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Best More Detailed Review Of LegacyFX Forex Broker 2023

Best More Detailed Review Of LegacyFX Forex Broker 2023

The sole trading platform LegacyFX offers is MT5, and it guarantees there won't be any swap rates applied to leveraged overnight positions, making it an appealing broker. Higher spreads are required of retail traders with portfolios under $25,000, but the lack of costs on overnight positions caught my attention. To determine whether the swap-free offer generates a competitive advantage, I looked at LegacyFX. How does LegacyFX stack up against the top Forex brokers? To learn more, read the rest of this LegacyFX review.

  

LegacyFX is a standard MetaTrader 5 (MT5) broker with a modest selection of CFD markets and forex pairs to choose from. It has established a solid base of research offerings, and the quality of its investor education materials is on par with industry standards. Overall, LegacyFX lags behind the top MetaTrader brokers and has room for improvement.

   

Since 2017, traders all over the world have had access to brokerage services from LegacyFX, a multi-asset trading expert, for forex and CFD trading on commodities including gold, oil, cryptocurrencies, indices, and big stocks. With a primary goal to increase financial transparency and provide more client safety, LegacyFX is GDPR compliant and fully regulated by CySEC, FCA, and BaFin. With spreads starting at only 0.6 pips, its trading terms are among the tightest on the market.

Best More Detailed Review Of LegacyFX Forex Broker 2023


More than 200 trading instruments are provided by the firm. Clients of LegacyFX have access to MetaTrader 5. Users of Legacy FX have access to the forex market seven days a week, 24 hours a day, and can trade the most well-liked major, minor, and exotic currency pairs.

 

LegacyFX Pros and Cons

 

Pros

  • Trading without swaps and high leverage.
  • tools for learning for new traders.
  • MT5 Autochartist plugin and internal research.
  • Program for Affiliate Loyalty.
  • a good selection of videos for instruction and research.
  • mostly governed by Cyprus.

 

The broker Legacy is trustworthy and well-regulated. For complete client funds segregation from company assets and investment protection, LegacyFX uses the widely used MT5 platform. Other features include negative balance protection.

 

On the other hand, there isn't a 24-hour support team, and conditions can change depending on entity policies and broker regulations.

 

Leverage

Leverage, sometimes referred to as a loan from the broker to the trader, allows you to trade with a multiplied volume that may improve your potential gains but also comes with higher hazards. So, in addition to learning how to utilise tools wisely, you need also be aware of the numerous regulatory requirements and limitations that establish what constitutes a safe amount of leverage.

  

Since ESMA severely limits the use of leverage for retail traders, LegacyFX Reviews demonstrates that brokers' leverage ratios are set to a typical level permitted for European traders. Therefore, an is chosen as the maximum level.

 

1:30 for significant currency pair

The LegacyFX traders worldwide can still be eligible for a larger range of up to 1:200.

 

In addition to stocks, ETFs, commodities, metals, currency, and cryptocurrencies, LegacyFX also provides 425 CFDs in other well-known asset groups.

 

Cryptocurrency: Neither U.K. residents nor retail traders from any broker's U.K. firm may purchase crypto CFDs.

  

Account Types

The account kinds available from LegacyFX include Standard, Silver, Gold, Platinum, Bronze, Gold, and Premium. With the exception of higher grade accounts, all accounts offer the same competitive trading conditions and services.

 

The Silver account has a minimum deposit requirement of $3,000 and the smallest spread (1.6 pip). For a $5,000 deposit, this is decreased to 1.0 pip in the Gold account.

 

Each of the account kinds offers a unique opportunity for your trading approach while enabling professionals, investors, and new traders to all find their own paths in the market.

 

Islamic Account

In terms of banking practises and riba, the LegacyFX Islamic account complies with Islamic law (interest). For those who, for religious reasons, cannot trade on interest- or swap-bearing accounts, there is an interest-free or swap-free account type. However, account holders will continue to benefit from all of LegacyFX's Account Types' features, including their identical spreads and trading conditions.

  

Demo Account

Customers of LegacyFX can use demo accounts to test out the broker's products and platforms and to practise trading techniques with fictitious money without taking any risks.

