LegacyFX Review ️ Pros and Cons Revealed
At LegacyFX, traders have the option of setting up 3 distinct types of accounts, including Silver, Gold, and Platinum account. For the Silver trading account, the minimum deposit is $500, whereas the spread is 2.4 pips. On the other hand, the Gold account requires traders to make a minimum deposit of $5,000 with spreads at 1.5 pips. Similarly, the minimum deposit for a Platinum account is $25,000, and the fixed spreads begin from 0.8 pips.
MT5 is available on personal computers, MAC and smartphones (iOS & Android). It should be noted that the web and mobile version do not have all of the same functionalities as the desktop platform. I personally use the desktop platform for analysing charts in great detail and for running my automated strategies. The trading app is great for following your positions and the latest market news as and when you feel like it. The advantage of the web platform is that you can access your account from any device which can be handy in the case of an emergency.
We will do our best to make your trading journey as smooth and easy as possible. We are trying our best to provide the necessary tools and service to our clients. We would like to thank you for the time you took to leave your feedback.
After discovering techniques to trade pan-European and US equities, Jitan developed a love for a short to medium term trading on indices and commodities, and later on currencies. For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs.
I also feel like they could expand the trading instruments to include some more individual stocks. If you are primarily looking to trade forex and not fussed about spreads, I think they are a solid broker that is certainly worth consideration. LegacyFX demo accounts allow you try out the brokers services, platforms and to practice your trading strategies risk free by using virtual funds. This can be a great way to see if the broker is suitable for your needs and to build your confidence up before making a financial commitment. I like the trading experience at LegacyFX as this broker does not charge swap rates on leveraged overnight positions. I prefer more client protection in the form of a compensation fund, but overall, LegacyFX presents a secure trading environment.
Retail currency traders in turn use these brokers to gain access to the 24-hour currency market for speculation purposes. I was doing very nicely trading currency pairs on my own with no help from these scum. My Account Manager started to tell me he could help me perform even better but he helped me trade in what I know know are high risk strategies.
Do forex brokers want you to lose?
Your forex broker assumes that you will lose money over the long run when you trade. Given that 95% of forex traders lose money, it is a very safe assumption. Every broker has to decide whether a new account will belong to the group (95%) of traders that loses money, or the group (5%) that makes money.
LegacyFX offer technical analysis videos from their in-house experts who analyse the market trends. These can help inspire trade ideas and assist in decision making. I found the analysis to freshforex be very useful and was actually made aware of some possible trade setups that I may have otherwise overlooked. I would just be sure to confirm any analysis with my own trading strategy.
Our team thanks you so much for taking the time to leave us a rating. We are so pleased to know that you are satisfied with our services. LegacyFX has always aimed to provide the best signals in the field, and we will continue to do so. The first way by which LegacyFX is better than others is that it is a pretty safe and legit platform. Most people think that only those platforms are worth it that have their banks. However, LegacyFX is a platform that does not have a bank but still manages to provide great security.
When it comes to trading fees, things get a bit complicated at LegacyFX. The spreads on all assets, and the commissions for equity CFDs, are very high, making LegacyFX an expensive broker for scalpers and short-term traders unless they have a minimum of $25,000 to deposit. Is available on both Android and IOS and allows traders to place eight types of pending orders to get more precise control over open positions.
The feedback we receive from our clients is of great importance for us as it helps us improve the quality of our services. I joined Legacyfx early 2022, I was still not good in trading but i manage to make my first withdrawal after about a month with the help of the friendly account managers from Legacyfx who guided me through .. Our team always strived to provide the best possible support and education to beginners and not only. Getting a negative balance is the worst nightmare for any trader. So, you do not have to worry about this issue at all because here you are protected by all means. The negative balance protection feature ensures that you never get a negative balance whenever you place a trade.
The higher your initial deposit is, the more advantages you can get. I am not a fan of this setup as I think that all traders should be given access to the same conditions. Never the less, I can understand and respect the broker decision to incentives traders.
LegacyFX is one of the best trading platforms that brings the best value for its clients by the long list of trading options available. It is a multi-asset trading platform that not only deals in money and currency trading but also on products like stocks, metals, minerals, crypto, and more. All told you can trade on over 200 assets once you really start digging into your options.
The spreads of all asset classes vary depending on the product you’re trading, the type and tier of your account. LegacyFX has been around since 2012, but they only rebranded their company and started offering their services all over the world in the year 2017. softwareingenieur vs softwareentwickler This doesn’t mean they only set foot in the trading scene in 2017. They are proud of all the professional years of experience that they have in the financial market, which helped them earn the title of being one of the most well-known and trusted brokers.
Very disappointed with LegacyFX
However, should you want additional top-tier regulation, you might want to take a look at another broker such as AvaTrade. LegacyFX offers a fair trading environment for all types of traders. Potential traders need to be assured that the broker company they chose can offer the necessary support and help whenever they may need it.
After you lose all your money, they just blame it on the market. I am in the process of contacting the Cyprus FCA, and financial ombudsman of Cyprus, to look into my case, and hopefully stop these people from trading, and scamming anyone else. Beware in the U.K.,as they also have a temporary licence to ply their trade in the U.K.,although I have also alerted the FCA in London of their modus operandi. LegacyFX is a forex broker established in 2017 and registered with SySEC , and VFSC .
