LegacyFX

LegacyFX is a relatively new online broker offering a range of forex and CFD instruments. With a wide selection of trading accounts plus additional features such as signals, LegacyFX could be a good option for swing traders. This 2024 broker review covers everything you need to know before you register, including spreads, leverage, regulation, plus deposits and withdrawals.

What is LegacyFX?

Company Details

Clients can access popular markets including forex, indices, commodities, metals, cryptocurrencies and stocks. To distinguish itself from other brands, LegacyFX aims to offer competitive trading conditions, free investing tools and leading educational content.

Based in Port Vila, Vanuatu, LegacyFX is regulated by the Vanuatu Financial Services Commission (VFSC). Additionally, the broker is operated by A.N. All New Investments Limited, which is regulated by the Cyprus Securities and Exchange Commission (CySEC).

History

LegacyFX was launched in 2017 by the current CEO, Had Abdelrahman. Since then, the company has acquired offices in both Cyprus and South Africa. The broker has also won several awards, including the ‘Best Forex/CFD Broker in Europe’ at the Global Excellence Awards.

Markets

Traders can choose from over 200 popular trading instruments:

• Forex – There are over 140 major, minor and exotic currency pairs on LegacyFX. Major and minor pairs have leverage up to 1:200 while exotic pairs are limited to 1:100 (or 1:10 for pairs with the Turkish Lira). You can choose between either fixed or variable spreads.
• Indices – LegacyFX provides 7 major and 11 minor indices. The maximum leverage for most is 1:100, for example, the FTSE 100 and NASDAQ 100. Some minor indices such as the RUSSIAN 50 are limited to 1:20.
• Commodities – You can execute CFDs on agricultural, energy and financial commodities. LegacyFX offers 13 across the three categories. The highest possible leverage is 1:100, however, most are limited to 1:20.
• Metals – Seven metals are available including gold and silver. LegacyFX limit the leverage to 1:20 for all except gold and silver, which are available up to 1:100.
• Cryptocurrencies – Bitcoin, Ethereum, Litecoin and Ripple are available in pairs with USD and EUR. Leverage is limited to 1:5.
• Stocks – LegacyFX offers trading on a wide selection of equities from companies on 11 stock exchanges such as the UK, Switzerland and multiple EU countries.

For the full breakdown of markets and instruments, head to the trading conditions page on the LegacyFX website.

Trading Platforms

MetaTrader 5

LegacyFX gives clients access to the world-leading MetaTrader 5 platform. As the successor to the MetaTrader 4 (MT4) terminal, the newer version offers greater institutional functionality including more pending order types, more detailed technical analysis features and optimised auto-trading capabilities. The platform can be easily downloaded onto Windows or MacOS PCs.

Key features include:

• Detailed technical analysis with depth of market data (DoM)
• Improved Expert Advisors with optimised strategy tester
• Over chart 21 timeframes, ideal for swing trading
• Copy-trading capabilities and free trading signals
• Open new positions with a single click
• Autochartist plug-in

MetaTrader 5

WebTrader

The MT5 WebTrader is also available for LegacyFX clients who wish to trade directly from their internet browser without downloading any additional applications. Traders can expect most of the same comprehensive features as the desktop software, including access to real-time data in market watch and all types of trading operations.

To access the WebTrader, traders can log in directly from the LegacyFX website.

Mobile App

For on-the-go traders, LegacyFX offers the MT5 mobile app which is available for download on the App Store or Google Play.
With the same functions as the computer software, the MT5 app is packed with rich trading features available on interactive charts and windows. Traders can also enjoy mobile-optimised operations, such as scroll/zoom options, push notifications and an integrated mobile chat window.

Mobile App

One thing worth noting with the MT5 mobile app is that connection can be more easily lost, plus capacity and processing speeds may be more limited than the desktop solutions.

LegacyFX Trading Accounts

Live Accounts

There are seven main account types on LegacyFX. These are Standard, Bronze, Silver, Gold, Platinum, Premium and VIP.
The main difference between the accounts is the minimum first deposit which, compared to other brokers, is rather high in the Standard account at $500. This may put off some first-time traders.

This minimum increases in the Premium and VIP accounts, requiring $25,000 and $50,000, respectively. These more advanced and institutional accounts also provide access to stocks, a direct dealing desk, mentoring, plus comprehensive analysis features.

All LegacyFX accounts are swap-free and have the same basic features such as daily signals, customer support, trading academy resources, investing tips, and commodities. Swap-free accounts can be particularly attractive for swing trading as the overnight fees can be avoided.

Extras

Islamic accounts are available with LegacyFX, for those who register in Islamic countries such as Malaysia.

If you wish to practice trading before opening a real live account with LegacyFX, there is also the option to open a demo account. The use of this feature is particularly encouraged for novice traders. It is important to note, however, that demo accounts are only available for one month. After this period, the practice account will be deactivated.

Fees

LegacyFX does not charge commission or subscription fees on their accounts. The broker instead makes money through the spreads offered on instruments, which vary depending on the account type. For example, fixed spreads for Amazon (AMZN) are 10.04 and 26.78 for the Premium and Silver accounts, respectively.

