LegacyFX Review 2025

LegacyFX review
LegacyFX Awards

LegacyFX have won numerious industry awards over the 12 years they have been operating as a financial broker. We have listed the most notable awards and mentions for LegacyFX below.

• Best ECN/STP Broker 2022
• Broker of the year 2021
• Best Trading Signals Provider 2021
• Best Forex Broker Middle East International Business Magazine 2020
• Fastest Growing Forex Trading Platform 2020
• Best New Forex Brand 2020
• Best STP Forex Broker 2020
• Best Forex Broker In The Middle East 2019

LegacyFX review
LegacyFX Fees Explained

• LegacyFX doesn't charge withdrawal fees.
• LegacyFX does charge a fee for inactive accounts.
• LegacyFX doesn't charge deposit fees. A currency conversion fee may be applied as withdrawals and deposits from LegacyFX are conducted in USD. Any other currency will have to be converted to your local currency by your 3rd party payment provider.

LegacyFX Costs To Check

Modern brokers like LegacyFX provide advanced online trading platforms, mobile apps, financial analysis tools and educational resources. These services require significant investment, and in turn, LegacyFX may charge clients various fees for trading activities. Be mindful of these charges, impacting your overall LegacyFX trading profitability.

How LegacyFX Fees Compare Against Other Brokers

LegacyFX Minimum Deposit

LegacyFX requires a minimum deposit of 500 GBP/USD/EUR when opening an LegacyFX trading account.

A minimum deposit is the minimum amount of money required by LegacyFX to open a new online brokerage account with them.

Don't be scared off by brokers like LegacyFX charging a minimum deposit to open a trading account. Brokers charging higher minimum deposits may offer additional premium services on their platforms that are not free on other platforms.

In the trading world, brokers like LegacyFX, have different minimum deposit requirements based on the target audience they are trying to attract. Brokers with lower minimum deposit requirements typically cater to a more mainstream audience who don't require advanced research tools or features. On the other hand, brokers that require a larger minimum deposit often provide a greater range of trading features, more in-depth technical analysis, research tools, and better risk management features.

Some brokers may waive the minimum deposit requirement to attract new customers but may compensate for it by charging higher transaction commissions and trading fees. As the online trading market becomes more competitive, brokers have reduced their minimum deposit requirements to attract new clients.

However, it's important to note that depending on your trading account type, some brokers may require a higher minimum deposit of up to 10,000 GBP/USD. Therefore, it's essential to research and compares different brokers to determine which best suits your trading needs and budget.

LegacyFX Withdrawal Fees

LegacyFX doesn't charge withdrawal fees.

LegacyFX Withdrawal rules may vary across different brokers when it comes to transferring funds from your LegacyFX or other broker trading account. Each brokerage firm has its specific withdrawal methods. The payment provider associated with LegacyFX may have different transfer processing fees and processing times, affecting how long it takes to receive your funds.

In addition, currency conversion fees may apply if the LegacyFX withdrawal and receiving currencies differ, adding to the overall transaction costs. The currency conversion fee depends on your base currency, receiving currency, and the 3rd party payment provider that is separate from LegacyFX. Researching and comparing LegacyFX withdrawal policies and fees across different brokers is essential before choosing one, especially if you are withdrawing LegacyFX funds frequently or dealing with large sums of money. Awareness of these LegacyFX fees and policies can help you plan and budget accordingly and avoid any unpleasant surprises when transferring your LegacyFX funds.

For example, LegacyFX allows you to withdraw your funds to Credit Cards, Debit Cards, VISA, MasterCard, Neteller, Skrill, Klarna, Ideal, GiroPay, Cryptocurrencies, BTC, LTC, BCH, XRP, Wire Transfer, Bank Transfer, AvoPayments, EFTpay.

LegacyFX Inactivity Fees

LegacyFX does charge a fee for inactive accounts.

When a trading account goes unused for a certain period, brokerage clients may be charged an account inactivity fee. To avoid such fees, clients may need to fulfill specific trading activity requirements outlined by LegacyFX terms and conditions. It's important to note that inactivity fees are not unique to online trading accounts, as many financial service companies may also charge them.

Make sure you're fully aware of all LegacyFX fees and services. It's recommended that you check the LegacyFX website before signing up. If you decide to close your LegacyFX account, it's important to do so with the LegacyFX broker customer support and obtain confirmation that no remaining LegacyFX fees are due.

Brokers like LegacyFX must disclose any inactivity fees as part of their regulations. The type of account and broker you sign up for, will determine whether or not you can be charged an inactivity fee under certain circumstances.

Certain brokers may levy inactivity fees to recoup the expenses associated with sustaining your account on their trading platforms when there is a shortage of commission fees earned from your trading activities.

LegacyFX Deposit Fees

LegacyFX does not charge deposit fees. Although bank / 3rd party merchant fees may apply.

Reviewing deposit fees before initiating a transaction is imperative, as certain brokers might impose a charge for depositing funds from your payment method to your trading account. The payment method employed for funding your account might also incur a fee.

Depositing funds into your trading account may incur a fee, which could vary depending on the fiat currency used. For instance, depositing funds from a credit card can attract high fees. Additionally, not all brokers accept credit card payments for account funding. It's crucial to review the funding options and associated fees the broker provides before depositing any funds.

LegacyFX Commission Fees

LegacyFX does charge commission on CFD instruments.

Brokerage firms like LegacyFX may charge commission fees as compensation for executing trades on behalf of traders on their trading platforms. Commission fees can vary depending on the type of financial asset being traded and the LegacyFX trading account level held by the trader.

LegacyFX may charge commission fees for fulfilling, modifying, or canceling an order on behalf of its clients. However, if a market order is not fulfilled, no commission fee is usually charged. Reviewing LegacyFX terms and conditions to understand the commission fees and any other charges that may apply is essential.

LegacyFX review
Trading on LegacyFX web platforms and other applications

LegacyFX provides traders with a modern custom platform that can be accessed through a browser-based web application. If you would rather see a MT4 brokers, or MT5 brokers you can do so here.

LegacyFX is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5. To see how the two platforms compare, you can read our comparison of MT4 vs MT5 here.

A LegacyFX iOS or Android native App on your phone or tablet will Work quicker Than the Avatrade Website on the same device.

LegacyFX also offer mobile apps for Android and iOS trading apps help you stay on top of your trades and execute them on the go.

See LegacyFX's platforms

Is the LegacyFX Trading Platform Secure?

You should take the security of your personal information seriously and check SSL encryption is enabled on the LegacyFX trading platform to protect you on PC and mobile LegacyFX platforms. To further enhance security, we encourage traders to always look for the lock sign on their browser when using LegacyFX web trading platforms.

LegacyFX Trading Platform Options

After logging into your LegacyFX account, you'll find a range of trading platform options available below.

• MetaTrader 5 (MT5)

Please note that LegacyFX does not support the popular MetaTrader 4 (MT4) trading platform. However, if you're looking for a broker offering MT4, you can explore other options available through various online platforms here.

LegacyFX does not support the cTrader trading platform. However, if you're looking for a broker that does offer cTrader, you can explore other options available through the provided link.

Let's explore each of these trading platforms in detail and what options LegacyFX gives you.

LegacyFX & MetaTrader 5 AutoChartist

Autochartist on the LegacyFX platform is a powerful tool designed to help traders find trading opportunities quickly and easily.

Available for LegacyFX MetaTrader 4 and MetaTrader 5 Autochartist can scan the market using an expert advisor script.

With Autochartist, LegacyFX traders can scan multiple markets and timeframes from a single graph, making it easy to keep track of all their preferred symbols without launching multiple graphs. Using Autochartist can save LegacyFX users time and makes the trading process more efficient.

The Autochartist interface is user-friendly and can be customized to suit individual trading preferences. LegacyFX traders can navigate the platform and find the information they need to make informed trading decisions.

LegacyFX Autochartist is a valuable tool for traders who want to stay ahead of the curve and identify trading opportunities quickly and easily. With its powerful features and easy-to-use interface, Autochartist is an essential tool for LegacyFX traders of all experience levels.

LegacyFX review
LegacyFX MetaTrader 5 (MT5)

LegacyFX MetaTrader 5 (MT5) In Detail

LegacyFX MetaTrader 5 (MT5) is a multi-asset trading platform with an extensive range of trading features and financial research tools. Besides the ability to trade Forex and CFDs, LegacyFX MT5 offers access to trade Futures, Stocks, Algorithmic Trading, ETFs, and Indices. MT5 was launched in 2010 and came with advanced charting tools, additional timeframes, and an updated version of MetaTrader 4.

MT5 on LegacyFX provides the convenience of using automated trading systems and copy trading, giving LegacyFX traders competitive research tools in the financial markets.

You can learn more about the MT5 Platform here. You can also learn more about the differences between MT5 and MT4 here.

Trade LegacyFX MetaTrader 5 WebTrader

Access your LegacyFX MetaTrader 5 accounts from any web browser. MT5 on LegacyFX features a massive range of tools like additional timeframes and the most up-to-date technical indicators to give you all the trading resources you need to trade on and analyze the financial markets.

