LegacyFX

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13 minutes read/19 Jul 2021

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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LegacyFX offers customer service via a range of support channels, including a dedicated phone line that is available Monday to Friday, from 8:00 to 24:00 GMT+3. Email is also available, and general customer support can be accessed via support@legacyfx.com. There are also dedicated email addresses for complaints, compliance issues and dealing queries, which can all be found on the contact page. This is also where you’ll find an easy access contact form, with the option to receive a reply by either phone or email. The broker also maintains active social media accounts on Facebook, Twitter, LinkedIn, Instagram and YouTube, allowing customers to contact them in the way that feels most natural to them. There is a live chat option available that also operates during normal business hours, and all channels can be accessed by new as well as existing customers.

Before contacting customer service, it is useful to know that LegacyFX does provide an extensive FAQ section on the website, offering general information on issues such as account opening, making deposits and requesting withdrawals. There is also a useful and extensive education section offering training, learning and research materials. This can be a useful first stop if you have general questions about trading strategies and techniques.

Payment Methods

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LegacyFX offers a range of convenient options when it comes to making payments into your account and withdrawing your funds.

Card payments

Card payments are accepted, with the option to pay with both credit and debit cards. Most major card providers, including Visa and Mastercard, are accepted, and processing is usually instant. Currencies accepted are EUR, GBP and USD, and the minimum deposit amount is US$500.

Bank wire transfer

Bank wire transfers can be used to deposit funds at this brokerage. Processing times for bank transfers tend to depend on the bank being used, but typically take around one to three days to arrive in your LegacyFX account. Your bank can provide further details on how long the funds will take to clear and advise you if there are any bank-levied charges. Wire transfers can also be made in EUR, GBP or USD. There is a minimum withdrawal amount when using wire transfers, currently set at €150.

E-wallets

LegacyFX accepts payment from e-wallets, including Skrill, Neteller and Perfect Money. These payments are usually instant, though some providers, such as Skrill, can take up to half an hour to clear. Some e-wallets may have restrictions on the currencies that can be used. The minimum deposit is $500. There is not usually a minimum withdrawal amount, but check with your individual provider.

Best Offers

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This brokerage has some attractive offers for its customers, including an award-winning trading platform, fast execution with no requotes, and a commission-free trading model. It is possible to trade a good variety of instruments as CFDs with generous leverage, and the education section is a great resource. There is also the bonus of up to three risk-free trades for some customers, depending on the account type you hold. There are a few extra perks for LegacyFX customers, such as an affiliate programme, offering up to $1,000 CPA commission, and a ‘refer a friend’ offer allowing customers to claim rewards when they send a friend to sign up at the site via their personal referral link. Lastly, the broker offers a risk-free demo account, which is always useful, especially for less experienced traders.

Regulation and Deposit Protection

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LegacyFX is based in Vanuatu and is fully regulated by the VFSC. The broker has additional regulation in other jurisdictions in which it operates, including regulation through CySEC for customers based in the EU. All client funds are kept in segregated accounts, separate from the broker’s operating funds, to protect clients in the event that the broker should become insolvent. Customers are also offered negative balance protection on retail accounts. All relevant legal documentation can be viewed at the website under the Legal Documents tab, which can be found in the footer of the website. Here, you’ll find the firm’s Risk Disclosure Statement, Terms and Conditions, and Complaints Policy.

 

Awards

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LegacyFX Awards

The broker has won various awards, including PiPsoFx Broker of The Year 2021, Best STP Forex Broker 2020 from AtoZ Markets, and both Best Forex Broker in Western Europe 2021 and Best Forex Broker Middle East 2020 from International Business Magazine.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .