LegacyFX Trading Signals - TU Expert review
Trading signals are one of the best trading options for beginners and for earning passive income. Novice traders can use such signals and earn a profit, while still learning. Brokers can offer various ways of receiving signals. Traders Union analysts have prepared a detailed analysis of LegacyFX trading signals. You will learn what kinds of trading signals LegacyFX offers and what the conditions for using them are.
Short introduction of 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).
| 💰 Account currency: | USD, EUR, GBP |
| 🚀 Minimum deposit: | $250 |
| ⚖️ Leverage: | From 1:5 up to 1:200 |
| 💱 Spread: | Floating and fixed |
| 🔧 Instruments: | Currency pairs, cryptocurrencies, stocks, indices, CFDs, precious metals, and commodities |
| 💹 Margin Call / Stop Out: | 80% / 30% |
LegacyFX Pros and Cons
👍 Advantages of trading with LegacyFX:
•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.
👎 Disadvantages of LegacyFX:
•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.
What are trading signals?
Trading signals are signals to enter a trade, which the broker provides to traders. They can be based both on fundamental and technical analysis.
A broker can provide signals in several ways:
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Copy trading.
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Email alerts.
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Signals through a blog on the website.
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Recommendations of a personal manager, etc.
When choosing signals, it is important to take into consideration their profitability, the list of trading instruments, the conditions of their provision – fees, markup, etc.
LegacyFX Trading Signals
The trading conditions of LegacyFX have been checked by the Traders Union specialists to reveal hidden and explicit commissions for trading and non-trading operations. LegacyFX does not charge a separate fee for the execution of trades because this commission is automatically included in the spread. Maintenance of a trading account, use of the platform, and training materials are free of charge. The commission for replenishment of the deposit and withdrawal of funds is paid by the broker. Hidden charges were not identified.
| Account type | Spread (minimum value) | Withdrawal commission |
| 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 |
Conclusion
Based on the results of the analysis, Traders Union analysts have concluded that LegacyFX does not have the best conditions for trading signals. The broker offers a limited choice of instruments, for which signals are provided, high fees and there are questions about signal profitability. Therefore, if you are planning to trade signals, it would be a good idea to consider another option.
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FAQs
Can I test signals on a demo account?
If you mean copy trading, it depends on the broker. If the signals are provided as a newsletter or notification, you can decide where and how to test them yourself.
For what assets can trading signals be provided?
Brokers may provide trading signals for any asset, for example Forex, stocks, cryptocurrencies, etc.
Can trading signals be provided for free?
Brokers may offer free and paid trading signals.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.