LegacyFX review
LegacyFX MT5 Buying and Selling

LegacyFX MetaTrader 5 on iOS Devices

LegacyFX MetaTrader 5 Can Operate on newer iOS devices like the iPhone and iPad. MetaTrader 5 requires a mobile internet connection or a connection to Wi-Fi. You should upgrade the iOS MetaTrader 5 app regularly. New versions provide improved functionality and increased stability. LegacyFX MetaTrader 5 allows traders to look at market statistics of financial instruments traded in the market execution mode.

LegacyFX MetaTrader 5 on Android Devices

The LegacyFX MetaTrader 5 trading platform is available on Android smartphones or tablets powered by the Android 5.0 or higher operating system. Additionally, to connect to the LegacyFX trading server. Take the time to understand all of the LegacyFX Android MetaTrader 5 features. With LegacyFX MetaTrader 5 for Android, you can trade various financial instruments anytime, anywhere.

LegacyFX Metatrader Mobile Application Features

MetaQuotes, the developers of Metatrader, have listened to the feedback of their millions of users and have built what has become one of the most popular mobile trading platforms in the world. MetaTrader features include :

• LegacyFX Financial instrument quotes
• View in-depth price charts of financial instruments with LegacyFX MetaTrader
• Manage trades and open positions on LegacyFX MT4 & MT5
• View your LegacyFX trading history
• View market news
• MetaTrader internal messaging on LegacyFX
• View and research market statics of LegacyFX financial instruments
• LegacyFX Position opening and closing
• Lookup symbols in the LegacyFX MetaTrader quotes section
• Display of deals on LegacyFX graphs
• LegacyFX Timeframe selection for graphs and charts
• Additional vertical scaling of LegacyFX graphs
• Capability to transfer LegacyFX accounts to other devices using QR codes
• Information is available only if it's supplied by LegacyFX
• Access the OTP generator through FaceID or fingerprint with LegacyFX

LegacyFX MetaTrader 5 Advanced Trading Tools

LegacyFX MetaTrader 5 has many advanced trading tools for more advanced users. Understanding these tools can give you a competitive edge.

• LegacyFX MT5 Depth of market bids and asks
• Financial Price Data on LegacyFX
• Margin Calculation, Futures, Forex on LegacyFX
• Advanced Techincal Analysis on LegacyFX MT5
• One click trading on LegacyFX MT5
• LegacyFX Spreads
• LegacyFX Futures
• LegacyFX Trading Reports

LegacyFX Trading benefits

• LegacyFX Allows scalping
• LegacyFX Offers STP
• LegacyFX Offers Negative Balance Protection

LegacyFX Trading Accounts Offered

Below we give an overview of the account types that LegacyFX offer. Whatever you are looking to trade, the varying LegacyFX account types will be able to provide you with what you need.

• LegacyFX Demo account
• LegacyFX Standard account
• LegacyFX STP account
• LegacyFX Islamic account

Can I try LegacyFX?

LegacyFX provides a demo account that enables individuals to explore trading before investing their funds. By creating a LegacyFX practice account, users can gain experience and knowledge of how to trade effectively. Demo trading accounts like the LegacyFX demo account can help individuals to make informed decisions before investing their money.

Open a demo LegacyFX account to practice and trade.

Your capital is at risk

LegacyFX withdrawal and funding methods

It's essential to remember that the payment methods provided by LegacyFX vary based on the LegacyFX entity and the LegacyFX client's country of residence. To view the LegacyFX payment options available, you can log into your LegacyFX member's area.

LegacyFX offers various funding payment methods listed in your LegacyFX dashboard if available in your region. To learn more about the LegacyFX funding and withdrawal options available in your area, you can explore the LegacyFX website.

LegacyFX provides several payment methods for funding your LegacyFX account. You may utilize any of these deposit options if they are available in your region. LegacyFX ensures that users have multiple payment methods to choose from, making it more convenient for verified LegacyFX account holders to add funds to their accounts. However, it's important to note that the availability of payment methods may vary depending on the LegacyFX user's location. learn more about LegacyFX funding and withdrawal methods.

LegacyFX Payment Methods

Some LegacyFX payment methods are local and are available only to specific regions. LegacyFX account holders should check which payment methods are provided in your region.

• LegacyFX accepts Credit Cards
• LegacyFX accepts Debit Cards
• LegacyFX accepts VISA
• LegacyFX accepts MasterCard
• LegacyFX accepts Neteller
• LegacyFX accepts Skrill
• LegacyFX accepts Klarna
• LegacyFX accepts Ideal
• LegacyFX accepts GiroPay
• LegacyFX accepts Cryptocurrencies
• LegacyFX accepts BTC
• LegacyFX accepts LTC
• LegacyFX accepts BCH
• LegacyFX accepts XRP
• LegacyFX accepts Wire Transfer
• LegacyFX accepts Bank Transfer
• LegacyFX accepts AvoPayments
• LegacyFX accepts EFTpay

How can I start trading with LegacyFX?

