LegacyFX Rated 1/5

LegacyFX Guide - Read our In Depth 2021 LegacyFX Review

This LegacyFX review was written by industry experts with over 20 years of financial experience in Forex trading, CFD Commodities Trading, CFD Indices trading, CFD Stocks Trading, Cryptocurrency trading, CFD Trading.
The content in this LegacyFX review does not apply to US users.

Benefits of Trading with LegacyFX

LegacyFX Review 2021 Quick Summary
💰 Min Deposit 500
👱‍♂️ Used By 1,000 LegacyFX users and traders
📆 Founded 2012
🌍 HQ Cyprus
👮‍♂️ Regulation Vanuatu Financial Services Commission (VFSC) license number 14579
🚫 Excluded Countries LegacyFX is not available in the following countries : US, AL, DZ, AS, AD, AO, AI, AQ, AG, AR, AM, AW, AT, AZ, BS, BH, BD, BB, BY, BE, BZ, BJ, BM, BT, BO, BQ, BA, BW, BV, BR, IO, BN, BG, BF, BI, CV, KH, CM, CA, KY, CF, TD, CL, CX, CC, CO, KM, CD, CG, CK, CR, HR, CU, CW, CY, CZ, CI, DK, DJ, DM, DO, EC, EG, SV, GQ, ER, EE, SZ, ET, FK, FO, FJ, FI, FR, GF, PF, TF, GA, GM, GE, DE, GH, GI, GR, GL, GD, GP, GU, GT, GG, GN, GW, GY, HT, HM, VA, HN, HK, HU, IS, IN, ID, IR, IQ, IE, IM, IL, IT, JM, JP, JE, JO, KZ, KE, KI, KP, KR, KW, KG, LA, LV, LB, LS, LR, LY, LI, LT, LU, MO, MG, MW, MY, MV, ML, MT, MH, MQ, MR, MU, YT, MX, FM, MD, MC, MN, ME, MS, MA, MZ, MM, NA, NR, NP, NL, NC, NZ, NI, NE, NG, NU, NF, MP, NO, OM, PK, PW, PS, PA, PG, PY, PE, PH, PN, PL, PT, PR, QA, MK, RO, RU, RW, RE, BL, SH, KN, LC, MF, PM, VC, WS, SM, ST, SN, RS, SC, SL, SG, SX, SK, SI, SB, SO, ZA, GS, SS, ES, LK, SD, SR, SJ, SE, CH, SY, TW, TJ, TZ, TH, TL, TG, TK, TO, TT, TN, TR, TM, TC, TV, UG, UA, AE, GB, UM, UY, UZ, VU, VE, VN, VG, VI, WF, EH, YE, ZM, ZW, AX

Open LegacyFX's Website

Your capital is at risk


learn more Learn more about eToro.
67% of retail investor accounts lose money when trading CFDs with this provider.

What is LegacyFX?

LegacyFX are a online financial trading platform and multi asset broker founded in 2012

Over 9 years later LegacyFX has grown to offering retail investors Forex trading, CFD Commodities trading, CFD Indices trading, CFD Stocks trading, Cryptocurrency trading, and CFD trading.

LegacyFX are not a global broker as they are not allowed to operate in some major geo regions. LegacyFX have a head office in Cyprus.

When trading in the financial markets it can be very time consuming to find a broker that meets your needs.

We will dive deep in this LegacyFX review and assess how well the LegacyFX platform functions in its role as an international multiple financial asset trading platform for traders in 2021.

Often you have to visit and read many broker websites all of which have different uses of language. The wording can be very confusing. Choosing an online broker like LegacyFX can be difficult. For a beginner, the first few hurdles can come in the form of what appears to be a complex mobile or online trading platform, hard to understand investment terminology and confusing fee structures. In our review of LegacyFX we breakdown the pros and cons. What LegacyFX are able to offer, what countries LegacyFX are available in. Who LegacyFX are regulated by and more.

LegacyFX Review Screenshot

Having a reliable and capable broker is crucial to your success in online trading. Make sure that your broker is not fake or unreliable to avoid losing your investment. Ensure that your needs fit the profile of your broker as well, in order for you to have a good working profitable relationship.

This is why we have taken the time to review only the best brokerage firms, their practices, their fee structure and all other important aspects. We want you to evaluate and analyse and trust your hard-earned cash with only the safest and best of brokers. We hope you find this LegacyFX review useful.

This review of the LegacyFX platform is very detailed. If you are interested in trading with LegacyFX in any capacity please take the time to read and research the whole LegacyFX review.

We have tried to explain the ins and outs of financial trading through the LegacyFX platform as plainly as possible so that you the trader are as informed as possible before you start to use the LegacyFX trading tools and depositing and withdrawing funds from LegacyFX.

