LegacyFX

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Analyst Team
Updated: 9 May 2022

LegacyFX is a multi-asset CFD broker originally founded in 2012 but relaunched under new management in 2017. The firm is based in Vanuatu, and offers a wide variety of assets, including forex, stocks, indices, CFD instruments, commodities and cryptocurrencies. The broker offers a broad range of account types, with something to suit almost any trader, from complete beginners to professionals. Trading conditions are excellent for long-term investors as well as day traders. There are no swap fees on long-term positions and no hidden commissions and fees.

Spreads are competitive, starting at 0.5 pips on some instruments, and execution is instant, with no requotes. The broker is fully regulated by the Vanuatu Financial Services Commission (VFSC), and has additional regulation with the Cyprus Securities and Exchange Commission (CySEC) to protect customers within the EU. LegacyFX uses segregated accounts for client funds and offers negative balance protection. This broker uses the widely respected, award-winning MT5 trading platform, which is considered to be the world’s leading platform for retail forex traders.

Other advantages include quality customer service and a well-stocked education centre offering various tutorials, webinars and eBooks. There is also a good choice of trading tools and market analysis resources, so customers will feel well-supported by the broker in carrying out their trading activities.

Broker Overview

LegacyFX Lower trading fees

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Take a look
😁 We really liked…
  • MT5 trading
  • Good range of tradeable instruments across multiple asset classes
  • Excellent choice of account types
  • Client funds kept in segregated accounts
😕 Could improve...
  • Limited choice of cryptocurrencies
  • Limited number of indices available
  • No US clients
General Information
Website LegacyFX
Founded 2017
Minimum deposit $500
You can trade Forex , CFDs , Stocks , Social Trading , Crypto

LegacyFX Review Navigation

What can you trade?

#1 Forex

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Min Deposit App Support Max Leverage Trading Fees
$500 Good 1:200 Low

LegacyFX offers trading in a wide range of forex pairs, including majors, minors and a limited number of exotic pairs. Spreads are competitive, though they vary substantially across the different account types. On the Premium Account, for example, spreads on EUR/GBP start at 0.5 pips. Leverage of up to 1:200 is available. Leverage will depend on the account you hold and the forex pair you are trading. Remember that local laws and restrictions in your region may impact the level of leverage with which you can trade.

#2 CFDs

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Min Deposit App Support Max Leverage Trading Fees
$500 Good 1:200 Low

A wide variety of instruments can be traded via CFDs at LegacyFX, including forex, commodities and indices. Leverage and spreads will depend on the instrument you are trading, but the company is very transparent, with details such as spreads, leverage and margin requirements for each instrument clearly displayed on the website. CFD trading is a complex and high-risk form of trading, allowing traders to speculate on price movement, and potentially profit from that price movement, without ever owning the underlying asset. The best leverage at this broker is 1:200, which is offered on many major forex pairs.

#3 Stocks

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Min Deposit App Support Max Leverage Trading Fees
$500 Good 1:100 Low

LegacyFX offers trading in both single stocks and indices, with access to a range of worldwide stock exchanges. Leverage on indices is offered at up to 1:100, though there is a fairly limited amount available. Major indices on offer include the UK100, the German30 and the US500. There are also some minor indices such as the Russia50 and the Australian 200. Single stocks can also be traded, but leverage will generally be much lower, at around 1:5. The margin requirements for single stocks is 20%, but is 1% for major indices and 5% for minor indices.

#4 Social Trading

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Min Deposit App Support Max Leverage Trading Fees
$500 Good 1:200 Low

LegacyFX relies on the MT5 platform, which facilitates social trading via Trading Signals and various third-party applications. Trading Signals can be used to follow more successful and experienced traders, and automatically copy their trades. There are both free and commercial signals available, with many successful traders providing access to their trades via this platform, either at no cost or for a very reasonable fee.

#5 Crypto

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Min Deposit App Support Max Leverage Trading Fees
$500 Regular 1:5 Low

LegacyFX facilitates trading in a few popular cryptocurrencies, including Bitcoin, Ethereum and Litecoin. Leverage of up to 1:5 is offered, which is generous for digital currencies, and the margin requirement is 20%. Details of the altcoins currently available, along with the spreads available for different account holders, can be found on the website.

What did our traders think after reviewing the key criteria?

