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LegacyFX Review – Is LegacyFX Scam or Legit?

LegacyFX Broker Rating
Account Types9.3
Trading Speed9.5
Customer Service9.3
Safety9.3
9.4
Conclusion
Read our LegacyFX review and learn why we recommend this broker for online trading and why it is not a scam, learn all you need to know in this LegacyFX review before you sign up with the broker.

LegacyFX Review

LegacyFX logo

Trading with brokers doesn’t always have to begin when you have maximum knowledge. In fact, all you have to do to get started is getting yourself a trusted trading platform where you won’t have to blow your account. While there has been an upsurge of brokers, as a trader you need to ascertain that you choose a broker where trading won’t be much difficult. Trading requires a lot of work but you gain more profit with LegacyFX. This LegacyFX broker review is a comprehensive analysis of LegacyFX as a broker.

Perhaps you are interested in trading and you need a trusted amazing to give you an amazing trading experience. All traders aim at making a profit while trading. LegacyFX offers great signals to help you keep track. Also, trading with LegacyFX is best because it offers distinctive features which enhance trade and enables traders to earn and build their portfolios.

Also, the broker has fast and responsive customer service to ensure that traders enjoy a seamless and uninterrupted trade experience. It enables users with no trading experience to trade easily by offering trading platforms, trade reviews, and trading education.

LegacyFX has proven itself in the exchange industry as a trusted exchange platform. It has also witnessed the rise of its users over time. Forex and Cryptocurrency have witnessed development over time and the rise of new brokers and exchange has only proven that.

This review contains a detailed assessment of LegacyFX, its legitimacy, trade view, and other distinctive features that plays a huge role in your trading journey. At the end of this article, it will be proven beyond doubt that LegacyFX is a trusted broker to trade with.

Features of LegacyFX     

Exchange PlatformLegacyFX
Websitehttps://int.legacyfx.com/
Supported CountriesAll countries
VerificationYes
Trading PlatformWeb-based and Mobile
Accepted CurrenciesSeveral currencies
Payment MethodWire-transfer, cash deposit
Account NeededYes

What’s LegacyFX?

LegacyFX is an authorized exchange and has been regulated by the Cyprus Securities Exchange Commission (CySEC), Federal Financial Supervisory Authority (BaFin), UK Financial Conduct Authority, National Bank of the Republic of Belarus (NBRB), and Vanuatu Financial Services Commission (VFSC).

LegacyFX was developed with the aim of ensuring transparency and security. LegacyFX since its establishment in 2017 has been a multi-asset trading company that works as a broker for Forex and offer Contract for Difference (CFD) trade of gold, cryptocurrencies, stock, indices, and oil. It offers transparency while enhancing the privacy and security of traders.

LegacyFX website

This broker provides traders with a good trading condition that has remained unmatched in the exchange market. LegacyFX provides its users trading features like the popular MetaTrader 5 among many others. With its 24-hour trading volume, LegacyFX offers major currencies traders can pair with. It also adopts a way of separating users’ assets from that of the company.

With its headquarter in Cyprus and having been regulated by four different agencies, LegacyFX provides Demo account and other types of accounts, offer several currencies and different payment methods. It offers trading instruments like shares, Indices, CFDs, Forex, Commodities, and Cryptocurrencies. Trading education remains another distinctive feature of LegacyFX. This is to ensure that traders are provided with maximum knowledge about trading. It offers video lessons, guiding tutorials, trading courses, and eBooks.

On the trading education, you will be introduced to Forex trading, social trading, and Forex V.O.D. The eBooks provided entails Forex for beginners, advanced courses, introduction to Future Contracts, and glossary.

In order to enhance security, LegacyFX provides negative balance protection, and capitals are secured. Trading on LegacyFX has also been made easier and more professional with the MetaTrader 5. It is an amazing trading platform that has been adopted by LegacyFX for Forex and CFDs trading. MetaTrader 5 has made LegacyFX scalable with its new features and easy user interface. LegacyFX MetaTrader offers several trading benefits such as fast trading; you can begin trading with just a click. It provides an in-depth view of the market offers advanced strategy tester, and it also ensures accurate analysis of trade and provides in-build indicators and graphic tools.

You don’t need to install any software before you can start using the LegacyFX MetaTrader 5. It provides access to the global market through its web-based platform. It gives you access to order history and it is also user-friendly. LegacyFX provides its users with advanced trading tools, responsive customer support, and amazing trading features. All these are readily available to users. Although MetaTrader 5 is a web-based platform, it can also be accessed on mobile which is available on iOS and android.

