LegacyFX: A Comprehensive 2023 CFD Trading Brokers Review

legacyfx

Withdrawals can take between three and five working days to be processed. All transactions are protected with 256-bit Rapid SSL encryption and are fire-walled. Transactions are also executed via Level-1 PCI-Certified service providers and servers are located in SAS-70 certified data centers. LegacyFX implements a variety of measures to ensure the safety and security of client funds. There is a 150 minimum for bank transfers in the chosen currency and no minimum for other methods.

legacyfx

It is not a surprise as the company is regulated by CySEC, MiFID, VFSC, BaFin, FCA, and the NBRB. I find the third-party deposits available at LegacyFX confusing, as it violates globally accepted AML stipulations. LegacyFX attempts to counter it with a Transaction Authorization / Declaration of Deposit (DOD) Form, which all traders must sign. No deposit and withdrawal fees exist, but LegacyFX reserves the right to add them. Traders may also face third-party processor costs, which can be applied at any brokers that use third-party payment options.

Legacyfx The best broker

MT4 also supports multiple order types, such as market orders, trailing stops, and Stop limits. The FAQ sections of a broker website can vary in quality, but the one at Legacy FX was pitched at the right level and answered a lot of questions we could imagine new users having. Email queries that we sent on subjects that required detailed analysis were resolved within 24 hours, again to our complete satisfaction. These were executed first time, and reported accurately in the Portfolio section of the main dashboard. After registering for an MT5 account you’ll be sent the login details to the MT platform.

legacyfx

After the request has been approved, it will take additional 5-7 days for funds to appear in your account. From the moment you submit and confirm the request to withdraw money from your account the accounting department of LegacyFX typically processes and confirms withdrawal within 3 business days. And of course, always learn how to use leverage smartly in order not to fall under inefficient risks.

Free Trading Signals

The use of MT5 is a huge point in legacy fx’s favor, as not many other brokers use this software, preferring, instead, to stick to MT5’s predecessor, MetaTrader 4. The fact that MetaTrader 5 is a mainstay of this broker makes it unique—in a good way. LegacyFX is a global brand, and it is registered under ALL NEW INVESTMENTS. ANI is regulated by the Vanuatu Financial Services Commission (VFSC). LegacyFX is also active across social media channels including Telegram, Facebook, Instagram and Twitter. Check the official website and social media pages for news of any future no-deposit bonuses and rebate deals.

LegacyFX has been providing products and services to traders since 2017, allowing them to trade with more than two-hundred instruments. The trader believes that “knowledge is power,” and it offers a lot of education tools, webinars, and courses to its clients. Though the minimum deposit fee is steep and there are some country restrictions, LegacyFX has far more to offer its clients than many other brokers out in the industry today. DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money.

Is LegacyFX A Reliable Broker?

Fixed spreads are around 3 pips for EUR/USD with the Silver account. The LegacyFX Islamic account adheres to the principles of Islamic law regarding banking activity and Riba (interest). It is an interest-free or swap-free account type, for those who, for religious reasons cannot trade on interest/swap-incurring accounts.

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People usually tend to share their opinion only if something negative has happened. On the LegacyFX website, there is a section that is completely focused on education. We can find there a huge number of tutorials that discuss different issues that can be encountered by beginners and professionals. You can complete a crash course on trading by simply watching each tutorial and reading the eBooks. These are the United States, some Canadian provinces like British Columbia and Ontario, North Korea, and other countries. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active.

How Long Does It Take To Withdraw Funds From LegacyFX?

Other advantages include quality customer service and a well-stocked education centre offering various tutorials, webinars and eBooks. There is also a good choice of trading tools and market analysis resources, so customers will feel well-supported by the broker in carrying out their trading activities. Client deposits remain segregated from corporate funds at LegacyFX, and traders get negative balance protection, which I believe is an absolute necessity for leveraged trading. Regrettably, there is no investor compensation fund, for example, via the Hong-Kong-based Financial Commission, the primary authority for brokers regulated in smaller jurisdictions. Another option would be a third-party insurance policy, which LegacyFX does not provide. It should be said, however, that many of today’s top brokers don’t provide these assurances, but it is a nice-to-have for brokers that offer it.

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The pleasant moment is that LegacyFX does not charge any fees on credit card/electronic wallet deposits as well, yet this may vary from one rule to another. On the other hand, there is no 24/7 support and conditions may vary according to entity rules and conditions vary according to brokers’ regulations. LegacyFX’s educational offering is in line with the industry average – at least when it comes to its video content. Their educational Academy section is well organized, with video courses and lessons arranged by experience level.

Best Offers

First off, the broker provides an easy withdrawal and deposit system for all its clients. Also, you stand a high chance of having access to over 80 trading videos, webinars, and other educational resources—all hosted by LegacyFX academy. Our review of LegacyFX shows, that clients are given the classic MT5 (MetaTrader 5) trading platform. You will find the desktop software, along with their Web Trader and mobile apps. They offer a wide variety of assets to trade including; Forex / Currency pairs, Metals, Commodities (Corn, Oil, Gas), Crypto, Market Indices and European / US Stocks. Some of the exotic currency pairs they make available to trade are the Hungarian Forint, Polish Zloty, and Mexican Peso.

  • On the other hand, there is no 24/7 support and conditions may vary according to entity rules and conditions vary according to brokers’ regulations.
  • The range of accounts available from LegacyFX will vary, depending on whether you choose its EU entity regulated by CySEC, or its international entity in Vanuatu.
  • LegacyFX guarantees the best exchange rate available for all trades executed for its clients with no re-quotes.
  • LegacyFX is an international Forex broker, that has been licensed and regulated by CySEC since 2017.
  • Nevertheless, the broker offers some of the lowest dealer spreads in the business, starting at 0.5 pips.

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. LegacyFX provides traders with the MT5 trading platform and is a rare broker skipping the benefits and infrastructure of MT4. The platform is available as a desktop client, lightweight mobile version, and mobile app.