You must also ensure the LegacyFX broker’s profile, trading tools, fees and regulation aligns with your needs and goals. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 87.10% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. We, as a Company will never ask you to provide your banking or personal information via SMS or WhatsApp.
This approach allows traders to select an account that aligns with their trading preferences without worrying about excessive costs. This combination of flexibility and cost-efficiency underscores LegacyFX’s commitment to providing value and transparency in its service offerings, making it a preferred choice among global traders. LegacyFX provides a remarkably extensive range of tradable instruments, featuring over 10,000 products that span multiple asset classes including forex, indices, stocks, commodities, and cryptocurrencies. This vast selection offers traders the opportunity to diversify their investment portfolios significantly, which can help spread risk and enhance potential returns.
What can you trade with LegacyFX?
On the other hand, the Standard account is perfect for beginner traders who are looking for a simpler entry into the market. Vanuatu-based LegacyFX has been in business since 2012 and has won multiple awards worldwide for its brokerage services. The broker uses the popular MetaTrader5 (MT5) software from MetaQuotes as its trading platform and benefits from all of the usual MT5 features, including automated trading.
- Beginners and inexperienced traders must take the time to learn how to use the LegacyFX trading tools properly.
- This platform is equipped with sophisticated charting tools that allow for detailed market analysis and decision-making.
- If a LegacyFX trading position does not go in your favour, this is where negative balance protection comes in handy.
- Instead, your LegacyFX funds are held securely in a separate account designated for your investments, providing protection and peace of mind when trading with LegacyFX.
Trading financial instruments is a high-risk activity that requires careful consideration and risk management. It is important to be aware of the potential for loss and to only invest what you can afford to lose. You will be exposed to a high risk of loss regarding leverage and margin-based trading. Although we found some very useful aspects of the LegacyFX platform that would be useful to some traders. Furthermore, learning how to mitigate and manage investment risk is crucial. Trading with LegacyFX involves developing a strategy considering risk management techniques such as stop-loss orders, diversification, and position sizing.
- Please ensure that you have provided accurate responses before submitting your application.
- Please bear in mind that these resources provided by LegacyFX do not guarantee any results when trading.
- LegacyFX launched way back in 2012 and, with that in mind, it is safe to conclude that it has a decent user feedback score.
- To open a LegacyFX Live Account, visit the LegacyFX website and navigate to the “Open Real Account” section.
It’s essential to complete the LegacyFX KYC compliance process as soon as possible to avoid any delays in accessing the LegacyFX platform’s features. While learning, you can also use global trading times to practice making live buy or sell trades using LegacyFX. This hands-on experience can help you gain confidence and become more comfortable with trading. Even if an LegacyFX trader experiences a significant loss, they will never owe more money than what is available in their LegacyFX account balance.
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By effectively managing risk, you can increase your chances of success in the markets. Experienced LegacyFX traders can trade high risk CFD trades to hedge items in their portfolio. The Autochartist interface is user-friendly and can be customized to suit individual trading preferences. LegacyFX traders can navigate the platform and find the information they need to make informed trading decisions.
LegacyFX Customer Support
LegacyFX operates an EU-based subsidiary with regulation from the CySEC and the FCA. Please note that equity and index CFDs do not trade continuously but open and close each day at the above specified times. 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. You won’t be charged a closure fee, however, it’s worth noting that you might incur a fee according to their terms and conditions.
Is LegacyFX trustworthy broker?
The resources include video tutorials, eBooks, webinars, and market analysis. These tools are designed to give traders the knowledge they need to make informed decisions in the market. LegacyFX provides access to the popular MetaTrader 5 (MT5) platform, known for its advanced trading tools and features. LegacyFX does not offer deposit bonuses but maintains a Loyalty Program for affiliates. The structure is a mix of minimum equity, executed trades, and referred traders, an intelligent concept I like, but the rewards remain unattractive. The highest of the four tiers grants a gift card with an unspecified amount.
I did not find an inactivity fee at LegacyFX for international clients, but it exists from its CySEC-regulated entity, where access remains restricted to EU traders. It does maintain one of the best trading conditions for traders who intend to hold positions for more than one week. The spreads on all assets, and the commissions for equity CFDs, are very high, making LegacyFX an expensive broker for scalpers and short-term traders unless they have a minimum of $25,000 to deposit. LegacyFX offers eight types of accounts to their users, which are standard, bronze, silver, gold, platinum, premium, VIP, and Islamic.
Safest Forex Brokers 2025
If you decide to close your LegacyFX account, it’s important to do so with the LegacyFX broker customer support and obtain confirmation that no remaining LegacyFX fees are due. Technical language and terminology can be confusing with brokers like LegacyFX.Choosing or shortlisting a trading platform like LegacyFX can be time consuming. The broker supports multiple languages, ensuring that traders from different regions can easily communicate with the support team. For traders who prefer swap-free accounts, LegacyFX provides this option, allowing you to trade without the need to pay overnight fees.
Don’t be scared off by brokers like LegacyFX charging a minimum deposit to open legacy fx review a trading account. Brokers charging higher minimum deposits may offer additional premium services on their platforms that are not free on other platforms. LegacyFX provides its clients segregated accounts with negative balance protection, as well as free trading tools like indicators and trading signals. These regulatory bodies enforce high financial standards and robust oversight, ensuring that LegacyFX maintains a secure and transparent trading environment.
Please be aware that trading in financial assets with LegacyFX carries a risk of loss. LegacyFX trading risk can occur due to inadequate market research, lack of experience, or failure to use the platform tools. Therefore, you should only risk trading when you understand that your capital is at risk at any time. LegacyFX partnering with Tier 1 banks offers reliability, efficient payment processing, reduced counterparty risks, and better protection for client funds. These banks are the most financially stable and secure institutions globally, with robust financial strength and high-quality risk management practices.
LegacyFX offers several payment methods for deposits and withdrawals, including bank transfers, credit/debit cards, and e-wallets. The broker aims to make the deposit and withdrawal process as smooth as possible, with no fees for deposits and minimal fees for withdrawals. Processing times are typically fast, allowing traders to get their funds quickly. The broker operates with the MT5 platform, which is known for its advanced tools and capabilities, including real-time quotes, economic calendar, and advanced market depth.
Soon after providing details, a member of the Legacy FX team sent a WhatsApp message to check how the process was going and to offer advice on how to make the process as easy as possible. If you would like further information about protection, the authorised or registered firm should be able to help. We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary of dealing with this unauthorised firm and how to protect yourself. Throughout our comprehensive LegacyFX review, we have covered a lot of ground and provided an in-depth analysis of the platform’s features and functionality.
A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA). Just like Equitytradingltd, one of the primary concerns with LegacyFX is its lack of regulation by reputed authorities such as CySec, ASIC, FCA, CNMV, and others. This unregulated platform operates without the necessary regulation, raising doubts about the safety of your funds. While regulation alone does not determine a scam, it is an essential factor to consider.
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