Investing online can be just as risky as any other kind of offline investment. As with any investment, it is important to know and research the company you are dealing with. When trading financial assets with LegacyFX like Forex trading, CFD Commodities trading, CFD Indices trading, CFD Stocks trading, Cryptocurrency trading, and CFD trading. you should have confidence in LegacyFX and know that the management of your financial investments on the LegacyFX platform are in good hands.

At the bottom of this LegacyFX review you can also learn about some pretty good alternatives to LegacyFX

With this LegacyFX review we hope to help you see if LegacyFX is a good fit for you.

It is a common myth that online trading is confusing. It is only difficult for people who have not done the research. In this article, you will learn important information regarding LegacyFX that will help you get off to a good start in the world of online trading.

LegacyFX Review Table of Contents

LegacyFX review
LegacyFX is a Multi-Assets Trading Platform with over 200+ Assets

Learn more about LegacyFX. LegacyFX is a multi asset platform with 200+ tradable Assets. Assets available on LegacyFX include Forex trading, CFD Commodities Trading, CFD Indices trading, CFD Stocks Trading, Cryptocurrency trading, CFD Trading.

LegacyFX trades in multiple financial asset types. An asset in financial investment, is any security or asset, tangible or intangible, that has a financial value attached. This means that Forex trading, CFD Commodities Trading, CFD Indices trading, CFD Stocks Trading, Cryptocurrency trading, CFD Trading are considered financial assets.

Features of LegacyFX

LegacyFX review
What you should know

LegacyFX offer six ways to trade: Forex trading, CFD Commodities Trading, CFD Indices trading, CFD Stocks Trading, Cryptocurrency trading, CFD Trading.

With LegacyFX you will need a minimum deposit of $500. You can sign up for a demo account to acquaint yourself with LegacyFX platform.

LegacyFX are able to accommodate various levels of traders whether you are experienced or a beginner.

Are LegacyFX safe?

When choosing a broker like LegacyFX the administrative body and regulatory status of the broker is very important. Brokers who conduct trades without supervision of a regulatory body do so at their own discretion. Any capital you invest is at risk.

Established in 2012, and in operation for 9 years LegacyFX have a head office in Cyprus.

LegacyFX is regulated. This means LegacyFX are supervised by and is checked for conduct by the Vanuatu Financial Services Commission (VFSC) license number 14579 regulatory bodies.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to LegacyFX, this will be honored. If LegacyFX violate any regulatory rules their regulated status could be stripped.

Your capital is at risk

Is my money safe with LegacyFX?

Any payments funded to LegacyFX accounts by traders are held in a segregated bank account.

For added security LegacyFX use tier-1 banks for this. Tier 1 is the official measure of a banks financial health and strength.

What are Tier 1 banks and why should LegacyFX use them?

A Tier 1 bank is considered the safest and most secure regarding client capital. Tier 1 is actually a term describing the financial strength of a bank. A Tier 1 bank has strong core capital reserves and financial regulators utilize tier one banks because they are able to withstand unexpected financial losses.

What does it mean to have your funds in LegacyFX deposited in a Tier 1 bank?

Having any money you deposit with LegacyFX means that your funds are safe in a bank that has enough capital to accommodate your withdrawal wishes even if LegacyFX goes out of business for some reason.

Therefore, we can safely conclude that LegacyFX is secure and safe.

That said, please note that you can lose funds when trading in financial assets. Accounts can lose money due to either not putting enough effort into researching the markets, lack of experience or not using the tools provided by the brokerage platform.

While trading in financial investments, losing money rapidly due to trading Forex trading, CFD Commodities Trading, CFD Indices trading, CFD Stocks Trading, Cryptocurrency trading, CFD Trading is not uncommon. Only take the risk of trading when you understand that your invested capital is at risk any time due to market volatility. LegacyFX also clearly state on their platform that Your capital is at risk.

Now that we have answered some important questions regrding LegacyFX. let us look at the LegacyFX features in more detail.

Try creating two accounts when you are working with LegacyFX. One is the real account, with your real money and the other is your demo account. The demo account is your experimental account.

Open a demo account Visit LegacyFX

Your capital is at risk

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

How LegacyFX as a Company Compare Against Other Brokers

Broker legacyfx eToro XTB IC Markets
Year Established 2012 2007 2002 2007
Head Office Cyprus Cyprus, UK Poland Australia
Regulation Vanuatu Financial Services Commission (VFSC) license number 14579 Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID), Australian Securities and Investments Commission (ASIC) Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comisión Nacional del Mercado de Valores, Komisja Nadzoru Finansowego, Belize International Financial Services Commission (IFSC) under license number IFSC/60/413/TS/19, Polish Securities and Exchange Commission (KPWiG) Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC)
Used By 1,000+ LegacyFX users 20,000,000+ eToro users 250,000+ XTB users 180,000+ IC Markets users
Negative balance protection No Yes Yes Yes
Guaranteed Stop Loss No No No No
Learn More Visit LegacyFX Visit eToro Visit XTB Visit IC Markets
Risk Warning Your capital is at risk 67% of retail investor accounts lose money when trading CFDs with this provider. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Losses can exceed deposits

