LegacyFX Review

LegacyFX is a well-regulated broker that has been operating since 2017. LegacyFX offers a lucrative Introducing Broker and Affiliate Program. The typical spreads with LegacyFX start from 0.6 pips on major currencies. LegacyFX supports MetaTrader 5 across devices.

🛡️Regulated and trusted by CBI, BVI FSC, ASIC, FSCA, JFSA, and, FFAJ
🛡️2803 new traders chose this broker in the last 90 days.
🛡️Available for global Traders.

Analysis of LegacyFX’s Main Features

1. Overview
2. Regulation and Safety of Funds
3. Awards and Recognition
4. LegacyFX Account Types and Features
5. LegacyFX Account Registration
6. Broker Comparison
7. LegacyFX Trading Platforms
8. Range of Markets
9. Fees and Spreads
10. LegacyFX Deposit and Withdrawals
11. Education and Research
12. Bonuses and Promotions
13. Affiliate Program
14. Customer Support
15. Current Partnerships
16. Social Responsibility
17. Final Verdict
18. Pros and Cons
19. Frequently Asked Questions

LegacyFX Overview

LegacyFX has been gaining attention in the online trading industry ever since it was established in 2017. Our team has personally witnessed the vast opportunities provided by the MetaTrader 5 platform, which offers a wide range of CFD markets and forex pairs.

With a total of 425 tradable symbols and 48 forex pairs, it presents a substantial selection for traders.

However, what truly distinguishes LegacyFX, based on our experience, is its unwavering commitment to providing educational resources.

Whether you’re just beginning your trading journey or consider yourself an experienced professional, their vast collection of videos and tutorials offers valuable resources for all levels of expertise.

Their regulatory status is quite varied. The Cyprus Securities and Investment Commission (CySEC) is primarily responsible for overseeing them, but they also have a license from the Financial Services Commission (FSC) in Mauritius.

The adoption of a multi-jurisdictional approach highlights a strong emphasis on security. However, it is important to mention that their Trust Score of 67 out of 99 suggests a certain degree of risk.

We value the wide range of account options provided by LegacyFX. EU traders have three options to consider, while international clients have a broader range of seven choices available to them. These options include Standard, Bronze, and VIP, among others.

Every account type offers unique benefits, such as access to live support, a comprehensive trading academy, and advanced trading tools. We were also thoroughly impressed by LegacyFX’s zero-fee policy on deposits and withdrawals, which is made possible through its innovative Safe Mode Program.

In addition to their swap-free accounts, this feature makes them an attractive option for traders who prefer medium-to-long-term strategies. Their support of Real Betis Balompié, a professional Spanish football club, demonstrates their dedication to achieving the highest standards.

Ultimately, when considering LegacyFX, it’s important to carefully evaluate the potential risks arising from their regulatory status, even though they offer a solid platform and emphasize education.

What distinguishes LegacyFX from other brokers?

LegacyFX stands out for its commitment to providing substantial educational tools, offering a choice of account types, and maintaining attractive spreads on key currencies beginning at 0.6 pips.

When was LegacyFX founded?

LegacyFX was founded in 2017 and has since garnered popularity in the online trading sector due to its broad offers and customer-centric services.

LegacyFX Regulation and Safety of Funds

LegacyFX Global Regulations

LegacyFX’s Protection of Client Funds

Which regulatory bodies supervise LegacyFX?

LegacyFX is largely regulated by the Cyprus Securities and Investment Commission (CySEC) and has a license from Mauritius’s Financial Services Commission (FSC).

What risk warnings does LegacyFX give its clients?

LegacyFX clearly warns its clients of the possible hazards associated with trading, emphasizing the need to recognize these risks before engaging in trading activities.

LegacyFX Awards and Recognition

While exploring LegacyFX’s website, we found the following most recent awards:

• In 2022, LegacyFX was awarded for providing the best trading education in MENA.
• LegacyFX was named the “Most Innovative Forex Broker” in Africa in 2022.
• LegacyFX won the “Best STP Forex Broker” award from AtoZMarkets in 2020.
• In 2019, DailyForex awarded LegacyFX as the “Best Forex Broker in the Middle East.”

LegacyFX Account Types and Features

What we appreciate about LegacyFX is the sheer number of available account options. Each account level will suit a different type of trader according to their trading needs, preferences, risk tolerance, and financial objectives.

LegacyFX Standard Account

The Standard Account provides a reliable foundation for individuals beginning their trading journey. The $500 minimum deposit is quite accessible, and the package also includes daily trading signals, live support, and a comprehensive Trading Academy.

These resources are designed to equip novice traders with the essential tools and knowledge they need to succeed. The swap-free trading feature is especially beneficial for effectively managing overnight positions and avoiding rollover fees.

We also found that the auto-charting tool makes technical analysis easier for beginners by visually highlighting possible trading opportunities.

