CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77%. of retail investor accounts lose money 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.
Bottom Line Summary
LegacyFX is an award-winning, multi-asset broker offering forex trading, along with CFD trading in a range of instruments, including stocks, indices, commodities and even crypto.
Founded in 2017, LegacyFX is based in Vanuatu, and offers more than 200 instruments, with spreads starting at 0.5 pips. The firm is fully regulated by the Vanuatu Financial Services Commission (VFSC) and serves a worldwide audience, though it cannot accept clients from the US, Yemen, North Korea or Iran. A free demo account, with a balance of $10,000 in virtual funds, provides total access to all trading platforms, including web and mobile, and offers real-time market conditions. Several account types are available, and the company has won a number of awards.
LegacyFX trading fees are reasonable and transparent with no hidden costs.
LegacyFX offers a commission-free trading model, with broker profits coming from the spreads, which are competitive. The transaction cost for most forex trades is usually below 0.1%
LegacyFX CFD fees
LegacyFX offers reasonable fees on a range of assets that can be traded as CFDs, including stocks, commodities, indices and crypto. All assets are commission free, except for stocks where charges range from 0.15% to 0.45% depending on the account.
LegacyFX inactivity fees
LegacyFX charges a monthly inactivity fee of €50, or the equivalent, on accounts that have remained inactive for 90 days, as long as the client has sufficient funds in the account.
LegacyFX rollover fees
Forex trading with LegacyFX is swap-free. The broker may charge a rollover or ‘swap’ fee of up to 0.5% when trading stocks, if a position is kept open overnight.
LegacyFX is committed to being a low-cost provider, with no hidden fees.
LegacyFX offers a total of seven account types, so there really is something to suit every different type of trader. Account types include Standard, Bronze, Silver, Gold, Platinum, Premium and VIP. All accounts are commission free and swap-free for forex trading. The minimum deposit ranges from $500 on the Standard Account to $50,000 on the VIP Account.
How to open your broker account
Account opening is simple, and there is a demo account available. Your account will be opened instantly, and you can then deposit funds, though you will have to upload some documentation before your account is fully verified. Registering is simply a case of choosing the account you want, clicking ‘Open account’, and filling in a few details.
A wide range of LegacyFX accounts cater to traders at all levels.
Deposit and Withdrawal
How long does it take to deposit?
Most deposit methods are instant, except for wire transfers, which typically take three to five business days. Check with your bank to find out how long a wire transfer will take to clear.
Withdrawal fees and options
There are no broker-levied fees on deposits or withdrawals and clients have a range of options available, including Visa, Neteller, Skrill, Klarna, iDeal, Giropay, Perfect Money, EFT Pay, Volt, PayRedeem, Jeton and bank transfers. The deposit and withdrawal methods available to you will depend on where you live.
How long does it take to withdraw money?
Withdrawals are processed within three to five days of your request. This allows for the completion of security checks before initiating payment. The time frame to actually receive the payment will depend on the payment method being used and the processing time of any third-party payment processor involved.
How do you withdraw money?
In order to withdraw funds, your trading account must be fully verified. To avoid fraudulent activity, LegacyFX will only send your withdrawal back to the original source of deposit, and only after you have verified your account. You can request a withdrawal at any time by logging into your account and selecting withdrawal. Any withdrawal request that includes both deposit and profit funds may be split into two separate requests, one to reflect the return of the initially deposited funds and another to reflect the payment of profits.
LegacyFX offers a good range of payment methods, though what is available will depend on where you live.
Web trading platforms available
LegacyFX offers the MetaTrader 5 (MT5) platform for web, desktop and mobile. This means that you are able to trade forex and CFDs with the web platform without installing or downloading any software. You can trade direct from any browser using any operating system from anywhere with an internet connection.
LegacyFX provides an excellent user experience, allowing access to the platform from both Android and iOS devices. The MT5 app also allows easy mobile trading from almost any mobile device. The platform facilitates access to a wide variety of indicators, order types and the powerful Market Depth trading system, along with news, alerts and push notifications. There is also a demo account to allow clients to try out the platform before they sign up for a live account.
The platform can be accessed in English, Spanish, Arabic, German and Russian.
Placing orders is very simple and intuitive, and clients can access up to eight pending order types, including stop loss and take profit orders and trailing stops, to allow them to have precise control over open positions. Positions left open at the end of the trading week will remain open and readjust as markets open at the start of the following week.
LegacyFX offers robust trading platforms with a good choice of trading tools and order types.
Mobile Trading App
Mobile trading is available via MT5 apps for iOS and Android devices. MT5 for Android includes Android-native options for all types of devices so that traders can feel in control of their accounts. Apps are free to download and easy to install.
Trading on the go is easy and free with LegacyFX.
Markets and Products
LegacyFX offers a total of more than 200 instruments, with CFDs available in multiple asset classes, including:
LegacyFX does not provide trading in bonds or mutual funds.
LegacyFX provides trading in more than 155 currency pairs, with competitive spreads, no commissions and no swap fees.
LegacyFX offers a range of CFD instruments, including cryptocurrencies such as Bitcoin and Ethereum.
LegacyFX provides a basic learning portal incorporating research and education, aimed at a range of traders from beginner to advanced. It includes video training, eBooks and a trading glossary.
LegacyFX offers responsive customer service that can be accessed by phone or email, Monday to Friday, from 8:00 until 24:00 (GMT+3).
Customer service is quick to respond, but is not open 24/7.
Address: LegacyFX, Govant Building, Kumul Highway, P.O. Box 1276 Port Vila, Republic of Vanuatu
LegacyFX is regulated in Vanuatu by the Vanuatu Financial Services Commission (VFSC).
Is LegacyFX right for you?
LegacyFX is a broker that is suitable for a wide range of traders, offering the opportunity to trade CFDs in multiple asset classes, including cryptocurrency. Is LegacyFX good? This question is difficult to answer as everyone has different trading needs, but in our opinion, LegacyFX offers a range of attractive features for both beginner and more advanced traders.
Alternatives to LegacyFX
AvaTrade – Well-respected broker with great client protection
Naga – Excellent copy trading platform
FXTM – Offers a great choice of account types
OvalX – London-based, FCA-regulated CFD and spread betting provider
XM – Offers a wide choice of trading platforms
How to sign up to LegacyFX?
Simply go to the broker site and click on ‘Accounts’. Choose the account type that meets your needs and click on ‘Open account’.
Is LegacyFX good for beginners?
Yes, the broker offers a great user experience and is suitable for inexperienced traders.
LegacyFX offers trading on Foreign Exchange (‘Forex’ or ‘FX’) and Contracts for Difference (‘CFDs’), which are complex financial products that are traded on margin. They carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, these products may not be suitable for all investors, as loss of all invested capital may occur. You should not risk more than you are prepared to lose.
With over 4,000 brokers active globally, it’s good to share your experience with others. Spread the word on good or bad brokers. Disclaimer: Comments on this site are not the opinion of WeCompareBrokers and we are not responsible for the views and opinions posted by site users. If you are unhappy with any comments, please email complaints @ wecomparebrokers.com
Important: You (the person writing the comment) are responsible for any comments you post and use this site in agreement with our Terms.