Test and review of the Legacy FX trading platform
LegacyFX does not have a physical presence in South Africa, which is not a requirement to accept traders from South Africa. Therefore, it remains a legit choice for South African traders. LegacyFX operates an EU-based subsidiary with regulation from the CySEC and the FCA. Please note that equity and index CFDs do not trade continuously but open and close each day at the above specified times.
Beginner traders get numerous educational tools, and LegacyFX claims to lead in knowledge. Most remain ultra-short, just enough to introduce the topic without providing really deep insights. Eleven ebooks are also available, following the same principle as the video content. All I can say is learn to trade yourself, find a regulated broker and never accept signals. Develop your own signals, be consistent and risk max 2% per trade.
The LegacyFX Islamic account adheres to the principles of Islamic law regarding banking activity and Riba . It is an interest free or swap free account type, for those who, for religious reasons cannot trade on interest/swap incurring accounts. However, account holders will still enjoy all of the benefits of all the account types offered by LegacyFX, their same spreads and same trading conditions. To apply for an Islamic account, you can open the account type you wish according to your deposit and contact your account manager to activate it. Thank you for taking time to post a review about Legacyfx.com.
MetaTrader5 supports the trading of cryptocurrencies with a set of new and unique crypto features. Islamic account adheres to the principles of Islamic law regarding banking activity and Riba . It is an interest-free or swap-free account type, for those who, for religious reasons cannot trade on interest/swap incurring accounts. However, account holders will still enjoy all of the benefits of all the Account Types offered by LegacyFX, their same spreads, and the same trading conditions.
When registered they offer you premium signals 24/7 help and also free membership. Thank you for taking the time to share your experience with our company! We are very grateful to hear that you have had a great time with LegacyFX. Since joining I have received so much helpful information that I have used to grow my portfolio.
LegacyFX forex deposit options You can use one of the EFTpay, MyFatoorah, Mastercard, Visa, Skrill, Wire Transfer, Neteller, Bank Direct, Interac, and Load methods to fund your LegacyFX account. You can see the supported currencies, minimum deposit amounts, and transaction times on the LegacyFX forex platform’s page for deposits and withdrawals. While everything seems great until now, there is only one problem and that is finding the right platform.
LegacyFX review and test for investors
The broker also provides access to live signals and a range of different trading calculators on the homepage and in the client portal area. Richard has many years of experience in broker research, testing, analysis and reviews. He knows what to look for through years of trading himself with different brokers and listening to the feedback of others. Please note that some methods may only be available to specific countries and not all are available for both deposit and withdrawal. Withdrawal requests are processed within the same day or next if outside working hours.
There are also in-depth courses that explain different trading strategies, trading instruments, trading tools and much more. Legacyfx is a safe broker, Regulated – CySEC, FCA, MiFID Company – A.N. If details on the website are not comprehensive, more information can be obtained from the customer support service. When traders use LegacyFX’s margin leveraged accounts, they should maintain a sufficient level of margin to sustain their positions, since trading Forex/CFD and Options on margin carries a high level of risk. Very few details about LegacyFX’s deposit and withdrawal fees are known.
How long does it take to withdraw money from IC Markets?
Once processed via bank transfer, the funds may take 3-5 business days to reach your bank account. Accounts funded by Klarna, are withdrawn via bank wire transfers which may incur additional charges. Once processed via bank transfer, the funds may take 3-5 business days to reach your bank account.
Variable spreads for major forex dyads similar as EUR/ USD launch at1.6 pips with the Tableware account. Spreads get tighter with the Gold and Platinum accounts, going down to0.6 pips. Fixed spreads are around 3 pips for EUR/ USD with the Tableware account. The MetaTrader 5 platform is also available on mobile devices. This basically allows the trader to open a position with just one tap on the mobile app.
When deciding whether a platform is good for beginners one of the first things we look for is whether or not the broker offers an extensive educational library. Fortunately LegacyFX does meet the bill by offering a wide range of courses, tutorials, webinars, and more. They also offer periodical market research and analysis to help traders at every level make sound decisions. LegacyFX offers a number of deposit and withdrawal methods including EFTpay, MyFatoorah, Mastercard, Visa, Skrill, bank wire transfer, Neteller, and VLoad.
LegacyFX Forex Trading Account Opening
After choosing the account type, you can start using your demo account by determining your virtual money amount. CFDs are considered complex derivatives and may not be suitable for retail clients. The products advantages and disadvantages of fixed and floating exchange rate systems mentioned here may be affected by changes in currency exchange rates. If you invest in these products, you may lose some or all of your investment, and the value of your investment may fluctuate.
It has still amazingly managed to achieve a good position in the market. It is all because of the list of features and benefits that LegacyFX provides. The features that LegacyFX brings as a trading platform enhance the value a lot not only for experienced individuals but for the newbies as well. When it comes to the user experience, LegacyFX provides all the services that you may need to ensure a better and safer experience. Whether it is regulation, transparency, protection, better rates, or anything else. With LegacyFX you can place your trades on anything that catches your interest.