LegacyFX Review 2024

LegacyFX has a somewhat high minimum deposit compared to other forex brokers at $500. Nevertheless, Legacy offers some of the lowest dealer spreads in the business, starting at 0.5 pips. LegacyFX guarantees the best exchange rate available for all trades executed for its clients with no re-quotes. LegacyFX provides its clients segregated accounts with negative balance protection, as well as free trading tools like indicators and trading signals. The broker also offers copy trading and algorithmic trading services. LegacyFX does not accept clients from the United States or Canada.

Before you trade, AskTraders.

I like how LegacyFX is a regulated trading broker with a decent selection of trading instruments for trading on the popular and sophisticated MetaTrader 5 (MT5) platform across web, desktop and mobile devices. They have a choice of account types to cater to different trader needs, with variable and fixed spreads for all trading strategies. 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.

About LegacyFX

1. It is your responsibility to choose which area you can trade with.
2. I think this is a vital tool that I like to try and utilise before making any trade decision.
3. We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs.
4. There are ups and downs for sure but with proper risk management you definitely reap great rewards.
5. For me, the unique feature at LegacyFX is the absence of swap rates on leveraged overnight positions, especially for equity traders.

The broker has additional regulation in other jurisdictions in which it operates, including regulation through CySEC for customers based in the EU. All client funds are kept in segregated accounts, separate from the broker’s operating funds, to protect clients in the event that the broker should become insolvent. Customers are also offered negative balance protection on retail accounts.

Recommended Brokers:

I prefer more client protection in the form of a compensation fund, but overall, LegacyFX presents a secure trading environment. The asset selection remains average, and while spreads and commissions are high, the lack of swap rates results in a competitively priced broker for traders who maintain positions for more than five trading days. LegacyFX traders can find a variety of video lessons, trading platform guiding tutorials and courses, download full eBooks on a wide range of subjects, and enrich their knowledge in webinars presented by industry experts. On top of that, LegacyFX provides advanced trading tools and analysis and offers daily, weekly, and monthly market research. LegacyFX provide a wide variety of CFD trading instruments across multiple asset classes for trading online including a good selection of stocks, commodities, indices, metals, cryptocurrencies and forex currency pairs.

Forex Risk Disclaimer

They bait investors with nice incentives and profits on their investment deals. I fell for their tricks once and almost lose all the money i gave them. I requested for my money back after a month, to which i was told to pay an undiscussed tax fee on the investment.

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 https://forexbroker-listing.com/ courses and lessons arranged by experience level. I’ve just funded my account but I haven’t started trading these 5 stars are for Kai Evans, Rose Aubrey and Jason Wolf.

How do you trade commodities?

Bank wire transfers can be used to deposit funds at this brokerage. Processing times for bank transfers tend to depend on the bank being used, but typically take around one to three days to arrive in your LegacyFX account. Your bank can provide further details on how long the funds will take to clear and advise you if there are any bank-levied charges. There is a minimum withdrawal amount when using wire transfers, currently set at €150.

This means, of course, that the broker’s profit is coming primarily from the spreads, so your trading costs will be dependent on these. Be aware that spreads vary widely between different instruments and depend on your account type. This broker does offer both a fixed spread option and a variable spread option. Fixed spreads may seem high, but they allow you to more easily calculate trading costs.

Swap Free on all LegacyFX Account Types (Silver, Gold, Platinum). LegacyFX charges no swaps on long-term positions, providing ideal conditions for long-term trading and investment. For full protection of investment, LegacyFX operates negative balance protection along with complete segregation of client funds from the company’s assets. LegacyFX offers some of the lowest spreads and commission-free trading, no rollover fees on long-term positions, negative balance protection, and client funds are separate from LegacyFX’s funds. LegacyFX offers several account types designed – Standard, Silver, Gold, Platinum, Bronze, Gold, and Premium.

Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s legacy fx review custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker’s track record, plus the scope of regulatory standing.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Locking people up in their homes and paying them not to work destroyed the possibility of creating new wealth and saw governments print mountains of money that debased the currency. Energy bills were subsidised by even more money from the Treasury.

As long as you research your foreign currency investment, you have the chance to make money speculating on the price of any currency. However, all investments come with risk, and you should be aware of the risks you will carry with that investment. Allnew Investments Ltd., which is authorised and regulated by the Cyprus Securities and Investment Commission (CySEC); and AN ALL NEW INVESTMENTS (VA), regulated by the Vanuatu Financial Services Commission (VFSC). The LegacyFX brand also holds regulatory status with the National Bank of the Republic of Belarus, the country’s central bank and regulator for local financial markets. 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.