Legacy FX Review
Legacy FX is the brand name of a Vanuatu registered company by the name of AN ALL NEW INVESTMENTS (VA) LTD. This broker has been active since 2017. It offers a nice selection of assets, and is among the rare breed of brokers that only offer the MT5 trading platform. This broker claims that transparency is one of its main objectives, together with the protection of its clients. LegacyFX also touts education as a pillar of its offerings. Reading the “Why Trade With Us” indicates that the site’s offerings are geared towards new traders. LegacyFX operates out of offices in Belarus, Bulgaria, and Cyprus, with an R&D office in Ukraine.
|⚖️ Regulations||CySEC, FCA, Bafin, Arfin, Vanuatu|
|💰 Type of broker||Market Maker|
|💰 Minimum Deposit||$500|
|💰 Maximum Leverage||1:200|
|📊 Type of platform||MetaTrader 5|
|💳 Deposit with credit card||Yes|
|👛 Depositing with wire transfer||yes|
|🎮 Demo account provided||Yes|
|🛍️ Instruments traded||CFDs, Commodities, Metals, Stocks, Oil, Gold, Indices|
Regulation and Security
AN ALL NEW INVESTMENTS (VA) LTD, the owner of LegacyFX, is authorized and regulated by the Vanuatu Financial Services Commission, under license number 14579 since 2017. According to the broker’s website, client funds remain segregated from company funds. LegacyFX does not participate in an investor compensation fund, as far as this LegacyFX review uncovered. It does comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), which is a good thing.
EEA-based traders are serviced from A.N. All New Investments LTD, authorized by the Cyprus Securities and Exchange Commission (CySEC) under license number 344/17. The CySEC regulated entity is fully compliant with the Financial Instruments Directive 2014/65/EU or MiFID II, and the EU’s 4th Anti-Money Laundering Directive. Per EU Directive 2014/49/EU, LegacyFX participates in the Investor Compensation Fund (CIF) with maximum coverage of €20,000.
Finally, this broker is authorized in Belarus under the regulation of the National Bank of the Republic of Belarus (NBRB). Overall, LegacyFX appears to be a trustworthy broker. This review will focus on the VFSC entity, as the majority of traders will manage their accounts under its regulatory framework.
The VFSC regulated brokerage will service the majority of clients at this broker.
EEA-based traders have the option to accept the CySEC regulatory framework.
Is Legacy FX a legit broker?
Yes, Legacy FX is a legit broker. It is the brand name of AN ALL NEW INVESTMENTS (VA) LTD, a Vanuatu registered company. The Vanuatu Financial Services Commission (VFSC) authorizes and regulates Legacy FX, operational since 2017. Despite international pressure, Vanuatu remains a tax-and-business-friendly jurisdiction and an offshore financial center. The number of international Forex brokers seeking a license from the VFSC continues to rise. Cyprus-regulated brokers, trying to remain competitive following the 2018 European Securities and Markets Authority (ESMA) decision to limit retail leverage and eliminate bonus campaigns, may result in a spike in new registrations for Vanuatu. While the VFSC caters to fewer financial firms, it is a capable regulator. Therefore, Legacy FX, which is fully compliant with the VFSC, offers traders a secure and trustworthy trading environment. A list of legal documents outlining core operating practices is accessible from the website.
Client deposits remain segregated from corporate funds, and Legacy FX also grants negative balance protection. This broker notes that one of its mission is to achieve financial transparency. While still in its infancy from an operational perspective, it delivers on it better than many competitors. Education also fulfills an essential role at Legacy FX, which only maintains the MT5 trading platform. One unusual but appealing service is swap-free accounts for all traders, but an elevated cost structure offsets the benefit. A minimum deposit of $500 grants maximum leverage of 1:200. This multi-asset brokers offers 200 assets, generates in-house research and market commentary, and provides the Autochartist plugin to support manual traders. Legacy FX also received numerous awards for being the best new brand, the fastest-growing Forex broker, and the best forex broker in the Middle East. While the current product and services portfolio may not suffice to make it the primary choice for established traders, new traders may find the educational section appealing, and Legacy FX remains a legit contender for a tertiary trading account.Back to Top
LegacyFX earns its income primarily from spreads and commissions on stocks. It also appears to be a market maker, which means that clients’ losses result in profits for this broker. Swap-free accounts are offered to all its traders. This is rather odd as those fees exist on all trades held overnight. Not passing them on to trader’s accounts either means that this broker is covering them, which would be a nice service offered, or that no real trading occurs, which would indicate questionable practices. LegacyFX will charge an unnecessary account closure fee of $/€/£50, diverging from the industry standard.
The LegacyFX website states that the company reserves the right to apply swap rates if they suspect traders abuse their offer of 0 swap rates. No other information is provided as to what constitutes abuse.Back to Top
What Can I Trade
An impressive asset range across five categories is available at LegacyFX. Besides a good selection of currency pairs, traders can diversify their portfolio with indices, commodity CFDs, metals, cryptocurrency pairs, and stocks. Traders may choose between fixed and variable spreads, where fixed spreads are on average higher than variable spreads. Transparency in this category applies, and the website displays the information well. A commission-free variable target spread of 0.6 pips is highly competitive.
