LegacyFX: Review and Guide to Getting Started

LegacyFX calls itself the go-to broker for traders who value transparency. With an easily navigable website and full access to the most powerful trade platforms for every account type, they’re certainly doing a good job of providing an intuitive, pleasant experience to their customers.

This broker has won numerous awards, including the PipsoFX “Best Trading Signals Provider 2021” award, the TejaraForex.com “Best Trading Signals Provider 2021” award, a Global Excellence Awards “Best Broker in Europe” award, a World Business Outlook “2021 Fastest Growing MultiAsset Broker” award, “Best Education Provider 2021” award, and the 2021 “Commission-Free Forex & Commodity Broker of the Year.” There are numerous other awards not mentioned here. 

They’ve received rave reviews on multiple industry publications and sites. At first glance, it looks like a solid choice for just about any trader. 

Is LegacyFX right for you? Here’s what you need to know. 

Account Types Offered

LegacyFX offers seven types of accounts. All account types come with the following advantages:

• Free, no fee trading.
• Daily signals.
• Live support.
• Access to the training academy.
• Swap-free accounts.
• Private channels. 
• Tips and updates.
• Access to commodity trading.

The standard account starts with a minimum deposit of $500. It offers all the above-mentioned features.

The Bronze account requires a minimum first deposit of $1000. It adds access to an auto-charting tool along with offering three protected trades every month. 

The Silver account starts with a $3000 minimum first deposit. It adds access to trading psychology tools, allows you to start trading stocks, and offers access to basic analytics and mentoring tools.

The Gold account starts with a $5000 minimum deposit and adds access to premium ideas, personal success goal setting, a VIP EU Mastercard, and access to the direct dealing desk.

The Platinum account requires a $10,000 minimum deposit. It adds access to trading plans and the Dealing Room direct line.

The Premium account requires a $25,000 minimum deposit. It adds platinum opportunities, platinum sessions, and advanced mentoring. 

Finally there is a fully customized VIP account that requires a $50,000 deposit to get started.

LegacyFX does offer Islamic accounts which adhere to the Islamic principles of banking activity and interest, known as the swap-free account. Swap-free accounts continue to enjoy all the benefits of the chosen account type, as well as the same spreads and trading conditions applied to each account. 

Professional traders can also take advantage of a LegacyFX PAMM account designed especially for account managers. They may manage multiple accounts from a single dashboard without creating an investment funds, enjoy high-volume pricing, choose trading conditions, and use a flexible commission system based on results. In order to sign up for a PAMM account you have to email the company at pamm@legacyfx.com. 

If you want to become a LegacyFX partner you can earn some of the highest CPA payouts in the industry. You can also take advantage of a generous revenue sharing plan. 

Trade Types Offered

LegacyFX offers a wide variety of trades, including major, minor, and exotic currency pairs. You can trade CFDs on stocks, commodities, indices, and cryptocurrencies as well. Thus traders can optimize their portfolios and enjoy a diverse trading experience. 

All told you can trade on over 200 assets once you really start digging into your options. Most of these are CFDs, which are the riskiest instrument, but in this they aren’t much different than most online trading platforms out there. 

Trading Platforms & Tools

Traders who choose LegacyFX will have the benefit of working with Meta Trader 5. MT5 is currently the most powerful trading platform on the market, offering a wealth of tools. It’s available via Web Trader, via download, or as an app on your smartphone or tablet. 

The LegacyFX platform allows traders to place up to 8 types of pending orders, allowing full control over open positions. One-click trades make the process easy and intuitive. Clients will have access to a wealth of technical analysis tools, allowing them to run charts across 21 different timeframes. 

It even includes an optimized strategy tester which gives traders the ability to test their theories before putting their money behind them. 

Prefer to let machine learning do the precision work? You may absolutely take advantage of automated and algorithmic trading with LegacyFX. 

Other tools include live signals, technical analysis, market news, economic calendars, calculators, autochartist, data and analytics, and market opportunities. In short, traders at every level will have every tool they could possibly need to make informed decisions about their trades.

Customer Support

Every customer gets their own dedicated account manager. 

Help is available 5 days a week within business hours. You can choose between live chat, phone support, or email support. Their phone number is +41315087455. Their email is support@legacyfx.com. 

Deposits & Withdrawals

LegacyFX offers a number of deposit and withdrawal methods including EFTpay, MyFatoorah, Mastercard, Visa, Skrill, bank wire transfer, Neteller, and VLoad. You can also use Bitcoin or other cryptocurrencies. 