LegacyFX review
LegacyFX Pros and Cons

What we like about LegacyFX

  • Used by over 1,000 LegacyFX users and traders
  • Established in 2012
  • Regulated by Vanuatu Financial Services Commission (VFSC) license number 14579
  • Min. deposit from $500

What we don't like about LegacyFX

LegacyFX review
LegacyFX Regulation and Licensing in more detail

We have checked and LegacyFX is regulated and supervised by reputable organisations. You are able to check every LegacyFX supervisory and regulatory body given below. Regulation gives you some recourse for those who have issues with LegacyFX. Regulatory authorities protect the traders with things like reimbursement schemes that regain the client's investment in the event the broker becomes insolvent.

The brokerage firms have to comply with a variety of rules and criteria for license approval, this is determined by the recognized international authority with the intention to provide secure trading and stay licensed. The whole notion of regulation is to protect LegacyFX traders and provide a safe trading environment. Financial regulation and license approval is essential.

  • Vanuatu Financial Services Commission (VFSC) license number 14579

LegacyFX is regulated, governed and supervised by reputable financial regulatory bodies. Regulatory bodies monitor the behavior of the brokers and if things go wrong they will take necessary action. Before trading online with a broker such as LegacyFX you should be sure they're legitimate online agent.

Is LegacyFX Global?

No, LegacyFX is not global, LegacyFX is not available globally as LegacyFX is not available in some major trading countries.

LegacyFX is restricted in some major geo regions.

LegacyFX review
LegacyFX Fees Explained

  • LegacyFX withdrawal fees varies on payment method
  • LegacyFX does not charge a fee for inactive accounts.
  • LegacyFX doesn't charge deposit fees.

Brokers offer state of the art online trading platforms, mobile trading apps, financial research tools and educational resources. For a brokerage to maintain these services and earn revenue as a company. Brokers may charge clients various trading fees that you need to be aware of as they may affect your bottom line.

How LegacyFX Fees Compare Against Other Brokers

Broker legacyfx eToro XTB IC Markets
Min Deposit 500 50 0 200
Withdrawal Fees varies Yes varies No
Inactivity Fees No Yes Yes No
Deposit Fees No No No Varies
CFD Commission Fees Yes Yes Yes Yes

LegacyFX Minimum Deposit

LegacyFX require a minimum desposit of 500 GBP/USD 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.

Dont be scared off by brokers like LegacyFX charging a minimum deposit to open a trading account. Brokers that charge higher minimum deposits often offer additional premium services on there platforms that are not available for free on other platforms.

Brokers that offer lower minimum deposits are generally geared towards a more mainstream audience that do not require some of the more advanced features and research tools.

Brokers that do not charge minimum deposits do so usually to attract new customers. They have to make some way, so transaction commissions and other trading fees may be higher with a low minimum deposit account.

Brokers that require a larger minimum deposit amount usually offer a greater range of trading features on their platforms. These brokers often have more in depth technical analysis and research tools and better risk management features.

As more and more online trading platforms have entered the market, minimum deposit requirements to open a live trading account have gone down as an increasing number of brokers compete for new clients.

Depending on the type of trading account you opt for some brokers require a minimum deposit as high as 6500 GBP/USD. Some brokers can go as high as 10,000 GBP/USD.

LegacyFX Withdrawal Fees

LegacyFX withdrawal fees vary depending on your selected withdrawal payment method.

Each broker has their own specific withdrawal rules on how your funds can be withdrawn from your trading accounts.

This is because each brokerage firm will have different withdrawal methods and each payment provider may have differing transfer processing fees, processing times and a potential currency conversion fee. The Conversion fee is dependant on your base currency, your recieving currency, your payment provider.

LegacyFX for example allow you to withdraw your funds to Bank Wire transfer, Debit cards, Visa, MasterCard, Neteller, Skrill, Cryptocurrency.

LegacyFX Inactivity Fees

LegacyFX does not charge a fee for inactive accounts.

An account inactivity fee is a fee charged to the registered brokerage client.

Brokers may have certain trading activity requirements that under the terms and conditions of the accounts, clients may have to fulfill.

If a clients trading account dues not have any buying and selling over a period of time as dictated by the broker an inactivity fee may be due.

Inactivity fees are not specific to online trading accounts. Many financial service companies may charge inactivity fees. Please check on the brokers website and make sure you are aware of and are happy with all the services and fees you may be charged.

If you are no longer using your trading account close it with the brokers customer support. And make sure you have a confirmation that any remaining fees are not due.

