Our in-depth review will help determine whether LegacyFX aligns with your trading needs and expectations. Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content. LegacyFX is MiFID regulated through their license from CySEC, the Cyprus forex regulator.
Overview of Trading Platforms
LegacyFX is a well-established Forex broker that has been serving traders since 2017. Known for its diverse range of account types and seemingly favorable trading conditions, LegacyFX caters to both beginners and experienced traders. With seven different account options, it offers tailored solutions to meet a variety of trading preferences and goals.
- For major forex pairs such as EUR/USD, spreads can be exceptionally low, starting at just 0.0 pips in ECN accounts.
- While it offers MetaTrader 5 and trading signals, it lacks MetaTrader 4 and a proprietary platform, making it less appealing for traders seeking a variety of robust tools.
- I did not find an inactivity fee at LegacyFX for international clients, but it exists from its CySEC-regulated entity, where access remains restricted to EU traders.
- Trading with a regulated broker will limit the potential for fraud and malpractice.
- This separation of funds provides added security and guarantees that client deposits remain untouched, even in the event of financial instability.
- Spreads start from 0.5 pips, and there are no swap fees for long-term positions.
These measures align with global data protection standards, offering clients peace of mind while trading. LegacyFX provides access to commodity CFDs, enabling traders to speculate on price movements in popular markets like energy and precious metals. LegacyFX, founded in 2012, is a brokerage firm offering forex and CFD trading services as a MetaTrader 5 broker. LegacyFX offers 44 forex pairs and a total of 425 tradeable symbols, which is significantly below the industry average of 3,623 symbols, limiting the diversity of trading options. LegacyFX, established in 2012, presents a very standard offering in the forex and CFD trading space. Our research identified that it lacks some of the competitive features seen in higher-rated brokers, which impacts its overall attractiveness.
LegacyFX offers several payment methods for deposits and withdrawals, including bank transfers, credit/debit cards, and e-wallets. The broker aims to make the deposit and withdrawal process as smooth as possible, with no fees for deposits and minimal fees for withdrawals. Processing times are typically fast, allowing traders to get their funds quickly. The Autochartist plugin is available for MT5, and LegacyFX presents a comprehensive research service, which I rate highly.
LegacyFX Fees and Account Minimums
Both the website and the various versions of the MT5 platform are highly user-friendly and easy to navigate. The website clearly displays all the important information you might need, and it is easy to find your way around. Other advantages include quality customer service and a well-stocked education centre offering various tutorials, webinars and eBooks.
Account Opening
Allnew Investments Ltd., which is authorised and regulated by the Cyprus Securities and Investment Commission (CySEC); and AN ALL NEW INVESTMENTS (VA), regulated by the Vanuatu Financial Services Commission (VFSC). The LegacyFX brand also holds regulatory status with the National Bank of the Republic of Belarus, the country’s central bank and regulator for local financial markets. LegacyFX does make the Autochartist plugin available, but otherwise there are no notable add-ons to help LegacyFX stand out from amongst the best MetaTrader brokers. As for the transfer fees, make sure to check conditions in detail with the payment provider and broker respectively as various jurisdictions may apply different rules due to international policies.
Additionally, LegacyFX offers fractional pips, allowing clients to take advantage of smaller price movements with greater precision. There are no hidden fees for deposits or withdrawals, but an inactivity fee is applied to accounts with no trading activity for 90 consecutive days. LegacyFX has built a good reputation in the industry, supported by positive reviews from traders highlighting its competitive spreads, reliable platform, and solid customer support.
An instructive and expensive experience
Furthermore, the low minimum deposit requirement makes this account highly accessible, lowering the barrier to entry for new traders who may be hesitant to commit large sums of capital initially. This setup is ideal for those just beginning their trading journey, providing them with a supportive environment to develop their skills while managing their investment prudently. LegacyFX WebTrader features a modern and intuitive interface, real-time market data, customizable dashboards, and integrated trading tools that allow traders to execute trades swiftly and efficiently. The platform also supports social trading features, enabling traders to follow and copy the strategies of successful peers.
- LegacyFX is committed to providing competitive pricing structures and flexible leverage options for these commodities, catering to the needs of various trading strategies and risk appetites.
- A wide variety of educational tools, designed for beginners and advanced traders.
- All account types come with daily signals, live support, and access to the trading academy, and all are commission free with no swap fees.
- This includes traditional methods like bank wire transfers and credit cards, as well as modern e-wallets such as PayPal, Skrill, and Neteller.
Based on the response provided, your investment profile does not meet our internal criteria for opening a trading account with us. Spreads start from 0.5 pips, and there are no swap fees for long-term positions. Customer support operates only during business hours (Monday to Friday), which may be inconvenient for traders in different time zones or those needing assistance during weekends.
Opening an Account
LegacyFX supports a wide range of assets, including forex, commodities, indices, and cryptocurrencies, making it a versatile choice for traders looking to diversify their portfolios. LegacyFX provides its clients segregated accounts with negative balance protection, as well as free trading tools like indicators and trading signals. At LegacyFX, the process for withdrawals is designed to be as straightforward as managing deposits. Clients can conveniently initiate withdrawals through the same channels they use for deposits, ensuring a seamless transition of funds out of their trading accounts. While LegacyFX ensures that most withdrawal methods are free of charge, providing a cost-effective way for traders to access their funds, it is important to note that some methods may incur fees.
Popular Forex Reviews
Additionally, MT4 supports automated trading capabilities through Expert Advisors (EAs), enabling traders to legacy fx review set up and execute trades automatically based on pre-defined strategies. LegacyFX provides an extensive and diverse array of educational resources aimed at enhancing the trading knowledge and skills of its clients. These educational materials are designed to cater to both novice traders who are just starting out and experienced traders looking to refine their skills and expand their understanding of advanced trading concepts.
LegacyFX offers a selection of educational resources to help traders build their market knowledge, including learning materials, eBooks, and a trading glossary to explain key terms and concepts. These resources can be useful for beginners looking to understand the basics of trading and market dynamics. For stock trades, the broker applies a commission fee of 0.45% on the Silver account.
The platform comes with comprehensive charts, live price feeds and trading alerts. It also incorporates sophisticated back-testing facilities for in-depth analysis. The MT5 platform incorporates Trading Signals, which you can use to follow and automatically copy the trades of more experienced traders. The Expert Advisors function also allows for customised robo-trading, which can be perfectly tailored to your individual appetite for risk. The platform has a clean, uncluttered look, and most traders find it fairly intuitive and user-friendly. In addition to competitive spreads, LegacyFX maintains low commission rates across various account types.
These fees are typically dependent on the financial institution handling the transaction or the amount being withdrawn. This transparent approach allows traders to plan their financial movements accurately, without encountering unexpected costs. We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs.