LegacyFX Review 2023
LegacyFX is an online forex and CFD broker offering free market signals and competitive spreads. This review will break down all you need to know about day trading with LegacyFX. From leverage limits and the withdrawal processes to UK regulation, get to grips with all that LegacyFX has to offer.
LegacyFX has been operating since 2017 under regulation from the Vanuatu Financial Services Commission (VFSC). The brokerage is owned by a holding company, A.N Allnew Investments Ltd, which is authorised by leading UK and European regulators including the FCA and CySEC.
LegacyFX offers 200+ trading instruments, several account types, comprehensive educational resources and advanced tools and charting. The broker prides itself on transparency, security and investing excellence.
LegacyFX offers the MT5 trading platform only. MT5 supports web-based trading and is available for download. Although the platform is suitable for all, it is often favoured by more experienced traders owing to its advanced tools.
- Multiple time-frames
- Live market signals
- Automated trading
- Intuitive interface
- One-click trading
- Historical data
- 80+ indicators
Information about how to start trading on MT5 can be found on the broker’s website. The platform is also available for trial via a demo account.
Unfortunately, LegacyFX does not offer the popular MT4 platform.
LegacyFX offers 200+ tradeable instruments spanning several asset classes:
- Stocks – Access stocks on major exchanges across the UK, Europe, the US, Asia and more
- Forex – Over 40 major, minor and exotic currency pairs
- Commodities – Gold, oil and agricultural commodities
- Indices –12 global indices
Note, UK investors can no longer trade with crypto CFDs.
Fixed and variable spreads are available with LegacyFX. The most competitive spreads are accessible to premium account holders only, specifically Gold and Platinum. For basic account holders, variable spreads start at 1.6 pips for EUR/USD. Fixed spreads begin around 3.0 pips. LegacyFX offers commission-free trading on all assets apart from stocks. Charges on stocks range between 0.15% – 0.45%.
The broker does charge an inactivity fee of £50 after 90 days of zero trading. Clients are also liable to pay a swap fee of up to 0.5% on any positions left open overnight.
Leverage varies according to the asset traded:
- Forex – 1:200
- Indices – 1:100
- Stocks – 1:5
- Commodities – 1:100
Leverage limits are introduced as a safety measure. Leverage should only be used in line with risk management strategies.
LegacyFX.Com Mobile Trading
Mobile trading is available to Platinum account holders only which is a real shame. For those that are eligible, the MT5 mobile app is available to download from the Apple App Store and Google Play and is compatible with both iOS and Android (APK) devices. The MT5 app supports most of the features available on the desktop version with the added bonus of increased flexibility.
The app supports:
- Secure login
- Interactive charting
- Full account history
- User-friendly interface
- Position management
- Real-time profit & loss charts
On the whole, the app receives positive reviews and ratings from clients.
Deposits & Withdrawals
Deposits and withdrawals can be made via bank wire transfer, credit and debit card, Neteller, Skrill, Bitcoin and Load. Payments are usually instant and the minimum accepted deposit is £500.
Bank transfers require a minimum withdrawal of £150, for all other methods, there is no minimum. Withdrawals can take between 5 – 7 business days to be processed. LegacyFX does not charge to make a deposit or withdrawal but will pass on any third party charges.
LegacyFX does offer a demo account. The account is available to all prospective clients. It is a great opportunity to get to grips with the MT5 platform, trial new strategies and explore the range of tools. The account is available for 1 month and will be credited with £1,000 in virtual funds.
LegacyFX Bonuses & Promos
LegacyFX runs a referral scheme as well as a zero-fee offer on deposits and withdrawals in addition to a Safe mode programme. The broker does not offer a welcome deposit bonus.
LegacyFX is a secure and regulated broker. The company adheres to mandated safety standards, and as a result, we’re confident that the broker is not a scam.
LegacyFX is regulated by the Vanuatu Financial Services Commission (VFSC), under license number 14579. LegacyFX’s holding company, A.N. All New Investments Limited, is regulated by the CySEC in the EU, under license number 344/17. In the UK, the company is regulated by the Financial Conduct Authority (FCA) and in Germany, by the Federal Financial Supervisory Authority (BaFIN).
Full terms and conditions of all legal documentation can be found at www.legacyfx.com.
LegacyFX offers a substantial range of additional resources, suitable for traders of all experience levels. Resources include e-books, articles, tutorials and industry news. There are also practical tools available to help traders such as economics calendars and the Autochartist plugin for MT5.
Increasingly competitive environments, made so by advanced algorithms and market analysis means that traders should make the most of the resources available to retain a competitive edge.
LegacyFX offers seven account types, from a Standard account through to Gold, Platinum and VIP. The broad range means that traders can find an account suited to their needs. The advanced account types offer more competitive rates and the most sophisticated features but require a larger deposit.
The Standard account has a minimum deposit of £500. When compared to other basic account offerings, this is relatively high. The spreads available with a Standard account start from 1.6 pips which again is less competitive than other brokers.
