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LegacyFX Review – is legacyfx.eu scam or good forex broker?
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Trading Accounts & Conditions
| Account type | Minimum deposit | Minimum trade size | Maximum leverage* | Spreads |
| Silver | $500 | 0.01 | 1:200 | from 1.6 pips |
| Gold | $5 000 | 0.01 | 1:200 | from 1.0 pips |
| Platinum | $25 000 | 0.01 | 1:200 | from 0.6 pips |
* Such leverage ratios are available to professional clients only.
LegacyFX offers several trading accounts, depending on the initial deposit amount. All of them provide micro tradable lots and a choice of variable or fixed spreads. Besides, the broker offers swap-free accounts for investors of Islamic belief.
As you can see from the above table, investors can start trading with LegacyFX by investing $500, which is a bit high, and so are the spreads. As most of y0u probably know, most brokers offer spreads in the average range of 1.0 – 1.5 pips on EUR/USD. So, one has to invest at least $5 thousand bucks with legacyFX in order to get decent spreads. You’d might take a look at the real-time spreads of some of the leading forex brokers and choose another one with lower trading costs and license to operate as such
The Company. Security of Funds
A.N All New Investments Ltd.
The broker was initially launched as a brand of Leverate – the developer of the Sirix platform. Now it is owned by another Cyprus-based firm – A.N All New Investments Ltd., which is also regulated by CySEC.
Cyprus has become a very popular hub among forex and binary options brokers due to its well-balanced tax and financial regulations. Brokerages licensed by CySEC must comply with certain rules. First, they must meet capital adequacy requirement of €730 000 and maintain it. Besides, they are obliged to report transactions, keep client funds in segregated accounts, follow certain AML policies and meet a number of other requirements.Furthermore all licensed brokers are members of the Investor Compensation Fund, which may cover a maximum of 20,000 EUR per person in the event of broker insolvency.
In addition, as Cyprus is part of the European Union, MiFID regulations apply, and all CySEC regulated are free to operate in all EU Member States.
We should also note that LegacyFX aslo operates an offshore brokerage brand via the website www.legacyfx.com. It is licensed by the Vanuatu Financial Services Commission (VFSC).
Trading Platform
LegacyFX uses the MetaTrader5 (MT5), the latest platform issued by the Russian fin-tech company MetaQuotes. The software enjoys increasing popularity among both brokers and traders in recent years for a number of reasons. The MT5 has kept most of MetaTrader 4’s valued tools and features – the charting is almost the same as that of its predecessor, and it also provides Expert Advisors for automated trading. On top of that the MT5 allows trading in exchange-traded stocks and derivatives from one and the same account.
Methods of Payment
LegacyFX supports credit/debit cards, bank wire transfer as payment methods, as well as e-wallets such as Skrill, Neteller, and Trustly.
Conclusion
LegacyFX is a CySEC-licensed broker that offers online trading in wide range of products on the industry leading MetaTrader5 platform. According to us, the main drawbacks with regards to this broker are the wide spreads. To sum up the above, here are the advantages and drawbacks with regards to this broker:
| Pros | Cons |
| Solid regulation | Spreads above the average |
| Wide range of tradeable instruments | Initial deposit required a bit high |
| Access to the MT5, higher leverage available to professionals |
| Broker | Advantages |
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