Depending on the type of account you have signed up for you can only be charged an inactivity fee under certain circumstances. As part of a brokers regulation they are required to clearly disclose any inactivity fees.

Some brokerage firms may charge inactivity fees as compensation for maintaining your account on their expensive trading platforms, in an attempt to claw back revenue for the lack of commission fees from your trading.

LegacyFX Desposit Fees

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

You must always review deposit fees as some brokers may charge a fee when you deposit funds from your payment method to your trading account. This is because the payment method which you use to fund your account may accrue a fee. The fee may be a fixed fee when you deposit a specific fiat currency to your account. For example fees are known to be high when depositing funds from a credit card. This is if your broker accepts funding your account via a credit card.

LegacyFX Commission Fees

LegacyFX does charge commission on CFD instruments.

A broker may charge a commission fee as a service charge for facilitating the buying and selling of financial assets through your trading account.

A brokerage may make most of their revenue from charging registered traders a commission fee on client transactions.

Commission fees can differ depending on the trading type, financial asset type and what level of trading account you have.

Broker commissions are charged if the brokerage fulfills an order, cancels an order or modifies and order on your behalf.

If a market order is not fulfilled by your brokerage usually no commission is charged.

Be aware that if your order is modified or canceled, your brokerage may charge a commission fee.

LegacyFX review
What can you trade with LegacyFX?

Be aware that Different entities under LegacyFX Brand offer different trading instruments due to regulatory restrictions. Trading instruments offered may differ based on the country of residence of the Client.

You can trade a wide variety of instruments with LegacyFX over 200 instruments infact.

If you are looking for Forex brokers to trade currency pairs on global Forex markets LegacyFX offer over 60 currency pairs.

Compare LegacyFX with eToro and XTB below.

Your capital is at risk

How LegacyFX Trading Options Compare Against Other Brokers

Broker legacyfx eToro XTB IC Markets
Instruments Available 200 2000 4000 232
Platforms MT5, Desktop platform, Web platform, Tablet & Mobile apps Web Trader, Tablet & Mobile apps MT4, Mirror Trader, Web Trader, Tablet & Mobile apps MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader, Mac
FX / Currencies        
Forex pairs offered 60 50 57 65
Major Forex pairs Yes Yes Yes Yes
Minor Forex pairs Yes Yes Yes Yes
Exotic Forex pairs Yes Yes Yes Yes
Cryptocurrencies (availability subject to regulation) Yes Yes Yes Yes
Commodity CFDs        
Commodities Offered 0 31 21 19
Metals Yes Yes Yes Yes
Energies Yes Yes Yes Yes
Agricultural Yes Yes Yes Yes
Indiced & Stock CFDs        
Stocks Offered 60 2042 1696 110
UK Shares No Yes Yes Yes
US Shares Yes Yes Yes Yes
German Shares No Yes Yes Yes
Japanese Shares No Yes Yes Yes
Risk Warning Visit LegacyFX
Your capital is at risk
Visit eToro
67% of retail investor accounts lose money when trading CFDs with this provider.
Visit XTB
77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Visit IC Markets
Losses can exceed deposits

LegacyFX review
Trading on LegacyFX web platforms and other applications

LegacyFX offer a user-friendly custom trading platform, available as a browser based web application. If you would rather see a comparison of MT4 brokers, you can 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.

LegacyFX is one of a handful of brokers that offer the cTrader platform developed for traders. For a list of forex brokers that offer the cTrader platform, check out our comparison of MT4 brokers.

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 making it easier to keep an eye on and execute your trades while you’re on the move.

See LegacyFX's platforms

Is the LegacyFX Trading Platform Secure?

LegacyFX safeguards the personal information of its clients through SSL encryption in its PC and mobile platforms. LegacyFX also urges its clients through its web platform to always look for the SSL security sign (a lock sign) o the browser while operating LegacyFX.

LegacyFX Trading Platform Options

Once you have logged into your LegacyFX account you will see the below trading platform options available to you.

  • MetaTrader 5 (MT5)
  • cTrader

LegacyFX does not offer the MetaTrader 4 (MT4) trading platform. If you are looking for a online platform that does offer MT4 you will find them here

Lets explore each of these trading platforms in detail and what options LegacyFX gives you.

LegacyFX & MetaTrader 5 AutoChartist

LegacyFX Autochartist provides the world's first Market Scanner available for MT4 & MT5 using a non-trading Expert Advisor script. Scan markets for trading opportunities while viewing all symbols and time intervals from a single graph. Gone are the days of launching a lot of graphs on which you can't remember which currency you're taking a look at. Autochartist offers a simple user interface that can be customized to suite how you like to trade.

LegacyFX review
LegacyFX MetaTrader 5 (MT5)

LegacyFX MetaTrader 5

MetaTrader 5 also known as MT5 is a multi asset trading platform that provides a wide range of trading features and financial research tools, MT5 also allows the use of automated trading systems (trading robots) and copy trading. New features like additional timeframes and advanced charting tools can give you a competitive advantage in the financial markets.

MetaTrader 5 was released in 2010 and is the updated version of MetaTrader 4.

MetaTrader 4 was built specifically to trade Forex and CFDs, MetaTrader 5 on the other hand facilitates trading of Forex, Futures, Stocks, Algorithmic Trading, ETFs and Indices.

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. It features a huge 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 analyse the financial markets.

LegacyFX review
LegacyFX MT5 Buying and Selling

IC Markets MetaTrader 5 Buying and Selling

LegacyFX MetaTrader 5 on IOS Devices

LegacyFX MetaTrader 5 Can Operate on the and newer IOS devices like the iPhone and iPad. MetaTrader 5 requires a mobile internet connection or a connection to Wi-Fi. It's suggested that you 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

MetaTrader 5 for Android may be used on a Android smartphone or a tablet powered by the Android 5.0 or higher operating system. Additionally, to connect to LegacyFX trading server. Take the time to understand all of the Android MetaTrader 5 features. With Metatrader 5 for Android you can trade a selection of financial instruments at any time, in any place.

LegacyFX Metatrader Mobile Application Features

MetaQuotes the developers of Metatrader have listened to the feedback of their millions of users and have built the most popular mobile trading platform in the world. MetaTrader features include :

  • Financial instrument quotes
  • View in depth price charts of financial instruments
  • Manage trades and open positions
  • View your trading history
  • View market news
  • MetaTrader internal messaging
  • View and research market statics of LegacyFX financial instruments
  • Position opening and closing
  • Lookup symbols in the quotes section
  • Display of deals on graphs
  • Timeframe selection for graphs and charts
  • Additional vertical scaling of graphs
  • Capability to transfer 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

LegacyFX MetaTrader 5 Advanced Trading Tools

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

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

LegacyFX review
LegacyFX cTrader

LegacyFX cTrader

CTrader is a comprehensive trading platform solution for Forex and CFD brokerages to provide to their traders. The platform is packed with a complete variety of features to cater to each and every investment taste imaginable.

The cTrader Premium Charting and Manual Trading Platform available on LegacyFX

cTrader is a top multi-asset Forex and CFD trading platform. cTrader offers advanced order types, charting tools, amount II pricing, and quick entry and execution. Using a amazing looking layout and dashboard, it is linked to state of the art infrastructure, that can be accessed from many devices.

IC Markets cTrader

cTrader Copy available on LegacyFX

CTrader Copy empowers everyone on the platform to share their investment strategy and to share their trading strategy for a fee or commission. Other dealers can search and replicate the approaches available, and revel in a commitment-free investing. Furthermore, traders can use their own risk management configurations.

IC Markets cTrader Copy Trading

cTrader Automate available on LegacyFX

CTrader Automate provides traders the ability to create algorithmic trading robots to automate financial trading plans. Dealers can use cTrader's contemporary C# API to write code within the IDE, the IDE allows developers optimize and test their financial robots.

cTrader Open API available on LegacyFX

Build your own software using cTraders Open API. It is a free, secure and publicly available API for all. Developers can take advantage of cTraders mature infrastructure to construct desktop, mobile and online software. The open API allows developers to interact and interface with any cTrader account.

You can learn more about the cTrader Platform Here.

LegacyFX Trading benefits

  • Allows scalping
  • Offers STP

LegacyFX Trading Accounts Offered

Below we give an overview on 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.

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

Can I try LegacyFX before I buy?

LegacyFX offer a demo account so you can try before putting down funding payments. Open a practice account & learn to trade

Your capital is at risk

LegacyFX withdrawal and funding methods

Please note that the list of LegacyFX payment methods below depend on the LegacyFX Entity and the Clients Country of Residence.

All available LegacyFX payment methods available to you can be found in your LegacyFX members area checked on the LegacyFX website.

LegacyFX offer the below funding payment methods. You can use any of the below deposit options if available in your region. learn more about LegacyFX

LegacyFX Payment Methods

  • LegacyFX accepts Bank Wire transfer
  • LegacyFX accepts Debit cards
  • LegacyFX accepts Visa
  • LegacyFX accepts MasterCard
  • LegacyFX accepts Neteller
  • LegacyFX accepts Skrill
  • LegacyFX accepts Cryptocurrency
Broker legacyfx eToro XTB IC Markets
Bank transfer Yes Yes Yes Yes
Credit Cards No Yes Yes Yes
Paypal No Yes Yes Yes
Skrill Yes Yes Yes Yes
Payoneer No Yes Yes No
Neteller Yes Yes Yes Yes

*please note available LegacyFX and other broker payment methods depend on the clients country of residence.