To open a trading account with LegacyFX, individuals can sign up on the LegacyFX website. Upon completing the signup process, users will receive login details via email, which they can use to access their accounts.

The next step involves submitting identification documents for LegacyFX account validation and making a deposit. Once completed, LegacyFX users can download the trading platform of their choice.

It's important to note that LegacyFX requires users to provide essential documentation to verify their identity during onboarding and routine KYC identity checks. These checks are a standard practice that helps LegacyFX maintain a trustworthy financial environment for its 10,000 users. Detailed information on the LegacyFX trading platforms is available on their website.

Your capital is at risk

Performing trades with LegacyFX

When using LegacyFX, the minimum trade size is typically varies units of the base currency of the instrument being traded. However, this amount may vary based on the specific account a user has opened. LegacyFX have a max trade of varies. With STP execution on the LegacyFX platform, traders can anticipate tighter spreads and greater transparency when it comes to trade pricing.

Like other brokers, LegacyFX margin requirements can differ depending on the traded instrument.

CFD Trading on LegacyFX

We will show you an example of the basics of using LegacyFX leverage.

CFD trading on LegacyFX allows traders to speculate on the price movements of various financial instruments against the broker LegacyFX, without actually owning real assets. With CFDs, LegacyFX traders can profit from upward and downward price movements by going long (buying) or short (selling) on an asset.

LegacyFX provides CFDs which are leveraged products. For this example, let's assume a ten times leverage. So, if you have a $10,000 position, you only need to tie up $1,000 or a tenth of the value in your account. With high-risk leverage, a small sum controls a much bigger financial position.

The effect of leverage on profits and losses magnifies them in both directions. In other words, LegacyFX leverage profits and losses are magnified when trading. For instance, using CFDs, you use the LegacyFX trading platform to buy/sell $10,000 worth of Apple Computer Inc. If the stock rises by 10% due to positive results, your position is now worth $11,000, representing a $1,000 or 10% increase in value. This CFD trade has a 100% increase in the funds initially committed.

On the other hand, if Apple Computer Inc falls by 10%, your position worth $10,000 is now worth only $9,000, representing a $1,000 decrease. Therefore, LegacyFX leverage magnifies both profits and losses in trading.

Trading CFD trades on the LegacyFX platform can provide more flexibility than traditional market trades, allowing access to CFD fractional shares, international markets, and short selling. They are commonly used for short to medium-term trades, such as intraday CFD trading, but are high-risk due to their separation from the financial markets.

Experienced LegacyFX traders can trade high risk CFD trades to hedge items in their portfolio.

Always be aware that CFDs are complex instruments with a high risk of losing money rapidly due to leverage. Your capital is at risk

Limiting Your Risk When Trading with LegacyFX Negative Balance Protection

Negative balance protection is important for traders using leverage on platforms like LegacyFX. In an unfavourable market move, leverage can result in a loss that exceeds the trader's account balance, leaving them with a negative account balance. If a LegacyFX trading position does not go in your favour, this is where negative balance protection comes in handy.

Brokers regulated by the Financial Conduct Authority (FCA) must offer negative balance protection as a standard feature. With negative balance protection, LegacyFX trading losses are always limited to the current balance of funds in the trader's account.

Even if an LegacyFX trader experiences a significant loss, they will never owe more money than what is available in their LegacyFX account balance.

It's important for LegacyFX traders to understand the potential risks of trading with leverage and to take advantage of features like negative balance protection to mitigate those risks. By doing so, traders can trade with peace of mind, knowing that LegacyFX losses are limited to the funds available in your LegacyFX account when negative balance protection is in place.

Education Resources at LegacyFX

LegacyFX offer educational resources which include Ebooks, Videos. Please bear in mind that these resources provided by LegacyFX do not guarantee any results when trading. When we checked on the LegacyFX website, these educational resources were not available in every language. Also some financial instruments mentioned in any LegacyFX educational resources may not be available in your region.

To trade effectively with LegacyFX, it's important to have a good understanding of the LegacyFX trading tools and the markets. Make sure you make full use of all education tools. Including educational tools with LegacyFX and externally.

LegacyFX . It's essential to take the time to learn about the financial markets and understand how they move before diving into trading with LegacyFX. Familiarizing yourself with the LegacyFX trading platform is crucial to use it effectively.

