Is LegacyFX A Safe Broker?

Is LegacyFX A Safe Broker?

Multi-asset trading specialist, LegacyFX, is one of the industry’s most promising brokers. But, in 2017, the company rebranded and relaunched its services under new management, established itself as a leader in the industry. The MiFID and FCA-compliant broker is regulated by CySEC, VFSC, NBRB, and others. In general, this broker has a clean regulatory record and its transparency is acceptable. LegacyFX provides traders with MetaTrader5, and its clients can trade over 200 financial instruments using the desktop and mobile platforms. LegacyFX periodically provides bonuses and promotional offers to reward its clients, enhancing their trading experience with additional value.

LegacyFX Standard Account

We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points. I find the seven account types at LegacyFX unnecessarily complex. Equity trading, which I find the best offer at LegacyFX, requires a minimum deposit of $3,000, while access to the direct dealing desk is available from $5,000.

What Can I Trade

The brokers website has a section with tutorial videos on demand that cover a variety of trading topics including an introduction to forex trading and social trading. There are also in-depth courses that explain different trading strategies, trading instruments, trading tools and much more. LegacyFX have a section of their website that is dedicated to supplying trading signals on a variety of different assets. There is a good variety of live, daily, weekly and monthly signals. I think it is better to trade manually as this can be a good way to learn from your mistakes and improve as a trader in the long term.

Is LegacyFX Regulated?

The minimum deposit for a silver account is 500 dollars, for a gold account is 5000 dollars, and for a platinum account, you need to deposit a minimum of dollars. 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.

I am not a fan of this setup as I think that all traders should be given access to the same conditions. Never the less, I can understand and respect the broker decision to incentives traders. Despite being a relative newcomer on the online forex broking scene, LegacyFX has comparable services to many well-regarded brokers that have been around much longer.

We aim to help you find the best broker according to your own needs. The brokers website also includes a trading glossary that has a range of forex trading terminologies along with their definitions explained in layman terms. This is nothing ground breaking but it can be useful to have everything in one place and there are lots of terms you will frequently legacyfx review come across.

• Financial regulation and licensing are crucial for creating a secure trading environment for LegacyFX traders.
• Traders may also face third-party processor costs, which can be applied at any brokers that use third-party payment options.
• It’s important to note that LegacyFX requires users to provide essential documentation to verify their identity during onboarding and routine KYC identity checks.
• With a lot of tutorials and courses and live webinars, you can learn.
• It was easy to work through, and a nod to Legacy FX being strong in terms of site security.
• With trading being one of the best earning options for people these days there are a lot of platforms offering their services.
• With a background in business operations and management, Luke brings valuable expertise to his position, overseeing various aspects of Benzinga’s operations.

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. 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. To better understand the LegacyFX trading platform, you can create two separate accounts – one with real money and the other a LegacyFX demo account.

LegacyFX Trading Platforms

The economic calendar is a popular tool for fundamental analysis of various markets. I think this is a vital tool that I like to try and utilise before making any trade decision. I can tell you from experience that it is not nice to be caught on the wrong side of a major news event.

• This accessibility is particularly appealing to both novice and experienced traders looking to diversify their portfolios with digital assets.
• Their educational Academy section is well organized, with video courses and lessons arranged by experience level.
• LegacyFX have a section of their website that is dedicated to supplying trading signals on a variety of different assets.
• You may find these handy if you are planning your trades in a rush or you are just not very good at maths.
• Popularly traded on the Chicago Mercantile Market, you can buy anything from wheat to precious metals, while speculating on their final price.
• Please note that LegacyFX does not support the popular MetaTrader 4 (MT4) trading platform.

LegacyFX Metatrader Mobile Application Features

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. In addition, currency conversion fees may apply if the LegacyFX withdrawal and receiving currencies differ, adding to the overall transaction costs. Awareness of these LegacyFX fees and policies can help you plan and budget accordingly and avoid any unpleasant surprises when transferring your LegacyFX funds.

The broker facilitates smooth and secure financial transactions using reliable methods such as bank transfers, credit/debit cards, and popular e-wallets. This flexibility ensures that all traders can easily manage their funds in a way that suits their individual circumstances. LegacyFX prioritizes security and efficiency in all transactions, employing advanced security measures to protect client data and funds during transfers. This commitment to reliability and convenience underscores LegacyFX’s dedication to providing a seamless trading experience for its clients.

Commodities

These banks are the most financially stable and secure institutions globally, with robust financial strength and high-quality risk management practices. They hold substantial core capital reserves, making them capable of handling unexpected losses and market volatility without endangering their LegacyFX clients’ funds. The one with the least minimum deposit is the most accessible account.