LegacyFX Review

LegacyFX has been providing brokerage services to clients since 2017. It presently operates out of Cyprus and Vanuatu, providing traders with ESMA-compliant conditions as well as a more liberal offering from its global operations in Vanuatu.

I. Background and Company Overview of LegacyFX

LegacyFX operates a decentralized brokerage system and also offers some attractive features such as elimination of rollover fees for long-term positions. The brand also offers a comprehensive trading education suite, delivered primarily through a video-on-demand (VOD) service.

Some of the features that continue to attract traders to LegacyFX are:

• The Autochartist plugin for the MT5 platform is available to Windows PC users only. It comes with a user manual.
• There is a range of forex calculators to add precision to your trading activity.
• There is negative balance protection on all accounts.

II. Trading Platforms and Tools

The only trading platform available on the LegacyFX portal is the MT5 platform. This platform offers 8 types of pending orders, one-click trading, detachable charts and a much better strategy testing tool than its predecessor. There is also an economic calendar and depth of market pricing. The MT5 comes in three versions: the desktop client, the mobile apps for iOS and Android devices, and a webtrader.

The following tools are available on LegacyFX to enhance the trading experience of the firm's clients:

• A range of forex calculators are provided and these include a pivot point calculator and a Fibonacci calculator.
• A Deal Size calculator uses information such as the account's value and desired risk percentage to come up with a figure of how much a trader should commit to a trade.
• The Trading Central suite of trading tools is available to traders working with the international entity of LegacyFX. Enjoy the best of market research and automated analytics across 75,000 instruments located in 89 global markets.

III. Account Types and Spreads

The account types on LegacyFX will depend on which entity you are trading with.

Offshore Entity

The offshore entity offers seven account types:

• Standard
• Bronze
• Silver
• Gold
• Platinum
• Premium
• VIP

The Standard account comes with a $500 minimum deposit requirement. However, it lacks access to some of the tools that other account holders have access to. For instance, there is no access to the Autochartist plugin, and there is no access to the dealing desk, basic mentoring, premium idea resource or the protected trades function. Holders of this account do not have access to trade stocks CFDs.

The Bronze account comes with a $1,000 minimum deposit. It has the added advantage of giving its holders access to the Auto-charting tool and three protected trades, but nothing else.

The Silver account has a $3,000 minimum deposit requirement. It has all the perks of the Bronze account, but also gives the holder access to trading stocks, basic analysis reports and basic mentoring.

For all the features of the Silver account and more, turn to the Gold account. It not only comes with a $5,000 minimum deposit requirement, but grants users access to premium trade ideas and a direct connection to the dealing desk. The number of protected trades also increases to five.

The Platinum account comes with a $10,000 minimum deposit requirement. In addition to the features of the Gold account, the Platinum account comes with 7 protected trades, and access to the Dealing Room's direct line.

The Premium Account comes with a $25,000 minimum deposit requirement. It comes with advanced mentoring and platinum sessions with analysts, in addition to other features of the Platinum account.

The VIP account is available for a minimum deposit of $50,000. It is a customized account that allows the holder to choose what features the account comes with.

EU Entity

There are only three account types on the EU entity of LegacyFX. These are:

• Silver
• Gold
• Platinum

The Silver account is the beginner's account with a minimum first-time deposit requirement of $500. It comes with spreads as low as 1.6 pips, and has a swap-free variety. It has a fixed spread option. Since this is a basic account, perks such as access to the dealing room and analysis insights are not provided.

The Gold account has a minimum deposit requirement of $5,000. Spreads are as low as 1.0 pips, with options of having fixed spreads. It also has a swap-free variety. Several perks come with this account, including direct dealing room access, analysis insights and 1-on-1 support.

The Platinum account is for the high rollers, as it comes with a $25,000 minimum deposit requirement. Spreads are as low as 0.6 pips and the account has a swap-free variety. You get several perks including analysis insights, 1-on-1 support and a direct line to the dealing room.

IV. Contract Specifications

Here are the contract specifications on LegacyFX.

• The minimum order size on all accounts is 0.01 lots.
• The maximum leverage on the EU entity is 1:30, in keeping with ESMA's regulations.
• The maximum leverage on the offshore entity is set to 1:500.
• All trades are commission-free, except trades on stocks CFDs.

V. Security and Regulation

The LegacyFX brand is owned and operated by several entities that operate in the various jurisdictions, all working under the LegacyFX Group.

In the EU, the brand is operated by AN Allnew Investments Ltd, a CIF authorized by the Cyprus Securities and Exchange Commission under license number 344/17.

The LegacyFX offshore entity is managed by AN Allnew Investments Ltd (VA), which is authorized and regulated by the Vanuatu Financial Services Commission with license number 14579.

Residents of the United States of America, Belgium, France, Israel, Iran, Syria, Afghanistan, Myanmar, North Korea, Somalia, Yemen, Iraq, Sudan, South Sudan, British Columbia, Ontario and Manito are not allowed to operate trading accounts with LegacyFX due to international sanctions or local regulatory prohibitions.

VI. Customer Support and Education

How can you reach the customer support desk on LegacyFX? Here are the available channels for all entities.

• Phone: +35725030673 (EU office); +41315087455 (Vanuatu office); +442039293848
• Email: support@legacyfx.eu; support@legacyfx.com
• Live chat
• Callback function
• Twitter: twitter.com/LegacyFXtrade

Conclusion

The standout products on LegacyFX are the Autochartist plugin and the Trading Central integration that is provided to its global trade market. If you love the kind of market research done by Trading Central and you are a fan of the MT5, then you need to consider trading with a regulated brokerage such as LegacyFX.