At the other end, the VIP account has a minimum deposit of £50,000. The account is fully customisable and supports a full range of features and services. For more information about the VIP account, contact the customer service team.
To register for an account, head to the broker’s website where you will need to fill out a short registration form. Once approved, you can log in to your live account and start trading.
Trading with LegacyFX has a lot to offer, including:
- Variety of tradeable assets
- Free signals and analytics
- Commission-free trading
- PAMM account
- VIP card
There are some negatives of choosing LegacyFX:
- Single trading platform
- High minimum deposit requirements
- Poor rates available to basic account holders
The forex market is open 24/5. Timings for key global sessions are as follows:
- Tokyo – 21:00 – 08:00 GMT
- London – 07:00 – 16:00 GMT
- New York – 12:00 – 20:00 GMT
The opening and closing of global sessions can have a big impact on prices. Generally, periods of high volume are opportune and can be found when two sessions overlap. Session times may vary around public holidays.
Customer support is available Monday to Friday, during business hours.
- Phone – +44 2039 293 848
- Email – email@example.com
Live chat can be accessed via the logo on the broker’s website. The brokerage also runs popular channels on Telegram.
LegacyFX employs a number of security measures to ensure the safety of client funds. All transactions are executed with certified providers and client funds are held in segregated bank accounts. Activities are also secured with SSL bit encryption technology. Additional security is provided via the negative balance protection policy.
For experienced traders that are able to take advantage of the premium trading accounts, LegacyFX has a lot to offer. Its varied range of assets in addition to free trading signals and tight spreads makes it a good option. Any prospective client should also be reassured that the broker is legitimate and their funds will be safe.
However, the standard accounts need to do more to ensure they are competitive. Some clients may also find the single trading platform (MT5) offering, restrictive. Overall, for beginners, there are other brokers that can offer better rates and a more amenable trading platforms. For experienced, professional traders, LegacyFX could be a great fit.
Is LegacyFX Regulated?
Yes, LegacyFX is regulated by the Vanuatu Financial Services Commission (VFSC), under license number 14579. In the UK and Germany, the company is regulated by the FCA and BaFIN respectively. LegacyFX’s holding company, All New Investments Ltd, is also regulated by the CySEC.
What Is LegacyFX?
LegacyFX is an international forex and CFD broker. The broker provides a range of tradeable instruments through the MT5 trading platform. Clients can trade on desktop devices and through the mobile application.
How Can I Open A Live LegacyFX Trading Account?
To open a trading account, head to the ‘Open real account’ tab on the broker’s website. You will be required to complete a registration form and submit basic contact details.
What Is The Minimum Deposit At LegacyFX?
The most basic account offered by the broker is the Standard account. This has a minimum deposit requirement of £500. Deposit requirements vary according to the account type. More premium accounts require larger initial deposits but do offer additional features and more competitive spreads.
Can I Get Free Forex Signals With LegacyFX?
Yes, LegacyFX offers free market signals. To access, open a live trading account with the broker and start trading.
Compare LegacyFX with Other Brokers
These brokers are the most similar to LegacyFX:
- Pepperstone - Pepperstone is a leading online broker with over 400,000 clients in more than 175 countries. The top-rated brokerage offers excellent market access, industry-leading platforms in MT4, MT5, TradingView and cTrader, plus low fees with no hidden charges. Pepperstone is also heavily regulated with a high trust score, holding licenses with reputable bodies, including the FCA, ASIC, DFSA, and CySEC.
- FP Markets - FP Markets is an ASIC- and CySEC-regulated broker that offers forex and CFD trading on a broad range of assets through the MT4, MT5 and IRESS platforms. With trading available through standard and raw spread accounts on thousands of international stocks, forex, indices, commodities, cryptocurrencies, bonds and ETFs, this broker has some of the most comprehensive market coverage available. FP Markets also offers a full range of additional features, including educational resources and access to powerful software such as Autochartist.
- Vantage FX - Founded in 2009, Vantage offers trading on 1000+ CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.
LegacyFX Feature Comparison
|LegacyFX||Pepperstone||FP Markets||Vantage FX|
|Markets||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities|
|Minimum Trade||0.01 Lots||0.01 Lots||0.01 Lots||0.01 Lots|
|Regulators||CySEC, FCA, VFSC, NBRB||FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB||ASIC, CySEC, ESMA||FCA, ASIC, FSCA, VFSC|
|Platforms||MT5||MT4, MT5, cTrader||MT4, MT5, cTrader||MT4, MT5|
|Leverage||1:200||1:30 (Retail), 1:500 (Pro)||1:30 (UK), 1:500 (Global)||1:500|
Trading Instruments Comparison
|LegacyFX||Pepperstone||FP Markets||Vantage FX|
LegacyFX vs Other Brokers
Compare LegacyFX with any other broker by selecting the other broker below.
|LegacyFX is a multi-asset broker offering an MT5 download & free signals.|