How can I start trading with LegacyFX?

When opening a trading account with LegacyFX, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on LegacyFX trading platforms here. You will need to provide some basic documentation to prove your identity as part of LegacyFX onboarding and normal KYC identity checks. These checks are standard practice and help LegacyFX provide a safe financial environment for their 1,000 users.

Your capital is at risk

Performing trades with LegacyFX

LegacyFX allow you to execute a minimum of trade of varies. This may vary depending on the account you open. LegacyFX allow you to execute a maxium trade of varies. As LegacyFX offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades.

As with most brokers, margin requirements do vary depending on the instruments.

CFD Trading on LegacyFX

let's take a look at some of the basics of using LegacyFX leverage.

LegacyFX offer CFD which are a leveraged product for this example we describe ten times leverage.

So you have a ten thousand dollar position but you only tie up a thousand dollars a tenth of the value on your account. You have a situation where a small sum of money is controlling a much bigger financial position. This is your leverage.

So what effect does leverage have on your profits and losses well put simply it magnifies them in both directions.

LegacyFX leverage magnifies both profits and losses when trading.

Let's say for example you buy ten thousand dollars worth of General Electric (GE) using contracts for difference ( CFDs ) using the LegacyFX trading platform.

let's say General Electric (GE) rises 10% because its results are positive your position which was worth ten thousand dollars is now worth $11,000.

It's grown by $1000 10% in value this represents a hundred percent increase on the funds initially committed on your leverage CFD trade.

Our initital investment of ten thousand dollars for the trade and has made a thousand dollars in profit because the price is up ten percent.

The LegacyFX leverage goes both ways. If General Electric (GE) Falls 10% on week results your position which was worth ten thousand dollars is now worth only nine thousand dollars. It has fallen by a thousand dollars.

LegacyFX CFDs are typically used for short to medium term trades. For example LegacyFX intraday CFD trading. Although high risk because CFD trades are separate from the financial markets, a CFD trade can be more flexible than a traditional market trade where you own the underlying asset. CFD trades give access to CFD fractional shares, CFD international markets and CFD short selling. More advanced traders can also use CFDs to hedge.

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

Education resources at LegacyFX

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

LegacyFX offer a good selection of educational resources. Take your time, learn how the financial markets move. Take the time to learn how your trading platform works. Make buy and sell trades, learn how to take advantage of global trading times and most importantly learn how to mitigate and manage investing risk.

Having an analytical approach may be a good way to approach trading with LegacyFX.

Take time to look around the LegacyFX platforms and train yourself to think more systematically and logically about the markets. It's a new skill-set for many, but it is what the market requires of you.

Customer Support at LegacyFX

As part of our LegacyFX review we review customer service options, response times and LegacyFX trading platform problem resolution effectiveness.LegacyFX support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian.

LegacyFX have a D grade support rating because because sometimes the response was slow or our query wasnt answered. LegacyFX less customer support features compared to other brokers like live chat, phone and email support. 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

We tested the LegacyFX live chat and it works well. We sent messages to LegacyFX livechat through their app and website and recieved a response within 20 minutes. Sometimes there was no response.

We tested communicating with LegacyFX support in multiple languages in multiple countries. LegacyFX where able to resolve our customer issues.

Email Support at LegacyFX

We sent several emails to LegacyFX and answer times overall were excellent. The fastest response from LegacyFX was 4 hours and the slowest response was 5 days. Sometimes there was no response. Support response times may vary for you with LegacyFX, but this was our experience sending 10 emails at varying times.

The team resolved and answered our queries. Overall average email support from LegacyFX.

Phone Support at LegacyFX

We called LegacyFX and the call was answered very quickly. The call was answered in less than 5-10 minutes.

The LegacyFX phone support team were able to successfuly answer our questions and issues over the phone. We tested the multilingual LegacyFX team by calling in varying languages. LegacyFX made an effort to make sure our queries were answered.

Overall the phone support from LegacyFX was okay.

See how LegacyFX Support Compares Against Other Brokers

Broker legacyfx eToro XTB IC Markets
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Risk Warning Your capital is at risk 67% of retail investor accounts lose money when trading CFDs with this provider. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Losses can exceed deposits

What you will need to open an account with LegacyFX

As LegacyFX is regulated by Vanuatu Financial Services Commission (VFSC) license number 14579, every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you'll likely be asked for the following, so it's good to have these handy:

Be aware that the expiration date of Proof of address document for different entities under LegacyFX Brand may be different.

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You'll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it's best to put aside at least 3 minutes or so to complete the account opening process.

While you might be able to explore LegacyFX's platform straight away, it's important to note that you won't be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with LegacyFX you can visit the LegacyFX trading platform here.

