is 1:200.
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The support service works 5 days a week.
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Zero commissions for account replenishment and withdrawal of funds.
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The average commission for trading currency pairs is from 1 pip.
LegacyFX is a broker for active trading and passive income
Users who open an account with LegacyFX gain access to a variety of instrument groups, including currency pairs and cryptocurrencies, precious metals, indices, CFDs, stocks, and commodities. In total, the company has over 200 assets. The broker offers a choice of 7 types of real trading accounts, and before starting work, clients can always use a demo account. Also at LegacyFX, there are accounts for people of the Islamic faith. In addition to tools for self-trading, the broker provides PAMM investment accounts, through which traders can receive passive income. At the same time, LegacyFX works both with investors who invest in a PAMM account and with professional market participants who are ready to manage a PAMM account.
LegacyFX trading methods will suit traders no matter what trading device they prefer to employ. The company has a MetaTrader 5 desktop application for trading from a laptop or PC, a web version for tablets, and a mobile application for trading from a smartphone.
Useful services of the LegacyFX broker:
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Economic calendar. This section presents events of international economic significance that may affect the Forex market. Events are categorized by importance and day of the week.
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Signals. Here you can find information on which instruments will potentially bring profit.
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Calculators. There are 3 calculators available: Fibonacci, Pivot, and one for calculating trade sizes and estimating potential risks.
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Market news. Here traders can learn the latest news from the world of Forex and the international economy.
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Trading Hours. In this section, you can find the timetable of the market for different trading instruments.
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AutoChartist. This program allows you to get a detailed and accurate analysis of the market situation so that traders can plan the execution of certain trades.
Advantages:
The broker's website is presented in several languages.
PAMM accounts are available for investment.
The broker provides a section containing extensive educational materials.
The company has Islamic accounts that do not charge for swaps.
LegacyFX is regulated by VFSC (Vanuatu Financial Services Commission).
A wide range of tools to improve the efficiency of trading is present.
Customer accounts are protected from negative balances.
Users' money is kept in separate accounts, to which the broker does not have access.
You can contact support for help in different ways: from a call to an email or chat.
User Satisfaction