Additionally, MT4 supports automated trading capabilities through Expert Advisors (EAs), enabling traders to set up and execute trades automatically based on pre-defined strategies. The broker provides various account types and trading instruments that can cater to different trading strategies. With a solid reputation and a commitment to trader education, LegacyFX stands out in the crowded market of online trading platforms. In this review, we will dive into the key features, regulatory status, trading instruments, platforms, and more, helping you decide if LegacyFX is the right choice for your trading journey. LegacyFX is a regulated trading broker with a competitive range of trading products and services, including CFD trading via the powerful MetaTrader 5 platform.
LegacyFX Withdrawal Options and Fees
Meaning the trader does not need to be concerned with physically purchasing or trading a currency. The trader only needs to determine whether their currency pair will move up or down. As a regulated broker, LegacyFX offers a secure environment for traders to execute trades and manage their investments. Traders can rest assured knowing their funds are protected, and there are strict rules in place to prevent any unethical behavior by the broker. 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.
However, there is also a web-based version of the platform, which can be accessed from any device, via any compatible browser, so mobile trading without the app is also possible. The ECN account at LegacyFX is specifically tailored for professional traders, incorporating a commission-based pricing structure that enables access to notably lower spreads and enhanced execution speeds. This account type is ideal for those who engage in high-volume trading and require fast, efficient market entry and exit. The lower spreads are particularly beneficial in reducing overall trading costs, while the superior execution speeds minimize slippage, maximizing potential trading outcomes. Additionally, ECN accounts offer greater transparency in pricing and are compatible with high-frequency trading strategies, making them an excellent choice for scalpers and algorithmic traders. This setup ensures that professional traders can leverage market opportunities effectively, capitalizing on the precision and agility that ECN accounts provide.
- When it comes to satisfying all the needs and wants of most professional traders, the MT5 platform comes in handy.
- LegacyFX offers a broad selection of trading instruments that cater to both beginners and advanced traders.
- LegacyFX offers a robust customer support system that is accessible through multiple channels, including live chat, email, and telephone.
- Transactions are executed by Level-1 PCI-Certified international service providers, and servers are all located in data centers that are SAS-70 certified.
Support
LegacyFX is a multi-asset CFD broker originally founded in 2012 but relaunched under new management in 2017. The firm is based in Vanuatu, and offers a wide variety of assets, including forex, stocks, indices, CFD instruments, commodities and cryptocurrencies. The broker offers a broad range of account types, with something to suit almost any trader, from complete beginners to professionals. Trading conditions are excellent for long-term investors as well as day traders. There are no swap fees on long-term positions and no hidden commissions and fees. LegacyFX offers a variety of account types tailored to meet the diverse needs and preferences of its clients.
Which Account Types Are Available with LegacyFX?
Here is a screenshot of the LegacyFX MT4 Premium trading account during the London-New York overlap session, the most liquid one, where traders usually get the lowest spreads. Processing times for bank transfers tend to depend on the bank being used, but typically take around one to three days to arrive in your LegacyFX account. Your bank can provide further details on how long the funds will take to clear and advise you if there are any bank-levied charges. There is a minimum withdrawal amount when using wire transfers, currently set at €150.
Consider Trading with LegacyFX If:
In addition to MT5, LegacyFX provides various trading tools, including economic calendars, market analysis, and risk management features to enhance the trading experience. LegacyFX offers a broad selection of trading instruments that cater to both beginners and advanced traders. Traders can access a wide variety of assets across several categories, including forex, stocks, commodities, and indices. The broker provides competitive leverage and tight spreads on many instruments, which is essential for traders looking to maximize their profit potential.
Newbie traders and professional traders who want to test the broker usually start with this account type. To open the Silver account, you must be able to produce $250, which is quite reasonable, because the account comes with a ton of perks, apart from analysis insights, dealing Room Direct Line, and 1-on-1 support. The Autochartist plugin is available for MT5, and LegacyFX presents a comprehensive research service, which I rate highly. While beginner traders have access to a quantity of educational content, the quality lacks notable. I believe LegacyFX is best for equity traders with deposits exceeding $5,000, which is the minimum required to unlock all beneficial services at LegacyFX. For me, the unique feature at LegacyFX is the absence of swap rates on leveraged overnight positions, especially for equity traders.
