LegacyFX’s reputation could be a great one: traders seem to appreciate the trading conditions, the market coverage and the platform selection offered by the broker, and there is nothing wrong with its regulatory status either. Still, there are quite a few unsavory user reviews out there, aimed almost exclusively at the signal service the broker used to run.
Apparently, there used to be a couple of signal providers who would routinely end up emptying their clients’ accounts. The inability of these providers to generate profit has been showcased by an official test or two from a couple or review portals, so there was definitely something shady/wrong going on, on that front.
That said though, the brokerage is shaping up nicely these days. As mentioned above: it is regulated.
The company that owns the LegacyFX brand is one called A.N. Allnew Investments Limited, and it is based in Cyprus. As a CIF (Cyprus Investment Firm) it is regulated by CySEC, which means that it is MiFID-compliant. It is also a member of the investor compensation scheme supported by the Cypriot authorities, through which it can indeed offer some rather substantial guarantees to its users.
MiFID compliance carries some pretty solid trader protection as well, regarding just about every facet of a broker’s operation. For instance, it compels the broker to keep the funds deposited by its users in segregated bank accounts.
Being MiFID compliant, a broker is theoretically free to provide financial services throughout the EEA, but on a practical level, there are some exceptions to this rule. Belgium is for instance extremely strict regarding online trading and financial services, and that usually translates to brokers like LegacyFX being shut out of the Belgian market, despite the fact that in addition to its CySEC license, the broker has registered itself with a massive number of EEA-based national regulators.
Since it is not licensed/registered in any shape or form in the US, or in Canada, the broker does not accept clients from those countries either.
Transparency permeates every nook and cranny of the brokerage these days. The official website of the operation provides plenty of information on regulation as well as KID and it features regular reports regarding the activity of the brokerage.
Obviously though, in addition to transparency and proper regulation, a trader needs a few more draws to seriously consider moving his/her business to the brokerage. One such draw is served up by the outstanding trading conditions featured by the higher-tier accounts.
There are fixed- as well as variable spread options, detailed information on which has been made available at the official website.
While these accounts aren’t really suitable for beginners, they are well within the reach of those truly serious about their trading.
In fact, high-volume traders who fulfill the broker’s requirements, are offered special treatment, trading conditions- as well as deposits/withdrawals-wise.
The broker also offers superb liquidity, great execution as well as decent leverage.
LegacyFX Market Coverage
The broker offers a fairly standard selection of tradable assets, mostly focused on FX pairs.
Indices, commodities and equities are covered as well, though it looks like there are no cryptocurrencies supported for the time being.
LegacyFX Account Types
In this regard, the broker has kept things not as much simple, but rather straightforward.
The simplest account type available to traders is the Silver one. This option requires a minimum deposit of just $500, so it is indeed fairly accessible to beginners and advanced traders alike. What’s interesting is that most of the features and services available through the higher-tier account types are available through the Silver one as well.
Exceptions in this regard are the Dealing Desk hotline, Advanced Analysis and 1-on-1 support features.
The maximum available leverage on the Silver Account is 1:30, while spreads start from 2.4 pips.
Traders looking to up the stakes, can opt for the most popular account type offered by LegacyFX: the Gold Account.
The Gold Account requires a minimum deposit of $5,000 and in exchange for that money, it offers much-improved trading conditions. The spreads on this one start from just 1.5 pips and the maximum leverage is 1:30 too. Other than that though, the features offered are almost similar to the Silver account, with the difference that the Gold Account does in fact offer access to the dealing room hotline, to advanced analysis and to 1-on-1 support, too.
The top-tier account is the Platinum one. With a minimum required deposit of $25,000, this one is only for professional-level traders. Needless to say, for that money, the account covers all the perks the site has to offer, and it features by far the best trading conditions.
The spreads start from only 0.8 pips on this account.
High volume traders should know however that they may be eligible for an even better deal than the Platinum account.
Every one of the above detailed account types is a zero-swap setup, which means that all of these accounts lend themselves well to the Islamic format.
LegacyFX Trading Platforms
The broker features a full range of trading platforms, meaning that its platform selection covers every OS and device type a trader may decide to use.
The LegacyFX web trader is the most easily accessible trading platform. It is obviously a no-download solution, and it offers integrated charting, news feeds, live support and technical indicators.
Sirix Station is a sort of “intermediary” option for those who can afford to download and install a trading platform. It offers super-fast execution, a friendly user interface, as well as a superb charting package.
The mobile traders offered by the broker cover all Android- and iOS-based mobile devices, and even Blackberries.
MT4 is obviously the most advanced trading platform featured by the broker. Through this platform, traders can make use of EAs and they can even create/add their own, coupling them with custom scripts for better results.
While EAs are indeed among the most popular features of MT4, there is much more that this platform offers. In fact, the MT4 trading environment is a fully customizable one, in which traders can set their own charts and even create their own technical indicators.
The charting package offered by MT4 is second to none. It features a staggering range of time frames, chart types and drawing tools.
LegacyFX Education
Legacy Academy is the name of the broker’s education section. In it, traders will find a Video of the Day section, an Economic Calendar, as well as an Introductory section, which can indeed be very useful for beginners.
The actual trading education section consists mostly of eBooks, which can be read directly at the site, for free, by all comers.
LegacyFX Support
The LegacyFX support crew is knowledgeable and eager to help. Support can be contacted through live chat, phone and a variety of email addresses, not to mention an email form available in the Contact section.
[email protected] should be the most relevant email address in this regard.
The Bottom Line
LegacyFX is a solid and well put-together trading destination. It is the equal of any major online brokerage out there in regards to platform and tradable asset-selection, not to mention trading conditions. It does not seem to support cryptocurrency-based CFDs yet though – however that cannot really be viewed as a serious shortcoming.
Read all currency broker reviews