 

Commissions and fees

Depending on whether you select LegacyFX's EU entity, which is governed by CySEC, or its global entity in Vanuatu, the assortment of accounts available will change. Unfortunately, unlike the best brokers in this area, LegacyFX does not provide typical spreads, making it difficult to determine the exact cost of trading with them.

 

EU entity: LegacyFX offers Silver, Gold, and Platinum account types to EU citizens, with a minimum deposit of $500, $5,000, and $25,000, respectively. The Platinum account has the lowest advertised spreads, whereas the Gold account has somewhat greater spreads. The lowest minimum spread on the EUR/USD is as high as 1.6 pips, with the Silver account having significantly higher trading costs.

 

LegacyFX provides seven account types for clients from Vanuatu, including Standard (with a $500 minimum deposit), Bronze ($1,000), Silver ($3,000), Gold ($5,000), Platinum ($10,000), Premium ($25,000), and VIP ($50,000). Your level of client support, including mentoring and the ability to communicate with the trading desk, as well as your level of access to trading tools, are determined by the type of account you have.

   

Starting at 0.6 pips, LegacyFX has some of the lowest dealer spreads in the industry.

 

Negative balance protection, no rollover fees on long-term positions, and customer assets are kept separate from LegacyFX's own funds.

 

All LegacyFX Account Types Offer Swap Free (Silver, Gold, Platinum). With no swap fees applied to long-term positions, LegacyFX offers the best conditions for long-term trading and investing. Negative balance protection and complete segregation of client funds from the company's assets are both practises used by LegacyFX to ensure complete investment protection.

 

Deposits and Withdrawals

The method for transferring money to or from your trading account is yet another crucial aspect of our LegacyFX review. At some point, all account administration will take place online, and LegacyFX will enable the processing of transactions using all major credit/debit cards, Skrill, Neteller, and bank wire transfers. Depending on who you are trading with, different payment options are available.

 

What is the LegacyFX minimum deposit amount?

The Silver account at LegacyFX requires 500$ as a starting deposit, whereas other accounts deploy higher levels of initial deposits. The good news is that LegacyFX does not impose fees on deposits made using credit cards or electronic wallets, though this may change depending on the rule.

  

The accounting department of LegacyFX normally processes and approves withdrawals within 3 business days of the time you submit and confirm the request to withdraw money from your account.

 

Regarding transfer costs, be sure to thoroughly review the terms with the payment provider and broker, since different jurisdictions may have different restrictions due to global policies. Overall, LegacyFX states that withdrawals made using bank cards are commission-free, but withdrawals made using wire transfers are subject to a 50$ cost.

  

Mobile trading apps

Without a dedicated mobile app, LegacyFX lags behind market giants like IG and Saxo Bank. Read our guide to the Best Forex Trading Apps for our top recommendations for trading apps.

 

Overview of the apps: Since LegacyFX is a MetaTrader-only broker, the MT5 software is pre-installed on iOS and Android devices and can be downloaded from the Apple App Store and Google Play store, respectively. The MT4 platform is not accessible.

 

The research selection at LegacyFX is comparable to that of the competition. Although the style seems archaic, it offers a respectable collection of video content, but it doesn't have a strong selection of written articles. While LegacyFX has made some progress in this area, it still lags far behind the top brokers in this market.

 

Overview of the research: The Trading Tools section of LegacyFX's website contains the company's research services. There, I discovered a currency pair-specific daily analysis video, an economic calendar, trading signals from Autochartist, and more.

  

Market news and analysis: Articles are presented on LegacyFX's website in headline format with the option to expand them to show more information in a bulleted format. The market news headlines at LegacyFX were only OK in my opinion; I was left wanting more because I couldn't discover any research papers there.

 

Autochartist: LegacyFX uses Autochartist, a company that offers research solutions for the forex and CFD markets, to deliver trading signals. At LegacyFX, Autochartist is offered as an MT5 plugin, and it can also be found in the Trading Tools section under Market Reports.

 

Source:

  • https://55brokers.com/
  • https://www.forexbrokers.com/
  • https://www.dailyforex.com/

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