Legacy FX came to the trading world in 2017. Originally, the brokerage firm was founded in 2012 but it relaunched itself in 2017. Now the company is functional under A.N (All New Investment Limited) which is a financial agency based in Cyprus. Legacy FX also has its main office in Cyprus. It has an office in Vanuatu also. 

Pros

·        The platform’s interface is very beginner friendly.

·        There are different types of accounts available for all levels of traders.

·        No commission is charged except on Stock trading.

 

·        Provides useful educational content. 

Cons

·        Spreads are high.

 

·        The minimum deposit is $500. 

Overall Ranking

Overall

Investment Opportunity

Commissions & Fees

Safety 

Research

Smartphone Usage

 Customer Service

 Education

Platforms & Tools

4/5
3/5
3/5
5/5
5/5
5/5
4/5
5/5
5/5

Overall

4/5

Investment Opportunity

3/5

Commissions & Fees

3/5

Safety 

5/5

Research

5/5

Smartphone Usage

5/5

Customer Service

4/5

Education

5/5

Platforms & Tools

5/5

Extended Review and Information

Even though it has been only two years since the firm became operational, the company is leaving a great impression in the trading industry. It offers Forex trading on the MT4 and MT5 platforms, with instruments such as metal, stock, and indices trading. Additionally, the firm offers over 200 trading instruments. This is not a great amount of coverage, as some other firms have over 2000 instruments available on their platform. However, Legacy FX covers all major and some more exotic instruments.

Here are some of the notable features of Legacy FX:

·       Legacy FX offers multiple trading platforms for their clients. The popular platforms like MT4 and MT5 are available for trading. The Sirix Web trader is also present which is used for social trading.

·       The brokerage firm is regulated by CySEC (Cyprus Securities and Exchange Commission) which proves the company is safe to trade with.

·        It has advanced educational content on its website. This content is very helpful for beginners.

·       The firm offers multiple types of accounts including interest-free Islamic account.

Read on to see our review of the important features of Legacy FX as well as some useful information.

How to Open your Account

For account opening, users must register with Legacy FX with an email address and password. Then, they must provide identification documents to get fully verified. You must provide information to prove identity and address; to prove identity, you must upload a photograph or scan of ID such as passport or driving license. The proof of address is verified via a photograph, scan or PDF of a bank statement or utility bill.

The verification process can take up to 2 days. After that the user is good-to-go.

Generally, Legacy FX offers 3 types of trading accounts. They are:

·        Silver Account

·        Gold Account

·        Platinum Account

In addition to this there is an Islamic account and a demo account. Each of these accounts offer different and greater rewards, bonuses and improved service.

Silver account is for novice level of traders. To open a silver account one needs to deposit a minimum of $500 USD. The spread on this account is 2.4 pips. This is not too great for traders and harms profitability.

Gold accounts can be opened for a minimum deposit of $5000 USD. The spread on the Gold account is set at 1.5 pips.

Platinum account requires $25,000 USD of minimum deposit. This account is engineered for expert traders. The spread on this account is set at 0.8 pips. This is an amazing price.

Islamic account is opened on the user’s request. This is an interest-free account. To open this account, traders need to open any other type of account and then ask the firm to convert the account into an Islamic account. The spread is the same as that of other accounts.

The demo account can be used free of charge for one month. Legacy FX gives $50,000 of virtual cash. 

Depositing and Withdrawal Methods

Legacy FX accepts all kinds of deposit and withdrawal methods. They are:

·        Credit/Debit card

·        Wire Transfer

·        Skrill

·        Neteller

·        Perfect Money

·        WebMoney

The minimum deposit amount is $500 and the maximum is $20,000. The minimum withdrawal amount is $5.

Credit/Debit card transactions are processed within 24 hours. Wire transfer transactions can take up to 5 days. Besides this, a fee of EUR 50 is charged for the wire transfer. 

