Legacy FX Review-How Safe is it to Trade with the Broker?
Based in the Republic of Vanuatu, LegacyFX was established in the year 2012. However, in 2017 the broker rebranded as well as re-launched its trading services under its new management team. At present, the brokerage firm is run and managed by A.N. All New Investments Ltd, which is focused on Financial Investment and is based in Cyprus. LegacyFX allows traders to trade a wide variety of financial instruments including commodities, currency pairs, indices, and stocks.
Here, find a comprehensive LegacyFX review and also learn whether it is safe to trade with the broker or not.
LegacyFX The trading platforms
LegacyFX offers the MT4 as well as the MT5 platform for trading. In addition to this, the broker also has the Sirix platform that allows traders to engage in social as well as forex trading. We found both the platforms to be user-friendly and rich in essential trading tools & features. They also allow traders to access their accounts through mobile devices, which is a much-needed feature for traders who wish to trade while on the go.
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. Apart from the above, traders of Islamic origin can create an Islamic account, and those new to trading can set up a demo account to practice trading before entering the live market.
It is important to note that the broker does not allow trades from certain countries such as Israel, USA, Syria, Iran, North Korea, Afghanistan, Somalia, Myanmar, Iraq, Yemen, South Sudan, and others.
Deposit & Withdrawals
To deposit funds with LegacyFX, you can choose any payment method including Klarna, Qiwi, Paysafe, Przelewy24, GiroPay, ePay. Bg, Rapid Transfer, eps, and Nordea Solo. Apart from this, LegacyFX also accepts payment via Debit/Credit card and bank wire transfer. The broker doesn’t accept cheque or cash deposits. Withdrawals are processed through PerfectMoney, Neteller, WebMoney, and Skrill as well as through Bank Wire Transfer. Also, the minimum withdrawal amount is $200, and the broker charges a withdrawal fee to the tune of €50. Withdrawals processed through wire transfer may take anywhere between 2-5 days to be credited to the trader’s account.
Regulations & Security
One of the biggest advantages of trading with LegacyFX is that the broker offers segregation and security of funds deposited with the firm. LegacyFX not only ensures client’s funds but also maintains the same in a separate bank account at Astrobank Limited. This implies that clients’ funds are never used for making any sort of payments or even managing the company’s running expenses.
As far as regulations are concerned, the broker is regulated by the CySEC.
In a nutshell, LegacyFX is a highly regulated broker that offers excellent trading platforms and features with no commissions charged to the traders. The only drawback is that the broker’s spreads are very high, especially for the EUR/USD pair which stands at 3.5pips.
|Broker Name||Legacy FX|
|Company Name||A.N. Allnew investments Ltd|
|Regulated by||CySEC, FCA, MiFID|
|Broker Type||Binary Options|
|Base Currency||USD, EUR|
|Website Language||Arabic, Chinese, English, French, German, Greek, Italian, Russian, Spanish|
|Minimum Deposit||500 USD|
|Islamic Account (Swap Free)|
|Deposit Methods||Credit Card, Neteller, Skrill, Wire Transfer|
|Withdrawal Methods||Credit Card, Neteller, Skrill, Wire Transfer|
|Trading Platforms||WebTrader, MetaTrader 4|
|Commission on Trades|
|No Deposit Bonus|
|Support During Weekends|
|Support Language||Arabic, Chinese, English, French, German, Greek, Italian, Russian, Spanish|
|Address||Q Tower, 5th floor, Ioanni Kondylaki 47, 6042, Larnaca, Cyprus|