Notably, only Premium account holders can really expect low spreads from 0.5 pips on popular forex pairs, such as EURGBP. Otherwise, traders will be looking at less competitive spreads of 1.5 pips for the same pair.

LegacyFX also charges a dormancy fee of €50 if an account displays no trading activity over 90 days. This fee is then charged monthly until the account begins trading again or runs out of funds.

Payments

Deposits

LegacyFX does not charge any fees on deposits, though third-party payment charges may be applied depending on the method.

Deposit options include:

• Debit/Credit Cards – Solutions include MasterCard and Visa. Deposits are instant and can be made 24/7.
• Bank Transfer – Depending on the bank, deposits can take between one and three days. LegacyFX will only cover the fees they are responsible for. You must pay for any charges on your side of the transaction. Deposits can only be made in USD, EUR and GBP.
• ePayment Systems – There are multiple options such as Neteller, Skrill, VLoad and Perfect Money. Most are instant, while some take a short while to process. For example, Skrill can take anywhere from a few minutes to half an hour.
• Cryptos – LegacyFX also accepts Bitcoin, Ethereum and Litecoin. These can take several hours depending on the blockchain.

Withdrawals

The same methods for making a deposit are also conveniently available for withdrawal, although there are some minimum transfer amounts to be aware of:

• Debit/Credit Cards – Withdrawals via card are processed within three business days and must be at least $50.
• Bank Transfer – Withdrawals must be €150 or more. They take up to three business days and incur a €50 charge.
• ePayment Systems – There are fewer options available compared to making a deposit. However, clients can still use Neteller, Skrill and Perfect Money. The minimum withdrawal limit is $50 and payments are completed within 24 hours.
• Cryptos – Withdrawals made in BTC, ETH and LTC are completed by the day following the request. A minimum of 65 USD can be withdrawn.

LegacyFX Regulation

LegacyFX is licensed with the Vanuatu Financial Services Commission (VFSC), under license number 14579. A.N. All New Investments Ltd, which receives and transmits the orders placed with LegacyFX, is regulated by the Cyprus Securities and Exchange Commission, with license number 344/17.

Whilst the VFSC is not the most robust licensing body, the CySEC is one of the most prestigious regulatory agencies in the world. In keeping with its licensing agreement, the broker segregates client funds from company assets. As such, LegacyFX clients should be assured that this broker is unlikely to be a scam.

Security

LegacyFX makes sure that customer accounts are protected through a series of measures. Firstly, negative balance protection ensures that positions are automatically closed to avoid losses greater than the original deposit. The broker also uses account validation protocols, such as encrypted passwords upon sign-in, firewalls, and secure servers to store customer data.

Educational Content & Analysis

LegacyFX provides valuable learning resources such as eBooks and training courses. Beginners, in particular, can find useful courses covering key topics, such as trading basics and an introduction to forex.

Whilst the academy is more tailored towards novice traders, there are also some advanced courses with handy tips and information for more experienced traders. Crucially, these resources are free to access and do not require a live account.

Promotions

LegacyFX runs a loyalty programme called Legacy Pro with four different tiers; Smart, Wise, Expert and Genius. Tiers come with different benefits including merchandise or a gift card. For each tier, there are several criteria that must be achieved within a 30-day period.

There is also a ‘refer a friend’ scheme where traders can receive up to 10% of their deposit back. This bonus can then either be used for trades or withdrawn.

LegacyFX also offers other deals such as a ‘safe mode’ programme which lets you cancel your first three orders to reduce losses, as well as a no deposit bonus scheme. Additionally, there are frequent opportunities to win tickets to football matches involving the LegacyFX partner, Real Betis.

Advantages

LegacyFX is a good choice for swing traders for the following reasons:

• Free trading signals
• Range of swap-free accounts
• Trading academy for all levels
• Several promotions including a loyalty programme
• Available in most trading locations and jurisdictions

Disadvantages

There are also some drawbacks to consider:

• Only MT5 offered
• High minimum deposits
• The demo account is limited to one month
• Spreads are only competitive in the advanced accounts

Customer Service

To contact the support team, LegacyFX offers several options:

• Contact form – With responses back via email or phone call
• Phone call – Speak directly with either the customer service desk or the dealing desk over the phone. The desks are open Monday to Friday, 5 am until 9 pm GMT and the contact number for each can be found on the website
• Email – Clients can email one of the following teams for specific queries: support, compliance, complaints, dealing and affiliate. Email addresses for each can be found on the broker’s website
• Social media – LegacyFX has accounts on Twitter, Facebook, LinkedIn, YouTube and Instagram, all of which you can contact easily for quick advice and help.

It may also be helpful to seek advice from the trading community via pages such as Reddit and Telegram channels.

Note, if you wish to delete your LegacyFX account, you will need to login to your account and contact the support team.

LegacyFX Verdict

LegacyFX offers a wide range of markets and account types, plus access to the award-winning MetaTrader 5 platform. The swap-free accounts may be particularly attractive for swing traders and beginners can benefit from the education resources on offer. On the downsides, the time-limited demo account, high spreads and large minimum deposits are potential reasons to consider alternatives. Signing up for the free demo account could be a good way to see if LegacyFX is the right fit.

FAQ