LegacyFX Bronze Account

Upgrading to the Bronze Account allows you to access exclusive mentoring sessions that provide advanced guidance.

To open this account, a minimum deposit of $1,000 is required. Based on our extensive experience, these sessions have proven extremely valuable, offering detailed insights into market dynamics and effective trading strategies.

We had the privilege of working with mentors who possessed extensive expertise, were easy to approach, and had a knack for customizing their advice to suit our unique trading preferences and objectives.

LegacyFX Silver Account

The Silver Account is designed for traders who have acquired experience and are seeking to refine their approach. It requires a minimum deposit of $3,000.

Having three protected trades at your disposal is a valuable asset that enables you to explore new strategies and effectively mitigate risk. We believe this feature will prove especially advantageous during market volatility, offering protection against unforeseen losses.

LegacyFX Gold Account

The Gold Account is tailored for experienced traders who want to enhance their performance and maximize profits.

It requires a deposit of $5,000. The five protected trades provide enhanced flexibility and risk management capabilities, while the advanced mentoring sessions explore market nuances, technical analysis, and risk management strategies in greater depth.

The personalized guidance traders can receive at this level will greatly improve their decision-making process and play a vital role in their overall trading success.

LegacyFX Platinum Account

For high-volume traders or individuals with significant capital, the Platinum Account’s minimum deposit of $10,000 can be considered reasonable.

The direct dealing desk ensures fast and efficient trade execution, while the seven protected trades provide an extra level of risk management.

While we did not personally use this account, its features are specifically designed for professional traders who require advanced tools, priority support, and enhanced risk management capabilities.

LegacyFX Premium Account

The Premium Account is designed for high-net-worth individuals seeking a customized trading experience. It requires a minimum deposit of $25,000.

Although we have not personally tested this account, it seems to enhance the features of the Platinum Account, potentially providing extra benefits such as customized trading plans, exclusive market insights, and priority access to customer support.

LegacyFX VIP Account

The VIP Account is the highest-tier option available from LegacyFX, requiring a significant minimum deposit of $50,000. It showcases the pinnacle of the company’s offerings.

Although we may not have direct expertise in this particular category, it is designed to meet the needs of institutional traders and individuals with significant wealth who desire a trading experience tailored to their specific requirements.

With this account, traders can expect exceptional personalized assistance, customized solutions, and exclusive access to the firm’s top-tier resources.

LegacyFX Demo Account

Our extensive experience with LegacyFX revealed that their demo account is an incredibly valuable resource. They have demonstrated a strong commitment to assisting traders in acquiring knowledge and effectively mitigating risk.

Their demo environment is not just a basic setup but rather a comprehensive simulation of real market conditions. This makes it perfect for refining your skills without the risk of losing any real money.

Using virtual funds from LegacyFX, this experience provides a genuine understanding of market dynamics and allows for a thorough exploration of various strategies.

The virtual balance they provide often aligns with the amount that a professional trader would typically invest (often up to $100,000), enhancing the authenticity of the experience.

By engaging in trades with larger sums, you can gain firsthand experience in dealing with the emotional aspects of the process and observe your reactions in various situations.

We believe that this offers a great chance to delve into their MetaTrader 5 platform, try out the charting tools and indicators, and even experiment with automated trading strategies.

LegacyFX Islamic Account

The Islamic Account provided by LegacyFX is not exclusive to Muslim traders. It is open to anyone who wishes to engage in interest-free trading. LegacyFX recognizes that interest-free trading can be a matter of personal choice, not just religious beliefs.

The Islamic Account, also known as a “Swap-free” or “Rollover fee-free” account, is designed to eliminate the fees usually charged for holding positions overnight.

Regular accounts incur fees that function similarly to interest charges, which are applied if a trade is held open beyond the end of the trading day. By eliminating these, LegacyFX ensures that the Islamic Account adheres to Sharia law, which strictly prohibits any form of interest.

Traders can benefit from the Islamic Account by holding positions for as long as needed without incurring additional fees.

We consider this especially advantageous because traders can confidently pursue their preferred strategy without being burdened by the time limitations typically associated with rollover fees.

What makes the LegacyFX Gold Account ideal for experienced traders?

The Gold Account needs a $5,000 deposit and includes five protected transactions and advanced mentorship sessions to improve risk management and trading methods.

What is the minimum deposit required for a LegacyFX Standard account?

The LegacyFX Standard Account has a $500 minimum deposit, making it affordable to traders just starting out.