For some of these payment methods there is no minimum withdrawal. For others, there are, namely bank transfers (150 EUR) or Bitcoin ($50). 

Processing times depend on the method chosen. They can be anything from the very next day to three to five business days out. The slowest method is VLoad, so plan for that if you’re a heavy-duty VLoad user. 

Legacy FX does not charge closure fees, but may charge other fees for withdrawals. 

Spreads, Commissions, & Fees 

There are no rollover fees on long-term positions. They also don’t charge commissions.

They do offer fractional pip spreads, allowing for more precision and the ability to take advantage of smaller price movements. 

The level of margin call is 80% and the level of stop out is 30%.

Here are some examples of spreads.

Regulation

LegacyFX is regulated by the Vanuatu Financial Services Commission (VFSC) under license number 14579. 

This represents one of the major weaknesses of the platform. Brokers like LegacyFX absolutely love Vanuatu. The regulatory environment is light to the point of non-existence. 

“The main responsibility of the VFSC is a registration process only, which is merely implemented through low setup requirements.  Perhaps, Vanuatu is the easiest jurisdiction to open a brokerage, as the opening requires the company to submit a register online, prove initial capital which is $2000 only! And to pay a fee. Within 2-3 months, the firm is registered. The VFSC regulator does not require strict proof of the company background, nor check on the implementation of the secure fund management or operation guidelines, does not require regular reporting and never imposes fines in case of fraud operation.”

–55Brokers.com

Choosing such a light regulatory environment does not automatically mean that LegacyFX is a bad broker. It does mean that you don’t have any recourse if something dodgy happens. We tend to prefer to steer our readers towards brokers that have sought tougher regulatory oversight. Trading is risky enough. This otherwise excellent platform could really stand to offer their clients more of a safety net by submitting to more rigorous standards elsewhere in the world. 

Reputation

LegacyFX is struggling with its reputation a little bit, at least among consumers. It only has a 3.5 rating on Trustpilot, which represents 293 reviews. 58% of those are rated at “Excellent,” while 28% are rated at “Bad.”

Some of the negative reviews seem to be scam reviews directing consumers to a shady Outlook.com address for a dodgy “financial advisor.” These can probably be ignored. 

Those who were legitimately unhappy seemed to dislike their account managers. 

“This is to warn others NOT to trust these scammers. The so-called account managers have no clue of risk management. They advise trading with no SL and then when your trades go south they advise you to open a trade going the other way. I was scammed money in the tune of £25k. The account manager assigned to me bailed out when he sensed the account was about to blow. He insisted I only trade indices with very high margins. Due to my limited knowledge in trading, I trusted them. All they did was insist on more and more money.”

– Candy Lys

This can be solved by seeking your own trading education so you can make your own decisions about your trades. In addition, there are reviewers who felt their account managers were helpful. Just know that your mileage could vary. 

Those who do enjoy the platform enjoy the seamless experience of trading with LegacyFX.

“Trading on LegacyFX is a seamless experience thanks to the efficiency of their support services and payment infrastructure which affords timely withdrawals. I would definitely recommend LegacyFX as a fully trusted platform to trade on. Thanks team LegacyFX!”

– Anthony

We could not find any recent major news stories indicating major issues with LegacyFX. In addition, LegacyFX does seem to do a fair amount of community and charity work. Whether this is simply a hedge against a bad reputation or done with a genuine heart for others is impossible to tell. It’s worth being aware of either way. 

Accepted Countries

You can trade with LegacyFX in the following countries:

• Australia
• Thailand
• Canada
• The UK
• South Africa
• Singapore
• Hong Kong
• India
• France
• Germany
• Norway
• Sweden
• Italy
• Denmark
• The United Arab Emirates
• Saudi Arabia
• Kuwait
• Luxembourg
• Qatar

You may not trade with LegacyFX if you are located in the United States, South Korea, North Korea, Yemen, or Iran.

Alternatives

Compare Forex.com for a far more strictly regulated broker available in the United States and in most of the world which also gives traders access to MT5. Compare AvaTrade, FXTM, and AXI for comparable educational resources. 

Bonuses & Promos

As of this writing there are no bonuses for new account holders. LegacyFX does offer a referral bonus. There’s also a loyalty program which offers access to specialized content, phone sessions with lead account managers, branded gifts, and gift cards. These are known as “Smart,” “Wise,” “Expert,” and “Genius.”