LegacyFX offers a partnership program and allows users to choose from the varieties the one that best suits their needs. They include; affiliate program, referral, and IB manager. LegacyFX allows users to take advantage of its affiliate program and gain access to about $1,000 Cost per Action (CPA) payout. While traders are also allowed access to marketing tools provided by LegacyFX, they can also earn from flexible commission structures like CPA, the share of revenue, or hybrid deals. LegacyFX provides a referral link that allows you to refer your friends to trade with them. You will be given a commission based on what your referred friends trade with LegacyFX. Also, you will be given the chance to choose from the revenue share plans to get a commission on all the executed trades of your referral.

LegacyFX appoints an IB manager with qualified experience to help new traders and also provide a personal service. This is to ensure that you get accustomed to how trade is done. Trading with LegacyFX gives you unrestrained access to trading tools such as signals, technical analysis, market news, calculators, analytics and data, trade logs, and market reports. LegacyFX offers leverage and it has its patterns of charging fees which depend on the time of account a user is trading with.

All the necessary information concerning deposit and withdrawal methods will be discussed in the review. You will also get to know how to make use of the trading platforms which can be accessed on the web, desktop, and mobile. 

Account Creation Process

You have absolutely nothing to worry about when it comes to creating an account with broker exchange. All you just have to do is meet the requirements such as providing your email address, a proof of identity. Opening a trading account with LegacyFX is easy. All you have to do is visit the website and then click on the account you want to open either a live account or a demo account. Then, you will be asked to fill an online registration form where you will need to provide your personal information.

On LegacyFX, traders enjoy an instant opening of a digital account and you can also choose one from the varieties of accounts that exist; most of them the difference is due to jurisdiction. However, all traders have access to an enriched trading experience on LegacyFX; which provides three major accounts traders can choose from. Regardless of the account type, all users are provided with a competitive conditions and services to trade. Each account type provides you with a trading strategy to enable you to get accustomed to trading regardless if you are a beginner, investor, trader, or a professional.

LegacyFX allows traders to swap from one account type to the other.

With your account, LegacyFX allows you to trade CFDs in the financial markets such as oil and stocks among many others. Also, LegacyFX has trading pairs you can trade with leverage. So, you can trade Forex, CFDs, and Cryptocurrency in LegacyFX. Traders are offered trading benefits such as the availability of assets, signals and analytics, no swap fees charged, and regulated.

In order to ensure that beginners are not exposed to risk, LegacyFX ensures that there is no much competition.

Account Type

The level of experience of every trader is considered through the types of accounts available on a broker platform. There are different types of accounts a trader can fit into regardless if you are a professional or a beginner.

LegacyFX has designed three types of accounts which include; Silver, Gold, and Platinum. While each account has its own trading strategy, they are all created in a way that different level of traders can find their way in trading without any difficulty. While Silver, Gold, and Platinum are the three major account types of LegacyFX, there is also a VIP account which is a higher grade account that gives you access to more benefits.

The deposit rate differs according to the account type; the minimum deposit allows in the silver account is $500 with the lowest spread of 1.6 pips. The minimum deposit rate on the Gold account is $5,000 with a spread of 1.0pips. All the accounts offer the same features each trader gets to enjoy free swapping of accounts.

Other account types include the Islamic account and Demo account. LegacyFX follows the principle of Islam on banking activities and the interest. This is an opportunity for those who one way or the other can’t trade on accounts that incur interest. Even though they have different account types, LegacyFX still provides the same features and benefits to all account types to trade with. The Demo account on the other hand allows users to make use of their virtual funds to access its services and platforms. They are also allowed access to practice different trading strategies that have no risk.

Minimum Deposit

All traders are allowed access to trade with LegacyFX and efforts have been made to ensure that inexperienced traders are not vulnerable to risk by ensuring that they enjoy trading under healthy trading conditions. The minimum deposit on LegacyFX differs according to the account type.

The silver account which is the basic trading for beginners has the minimum deposit of $500n with the option of fix spread of 1.6 pips. The Gold account on the other hand has a minimum deposit of $5,000 with the option of a fixed spread of 1pips. The Platinum account which is for experienced investors has a minimum deposit of $25,000 with the option of a fixed spread of 0.6 pips.

