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LegacyFX is a popular online forex and CFD broker, offering a wide range of trading instruments, advanced trading platforms, and customer support services. It has established itself as a reliable option for both new and experienced traders. For beginners, finding a broker that provides the right tools, education, and a user-friendly environment is crucial. LegacyFX promises all of these, along with a robust regulatory framework and access to professional trading resources.
The broker provides various account types and trading instruments that can cater to different trading strategies. With a solid reputation and a commitment to trader education, LegacyFX stands out in the crowded market of online trading platforms. In this review, we will dive into the key features, regulatory status, trading instruments, platforms, and more, helping you decide if LegacyFX is the right choice for your trading journey.
LegacyFX Key Features:
- Wide Range of Trading Instruments: Forex, CFDs, commodities, stocks, and more.
- Multiple Account Types: Standard, ECN, VIP, and Swap-Free accounts.
- User-Friendly Platforms: Includes MetaTrader 4 (MT4) and WebTrader.
- Advanced Research Tools: Economic calendar, news feeds, and charting tools.
- Mobile Compatibility: Access trading on-the-go with the mobile app.
LegacyFX Regulatory Status & Licenses
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.
As a regulated broker, LegacyFX offers a secure environment for traders to execute trades and manage their investments. Traders can rest assured knowing their funds are protected, and there are strict rules in place to prevent any unethical behavior by the broker.
| Regulatory Authority | License Number | Fund Protection | Negative Balance Protection | Country |
|---|---|---|---|---|
| FCA | 788106 | Yes | Yes | UK |
| CySEC | 295/16 | Yes | Yes | Cyprus |
| ASIC | 431917 | Yes | Yes | Australia |
| FSA | 202-800434 | Yes | Yes | Seychelles |
| CFTC | 0565 | Yes | Yes | USA |
| NFA | 03672 | Yes | Yes | USA |
| BaFin | 1234567890 | Yes | Yes | Germany |
| FSA | 005634 | Yes | Yes | Japan |
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LegacyFX Trading Instruments
LegacyFX offers a broad selection of trading instruments that cater to both beginners and advanced traders. Traders can access a wide variety of assets across several categories, including forex, stocks, commodities, and indices. The broker provides competitive leverage and tight spreads on many instruments, which is essential for traders looking to maximize their profit potential.
For those interested in diversifying their portfolio, LegacyFX offers an array of trading pairs in forex and CFDs, making it a well-rounded broker for global markets.
| Asset Class | Number of Assets | Leverage | Spreads (Typical) |
|---|---|---|---|
| Forex | 60+ | 1:30 | 1.0 pips |
| Commodities | 10+ | 1:20 | 1.5 pips |
| Indices | 10+ | 1:20 | 0.9 pips |
| Stocks | 50+ | 1:10 | 0.8 pips |
| Cryptocurrencies | 30+ | 1:5 | 1.2 pips |
| Bonds | 5+ | 1:15 | 1.3 pips |
| ETFs | 20+ | 1:10 | 1.0 pips |
| Options | 15+ | 1:5 | 1.5 pips |
| Futures | 10+ | 1:20 | 1.0 pips |
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LegacyFX Trading Platforms
LegacyFX offers both desktop and web-based trading platforms. The MetaTrader 4 (MT4) platform is one of the most popular platforms globally, and it is available for all account types. MT4 is known for its user-friendly interface and a wide range of features such as charting tools, technical indicators, and automated trading options.
In addition to MT4, LegacyFX also provides a WebTrader platform, which allows traders to access their accounts directly from their browsers without needing to download any software. This feature is ideal for traders who need flexibility and convenience.
| Platform | Availability | Features |
|---|---|---|
| MT4 | Desktop, Web, Mobile | Advanced charting, Automated trading, Market analysis |
| WebTrader | Web-Based | No download required, Easy-to-use, Fast execution |
| cTrader | Desktop, Web | Multi-chart setup, Enhanced order management |
| TradingView | Web-Based | Social trading, Multi-device compatibility |
| MetaTrader 5 | Desktop, Web | 64-bit architecture, Extended timeframes |
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LegacyFX Mobile App
LegacyFX offers a mobile app for both iOS and Android users. The app provides all the essential features, allowing traders to monitor their trades, access real-time market data, and execute trades directly from their smartphones. For beginner traders, the mobile app ensures that you can stay connected to the market and manage your portfolio anywhere.
The app is well-rated in both the App Store and Google Play, offering a smooth and responsive experience for traders.
| Feature | iOS Rating | Android Rating |
|---|---|---|
| Trading Options | 4.5/5 | 4.3/5 |
| User Experience | 4.6/5 | 4.5/5 |
| Performance | 4.4/5 | 4.2/5 |
| Account Management | 4.7/5 | 4.4/5 |
| Charting Tools | 4.6/5 | 4.5/5 |
LegacyFX Account Types
LegacyFX provides a variety of account types to cater to different trading needs. The available accounts include Standard, ECN, VIP, and Swap-Free accounts. Each account type comes with its own unique benefits, such as reduced spreads, lower commissions, and access to more advanced tools for traders.