To join the loyalty program you must have an active account with trades and communications with LegacyFX over the past month, be fully verified, have transacted between one to four times in 30 days, have equity of more than 250 at the end of 30 days, have between one to nine trades in thirty days, and have one to four referrals, positive posts, or reviews in a 30 day period. 

FAQs

Is LegacyFX a safe, legitimate trading platform?

Established in 2012, LegacyFX has been around for nearly a decade, which means it’s had plenty of time to establish itself. We look for longevity in a safe trading platform because it proves the site isn’t just going to disappear one day, taking your money with it. They’ve established a track record as a highly reliable broker. 

LegacyFX takes steps to help you protect your money. They offer negative balance protection, as well as the complete segregation of your funds from company accounts. They only use Tier 1 banks, which are considered the safest, most secure banks in the world. A bank’s “Tier” is a measure of its financial strength.

As mentioned, what we don’t love is the regulatory environment they’ve submitted to. The VFSC is simply not tough enough to offer traders any real measure of safety. Traders who choose to work with LegacyFX had best be sure they trust LegacyFX, because if the company engages in any wrongdoing there’s a good chance nobody will do a thing about it. It may be legitimate, but it’s offering that legitimacy more or less on its own merits only. 

What is LegacyFX’s minimum deposit? 

You can get started with LegacyFX for as little as $500. 

Is LegacyFX good for beginners?

When deciding whether a platform is good for beginners one of the first things we look for is whether or not the broker offers an extensive educational library. Fortunately LegacyFX does meet the bill by offering a wide range of courses, tutorials, webinars, and more. They also offer periodical market research and analysis to help traders at every level make sound decisions. 

Courses have names like “Trading is an Art Form,” “Chance and Risk,” “Distributing Risks,” and “Passive Trading 5/15 Rule.” They seem to cover both the basics and more in-depth strategies, allowing the beginner to grow in their career as a trader. 

When LegacyFX explains each trading instrument it even gives tips for predicting prices. For example, on their gold page they state:

“You must keep tabs on what is happening to jewelry production and manufacturing because the economic forces of demand and supply and price determination is a constant force here. During a time of political instability in a major gold supplying market, there’s bound to be global uncertainty and hence an increase in the prices of gold. When the market is most volatile and commodities markets are unpredictable, gold can be a haven investment. The value of the US dollar exerts a powerful influence on the value of gold.” 

The MT5 Demo Account not only allows you to take advantage of the demo accounts offered by most reputable brokers but allows you to do so on one of the most powerful platforms on the market today. If you want to master high-level trading tools then Legacy FX is an excellent bet.

All education resources are free. 

All told, we would recommend LegacyFX as a strong choice for new traders. 

What leverage does LegacyFX offer?

Leverage depends on the asset you’re working with. Stocks are at 1:5, Forex pairs are at 1:200, Metals are at 1:100, Indices are at 1:100, Commodities are at 1:100, and Cryptocurrencies are at 1:5.

Be careful when working with leverage. Despite LegacyFX’s negative balance protection leverage is where many traders get into trouble. Be very sure that you know what you’re doing before you start using leverage to make trades. 

Who owns LegacyFX? 

All New Investments Ltd. owns LegacyFX. This is a registered Cyprus Investment Firm. 

The CEO is Jad Abdelrahman. He’s been the CEO for nearly 5 years. Prior to that he was in Business Development for XForex and Internovus. He also served as a Web Marketing manager for BForex and a Retention Team Manager for Caya Capital Markets. 

His wealth of experience and his optimism and love for the Forex Markets are evident. Click here to read his interview in Global Brands Magazine. 

Is LegacyFX a market maker?

LegacyFX stands out among brokers in its class because it is not a market maker. That means it’s never working against traders and it doesn’t make a profit when you lose. That alone stands as a strong positive point in its favor and should be taken into consideration when deciding whether or not to do business with them.

Is LegacyFX right for me?

As of this writing, LegacyFX seems genuinely concerned with remaining a transparent, trustworthy broker, despite operating in the lightest possible regulatory environment. Their impressive suite of features, education, and support make it a solid choice for traders at any experience level. If you understand all the risks inherent to the trading process and are very diligent about reading the terms and conditions it’s likely your experience with the platform will be positive overall, as long as their leadership or overall philosophy doesn’t change. If it does, there’s no safety net, so keep an eye on the company so you can get your money out fast if necessary.