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LegacyFX Review – is legacyfx.eu scam or good forex broker?

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

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

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Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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September-November 2020: Large numbers of highly suspicious positive reviews submitted for this company.

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Trading FX or CFDs on leverage is high risk and your losses could exceed deposits.

Best Binary Options Brokers 2020:
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    BINARIUM

    Top Broker!
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