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Broker Information

  • Company Name: LegacyFX
  • Founded: 2012
  • Country: Cyprus

Platform Info

  • Platform: MetaTrader 4
  • Web Based: Yes
  • Mobile Trading: Yes

Broker Services

  • Regulators: CySEC
  • Minimum Deposit: $250
  • Leverage: Up to 1:30
  • US Clients: No

LegacyFX Review

LegacyFX is an online broker that has been offering a signal service for years. The people behind this service were known within the LegacyFX community as Peter Visser and Mark Shawzin and, as with any signal service, some of their merchants ended up with a bitter taste and a decimated balance.

The general reputation of the brokerage is not bad. Merchants generally appreciate the services provided by the broker. Most of the complaints are focused on the signal service mentioned above, but even in this sense, there are some dissenting opinions.

Some people really like the service and others say that, for them, it has been the only profitable signal service. Let’s just say that in this respect, we can not make judgments, although the service seems to have failed some official tests of the reviewers as well, so you have to consider that

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LegacyFX was launched in 2012, and with that in mind, it’s safe to conclude that the user comments score is not bad. Since then, he has had plenty of time to accumulate opinions of users, good and bad, but as stated above, the negative response is mainly limited to his signal service rather controversial.

The corporate operator behind the LegacyFX brand is A.N. All limited investments. The agreement with this company is that it is a registered CIF (Cyprus Investment Firm), which means that it is a member of the compensation plan for investors and, obviously, that it is complying with the legal criteria in all aspects.

The real address of the brokerage is Q Tower, 5th floor, Ioanni Kondylaki 47, 6042, Larnaca, Cyprus.

LegacyFX is obviously also regulated. The provider of its main regulatory umbrella is CySEC. Your license number is 344/17, a license issued last year, which raises the question: Since when exactly has brokerage been regulated? Whatever the answer to that question, one thing is certain: in fact, it is now regulated.

The CySEC license means several things. In the first place: the operator complies with MiFID, which gives it the theoretical right to sell its financial services throughout the EEA. However, on a practical level, the broker took his time to review most of the national regulatory agencies of the EEA and register with them.

That said, the intermediary can not accept operators from all over the EEA and it goes without saying that the operators of EE. UU And Canada are not accepted either.

Knowing all of the above, why do you, a merchant, want to move your business to LegacyFX?

The broker prides himself on the low commercial costs he offers, as well as the unparalleled liquidity he has access to. However, all this must be taken with a grain of salt: although the commercial conditions are very competitive, they are only in the higher level account types. Those with the cheapest accounts can not really expect to trade in the best conditions in the industry.

That takes us to:

LegacyFX Account Types

The agent has a total of 3 types of accounts, which cover the majority of the needs of all categories of merchants who can register.

The most accessible merchant account is Silver, which has a minimum deposit requirement of only $ 500. For some, this may seem a bit abrupt (especially when compared to the minimum deposit requirements that some of the other brokers have. they have), but the truth is that any merchant who wants to make a real effort towards profits must deposit at least this amount.

The Silver account is surprisingly generous when it comes to features: it covers everything that higher-level accounts do, with the exception of 1-in-1 support, the bargaining room hotline and advanced analysis.

All types of accounts are 0-swap, and the Silver account offers access to all trading platforms available by the broker. Educational bonuses and technical analysis are also part of the Silver package.

The maximum leverage available in this account is 1:30.

Those who want to register for the (supposedly) most popular account option of the broker, will have to pay at least $ 5,000. The Gold Account takes the trading game to a whole new level, offering 1-in-1 support, a direct line to the trading room and analysis perspectives, as well as everything else offered by the Silver account.

However, it is not there where the real difference between the two types of accounts is made. While Silver account holders see their spreads from 2.4 pips (not impressive at all), for Gold account holders, spreads start at 1.5 pips.

The maximum available leverage is 1:30 in the Gold account as well.

To further improve the commercial conditions, operators can resort to the Platinum account, which generates spreads of only 0.8 pips.

The other trading conditions (such as maximum leverage) remain the same, and it goes without saying that all possible benefits and features are included in this “VIP” package. However, to obtain such attractive commercial conditions, merchants must cough about $ 25,000.

LegacyFX Trading Platforms

The trading platforms supported by the operator cover a merchant on the Web, a mobile merchant and MT4. In a word: everything an advanced merchant might need in this regard.

Obviously, the main advantage of the web merchant is that it does not have to be downloaded or installed and that it can be accessed simply by clicking on a button.

That said, the graphics capabilities of the platform are even more impressive. In addition to the different types of graphics, time frames and technical indicators it supports, it also offers live support and news.

MT4 is undoubtedly the most advanced commercial platform in the world. It excels in all aspects and offers features that can not be matched by any of its competitors.

Its graphics capabilities are simply excellent. It covers a wide range of time frames, chart types and technical indicators. MT4 is what is called a fully customizable business environment. What this means, among other things, is that in addition to the more than 50 technical indicators that are pre-installed with the downloadable platform, merchants are free to install their own, acquired by third-party creators. In addition, operators can even create their own technical indicators through the MT4 platform.

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The same goes for EAs: some of MT4’s most appreciated assets. Through such Expert Advisors and custom scripts, operators can automate the negotiation process to a point where their direct intervention is hardly necessary. Keep in mind that EAs have nothing in common with the automatic trade scams that used to be fashionable one or two years ago. They simply execute the strategies defined by the merchants, in a way defined by the merchants, without external intervention.

MT4 also supports various types of orders, such as market orders, end stops and stop limits.

Conclusion

All considered, LegacyFX is a very decent commercial destination. Despite its reputation problems related to the signaling service, it offers its operators decent options in terms of type of account, as well as the trading platform.

With regard to the selection of negotiable assets, it also presents a fairly impressive range of markets.

The broker is regulated and is registered with an impressive number of national regulatory agencies. Its activity is transparent, as required by the MiFID directives to which it adheres.

Please note that certain products and / or multiplier levels may not be available to traders in EEA countries due to legal restrictions.

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