July 14, 2021
LegacyFX Broker Review
LegacyFx has recently upgraded its regulatory infrastructure and is now one of the best-regulated forex brokers in the sector. LegacyFx is owned and operated by AN All New investments Ltd. AN All New Investments Ltd is a Cyprus-based investment firm, authorised and regulated by the Cyprus securities and exchange commission (CySEC), under licence no. 344/17 with address Q tower, 5th floor, Ioanni Kondylaki 47, 6042, Larnaca, Cyprus. It also holds licenses with FCA (797343) and BaFin (348194)
The offshore/global/non-EU aspect LegacyFx is owned and operated by AN All New investments Ltd (VA) (License No. 14579 – Domain LegacyFx.com). It is a financial services institution outside the European Union Area, which is subject to the supervision of the Financial Services Commission (VFSC). This entity runs a ‘refer a friend’ promotion and a loyalty membership programme. This is an award winning broker, which provides professional brokerage services and has gained multiple awards. Recently, the broker was recognised as the ‘Most Competent Trading Professional’ (Middle East), ‘Most Innovate Forex Broker’ (South Africa) and ‘Best Forex Broker in Western Europe’.
Offering of Financial Investments
LegacyFx offers a good range of different asset groups designed to cater to both beginner and advanced traders.
- Forex – 140 currency pairs covering major, minor and exotic currency pairs.
- Share CFDs – Firms listed on NYSE and Nasdaq stock exchanges.
- Commodity CFDs – Including precious metals and commodities.
- Index CFDs – Major global indices.
- Cryptocurrencies – Big names and altcoins.
LegacyFX Trading Account Types
LegacyFx has a total of seven account types, which means most users can find an account to suit their needs.
- Standard – Minimum deposit requirement of $500. No fee trading, live support, tips and updates and access to the Trading Academy.
- Bronze – Minimum deposit requirement of $1,000. Standard level services plus auto-charting and protected trade functionality.
- Silver – Minimum deposit requirement of $3,000. Access to all trading platforms, technical analysis tools and training academy. Depending on client domicile, leverage up to 1:200 and trading spreads start at 1.6 pips. Basic Mentoring provided as well.
- Gold – Minimum deposit requirement of $5,000. All the specifications of the silver package with premium service add-ons, including access to the dealing desk, VIP EU Mastercard, and analysis insights. Maximum leverage 1:200 and trading spreads start at 1.0 pips.
- Platinum – Minimum deposit requirement of $10,000. VIP package, leverage up to 1:200 trading spreads start at 0.6 pips. Gold standard account perks plus a direct line to the broker’s dealing desk.
- Premium – Minimum deposit requirement of $25,000. All of the Platinum functionality but with additional training and market intel and advanced mentoring
- VIP – Minimum deposit requirement of $50,000. A customised account designed to meet even the most exacting trading needs.
LegacyFX Commissions & Fees
Additional charges vary according to account type.
- No commissions on most markets but do apply on stock trading.
- Fractional pips.
- No swap trading as default.
- No rollover fees on long-term positions.
The fee schedule is easy to access, demonstrating the broker being confident with its position in the market.
LegacyFX Platforms & Tools
Being seen as a trusted forex broker comes down to more than being well regulated, the trading platform and tools also need to be robust and reliable. LegacyFx does well in this regard by choosing to provide clients with MetaTrader’s ever-popular MT5 platform. MT5 is packed with powerful software tools, which are hard to beat.
- Industry-leading charting tools.
- More than 50 indicators as default with options to download more.
- Algo services.
- Copy trading.
- Available in desktop, downloadable desktop, and mobile app format.
- Demo accounts are free to set up but expire after one month.
A lot of research and analysis tools come as part of the MT5 package, but LegacyFx also provides a range of other neat additional services.
- Tutorials and courses – Covering a wide range of topics, including trading psychology as well as market conditions.
- Market studies – Up-to-date analysis of real-time events via the use of interactive webinars.
- In-depth research – Periodic market research and analysis from industry experts.
- Basic toolbox – Glossary, economic calendar, trading calculators and ‘how to’ guides.
LegacyFX Mobile Trading App
MT5 is available on Webtrader format, but the best trading experience comes from downloading the dedicated app. Most, but not quite all of the desktop functionality transfers to the smaller screen, but given the extensive range of tools that make up the desktop, users are still left with an ideal platform for trading on the go.
Should I Trade with LegacyFx?
Beginner and more experienced traders will have trouble finding fault in the core services of the LegacyFx package. If you have the funds available to scale up to the gold and silver accounts, you’ll find yourself fast-tracked to a premium grade service.
Is LegacyFx safe?
The EU-based LegacyFx platform is about as well regulated as a platform can be. It holds licenses with CySEC, FCA and BaFin. The offshore platform is regulated by the Vanuatu Financial Services Commission (VFSC), which means global customers who want to can benefit from that entity’s more liberal approach to leverage and promotions.
Is LegacyFx an ECN broker?
LegacyFx is an STP (Straight-Through-Processing) and ECN (Electronic Communication Network) broker. This means client trades go directly into the market without LegacyFx having to act as a market-maker.
Does LegacyFx offer an Islamic account?
The default settings of the LegacyFx platform are geared up to supporting Shariah compliant trading. Positions can be held for an unlimited period of time and no fees are charged to replace the swap fees, which are removed from the T&Cs of these accounts.