LegacyFX Broker Review 2022 | Forex Signals, Trading Account and More
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LegacyFX Broker Review

Review By: Alan Little
Review Updated: 2021-01-23
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4
Rating
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CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE. 79% 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.

Overall Ratings
4
LegacyFX Fees
4
Trading Platforms
4
Mobile Trading App
5
Market Research
4
Customer Service
3

LegacyFX broker features

Feature LegacyFX
Minimum deposit: $500 USD
Withdrawal fee amount:
Inactivity fee charged (Y/N):
Max leverage:
Spread from:
Number of instruments:
Year founded:
Time to open account:
Demo account provided (Y/N):
Countries of regulation:
Products offered:

LegacyFX pros and cons

Pros
  • Trustworthy thanks to the strong regulatory framework
  • Wide variety of asset classes, including crypto
  • No overnight financing fees on long swap positions
 
Cons
  • Spread fees can vary, meaning that traders should remain aware
  • Some resources and pages are not easy to find on the broker website
 
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Review Sections:

Who are FXTM?

LegacyFX is a relatively new entrant to the broker sector, but it is going about things in the right way. It is picking up market share by offering a great choice of markets, great T&Cs and demonstrating trustworthiness by operating on an impressive regulatory framework. Founded in 2017, the firm aims to become a prominent broker with a global client base. The entity traders sign up with will depend on where they live, and some of the T&Cs vary from place to place. EU and UK based traders will note an impressive range of regulatory licenses are held at FCA, BaFin and CySEC. International clients are likely to come under the protection of the Vanuatu Financial Services Commission (VFSC). Where LegacyFX's licence number with this regulator is 14579. The group's parent company is A.N. Allnew investments Ltd, a Cyprus Investment Firm, authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), under the Licence No. 344/17. The broker also takes other steps to defend the security of client deposits. It opts, for example, to have a negative balance protection system in place, which means that the trader cannot get into a situation where they owe the broker money as a result of their account deposit being cleared out through a severe loss-making trade. It also ensures that it keeps its own funds, such as those used for paying staff salaries or maintaining its servers, in a different account. LegacyFX has also won several awards, the details of which it proudly displays on its website. In 2020, it won the Best Forex Broker in the Middle East award from International Business Magazine. Global Brands Magazine has awarded it the title of Best New Forex Brand in the United Arab Emirates. According to the broker's own website, it has received a rating of around 3.5 stars on the user review website Trustpilot. This was based on just over 200 reviews. LegacyFX Introduction 2

LegacyFX Fees

4
Rating
LegacyFX makes most of its revenue on execution spreads, the difference in value between the buy price and the sell price in any market. At LegacyFX, it appears that the spread fees can vary significantly based on some influencing factors. One of these is the type of account the trader is using. For example, if the trader is using a Silver account, they are likely to see spread fees that can go to a minimum of 1.6 pips. The Gold account, however, has minimum spreads of 1 pip. The Platinum account, designated as being for "experienced investors", has minimum spreads of around 0.5 pips. Spread fees can also vary depending on the asset class in question. During the production of this review, the reviewer found that the Silver account spread for the variable CAF/CHF trading option was 2.2. For the EUR/CAD pair, however, the equivalent was 1.8. For this reason, it is worth traders keeping a close eye on the spread fees table and ensuring that they do not miss any changes for their preferred positions and assets. As well as spreads, there is also a question of wider commissions and fees to think about. Deposits are a common area for brokers to decide to charge fees. At LegacyFX, that is not the case, and there are no fees charged on deposits made. There may, however, be fees on withdrawals – and it does depend on the method chosen. Finally, it's worth remembering that swap fees – which are a very common sight at many brokers - can charge a fee to keep a position open overnight. They are not in play at this broker, at least not on positions held open for the long haul. This could be a real money-saving measure for traders whose strategies revolve in whole or in part around the use of long-term positions. The no overnight fees on long positions policy means daily financing charges don't eat into trading profits and is a big selling point for LegacyFX.

Trading Platforms

4
Rating
Traders who are experienced in foreign exchange trading will be pleased to see that LegacyFX offers MetaTrader 5 (MT5), which is the leading platform in the forex world at the moment, is available. It builds and improves on its predecessor, MetaTrader 4 (MT4), in several ways – though many brokers still haven't upgraded, making the likes of LegacyFX the exception rather than the rule. The benefits of MT5 are extensive and can make all the difference when it comes to the quality of the trading experience. For traders who are more experienced and are looking for a highly technical trading experience, the presence of algorithm-based trading tools in MT5 will be beneficial. Automated trading at this broker is via a programming language called MQL5, which permits so-called 'Black Box Programming'. Black Box Programming allows the trader to specify a series of inputs and desired outputs, and the system then converts these into strategies for investment. This sort of 'robo-trading' is not a silver bullet to making profits, but it does increase the chances that traders will be able to take a more strategic approach. Those who are not quite at the stage where they would feel comfortable with highly complex, technical and code-powered robo-trading can still benefit immensely from MT5. The service also offers three different types of charts for financial analysis, for example. It also contains nearly ten timeframes and 30 indicators for technical viewing of price charts. Meanwhile, the 'Market Watch' function ensures that traders can receive instant quotes that match the quoted amounts on the market. Meanwhile, the presence of the 'one-click trading' function ensures that traders can have a pleasant and efficient trading experience without the need to navigate through significant layers of bureaucracy. Finally, the presence of the netting and hedging services means that traders can manage the risk involved in their trading more effectively and keep it under consideration. Finally, it's important to point out that MT5 is accessible on a cross-device basis at LegacyFX. Traders can access their account and place trades via mobile if they wish, and there will be more information on that further into this LegacyFX review. LegacyFX Platforms and tools

Mobile Trading App

5
Rating
The mobile trading function at LegacyFX is highly rated, which is mainly due to the presence of the MT5 platform for mobile. First off, the service is offered in an app for Android and iOS – so whatever device you are using, it is likely that one of these apps will be compatible. The main benefit of the mobile trading app is that it permits you to access financial markets and relevant data around the clock and to use most of the advanced features and functions of MT5 within one portable service. It is possible, for example, to use the hedging and netting features integrated into MT5's web service in this app. All of the trade order types, meanwhile, are also available here.

Market Research

4
Rating
The research section at this broker is good. There is, for example, a page full of signals that can be triggered when certain market events take place. It's also possible for traders to stipulate that they wish to be notified when this happens. Those following a fundamental analysis approach will no doubt find the detailed economic calendar to be of use. The 'Calculator' page contains tools designed to help traders work out pivots and more. The broker also has a page called 'Technical analysis', though this is somewhat misleading as it offers more than just technical analysis tools. For example, it has a glossary, though it does also have charts available to monitor.

Customer Service

3
Rating
The customer service offer at this broker is good. One key challenge is no clear 'Contact us' link is in the main navigation. The contact details for the broker are, in fact, available, but they are hidden in the 'About us' dropdown menu. Telephone and WhatsApp links are also present at the top of the page, while there is also a telephone link and a live chat box link in a sidebar at the right of the page. There is also a complete list of contact options in the footer. At the time of this review's writing, the live chat box was functioning as expected.
Address: Address: Govant Building, Kumul Highway, PO Box 1276 Port Vila, Republic of Vanuatu

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