Available Instruments

Legacy FX provides investment opportunities for Forex, Stocks, Commodity, Metals, and Indices trading.

There are 49 currency pairs, 2 metals (Silver and Gold), 8 commodities, 9 indices, and stock shares available for investment. As discussed, this is not the best amount of instruments available, but has all the core instruments as well as some exotic currency pairs.

Commissions and Fees

Commission is charged only on stock trading, it is minor in price but still not great, other brokers such as eToro offer commission free stock trading. The commission for other products are included in the spread.

Major Forex pairs like EUR/USD or GBP/USD have low spreads. Spread on commodities and metals are also low. The Indices have higher spread than any other products and a much higher spread than the average broker.

User Interface

The firm offers its clients easy-to-use interface on desktop and mobile. The desktop version provides MT4, MT5, and Sirix platform for trading. Users can download the desktop app as well. The Legacy FX Web trader is compatible with all operating systems.

The interface shows real-time quotes, technical indicators, time-frames, market analysis, and an economic calendar. The customizable options for every window is very beneficial for beginners and unique.

Legacy FX’s mobile app for Android and IOS is also available for trading. The app also features an MT5 platform and some of the advanced features as the desktop version.

Overall, the platform is very beginner-friendly and simple to trade swiftly and stress-free.

Education and Research

Legacy Academy provides all the necessary knowledge for trading, at a great standard too.

There are 82 video tutorials on trading which are useful to both beginners and professionals (but mainly those new to trading). There is a wide range of topics like Forex trading, Technical analysis, Fundamental analysis, trading strategies, trading psychology, indicators, and signals. The educational area also provides regular webinars on similar topics.

Legacy FX also provides eBooks to their clients. These books are about Forex trading techniques and analysis, CFDs, and stock trading. All the educational content on the platform is easy-to-understand and is very helpful for all types of traders. The education and research provided is an amazing service that is rarely provided at such a high quality among brokers. 

The research tools like economic calendar, market news, and Legacy FX blog discuss the latest trends in the trading world and keep you up-to-date on all the necessary information to give you the ability to have an edge in trading. 

Customer Support

Legacy FX customer services are available on all platforms 24 hours a day 5 days a week. Users can connect with the firm through email, live chat, phone, and social media. Legacy FX is available on all major social media platforms like YouTube, Facebook, LinkedIn, Instagram, and Twitter. We found the live chat and phone call to be especially useful to solve all problems, but we suggest that if the issue is not major, one should contact via social media or email.

The firm supports 13 languages and users can contact them in their respective language. The customer service is very helpful and responds immediately to most queries.

Regulations and Jurisdictions

As we mentioned earlier, the company has its headquarter in Cyprus and is regulated by CySec. It is also licensed by VFSC (Vanuatu Financial Services Commission).

CySec is one of the most reputable regulatory authority in the world and it’s safe to say that Legacy FX is a scam-free platform.

Legacy FX is available around the world except for some countries such as: U.S.A, Canada, North Korea, Iran, Syria, and others. See the website for more information.

Conclusion

Legacy FX is a very well-built trading platform which offers a variety of investment opportunities both core and exotic. It is limited in these opportunities and the trading fees are somewhat higher than the average broker, especially in indices trading. This could greatly harm profitability for both beginner traders and active professionals. Users will enjoy their overall trading experience here, and . We liked it too and that’s why we are giving 4/5 rating. 

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. This does not constitute as investment advice or personal recommendations as your specific financial circumstances have not been considered. No warranty is given in regards to the accuracy and completeness of information. Past performance is not an indicator of future results. Trading Forex and CFDs involves significant risk and can result in the loss of your invested capital. 

This website and the information provided does not constitute investment advice or personal recommendations as your specific financial circumstances have not been considered. No warranty is given in regards to the accuracy and completeness of information. Past performance is not an indicator of future results. The information given is a reflection of opinion. Trading CFDs on leverage involves significant risk of loss to your capital.