CFDs are leveraged products and can result in the loss of your 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 as investment advice. All information collected from https://www.legacyfx.com/ on September 16, 2021.

Watch this LegacyFX Explainer Video

Is LegacyFX A Good Broker?

We spent over 3 months examining LegacyFX in depth. Although we found some very useful aspects of the LegacyFX platform that would be useful to some traders. Overall our feeling is that you would be better served with an alternative LegacyFX broker.

  • LegacyFX have a good track record of offering Forex trading, CFD Commodities Trading, CFD Indices trading, CFD Stocks Trading, Cryptocurrency trading, CFD Trading.
  • LegacyFX has a history of over 9 years.
  • LegacyFX has a reasonable sized customer support of at least 10.
  • LegacyFX are regulated by the Vanuatu Financial Services Commission (VFSC) license number 14579. This means LegacyFX fall under regulation from a jurisdiction that can hold a broker responsible for its misgivings; or at best play an arbitration role in case of bigger disputes.
  • LegacyFX have regulation from Tier 1 reputable regulators.
  • LegacyFX has the ability to get deposits and withdrawals processed within 2 to 3 days. This is important when withdrawing funds.
  • LegacyFX have an international presence in multiple countries. This includes local LegacyFX seminars and training.
  • LegacyFX are able to hire people from various locations in the world who can better communicate in your local language.

LegacyFX Risk Disclosure

Your capital is at risk

Trading Risk Disclaimer

Trading financial instruments including crpytocurrency and foreign currency markets come with a very high level of risk. In regards to leverage and margin based trading you will be exposed to a high risk of loss. Some financial instruments and derivatives that are off exchange may offer varying leverage and may have limited regulatory protection and high market volatility. It should never be presumed that any investment products, techniques, indicators or any other presented resources will result in profits. You should be aware that investing may result in financial loss.

LegacyFX not quite right?

If after reading this LegacyFX review, LegacyFX does not fulfill your needs check out these LegacyFX Alternatives.

Click here to view the best LegacyFX Alternatives

We have spent years researching the best alternatives to LegacyFX. Click the links below to learn more.

If you feel some of the above LegacyFX are not quiet what you are looking for or perhaps you would just like to see some alternatives. See our highly rated list of LegacyFX alternatives below.

Related LegacyFX Vs Comparisons

We have covered allot in this LegacyFX review, If you want to see how LegacyFX compares side by side with other brokers check out our LegacyFX Vs pages.

If you would like to see how LegacyFX stands up against other brokers you can read some of our LegacyFX comparisons below. We compare side by side some of our top rated LegacyFX versus comparisons. Read our indepth LegacyFX VS pages below.

LegacyFX review
LEGACYFX Frequently Asked Questions

Read our detailed LegacyFX FAQ Section updated for 2021.

Can I try LegacyFX before I buy?

LegacyFX offer a demo account so you can try the LegacyFX platform with virtual trading before you put down a payment. Virtual trading with LegacyFX is zero risk. Learn more here

What funding methods do LegacyFX accept?

Please note that the list of payment methods below depend on the LegacyFX Entity and the Clients Country of Residence.

LegacyFX offer the following funding payment methods Bank Wire transfer, Debit cards, Visa, MasterCard, Neteller, Skrill, Cryptocurrency, among other payment methods.
Learn more here

Your capital is at risk

Is LegacyFX safe?

LegacyFX are considered safe as they are regulated by and checked for conduct by the Vanuatu Financial Services Commission (VFSC) license number 14579. Any payments funded to LegacyFX accounts by traders are held in a segregated bank account. For added security LegacyFX use tier-1 banks for this. Tier 1 is the official measure of a banks financial health and strength.

Your capital is at risk

Is LegacyFX trading good?

LegacyFX is considered good and reputable to trade with LegacyFX. LegacyFX is used by over 1,000 active traders and LegacyFX users. LegacyFX offers Forex trading, CFD Commodities trading, CFD Indices trading, CFD Stocks trading, Cryptocurrency trading, and CFD trading. Minimum deposit with LegacyFX is 500.

Is LegacyFX trading Legit?

LegacyFX was founded in Cyprus in 2012. LegacyFX has been facilitating trade on the financial markets for over 9 years. LegacyFX offers clients Forex trading, CFD Commodities trading, CFD Indices trading, CFD Stocks trading, Cryptocurrency trading, and CFD trading. All funds deposited to LegacyFX are held in segregated tier 1 bank accounts for security. LegacyFX is regulated by Vanuatu Financial Services Commission (VFSC) license number 14579 so can be considered legit.

Is LegacyFX a good broker?

LegacyFX is overseen by the top tier financial regulators Vanuatu Financial Services Commission (VFSC) license number 14579 so can be considered a good broker. LegacyFX allows Forex trading, CFD Commodities trading, CFD Indices trading, CFD Stocks trading, Cryptocurrency trading, and CFD trading.