Trading Fees

LegacyFX charges lower fees when trading on the platform. It also offers some of the lowest spread in the broker exchange market which is 0.6 pips. All traders are under negative balance protection. Security is enhanced by ensuring that client funds are separated from LegacyFX’s funds. If you are in a long-term position, you don’t have to worry about rollover fees.

Deposit fees are not allowed on LegacyFX and if any trader decides to swap their account, no charges will be incurred. All the account types which include; Silver, Gold, and Platinum do not charge for swapping. Also, traders are also given the opportunity to enjoy long-term trade and investment under ideal trading conditions.

In LegacyFX, there are flexible fee conditions that are determined by the type of account. There are varieties of spreads that are also determined by your account type and it also varies based on the type of account.

Withdrawal and Deposits         

Most broker platform does not provide users with deposit and withdrawal options. Most of the time, traders make use of e-wallets.

LegacyFX provides varieties of options traders can choose from. While the account management is done online, you can make transactions on LegacyFX through credit or debit cards, bank wire transfer, Neteller, or Skrill. Although there are no deposit fees, traders will be charged withdrawal fees. So, on LegacyFX traders get to enjoy instant deposits without charges. However, the withdrawal fees vary according to the company and there is a high minimum deposit.

Like most broker platforms, LegacyFX processes withdrawal after three business days. If you are making withdrawals through your bank cards, LegacyFX does not charge any fee.

Platform Interface

LegacyFX operates with a user-friendly interface. It is very easy to use and accessible. LegacyFX functions on the MetaTrader5 platform. Apart from the English language, LegacyFX supports other languages.

The MetaTrader 5 allows users to enjoy sophisticated trading features while providing numerous trading solutions. To ensure easy accessibility, the LegacyFX platform makes it easy for users to trade without the restraint of time and place. Also, traders are provided with advanced trading tools, signals, and analytics, indicators to help minimize risks and determine the price. All these are to ensure that users trade easily.

LegacyFX ensures accessibility by enhancing trade on different platforms while also ensuring that security is not breached. There is easy and fast execution of orders. Traders are able to make transactions instantly. There is no doubt that working with a broker that offers fast execution of transactions is crucial to your success as a trader; LegacyFX is a broker you can trust with the instant execution of orders.

Web Platforms

For easy accessibility, LegacyFX ensures that users can make use of the MetaTrader 5 on their web. To access the web platform, you do not need to install or download any application. Just ensure that you are making use of an updated web browser with a strong internet connection; you can start trading.

Desktop Platform

Traders can also access the MetaTrader 5 on their desktop. As a trader, you can get to enjoy myriads of features and advantages offered by LegacyFX by trading with the platform. The MetaTrader 5 platform is designed in a way that observes and ensures that traders enjoy the trading processes. Regardless of the platform, you have decided to trade on, LegacyFX ensures that all traders are able to access the amazing trading features and technical analysis tools provided.

Mobile Platform

You can also operate the LegacyFX platform on your mobile. It is available on Android and iOS. To ensure that users have control over open positions, they are allowed the chance to place eight types of pending orders when making use of the mobile platform.

The user interface is very easy. LegacyFX made things simple by ensuring that with a click, traders making use of the mobile platform can create and access new positions. Other advantages include; additional technical analysis tools, twenty-one timeframes for charting, and additional techniques for chart structuring.

Education Features

This is one of the amazing features provided by LegacyFX. LegacyFX provides traders with video tutorials, trading platform guide, eBooks on finance to increase the insight of traders, webinars, economic calendars, trading tools, and market news.

Other educational features include extensive courses for beginners and professional traders, market research on stocks, cryptocurrencies, and other commodities. Trading tools, glossary, and calculators are offered to help ensure smooth trading for traders. Traders are taught different approaches to analyze the market and are given an economic calendar.

Accepted Countries on LegacyFX

LegacyFX accepts traders from different parts of the world. Traders are allowed access in countries like; the United Kingdom, South Africa, Singapore, Hong Kong, India, France, Qatar, Kuwait, Italy, Saudi Arabia, Sweden, Denmark, Canada, Thailand, Australia, Germany, Luxembourg, Norway, Sweden, and the United Arab Emirates.

However, LegacyFX does not support traders from the United States, Korea, Yemen, and Iran.

Conclusion

LegacyFX is a regulated global brokerage company that provides secured and easy trading. It enables a suitable environment for trading while also providing numerous features. LegacyFX encourages a high level of transparency and accessibility.

Apart from the impeccable trading features, LegacyFX offers a powerful strategy through education. This has not only attracted new traders, but it has also increased the credibility of the platform.

Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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