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Legacyfx Review 2022 Is Legit or Scam

With LegacyFX, all client funds are kept in segregated accounts. A segregated account is an account that is different from the broker’s core banking account and client funds will not be used by the broker for any reason. Despite being a relative newcomer on the online forex broking scene, LegacyFX has comparable services to many well-regarded brokers that have been around much longer. Beginning traders can take advantage of introductory educational resources through beginner to advanced trading courses. When you ask about their bad review, they will tell you…

More specifically, this allows users to view their account in real-time, whilst viewing it next to the trading platform side by side. Noteworthy is the asset selection, where this broker has done an outstanding job of offering a wide range of assets. The availability of swap-free accounts for all traders is unusual and could be interesting for traders worldwide. This broker grants a free trading signals package, and its education center, video library, and Autochartist premium tools are accessible to everyone.

legacy fx review

However, I understand that social trading can be a great solution for those of you who do not have the time or knowledge to trade by yourself. If that is the case, eToro is one of the best social trading platforms out there. Equity trading requires $3,000, and access to the dealing desk is available from $5,000. For me, the unique feature at LegacyFX is the absence of swap rates on leveraged overnight positions, especially for equity traders. It lowers trading costs significantly and has a notable positive impact on profits. I want to stress that the benefit kicks in for traders who keep positions open for more than a week.

LegacyFX does not have a physical presence in South Africa, which is not a requirement to accept traders from South Africa. Therefore, it remains a legit choice for South African traders. LegacyFX operates an EU-based subsidiary with regulation from the CySEC and the FCA. Please note that equity and index CFDs do not trade continuously but open and close each day at the above specified times.

LegacyFX provides its registered office address in Vanuatu, an official phone number in Switzerland, a messenger with a UK landline, e-mail addresses, a web form, and live chat. An FAQ section answers some questions, and I recommend live chat or phone support as the most convenient contact method if traders require assistance. Well, it was sleepless nights and the weekends was very nervous cause the markets would open up or down and it was always BAD, stay away…. We do everything possible to provide the best services to our clients so they can be satisfied with us. I’ve been following your signals before some days .,all his signals were on point and in profit. I wish I had money to fund my account,I would have made lots of money following his signals.

I am pleased to say that LegacyFX is authorised and regulated by the Cyprus Securities and Exchange Commission . Their mission is to exercise effective supervision to ensure investor protection and the healthy development of the securities market. I personally think this is satisfactory regulation and wouldn’t have any problems trusting this broker.

LegacyFX Range of Markets

If you even enquire to this company, then they will never leave you alone. The hard sell is a substitute for a quality product.The only way I can get some revenge is to post my message here. I wrote in to complain and after threatening legacy fx review legal action, they assigned me to a senior trader, who was head of compliance. As a form of settlement, they gave me 1k GBP and the idea was that the senior trader would help replace lost equity and regain their trust.

The messenger app WhatsApp shows a UK-based landline, available via the WhatsApp business app. I was thinking of opening account with them but now i will not. Their reviews at forecpeacyarmy.com is also very bad and mostly people are complaining. Main tool and a very powerful one in the LegacyFX business strategy is – education, which attracts new traders and gives a great opportunity for both parties. On long-term positions, negative balance protection, and client funds are separate from LegacyFX’s funds.

  • The spreads on all assets, and the commissions for equity CFDs, are very high, making LegacyFX an expensive broker for scalpers and short-term traders unless they have a minimum of $25,000 to deposit.
  • MetaTrader5 supports the trading of cryptocurrencies with a set of new and unique crypto features.
  • LegacyFX is a broker catering to international traders as a duly registered and regulated broker from Vanuatu.
  • Legacyfx also delivers a number of payment options such as debit cards, credit cards, bank wire transfers, as well as e-wallets such as Trustly and Neteller.

The stated objective of MiFID is to participate in building a more integrated, deeper, and more effective generating growth capital market while strengthening the protection of investors. However, this type of regulation does not let LegacyFX offer its services where the broker is NOT regulated. We are very happy to hear about Your experience with the company! We value our clients’ feedback very much, it helps us grow and develop as a broker. Years of professional experience in the financial markets have positioned LegacyFX as one of the industry’s most trusted and transparent brokers. For our 2022 Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research.