LegacyFX Fees

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LegacyFX trading fees are very competitive. The broker offers a transparent trading model with no hidden commissions and no swap fees on positions held overnight. This means, of course, that the broker’s profit is coming primarily from the spreads, so your trading costs will be dependent on these. Be aware that spreads vary widely between different instruments and depend on your account type. This broker does offer both a fixed spread option and a variable spread option. Fixed spreads may seem high, but they allow you to more easily calculate trading costs. Variable spreads start at a very competitive 0.5 pips on some major forex pairs, but can, of course, get much higher depending on market conditions.

There are no broker-levied deposit fees and no rollover fees. There are also no withdrawal fees under normal conditions, though the broker states that handling fees can sometimes apply to withdrawals, depending on the bank or other financial institution processing the withdrawal. We always urge traders to remember that broker fees can change at any time, sometimes at short notice. Be aware that there may be other fees relevant to your particular circumstances that are not mentioned in this LegacyFX broker review.

Account types

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LegacyFX offers a range of different account types to cater to both new and experienced traders. The Standard Account requires a minimum investment of $500, and while there are some restrictions on this account, it does offer daily signals, live support and access to the trading academy. The Bronze Account comes with a minimum deposit of $1,000, access to more asset classes, and up to three protected trades. The Silver Account requires a deposit of $3,000 and offers basic analysis and basic mentoring. The Gold Account has a minimum deposit requirement of $5,000, and this is the level at which you’ll get access to the direct dealing desk, plus other perks such as a VIP EU Mastercard.

LegacyFX Accounts

Platinum Account holders will need a minimum deposit of $10,000, but will have access to further perks, including a trading plan and dealing room direct line. The Premium Account requires a deposit of at least $25,000 and includes advanced mentoring opportunities. The spreads available to you across various asset classes will also improve as you move up the account levels. All account types come with daily signals, live support, and access to the trading academy, and all are commission free with no swap fees. Be aware that not all asset classes are available to all account holders. For example, the Standard Account does not allow you to trade stocks. There is also a customised VIP account for professional traders. This is available to those with more than $50,000 to deposit.

Platforms

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LegacyFX offers the highly popular and very intuitive MT5 platform in various versions, including MT5 Terminal and WebTrader as well as MT5 mobile apps for all devices. The MT5 platform is built on the award-winning MetaTrader software and offers a wide range of functions and features, an intuitive interface, and access to various technical indicators and trading tools. The platform comes with comprehensive charts, live price feeds and trading alerts. It also incorporates sophisticated back-testing facilities for in-depth analysis. Many retail traders love the highly customisable nature of the MT5 platform and the fact that it is compatible with a broad range of third-party tools and apps, allowing traders to build a suite of tools and indicators highly suited to their particular trading style. The MT5 platform incorporates Trading Signals, which you can use to follow and automatically copy the trades of more experienced traders. The Expert Advisors function also allows for customised robo-trading, which can be perfectly tailored to your individual appetite for risk. The platform has a clean, uncluttered look, and most traders find it fairly intuitive and user-friendly.

When it comes to mobile trading, there are robust mobile apps available, also using the MT5 platform, for both iOS and Android devices. The mobile apps allow traders to access most of the same features and functions as the desktop version of the platform, including graphs, charting tools, trading alerts and time frames. They also allow for real-time quotes and all order types, including pending orders, and provide a detailed online trading history, along with a free financial news feed. The mobile apps can be downloaded free from the Apple App Store or Google Play and allow for fast, accurate, one-click trading. The mobile apps offer a reasonable amount of customisation and are definitely a convenient way of trading on the go. However, there is also a web-based version of the platform, which can be accessed from any device, via any compatible browser, so mobile trading without the app is also possible.

LegacyFX Trading PlatformUsability

Usability

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LegacyFX customers will find that user experience is a high priority at this brokerage. Both the website and the various versions of the MT5 platform are highly user-friendly and easy to navigate. The website clearly displays all the important information you might need, and it is easy to find your way around. The footer of the website is a good place to start from in order to navigate to all the main pages around the site, including legal documentation, trading tools, account types, and details about important issues such as deposits and withdrawals.

There is also a menu in the top right-hand corner of the homepage, which is where you can log into your account, or indeed sign up for either a demo or live account if you have not yet done so. The MT5 platform is generally considered to be very user-friendly, as are the mobile apps, and the high degree of customisation tends to ultimately make the platform even more usable, as it allows traders to build a dashboard with easy access to the functions and features they use the most.

Customer Support

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