Launched in 2012, LegacyFX has a couple of signal providers to thank for the fact that its current reputation is not as spotless as it could be. Under the names Peter Visser and Mark Shawzin, these trading signal providers emptied out some of the accounts of their clients, leading to a flurry of negative user reviews concerning the services of the fx broker. It has to be said though that some people were actually pleased with the signals offered by the LegacyFX outfit, calling it the best signal service they had ever encountered.
At a closer look, the negative feedback is almost exclusively focused on the signal service though, meaning that the other aspects of the operation are mostly appreciated by users.
The corporate backer of the brokerage is a company known as A.N. Allnew Investments Ltd. based at Q Tower, 5th floor, Ioanni Kondylaki 47, 6042, Larnaca, Cyprus.
Being a Cyprus-based operation, it is obvious that LegacyFX is regulated and that it is a CIF, which also means that it has access to the investor compensation scheme, offered by the local authorities.
Above and beyond that though, LegacyFX is regulated by CySEC, which means that it is MiFID-compliant. Those who know their laws, know exactly what this means. The MiFID directives compel brokers to treat the funds their users deposit according to certain standards (such monies need to be kept in segregated accounts for instance), and to adhere to strict guidelines in every operational aspect.
The CySEC registration number of the brokerage is 344/17, which tells us that the license was granted in 2017. Under what legal framework the operator worked from 2012 to 2017 is not quite clear.
While theoretically, the CySEC license grants the operator the right to provide financial services through all the countries of the EEA, there are obviously some exceptions in this regard. The broker does not accept traders from the US and Canada either.
In addition to its above said CySEC license, LegacyFX has gone through the trouble of registering with most of the local regulatory agencies through the EEA.
LegacyFX’s regulatory status is by far not its main draw though. That role is filled by the extremely attractive trading conditions it offers on some of its account types. Obviously, those using its most basic account type options won’t be able to enjoy these superb trading conditions, but on higher-tier accounts, they are certainly there.
Other than the attractive trading conditions, the broker also offers decent leverage and unmatched liquidity.
The LegacyFX Pro program is aimed at high-volume traders, whom it rewards with special trading conditions, and a unique trading experience.
The security of traders’ funds is one of the top priorities of the operator, and in this regard, there can indeed be no complaints.
The Trading Academy provides education for beginners and advanced traders alike. It features a superb selection of eBooks covering every important trading angle, and it offers users access to the services of a real, experienced trader.
LegacyFX Trading Platforms
In regards to trading platforms, LegacyFX offers a full range of options, from mobile and web traders all the way to MT4 – the top choice of the industry in this regard.
L Station, the Mobile trading platform of the brokerage, features superb compatibility. It covers all Android and iOS-based mobile devices, as well as Windows Mobile and Blackberries.
The Web Trader offers superb charting and technical analysis features, and of course, it can be accessed at a couple of clicks, without the need to download anything.
In addition to integrated charting, the platform features integrated support and news feeds.
MT4 is the flagship of the brokerage in regards to trading platforms. It is obviously superior to all the other available platform options and it covers charting as well as technical analysis perfectly.
In regards to charting, the platform features an impressive range of time frames, chart types and drawing tools. In fact, the trading environment is a fully customizable one.
The platform-version which can be downloaded for free from the website of the broker, features more than 50 preinstalled technical indicators. The selection of technical indicators can be expanded through the installation of additional indicators acquired from 3rd parties, or through the creation of new ones from scratch, through the platform.
The most impressive and most popular feature of MT4 is its EA support though. Expert Advisors can be used for auto-trading, together with custom scripts, which traders can also put to use.
EAs can be coded directly on the platform or they can be acquired from 3rd parties and installed.
This kind of auto-trading takes advantage of strategies implemented by traders and it has nothing in common with the auto-trading scams that used to be so popular a couple of years ago.
EAs work best when they are coupled with a VPS service that allows them to run even when the computer of the trader is turned off.
Platform users can also place one-click trades directly off the charts, and they can use an impressive selection of order-types.
LegacyFX Account Types
In this regard, the broker has chosen to keep the lineup relatively simple: a total of 3 account types are featured, starting with the Silver account-tier, which is indeed the cheapest and most accessible for beginners.
The minimum required deposit by this account type is $500, which isn’t exactly cheap, but which is more than reasonable for anyone serious about trading.
For that money, the Silver account delivers a surprisingly generous selection of features and perks. It is a zero-swap account and as such, it is available in an Islamic version too.
The maximum available leverage on this account type is 1:30 and the spreads start from 2.4 pips – which is not exactly something to write home about.
Traders willing to deposit at least $5,000 gain access to the Gold Account. This one covers rather similar features to the Silver one, with the difference that the Gold account offers 1-on-1 support, a dealing room direct line as well as analysis insights.
While the maximum leverage is 1:30 on this account-type too, the spreads start from just 1.5 pips, which obviously makes all the difference.
The Platinum account is the top-tier account type. The minimum required deposit for this one is no less than $25,000, which is quite a stretch for all but the most serious of professional traders. In exchange for such a hefty deposit though, traders get all the perks the broker offers and possibly more, and they also get spreads starting from 0.8 pips. These are obviously the best trading conditions at the brokerage, and – as said above – they are only available on the best and most expensive account type.
Deposits and Withdrawals
Credit/Debit Cards and Bank Wire Transfers seem to be the preferred money transfer methods at LegacyFX. The broker does accept a number of “alternative payment methods” too though. To learn more about these, traders have to contact LegacyFX support.
LegacyFX is a very decent trading destination. Though we do not know much about its past regulatory status, what we do know now is that the operator is well-regulated and that it offers good account-type and trading platform selections. The market coverage of the broker is decent too.