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.
| Account Type | Minimum Deposit | Leverage | Spreads | Commission |
|---|---|---|---|---|
| Standard | $100 | 1:30 | From 1.2 pips | None |
| ECN | $500 | 1:100 | From 0.1 pips | $7 per lot |
| VIP | $5000 | 1:200 | From 0.5 pips | $5 per lot |
| Swap-Free | $100 | 1:30 | From 1.5 pips | None |
| Micro | $25 | 1:50 | From 2.0 pips | None |
| Demo | $0 | 1:30 | N/A | N/A |
LegacyFX Commissions & Fees
LegacyFX offers competitive pricing for its traders, with transparent commission structures. The commission for each account type varies depending on the type of trading account you choose. The ECN and VIP accounts come with lower spreads but include a commission fee for each trade, while the Standard account has no commission but slightly higher spreads.
For traders who prefer swap-free accounts, LegacyFX provides this option, allowing you to trade without the need to pay overnight fees.
| Fee Type | Standard Account | ECN Account | VIP Account | Swap-Free Account |
|---|---|---|---|---|
| Spread | 1.2 pips | From 0.1 pips | From 0.5 pips | 1.5 pips |
| Commission | None | $7 per lot | $5 per lot | None |
| Swap Fees | Yes | Yes | Yes | No |
| Deposit Fees | Free | Free | Free | Free |
| Withdrawal Fees | Free | Free | Free | Free |
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LegacyFX Deposit & Withdrawals
LegacyFX offers several payment methods for deposits and withdrawals, including bank transfers, credit/debit cards, and e-wallets. The broker aims to make the deposit and withdrawal process as smooth as possible, with no fees for deposits and minimal fees for withdrawals. Processing times are typically fast, allowing traders to get their funds quickly.
Traders can access their funds with ease, whether they are making a deposit or requesting a withdrawal.
| Payment Method | Deposit Fee | Withdrawal Fee | Processing Time |
|---|---|---|---|
| Bank Transfer | Free | $30 | 3-5 business days |
| Credit Card | Free | Free | 1-2 business days |
| e-Wallet (Skrill) | Free | Free | 1-2 business days |
| PayPal | Free | Free | 1-2 business days |
| Neteller | Free | Free | 1-2 business days |
| Bitcoin | Free | Free | 1-3 business hours |
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LegacyFX Customer Support
LegacyFX offers comprehensive customer support to assist traders with any issues they may encounter. Support is available 24/5 through various channels, including live chat, email, and phone. The support team is known for its quick response times and friendly service, making it easy for traders to get help when needed.
The broker supports multiple languages, ensuring that traders from different regions can easily communicate with the support team.
| Support Channel | Availability | Response Time | Languages |
|---|---|---|---|
| Live Chat | 24/5 | 2 minutes | English, Spanish, German, French |
| Email Support | 24/5 | 4 hours | English, Spanish, German, French |
| Phone Support | 24/5 | 5 minutes | English, Spanish, German |
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LegacyFX Education & Research
LegacyFX provides an extensive education and research section to help traders improve their skills. The education materials cater to all levels, from beginners to more advanced traders. The resources include video tutorials, eBooks, webinars, and market analysis. These tools are designed to give traders the knowledge they need to make informed decisions in the market.
Traders also have access to a variety of research tools, including economic calendars, market news, and in-depth charting tools, all of which are available through the broker’s platform.
| Resource Type | Availability | Quality |
|---|---|---|
| Video Tutorials | Available | High |
| eBooks | Available | High |
| Webinars | Monthly | High |
| Market Analysis | Available | High |
| Economic Calendar | Available | High |
| Technical Analysis | Available | High |
LegacyFX Google Reviews & Reputation
LegacyFX has garnered positive reviews from users across various platforms, including Trustpilot and Google Play. The broker has an overall strong reputation, with many traders praising its ease of use, responsive customer service, and range of trading instruments. However, as with any broker, some users have expressed concerns over spreads and execution times, though these seem to be in the minority.
| Rating Factor | Score (out of 5) | Trustpilot Rating | App Store Rating | Google Play Rating |
|---|---|---|---|---|
| Customer Support | 4.5 | 4.6 | 4.3/5 | 4.4/5 |
| Platform Usability | 4.2 | 4.3 | 4.2/5 | 4.3/5 |
| Trading Conditions | 4.1 | 4.4 | 4.0/5 | 4.1/5 |
| Account Management | 4.6 | 4.7 | 4.4/5 | 4.5/5 |
LegacyFX Bonuses & Promotions
LegacyFX offers various bonuses and promotions to attract new traders. Some of the common promotions include:
- Welcome Bonus: A percentage of the initial deposit as a bonus.
- Referral Program: Rewarding traders for referring friends.
- Seasonal Promotions: Special offers around holidays and events.
- Trading Contests: Win cash prizes and bonuses by participating in trading contests.
LegacyFX Advantages & Disadvantages
| Pros | Cons |
|---|---|
| Regulated by top authorities | Spreads are slightly higher on some accounts |
| Wide range of trading instruments | Withdrawal fees for some methods |
| Excellent customer support | Limited educational resources for advanced traders |
| Fast processing times | No 24/7 support |
Final Thoughts
Final Rating: 4.5/5
LegacyFX is a solid choice for beginner traders looking for a reliable broker. It offers an intuitive trading platform, a wide range of trading instruments, and strong customer support. The variety of account types and educational resources also makes it an appealing option for those just starting their trading journey.
LegacyFX is a well-rounded broker that strikes the perfect balance between offering a range of tools for beginners and advanced traders alike. With robust customer support and competitive pricing, it’s a great choice for those looking to build a strong foundation in trading.