LegacyFX Broker Review 2020: Is it a Scam or a Legit Broker?
Read our LegacyFX review and learn why we recommend this broker for online trading and why it is not a scam, learn all you need to know in this LegacyFX review before you sign up with the broker. It’s essential to always check the licenses of a broker because fraudulent brokers lie to make you deposit the maximum amount of money. If you unfortunately deposit your money and are asked to pay a fee to withdraw your money, don’t do it because you will give them even more money. LegacyFX is based in a country where the regulations are weak regarding trading. A broker must pay for regulated licenses to be able to offer trading.
MetaTrader5 is an institutional multi-asset platform offering outstanding trading possibilities and technical analysis tools. Traders can enjoy the latest version of the most popular trading platform with plenty of cutting-edge features and benefits brought by LegacyFX. CySEC, FCA and BaFin, with a main objective to enhance financial transparency and offer greater client protection. Its trading conditions are among the tightest spreads in the market, starting from only 0.6 pips. When compared to similar brokers a viable alternative broker choice toLegacyFX isXM. Trading with LegacyFX will involve fees from $500 USD, spreads from 0.05 pips, and commission-free trading depending on the account traders select.
For any broker with such huge claims, we expected Legacyfx to be registered with all the major regulatory authorities around the world. From the website of the company, we got to know that Legacyfx claims legacy fx review to be registered with CySEC, BaFIN, FCA, and many more. However, upon visiting the official websites of the said regulatory authorities, we realized that all these claims by Legacyfx are utter lies.
LegacyFX deposit and withdrawal
LegacyFX offers traders a choice between variable spreads and fixed spreads, but I cannot recommend the latter, as trading costs remain excessive even without swap rates. The silver account gives you access to stock trading, trading psychology evaluations and protected trades. The features mentioned for the silver, gold, platinum, premium and VIP accounts are not available in the standard or bronze accounts. The MetaTrader 5 platform is great for professional or advanced traders.
No fees, Daily Signals, Live support, Trading Academy, Swap-free account, Private channel, Tips and updates, Commodities, Auto-charting tool, 3 protected trades. What is really cool about LegacyFX is that it provides a detailed course that introduces users to trading and covers Forex and social trading together. There are courses that dive into the industry and explain even more complex features. As you can see, the broker does not have that many options when it comes to deposits or withdrawals. However, at least these are some standard options, not no-name online wallets.
The gold account gives you access to the direct dealing desk, personal success goals and basic mentoring counseling, as well as a VIP EU Mastercard credit card. While a trader may not be satisfied with the results of his/her own trading that does not mean you were not treated fairly by your account manager. I had been told I get a mentor and $250 is enough to trade with. I got Steven who was arrogant and from day 1 told me my capital (almost $470) is not worth his time. He called everyday and asked for more capital as apparently my account wasn’t worth his time.
There is a very high degree of risk involved in trading securities. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. You can discover TradingView’s premium analytics portal on LegacyFX, including real-time charts, fundamental data and cryptocurrency market widget. TradingView is the most active social network for traders and investors where you can connect with millions of traders from around the world and learn from the experiences of others.
As this is the feature you use the most when you open an account with a broker, it is something you need to take into consideration. You will definitely be pleased with LegacyFX in this area because they offer you the most renowned trading solution in the market i.e. the MetaTrader 5. The MT5 is a favorite of all professional traders because of its comprehensive trading features and functionalities. This intuitive platform can give traders access to advanced charting tools as well as trading indicators. As an essential part of its comprehensive educational program, LegacyFX offers free webinars, which are presented by highly-skilled forex experts.
I did not find a time restriction on the LegacyFX demo account, available directly from the MT5 trading terminal. The customization options were disabled on the demo account, which was a bit disappointing. Legacyfx uses Meta Trader 5 or MT5 as their trading software. It is one of the value trading software in the financial market but also is exploited ruthlessly by scammers.
Traders are offered trading benefits such as the availability of assets, signals and analytics, no swap fees charged, and regulated. LegacyFX is an intriguing broker as it only offers the MT5 trading platform with a promise of no swap rates on leveraged overnight positions. Retail traders with portfolios below $25,000 must accept higher spreads, but the absence of fees on overnight positions piqued my interest. I reviewed LegacyFX to conclude if the swap-free offer creates a competitive advantage. How does LegacyFX compare to the elite brokers in the Forex industry? DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence.
After you lose all your money, they just blame it on the market. Once an account is opened with your initial chosen currency, you will not be able to change it anymore. It’s best to make sure which currency you will be using in the long run before opening an account with LegacyFX. Legacy FX accepts clients from all over the world except Korea, Yemen, Iran, and the United States. If you have any questions, their website has a built-in chat system that will directly connect you to one of their customer representatives.
Deposit and withdrawal methods at LegacyFX
Your opinion is of great importance to our team as it helps us deliver the best services. Their spreads are not fixed, they change it as they like in order to take your money. They say they don’t charge inactivity fees, but I got deducted inactivity fees when I took a break from trading. RXK Capital Review RXK Capital is becoming famous day by day due to its wide usage by traders.
With no proprietary mobile app available, LegacyFX trails behind industry leaders such as IG and Saxo Bank. For our top picks among trading apps, read our guide to Best Forex Trading Apps. No average spread data was published to assess trading costs. Ebooks lack detail, and the educational user interface is outdated. For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker.
- You have made two very accusatory statements and we would like to provide further elaborations about both.
- There is also the VIP customized account that requires $50,000 to enroll.
- Its educational content is massive and market insights are very impressive.
- The account hit margin call before it hit the stop loss, which shows how far the stop loss was.
Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker’s track record, plus the scope of regulatory standing.
Customer Support and Forex Education
For example, in 2019 it was awarded the best Middle East broker by DailyForex. According to PipsoFX, it is the best brokerage company in 2019. It is possible to find opinions of many trusted trading resources about this company on the internet. However, LegacyFX does not support traders from the United https://forexbroker-listing.com/ States, Korea, Yemen, and Iran. To ensure that users have control over open positions, they are allowed the chance to place eight types of pending orders when making use of the mobile platform. For easy accessibility, LegacyFX ensures that users can make use of the MetaTrader 5 on their web.
What is the maximum leverage offered by LegacyFX?
There are also many free automated trading robots, but many of them are scams and work with unregulated brokers, read more. LegacyFX has a page on their website which displays free trading signals. The signals are provides by MTE-Media, and they are available to the public for anyone to use them.