Spreads start from 1.0 pips, making it a cost-effective option for traders seeking to trade with a larger capital base. In terms of public presence, LegacyFX has been involved in various sponsorships and partnerships, further establishing its credibility and commitment to engaging with the trading community. Awards and recognition in the industry also reflect the broker’s continuous efforts to deliver quality services. All these factors contribute to LegacyFX’s overall standing in the global financial market, offering a well-rounded picture of the broker’s reputation and influence in the industry. The VIP and ECN accounts are ideal for traders who need more flexibility and are comfortable with higher minimum deposits. On the other hand, the Standard account is perfect for beginner traders who are looking for a simpler entry into the market.
LegacyFX commissions and fees summary
LegacyFX offers the MT5 Web Platform, providing traders with a seamless and feature-rich trading experience directly from their browser. The web-based platform includes up to 8 pending order types for precise position management, one-click trading for fast execution, and an optimized strategy tester for enhanced expert advisor performance. LegacyFX charges brokerage fees that depend on the account type and trading instruments. The fees are based on the spread, which is the difference between the bid and ask price. Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of legacy fx review data points in the process).
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. Traders switch brokers because they need improvement from their prevailing brokers. Having the CySEC license means that LegacyFX is in full acquiescence with the MiFID directives, which means that it has to obey strict guidelines when dealing with investors’ money. AM GLAD ABOUT THE SUCCESS STORY I GAINNED FROM FINANCE CHARGE BACK,A bunch of scammers. You can also contact its office in Vanuatu directly through email and phone.
LegacyFX has created something it can build on here, but is still far behind the best brokers in this category. 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. A wide variety of educational tools, designed for beginners and advanced traders.
LegacyFX Regulatory Overview
This level of regulation is crucial as it not only assures traders of the broker’s dedication to fair and transparent practices but also helps safeguard their investments. LegacyFX provides its clients with the industry-leading MetaTrader 5 platform, known for its advanced trading capabilities, intuitive interface, and powerful analytical tools. MT5 offers multiple order types, enhanced charting features, automated trading through Expert Advisors, and access to a wide range of technical indicators. 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. LegacyFX is a well-rounded broker that strikes the perfect balance between offering a range of tools for beginners and advanced traders alike.
Platforms
- The Autochartist plugin integrates seamlessly with your MT5 platform, giving you access to continual market analysis within a single chart, and the ability to execute trade directly in your MT5 platform.
- LegacyFX offers a competitive fee structure designed to cater to a variety of traders, with no hidden charges or unnecessary fees.
- This global reach ensures that traders from diverse locations have access to its comprehensive trading services, platforms, and support.
- When choosing a broker, regulation is one of the first things that I look for.
- Whilst we try to keep information accurate and up to date, things can change without notice and therefore you should do your own research.
Learn more about FOREX.com powerful trading platform and how you can get started today. When you trade commodities, you are agreeing to buy a certain REAL commodity by the settlement date for a set price. Popularly traded on the Chicago Mercantile Market, you can buy anything from wheat to precious metals, while speculating on their final price. LegacyFX does not have a physical presence in South Africa, which is not a requirement to accept traders from South Africa.
Brokers Guides
The platform also supports social trading features, enabling traders to follow and copy the strategies of successful peers. LegacyFX WebTrader is continuously updated to incorporate the latest technological advancements, ensuring that traders have access to cutting-edge tools and features that enhance their trading performance. 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. Additionally, LegacyFX offers a dedicated blog and video library that provide regular market updates, trading tips, and insights into the latest financial trends.
This commitment to reliability and convenience underscores LegacyFX’s dedication to providing a seamless trading experience for its clients. Key to LegacyFX’s commitment to safety is the stringent protection of client funds. LegacyFX employs the use of segregated bank accounts, ensuring that client funds are kept separate from the company’s operating funds. This separation is critical in safeguarding traders’ capital, providing an additional layer of security by ensuring that client assets are not used for any other purpose than the intended trading activities.
An experienced media professional, John has a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content. At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers.
LegacyFX operates under a well-established regulatory framework, which provides peace of mind to traders. Regulatory bodies ensure that brokers adhere to high standards of transparency, security, and fair trading practices. LegacyFX holds licenses from reputable regulatory authorities, ensuring that it complies with global trading standards. Margin is the amount of collateral in a trading account required to open or maintain a position.
PREMIUM account holders pay low trading fees as spread markups on EUR/USD start from 0.6 pips. There are 7 protected trades offered and traders get additional benefits such as advanced mentoring. The minimum deposit requirements are high though and traders will need to deposit 25,000 USD or more to get access to this account. LegacyFX allows clients from a wide range of countries worldwide, including key regions across Europe, Asia, the Middle East, and Africa.
- That will result in opening an account with the EU-based entity regulated by CySEC or the global arm of the broking group overseen by the Vanuatu Financial Services Commission (VFSC).
- Jeff holds a Bachelor’s Degree in English Literature with a minor in Philosophy from San Francisco State University.
- In addition to forex trading, LegacyFX gives you access to trade contracts for difference (CFDs) on spot gold, oil, cryptocurrencies, indices and stocks.
- I am not a fan of this setup as I think that all traders should be given access to the same conditions.
- And of course, always learn how to use leverage smartly so as not to fall under inefficient risks.
Legacy FX offers an extensive number of tradable instruments, including 313 global shares, 48 currency pairs, 10 crypto derivatives, 18 indices, 24 commodities, and ETFs. It should be noted that not all account types have access to trading stocks. LegacyFX offers a robust customer support system that is accessible through multiple channels, including live chat, email, and telephone. This ensures that traders can receive prompt and effective assistance whenever needed, regardless of their location or time zone. The live chat feature allows for real-time communication with support representatives, offering immediate solutions and answers to urgent inquiries. For more detailed queries or issues that require thorough investigation, email support is available, providing a way for clients to receive comprehensive responses.
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. Spreads are competitive, starting at 0.5 pips on some instruments, and execution is instant, with no requotes.
The platform provides a flexible and transparent pricing model, ensuring traders are aware of all costs upfront. LegacyFX does not charge commissions on most trades, except for stock trading. For stock trades, the broker applies a commission fee of 0.45% on the Silver account. For all other instruments, including Forex, indices, and commodities, LegacyFX earns through the spread rather than a commission. LegacyFX is a global brokerage company with a well-established, customer-oriented approach that provides a secure and well-regulated trading environment suitable for various trading needs.
LegacyFX’s mobile trading apps are below average, offering basic functionality but lacking the robust features seen in higher-rated brokers. You may withdraw funds from your trading account by clicking on Withdrawal on your Personal Account main page menu. Funds deposited by credit card can only be refunded to the credit card up to the amount originally deposited via that card. It is assumed that the best time to trade the Forex market is when the London and New York markets overlap.
Based on the response provided, your investment profile does not meet our internal criteria for opening a trading account with us. The characteristics of Forex trading clearly distinguishes it from traditional financial trading. In the stock market, traders purchase a stock when they think it will increase in value, and then sell it when the has peaked, or when the stock starts to depreciate. Founded in 2014 and acquired in 2021, BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. With over 60 brokers reviewed, our editorial team has published thousands of words of research to help our readers make informed choices.
There are a variety of important trading topics covered including money management, trader’s psychology, market analysis, advanced strategies and more. The MT5 platform is already stacked with more tools than most traders will ever need. You will find everything you need for conducting in-depth market analysis with technical indicators, drawing tools and an economic calendar for fun mental analysis. You can also get plenty more tools from the MQL marketplace which is easily accessible directly from within the platform. You will find trading signals, expert advisors, technical indicators, scripts and much more.
