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LegacyFX Review - Is it scam or safe?

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

RATING: 2.4 / 7 REVIEWS ForexBrokerz LegacyFX
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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

 

Company

Country

Regulation

 A.N All New Investments Ltd.

Cyprus

CySEC

 

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.

 

 

>> Check out the best MT5 brokers <<

 

 

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  

 

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Traders` reviews for LegacyFX

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

BIGGEST SCAMMERS!

They made everything seem legit, the mails, phone calls, the signals. Straight after my husband deposited money into their account all communication stopped.
He cannot get hold of anyone of them.

There's nothing legit about them. all this happened last week.please ensure you research a company thoroughly before transferring any funds.

Mrs upset 11/07/2019

bad

what i can say is what they don to me they insulted me for not depositing on my account at there on time bad customer care service they dont know how to talk to people

MR L Bhembe 09/17/2019

LegacyFX is genuine

Hi! Everyone!!

I was truly unsophisticated to LegacyFX by listening to the vibes from the Internet.You know, I was reading that the company is a scam and I took that as a real, true saying without waiting for Mr Dante Smith who is working for the company.
I am now feeling stupid after realizing that the company (LegacyFX) is genuine and sincerely honest. I do apologise to the entire LegacyFX team especially Mr Dante Smith who guided me and my mentor Mr Sergel Jessen.
Yours Faithfully
Jeremiah Malinga.

Jeremiah 09/12/2019

no contact

A man called Dante Smith called me about LegacyFx, and told me to deposit money they will trade for me and send me trading signals. After depositing the money I am trying to phone him, he is nowhere to be found.

Jeremiah Malinga 09/06/2019

This is scam

They give a beautiful picture of profit (every month 15-25% profit) and try to suck all your money. Please don't ever think to deposit 1$ to this scam broker. I lost 25k$ because of this scam broker. If you want please contact me.

GAYAN RANASINGHE 08/23/2019

Is not a good investment don't try it

After the market the business and promise 30% profits every month,
I invested $1000 dollars, the lead me to some trading activities, which
The whole money was lost in less than 1 month,
The next statement they told me on the loss, is there SPIKE in the market, which I think is not a very good business to do. Don't try it, I tell you that.

Bashir Liman 08/09/2019

Good operation

i personally had a good experience with this brokerage. deposited a but of funds, and when i decided to withdraw it, i got the money within a week

john 07/30/2019

Spam Broker. They sell your contact info

Once this broker contacted me, other brokers I never signed up with started contacting me.
I suspect that they sell your contact information to third parties

Chukwuemeka 07/14/2019

Scam Alert

I was introduced to Legacy Fx through a webinar on Investing.com, shortly after registering for webinar I was contacted a consultant named Cooper Brown. Cooper began to adamantly and persistently persuade to deposit money into their trading platform.
After I I tried depositing 280 USD into their account they forced me to use a outside "foreign" online banking processor, which I reluctantly deposited into.
Immediately after my deposit, the consult who used to call me everyday even on WhatsApp now disappeared and stopped answering my texts and calls.

Now they are refusing to pay back my money, because they claim that my bank statement should should my bank card number, in order to verify the authenticity of my card.
And they threatened to block my account if I can not make my bank card appear on my bank statement, which only shows my name, account number as well as ID.

Dripgod 07/03/2019

Scam

Once I gave them my telephone number they gave it to hundreds companies and private people that deliberately call me every morning from 9 am asking me to spend some money for them , I was forced to change my tel. number , do not trust them , they are just a bunch of brokers losers that they are scmmed by ther wn company and they try to scam private people

Alex 06/03/2019

Completely Disgusted with Tele-marketer

Tele-marketer needs to do better with customer service. Being rude and nasty, hope you will be more considerate to your potential clients.

Lim Winston Luke Frederic 05/15/2019
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