- This can be a great way to see if the broker is suitable for your needs and to build your confidence up before making a financial commitment.
- Following tests, the quoted processing times were accurate, and the commitment made by the broker to not levy any charges on deposits proved correct.
- So firstly you should learn how to use tools smartly, also various regulatory standards and restrictions set a particular allowed level of multiplier that is considered to be safe.
- The broker has a selection of trading calculators to assist you with money management and planning of trades.
- This ensures that traders can receive prompt and effective assistance whenever needed, regardless of their location or time zone.
The broker has very competitive trading conditions including no rollover fees on long-term positions, negative balance protection and segregated client funds. They also have a generous selection of educational materials and additional trading tools. There is also a variety of convenient deposit and withdrawal methods to choose from, including popular e-Wallets for quick and easy account funding.
The broker is fully regulated by the Vanuatu Financial Services Commission (VFSC), and has additional regulation with the Cyprus Securities and Exchange Commission (CySEC) to protect customers within the EU. LegacyFX uses segregated accounts for client funds and offers negative balance protection. This broker uses the widely respected, award-winning MT5 trading platform, which is considered to be the world’s leading platform for retail forex traders. At LegacyFX, non-trading fees are kept to a minimum to ensure that traders can manage their investments more efficiently without undue financial burden. The broker does not charge any fees for deposits, making it easier for traders to fund their accounts as needed.
LegacyFX provides access to the widely acclaimed MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, which are favored within the industry for their reliability and comprehensive range of features. Additionally, LegacyFX offers its proprietary trading platform, LegacyFX WebTrader, which is designed to provide an intuitive and seamless trading experience across multiple devices. These platforms legacy fx review cater to a variety of trading styles and strategies, making them suitable for traders at all levels of expertise. On the other hand, MT5 offers even more advanced features, including more technical indicators, graphical objects, and timeframe options, along with an integrated economic calendar and enhanced order management tools. LegacyFX WebTrader, LegacyFX’s proprietary platform, provides a user-friendly interface with real-time market data, customizable dashboards, and seamless integration with LegacyFX’s suite of trading tools.
VIP account
Autochartist is a financial market analytics company that leverages big data and proprietary technology to help stock futures and currency traders make more informed trading in the investment decision. Client deposits remain segregated from corporate funds at LegacyFX, and traders get negative balance protection, which I believe is an absolute necessity for leveraged trading. Regrettably, there is no investor compensation fund, for example, via the Hong-Kong-based Financial Commission, the primary authority for brokers regulated in smaller jurisdictions. Another option would be a third-party insurance policy, which LegacyFX does not provide. It should be said, however, that many of today’s top brokers don’t provide these assurances, but it is a nice-to-have for brokers that offer it. I appreciate that LegacyFX offers traders the very useful Autochartist plugin, though a minimum requirement of $1,000 is necessary (still, some brokers charge an even higher minimum).
These platforms ensure that LegacyFX’s clients can trade effectively and efficiently, leveraging some of the best technology in the industry. LegacyFX offers a range of different account types to cater to both new and experienced traders. The Standard Account requires a minimum investment of $500, and while there are some restrictions on this account, it does offer daily signals, live support and access to the trading academy. The Bronze Account comes with a minimum deposit of $1,000, access to more asset classes, and up to three protected trades.
The range of accounts available from LegacyFX will vary, depending on whether you choose its EU entity regulated by CySEC, or its international entity in Vanuatu. Unfortunately, there are no average spreads available to assess the true cost of trading with LegacyFX, which is something I’ve come to expect from the best brokers in this category. ForexBrokers.com has been reviewing online forex brokers for over eight years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. Foreign exchange, also known as Forex, is defined as the exchanging of currencies on the global marketplace.
This flexibility is crucial for reducing trading costs, particularly for those who trade frequently or in large volumes. A key component of LegacyFX’s commitment to security is the segregation of client funds. Additionally, LegacyFX complies with international financial standards, which further enhances its reliability and solidifies its reputation as a trusted broker. This comprehensive approach to safety makes LegacyFX a particularly appealing option for traders who value security and stability over potentially higher, but riskier, returns. The customer support at LegacyFX is top-quality, which will come in handy, especially if you’re a new trader who needs help getting adjusted to the markets. The user-friendly features, high-end software, and educational tools prove this is a broker who is concerned with the quality of its users’ experience.