OANDA Review 2022

Unfortunately, this spread is available to Platinum account traders only. Offering a 0.6 pip but demanding a $25,000 minimum deposit is rather extreme, and traders are undoubtedly able to find more competitive conditions with other brokers. Perhaps the biggest surprise we encountered in our LegacyFX review is the fact that this brokerage offers only the MetaTrader 5 platform. They only offer the MT5 trading platform, which will make this broker a problematic choice for established traders, as this platform is missing several key features. While it is the successor of the popular MT4 trading platform, MT5 does not allow hedging. It is currently incompatible with MT4’s EAs, which will make it difficult for traders who have used that popular platform until now.

TopBrokers.com will not accept any liability for loss or damage as a result of reliance on the information on this site. Forex pairs, cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money. TopBrokers.com would like to remind you that the data contained in this website is not necessarily real-time nor accurate.

Is designed to monitor and optimize your entire trading process by offering broad functionality. MetaTrader5 is an institutional multi-asset platform offering outstanding trading possibilities and technical analysis tools. Traders can enjoy the latest version of the most popular trading platform with plenty of cutting-edge features and benefits brought by LegacyFX. CySEC, FCA and BaFin, with a main objective to enhance financial transparency and offer greater client protection. Its trading conditions are among the tightest spreads in the market, starting from only 0.6 pips.

legacy fx review

The gold account gives you access to the direct dealing desk, personal success goals and basic mentoring counseling, as well as a VIP EU Mastercard credit card. These people entice you in by asking you to trust them as professional traders. I was coerced into investing, at first a small amount, then a larger sum until eventually I had sent them £400,000. They place trades without using any stop loss, and when the equity falls to critical levels they ask for more money to shore up the account. Once they have bled you dry, they allow the account to blow up, after which they tell you they are not responsible as you are the one who presses the button to initiate the trades. LegacyFX only lists 41 currency pairs and eight cryptocurrency pairs, which is certainly enough for new and intermediate traders, especially in conjunction with the other assets it offers.

LegacyFx general information

I blew my account twice by a previous broker and has doubled it in less then 2 months by Legacy FX. They always get back to you and help you when ever you need them. This broker is amazing they upskill you and give you the tools you need to become a profitable trader. If you treat trading like a business it will pay you like a business if you treat it like gambling you will blow your account. There signals are great you definitely win more then you loose.

legacy fx review

We have received positive feedback from them and their experts are very professional. You just need to complete the form below https://forexbroker-listing.com/ (if you have lost more than $5000, use our Chatbot directly). The consultation is free and doesn’t commit you to anything.

About LegacyFX

They will tell you different reasons not to process your withdrawal. It was a very stressfull for me to make follow-ups regarding the withdrawal status. If you will earn from their signal, high chance that you will not be able to withdraw your earnings including your capital. They promote unsafe trading practices such as giving incentives to trade based on traded lots. This is specifically against UK FCA guidelines for treating customers fairly.

There are beginner-to-professional courses related to trading, ten e-books, video tutorials, and live webinar lessons for the market analysis provided by LegacyFX. LegacyFX is a MetaTrader 5 broker that serves its software on the Google Play Store and Apple App Store. There is the MetaTrader 5 web platform, where you don’t have to install any software. It has the MT5 Desktop Platform, and the MT5 Mobile Platform. LegacyFX has a user-friendly trading dashboard on both platforms with extensive trading features and trading solutions.

To apply for an Islamic account, you can open the account type you wish according to your deposit and contact your account manager to activate it. I find the seven account types at LegacyFX unnecessarily complex. Equity trading, which I find the best offer at LegacyFX, requires a minimum deposit of $3,000, while access to the direct dealing desk is available from $5,000.

Regulation and Security

You will find trading signals, expert advisors, technical indicators, scripts and much more. There is also the MQL programming interface where you can develop your own tools or hire a freelancer to do it for you. Whatever your idea for a trading strategy, you can bring it to life in MT5. I like the trading experience at LegacyFX as this broker does not charge swap rates on leveraged overnight positions.

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. LegacyFX offers Islamic swap-free trading on seven account levels, Standard, Bronze, Silver, Gold, Platinum, Premium, and VIP. LegacyFX offers Extended Swap-free status by default to all applicable trading accounts created by clients in non-Islamic countries. LegacyFX provides 7 different live trading accounts, Standard, Bronze, Silver, Gold, Platinum, Premium, and VIP.