LegacyFX Account Registration

The process involved with getting started with LegacyFX is extremely easy, and here are the steps to follow to register a new account:

• Navigate to the LegacyFX website. Hover over the “Trade” tab in the top menu of the webpage. Navigate to the “Accounts” dropdown menu and choose “All Accounts.”
• On the “All Accounts” tab, you can check the LegacyFX accounts’ trading conditions, features, spreads, and other details. Choose an account that fits your risk tolerance, trading objectives, and style.
• To begin the registration process, click the “Open Account” link below the account comparison tables after selecting the best account type for you.
• You will be asked to provide your personal information, including your complete name, email address, phone number, and country of residence. You will need to establish a password for your account.
• Please include any extra information, such as your trading experience and educational background. This is a common technique to assist the broker better understand your trading profile.
• Complete the account verification procedure by supplying the required identity papers. Typically, this comprises a government-issued ID and evidence of address, such as a utility bill or bank statement.
• Once your account has been validated, fund it with one of the available payment options. Make sure you fulfill the minimum deposit requirement for your account type.
• After you’ve funded your account, you’ll receive login information for LegacyFX’s major trading platform, MetaTrader 5. The MetaTrader 5 platform can be downloaded from LegacyFX’s website or used online.

What personal information is required for LegacyFX account registration?

During registration, you must provide your name, email address, phone number, and country of residence and create a password for your account.

Is account verification necessary for LegacyFX, and what papers are required?

Yes, LegacyFX needs account verification, which entails providing a government-issued ID and proof of residence, such as a utility bill or bank statement.

LegacyFX Broker Comparison

LegacyFX Trading Platforms

MetaTrader 5

Web

The MT5 web platform is a highly flexible solution that eliminates the hassle of software installation. Traders have the convenience of accessing their accounts and trading directly from their web browsers, which is perfect for individuals who utilize various devices or operating systems.

The platform’s extensive features, encompassing a wide array of trading orders and strong data security measures, guarantee a smooth and safe trading experience across all internet-connected devices.

Mobile

Many traders we’ve spoken to highly recommend the MT5 app for Android and iOS. It is an ideal option for individuals who are constantly on the go, providing the convenience to engage in trading from practically any location.

The app’s intuitive interface and robust features make it an invaluable tool for traders of all levels of experience. In today’s fast-paced trading environment, executing trades, monitoring markets, and accessing real-time news and alerts on a mobile device is truly revolutionary.

Desktop

The MT5 desktop platform is the ultimate tool for traders seeking a sophisticated trading environment. It provides advanced features, such as a comprehensive set of trading orders, sophisticated technical analysis tools, and a personalized interface.

The platform’s ability to support multiple languages and strong data protection measures make it suitable for a global audience. Traders also value the convenience of one-click trading and the ability to access real-time quotes in Market Watch, allowing them to respond to market fluctuations promptly.

LegacyFX Web API

Unfortunately, LegacyFX does not provide a publicly available Web API for seamless integration with their trading platform.

Traders can use third-party providers such as cTrader Automate (previously cAlgo) or MetaTrader to create personalized trading algorithms and automated strategies. These tools allow for indirect interaction with LegacyFX’s trading infrastructure.

What are the main features of the LegacyFX MT5 mobile application?

The MT5 mobile app offers real-time news, notifications, and the option to execute trades while on the go, making it perfect for traders who need to stay connected to the markets from any location.

Can you use automated trading methods with LegacyFX?

Yes, LegacyFX offers automated trading techniques via the MetaTrader 5 platform, allowing traders to create and test numerous algorithms.

LegacyFX Range of Markets

LegacyFX Leverage and Margin

LegacyFX offers traders a wide range of leverage options, ranging from 1:2 to 30:1, depending on the asset being traded.

This allows traders to manage risk and potential returns according to their trading style and risk tolerance.

However, we must mention that EU regulations limit the maximum leverage to 30:1 for major Forex pairs, which might be restrictive for some.

LegacyFX follows a systematic approach to margin requirements, ensuring sufficient funds to cover positions. This is as follows:

• Major Forex pairs have a margin rate of 3.33%.
• Minor and exotic pairs have a 5% margin rate.
• Indices and commodities have a 10% margin rate.
• Shares and other reference values have a 20% margin rate.
• Cryptocurrencies have a 50% margin rate.

Furthermore, we also discovered that the Margin Close-Out rule is 50% for Silver, Gold, and Platinum accounts, allowing positions to be automatically closed if account equity falls to 50% of the required margin.

Another benefit is that LegacyFX maintains consistent margin requirements, remaining unchanged overnight and during weekends.

LegacyFX Trading Hours

LegacyFX offers access to a variety of asset classes, each with its own market hours that coincide with global financial market operations.

During these hours, traders must carefully consider their actions, as they have the potential to greatly influence the liquidity and volatility of the instruments being traded.

For example, you’ll see this from our table below: The Forex market operates around the clock during the week, showcasing the uninterrupted nature of currency trading across various time zones.

Typically, the trading hours for commodities, indices, and stocks are limited to the operating hours of their respective exchanges.

Trading hours for commodities such as gold and oil are typically determined by the hours of commodity exchanges. These exchanges often operate in multiple sessions across different geographies.