Is LegacyFX trustworthy broker?

LegacyFX can be considered trustworthy. All money funded to LegacyFX is placed into a segregated tier 1 bank account. this means your money in not held by LegacyFX directly by a tier 1 bank. The broker has no direct access to your funds so cannot misappropriate your money. Also LegacyFX is regulated by Vanuatu Financial Services Commission (VFSC) license number 14579.

What is the minimum deposit for LegacyFX?

The minimum deposit to trade with LegacyFX is 500.

How long do LegacyFX withdrawals take?

Withdrawing money from LegacyFX processing time varies but averages 2-5 days.

Is LegacyFX regulated?

LegacyFX is regulated by the Vanuatu Financial Services Commission (VFSC) license number 14579. Regulatory bodies conduct regular reviews and audits as part of LegacyFX maintaining their regulatory status. You can learn more about these reviews on the regulator websites.

Is LegacyFX a market maker?

LegacyFX is a market maker. Stocks, currency and other commodities and instruments will be purchased by LegacyFX even if no buyer is lined up.

How can I start trading with LegacyFX?

When opening a trading account with LegacyFX, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on LegacyFX trading platforms here.

Is my money safe with LegacyFX?

LegacyFX is regulated by the Vanuatu Financial Services Commission (VFSC) license number 14579. One of the most important criteria for traders when choosing a broker like LegacyFX is the regulatory body and regulatory status of the broker. Brokers who conduct business without regulation do so at their own discretion and pose a direct risk to the security of their clients money.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to LegacyFX, this will be honored. If they violate any regulatory rules their regulated status can be stripped.

Is LegacyFX a con?

LegacyFX is regulated and well established having been in business for over 9 years. LegacyFX is definitely not a con.

Can you make money with LegacyFX?

Although traders have had great success with LegacyFX. Trading on the financial markets with LegacyFX is not a get rich scheme. If you educate yourself, practise with a demo account and carefully plan your trading your chance of success will greatly increase. Never trade with money you cannot afford to lose. Your capital is at risk.

Does LegacyFX have fees?

LegacyFX withdrawal fees varies on payment method.LegacyFX doesn't charge inactivity fees. LegacyFX doesn't charge deposit fees.

When was LegacyFX founded?

LegacyFX was founded in 2012.

How many people use LegacyFX?

LegacyFX is used by over 1,000 registered LegacyFX users.

What is LegacyFX Headquarters country?

LegacyFX has its head quarters office in Cyprus.

Does LegacyFX offer negative balance protection?

LegacyFX does not offer negative balance protection. With Negative balance protection means traders cannot lose more money than they have deposited.

Does LegacyFX offer guaranteed stop loss?

LegacyFX does not offer guaranteed stop loss. With guaranteed stop loss protection risk is managed. Traders are guarenteed to close your trade at your specified price. Stop Loss orders are guaranteed only during market hours and under normal trading conditions.

Does LegacyFX allow scalping?

LegacyFX offers scalping.

Does LegacyFX allow hedging?

LegacyFX does not offer hedging.

Does LegacyFX offer CFD trading?

LegacyFX offers CFD trading.

Does LegacyFX offer STP?

LegacyFX offers STP trading.

How many people use LegacyFX?

LegacyFX is used by over 1000 LegacyFX users and traders.

Is LegacyFX an ECN broker?

LegacyFX does not offer ECN trading.

Does LegacyFX offer a demo account?

LegacyFX offers a demo account.

Does LegacyFX offer an Islamic account?

LegacyFX offers a Islamic accounts.

What are the funding methods for LegacyFX?

Please note that funding methods and funding options available with LegacyFX can be found in the LegacyFX Members area and depend on the LegacyFX client’s country of residence. Please check your specific available payment methods on the LegacyFX website. LegacyFX accept the following funding methods : Bank Wire transfer, Debit cards, Visa, MasterCard, Neteller, Skrill, Cryptocurrency.

LegacyFX review written by Andrew Blumer and Mark Hansen

We hope you found our review of the LegacyFX brokerage firm useful.

This article was written by our financial editor Mark Hansen and Andrew Blumer.

Mark was previously of the Kiel Insitute and has worked with financial organisations across Europe, Australia, South East Asia, South Africa and the Middle East. Mark has over 15 years experience in financial analysis, forecasting, financial modeling idenifying new market opportunities in Stocks, CFD's, Forex and Commodities.

Andrew has a well-established career in fintech and came up with comparebrokers.co to make trading on financial markets more transparent and accessible.

Whether you want to trade Forex, Stocks, Commodities or Indices we will help you find the best online broker for you from 400+ brokers for clients based in the UK, Europe, Asia, South Africa and Australia.

LegacyFX review written by Mark Hansen of Comparebrokers.co