While learning, you can also use global trading times to practice making live buy or sell trades using LegacyFX. This hands-on experience can help you gain confidence and become more comfortable with trading.

Furthermore, learning how to mitigate and manage investment risk is crucial. Trading with LegacyFX involves developing a strategy considering risk management techniques such as stop-loss orders, diversification, and position sizing. By effectively managing risk, you can increase your chances of success in the markets.

Learning about the financial markets, trading platforms like LegacyFX, and risk management techniques can help you become a more confident and successful trader.

Take an analytical approach to trading with LegacyFX. Explore the LegacyFX platform and train yourself to think systematically and logically about the markets.

While it may be a new skill set for some, it is what the market requires for success. Developing your trading skills with LegacyFX, before live trading.

Customer Support at LegacyFX

As part of our LegacyFX review, we review customer service options, response times and problem resolution effectiveness on the LegacyFX trading platform. The LegacyFX trading platform supports multiple languages, which includes English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian.

LegacyFX Available Support Types

Based on our experience, we have given LegacyFX a D grade for customer support. We encountered some slow response times or LegacyFX queries that were left unanswered.

Compared to other brokers, LegacyFX offers fewer customer support features. They do not provide live chat support, and their phone and email support can also be slow.

email support and supports a limited amount of Languages. Live chat support supports a limited amount of Languages. Phone support supports a limited amount of Languages.

Livechat Support at LegacyFX

Our team tested the live chat support of LegacyFX and found it to be satisfactory. While we received a response within 25 minutes on most occasions, there were instances where we did not receive a response at all.

In addition, we tested LegacyFX support services in various countries and languages and found that LegacyFX were able to effectively resolve our customer issues.

Email Support at LegacyFX

We tested the email support of LegacyFX by sending 25 emails simultaneously, and our experience was mixed. While the answer times were generally excellent, with the fastest response being 3 hours, the slowest response was 6 days. We also encountered some instances where we did not receive any LegacyFX response.

The LegacyFX team did resolve and answer our queries, but the email support from LegacyFX was overall average compared to other brokers we have tested.

Phone Support at LegacyFX

We contacted LegacyFX via phone and received quick assistance within 10 minutes of our call.

The LegacyFX phone support team proved to be helpful and able to resolve our queries and issues over the phone. We also tested the multilingual support provided by LegacyFX and found that they could assist us in various languages.

While we found the LegacyFX phone support satisfactory, there is room for improvement in response time.

See how LegacyFX Support Compares Against Other Brokers

What you will need to open an account with LegacyFX

As LegacyFX is regulated by Cyprus Securities and Exchange Commission (CySEC)(344/17), Bafin (Federal Financial Supervisory Authority).

As a new client of LegacyFX, you will be required to pass a few basic compliance checks to ensure that you fully understand the risks involved in trading and are permitted to trade with LegacyFX in your region. During the LegacyFX account opening process, you will be asked to provide LegacyFX with certain documents, including a scanned copy of your passport, driving license or national ID, as well as a utility bill or bank statement from the past three months to verify your address.

When registering with LegacyFX have the following documents available.

• LegacyFX require a scanned colour copy of your passport, driver's license or national ID card.
• A recent utility bill or bank statement that confirms your residential address for LegacyFX compliance. This must be dated within the last six months.
• If you plan to fund your LegacyFX account using a credit or debit card, you will need to provide a scanned copy of the front and back of your card. You can mask any sensitive information like the CVV code on the LegacyFX platform.

It's worth noting that the expiration date of the proof of address document may differ for different entities under LegacyFX Brand. Additionally, you will need to answer some basic compliance questions to confirm your level of trading experience. This process usually takes around 5 minutes, and once you've passed compliance, you can start exploring LegacyFX's platform.

However, remember that you won't be able to make trades on LegacyFX until you have passed compliance, which may take several days, depending on your circumstances. It's essential to complete the LegacyFX KYC compliance process as soon as possible to avoid any delays in accessing the LegacyFX platform's features.

It is important to note that LegacyFX may request additional documents or information to verify your identity or comply with regulations. The account opening process usually takes a few minutes to complete, and you can start exploring the LegacyFX platform and features immediately. However, you must pass the verification process to start live trading with LegacyFX, which can take up to a few business days.

To start the process of opening an account with LegacyFX you can visit the LegacyFX trading platform here.
Your capital is at risk
You should consider whether you can afford to take the high risk of losing your money.

CFDs are leveraged products and can result in significant losses, excess of your invested capital. All trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered investment advice. All information collected from https://www.legacyfx.com/ on November 20, 2024.

Watch this LegacyFX Explainer Video

LegacyFX review written by Andrew Blumer and Mark Hansen