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LegacyFX Review - Is it scam or safe?

LegacyFX Review - is legacyfx.com scam or good forex broker?

RATING: 3 / 0 REVIEWS LegacyFX
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Trading Accounts & Conditions

 

Account type Minimum deposit  Minimum trade size Maximum leverage Spreads & Commission
Silver $250  0.01 1:200 fixed at/ variable from 2.5 pips
Gold $10 000 0.01 1:200 fixed at/ variable from 1.5 pips
ECN $50 000 0.01 1:200 from 0.4 pips + commission
Platinum $100 000 0.01 1:200 fixed at/ variable from 1.1 pips

 

LegacyFX offers several trading accounts, depending on the initial deposit amount. All of them provide micro tradable lots and leverage up to 1:200. Besides, all accounts are commission-free have options for both variable and fixed spreads, except the ECN one.

 

You can start trading with LegacyFX by investing $250, which is standard for the industry, however the spreads offered are high: fixed at or starting from 2.5 pips. Even if you choose to opt for the Gold account type (and invest $5 thousand bucks), variable spreads are still above the average range of 1.0 – 1.5 pips on EUR/USD. You’d better 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

 

Company

Country

Regulation

 A.N All New Investments Ltd.

Cyprus

CySEC

 

The broker offers trading in wide range of instruments on two trading platforms – Sirix and MetaTrader 4. The LegacyFX brand was launched back in 2015 by Leverate – the developer of the Sirix platform. The retail brokerage operated under the Cyprus license of the firm, but it was shut down in May 2016 and Leverate launched another retail brokerage, called Vinci Capital Markets.

 

Now it looks like LegacyFX is relaunched, however now it is owned by another Cyprus-based firm –  A.N All New Investments Ltd., which is 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.



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.

 

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.
 

 

Trading Platforms

 

As we have already mentioned, LegacyFX supports both the widely used, MetaTrader 4 (MT4) platform, and all-in-one forex and social trading platform Sirix (developed by Leverate).

 

Sirix was launched in 2012 and revolutionized the market with its advanced social trading options. It is equipped with the basic built-in advanced indicators and charting options. The platform has been developed in HTML5 and is available on web, mobile and as a downloadable version. Traders may also connect to the platform using either a FIX or PHP API connection.

 

 

MetaTrader 4 is the most popular platform in the forex industry and has been holding this title for more than 10 years now. The reason for that is probably that MT4 offers all a trader needs: ease of use, advanced charting package, extensive back-testing environment and a number if build-in technical analysis tools, as well as automated strategies, a.k.a Expert Advisors.

 

Methods of Payment

 

LegacyFX supports credit/debit cards, bank wire transfer as  payment methods, as well as e-wallets WebMoney, AstroPay, cashU, safecharge, e-pay, iDEAL and other. 

 

Conclusion

 

LegacyFX is a CySEC-licensed broker that offers online trading in wide range of products on two trading platforms. 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 High spreads
Wide range of tradeable instruments  
Choice of trading platforms, MT4 available  

 

Latest news about LegacyFX
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Traders` reviews for LegacyFX

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Price feed

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Platform

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