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LegacyFX
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LegacyFX

Cyprus
2017
1
5.68
Rating Index
Software
7.18
Licensed
6.34
Risk Control
1.84
Experience
6.89
Institution
6.62
Industry Classification
D
Unqualified
Trading Platforms
MT5

Basic Information

  • Registered Region
    Cyprus
  • Operation Status
    Normal
  • Operating Period
    2017
  • Deposit Methods
    VISA, MasterCard, NETELLER, Skrill, iDEAL, giropay, cryptocurrencies, Wire Transfer
  • Website
  • Market Type
    Foreign exchange
  • Support Languges
    English
    Spanish
    German
    Italian
  • Main Business
    FX, commodities, cryptocurrencies, stocks, indices, CFDs
  • Business Type
    FX broker
  • Social Media
  • Contact Details
  • Type of Accounts
    Standard, Bronze, Silver, Gold, Platinum, Premium, VIP
  • Trading Platforms
    MT5
  • Withdraw Methods
    Not disclosed
  • Auto Trading
    EA supported

Pros and Cons

Pros of LegacyFX include regulation from CYSEC, a wide array of trading instruments, and multiple account types with no deposit or withdrawal fees. The cons are the high minimum deposit requirement of $500, non-competitive spreads, and reports of customer complaints regarding market manipulation and withdrawal processes.

Company Background

LegacyFX is a Cyprus-based online forex and CFD broker, owned by AN ALL NEW INVESTMENTS (VA) Limited, established in 2004. They are regulated by the Cyprus Securities and Exchange Commission (CYSEC). LegacyFX offers a range of financial trading services, specializing in forex, commodities, and CFDs, and serves a diverse clientele internationally.

Fund Security

Client funds are segregated in compliance with regulatory standards set by CYSEC. This adds a layer of protection for traders, as funds are kept in separate accounts from the broker's operating funds. However, concerns have been raised due to the additional offshore regulation under Vanuatu's Financial Services Commission (VFSC).

Account Opening

LegacyFX offers various account types to cater to different trading needs, including Standard, Bronze, Silver, Gold, Platinum, Premium, and VIP accounts. A minimum deposit of $500 is required for the Standard account, with demo accounts available for a limited time of one month.

Trading Fees

LegacyFX does not charge commissions on most accounts, but spreads can be significantly wider than industry standards. For example, the spreads for the Standard account begin from 3 pips on EUR/USD, which may deter some cost-conscious traders. Inactivity fees apply after 90 days of no trading activity.

Trading Instruments

Clients can trade over 200 instruments across various asset classes, including forex pairs, commodities (gold and oil), cryptocurrencies, indices, stocks, and CFDs. This diversity allows traders to build well-rounded portfolios.

Trading Technology

The broker offers the MT5 trading platform, known for its advanced features, charting tools, and support for automated trading. The platform is accessible through web browsers and can be downloaded as a mobile application for both iOS and Android.

Research and Education

LegacyFX provides a wealth of educational resources, including live webinars, video tutorials, and a comprehensive trading academy. Educational materials cover various trading strategies and market analysis, aiding traders in developing their skills and knowledge.

Customer Support

Customer support is available Monday to Friday from 08:00 to 24:00 GMT+3 through multiple channels, including phone, email, and live chat. The broker also maintains a presence on social media to engage with clients and provide further assistance.
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Rating Instructions
Rating Index
LegacyFX
LegacyFX
Regulated
Legal Environment
7.18
License Value
6.34
Risk Management
1.84
Investor Protection
6.89
Regulatory Policy
6.62
  • Software

    Evaluates the regulator's legal foundation, organizational structure, leadership experience, and enforcement capacity. Focuses on whether it enforces strict regulations, maintains transparency and fairness, and engages in international cooperation and technological supervision.

  • Institution

    Analyzes the regulator's policy framework, decision-making process, and enforcement transparency, including rule-making, internal control, and policy implementation effectiveness.

  • Licensed

    Assesses the market value of the licenses issued by the regulator, including entry thresholds, compliance costs, approval duration, and overall global recognition and influence.

  • Risk Control

    Evaluates the regulator's financial stability and risk management capacity, including budgeting, reserves, revenues, expenditures, and ability to respond to market or financial shocks.

  • Investor Protection

    Examines the regulator's complaint-handling and investor protection systems, assessing fairness, responsiveness, and enforcement effectiveness in safeguarding investor rights.

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