A cost-effective fee-structure exists in the variable spread account.
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LegacyFX offers four account types: Silver, Gold, Platinum, and VIP. The Silver account is available from a minimum deposit of $500, but the smallest spread of 1.6 pips remains unacceptable. This is reduced to 1.0 pips in the Gold account for a deposit of $5,000. A further reduction to 0.6 pips necessitates a deposit of $25,000 for the Platinum account. The VIP account is yielded for deposits exceeding $50,000. Islamic Accounts are available, but swap-free accounts are granted to all traders.
The maximum leverage on all accounts is 1:200, but essential account features are identical. Gold and Platinum accounts receive a direct line to the dealing room, which retail traders don’t require. Surprisingly, the Silver account, where most retail traders will trade from, doesn’t qualify for the broker’s analysis. Unfortunately, the 0.6 pips minimum spread is solely available in the Platinum account. Since this broker is geared towards new retail traders, the Silver account applies with a starting spread of 1.6 pips. This is on the high-end of the spectrum, though certainly on par with some other retail brokers.
The Platinum account offers the most trader-friendly environment, but the minimum deposit of $25,000 remains out of reach for most retail traders.
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Perhaps the biggest surprise is that LegacyFX only allows trading on the MetaTrader 5 platform, which will make this broker an unusual choice for established traders simply because the platform lacks several key features. While it is the successor to the popular MT4 trading platform, MT5 does not allow hedging and is not compatible with automated trading solutions developed on the MT4 infrastructure. New traders who have no allegiance to MT4 will have no trouble beginning their trading careers with MT5, but LegacyFX doesn’t offer any third-party plugins which means that the platform is available only in its most basic form.
Both downloadable versions and web-based versions of the platform are available. This broker needs to put forth a significantly greater effort in order to be elevated into a more competitive landscape.
With the availability of only the MT5 trading platform, LegacyFX may be difficult for established traders.
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LegacyFX is a relatively no-frills Forex broker whose most unique feature is that it offers only the MT5 as a platform option.Back to Top
Research and Education
This page contains the following four sections: Live Signals, Daily Market Trends, Weekly Market Trends, and Monthly Market Trends. Live Signals contains a Trade button, which presumably leads to the web terminal so that traders can execute the trade. An option for notifications is also available. The three trends sections follow a similar set-up with fewer data; a promising idea, but it does require more development.
Live Signals represents one of the core research services provided by LegacyFX.
Daily, weekly, and monthly trends data grants traders a longer-term outlook.
This section features the following five categories: Daily Analysis Video, Commodities Charts, Indices Charts, Stocks Charts, and Currencies Charts. The four chart sub-categories merely display analyzed charts but lack a written explanation.
Plenty of content is available in this section, but the execution begs for significant improvement.
Markets News features brief content and, regrettably, navigational issues. The Economic Calendar loaded, but without displaying data. Three calculators are available, a task which would be easily be provided via MT5 plugins, but we were glad that they were at least available externally.
This is the latest addition to the research capabilities offered by LegacyFX. It is split into Market Reports and Traders Log. The side menu lists all three as separate entries but clicking on Autochartist redirects to the homepage. Navigating to it from the top menu, by hovering the mouse over Tools, then to Autochartist, reveals a sub-menu from where Market Reports and Traders Log may be accessed.
The design of this feature could use a bit of an upgrade. Roughly 20 trades are crammed into a tight space; on a positive note, all relevant information has been included. The scattered presentation creates an awkward read, but traders willing to overlook this design flaw will find some useful market information. The Traders Log only highlights the best five trades from the previous week as marketed by Autochartist which was interesting, though perhaps of little value.
Autochartist represents the most significant service rendered to traders, but design flaws overshadow the content.
Data and Analytics
This section is powered by Trading View and consists of Advanced Real-Time Charts, Market Data, Screener Widget, Cryptocurrency Market Widget, and Fundamental Data. The section isn’t entirely user-friendly, and it’s hard to figure out what data is relevant to the pairs offered by LegacyFX.
LegacyFX offers five widgets on the website, resulting in a sterile environment for traders.
Education is published under the Academy tab and is broken down into Introduction to Forex, Trading Education, eBooks, Forex for Beginners, Advanced Courses, and Glossary. New traders will find a combination of written content, eBooks, and videos. The overall idea behind the academy is excellent, and is a welcome addition to LegacyFX’s offerings.
Introduction to Forex
This should be the first step for new traders at LegacyFX, and the initial impression is excellent. A written introduction is complemented by three video courses totaling seventeen lessons. The video content loads in-page, and the overall presentation of this educational section is pleasant.
Seventeen videos are available in this well-executed introduction to Forex trading.
This section is divided into Forex VOD and Social Trading. The former is filled with more introductory video lessons, filtered by four sub-categories, while the latter features one video. LegacyFX has published an engaging selection of videos, and all new traders should consider taking advantage of the educational value provided.
More educational videos can be accessed in this category, adding to an excellent educational platform.
Eleven eBooks are listed, covering various topics. Unfortunately, they cannot be downloaded for reading offline, which is a shame.
Forex for Beginners
The Beginners category features more videos, while the What is Forex section recycles the same seventeen videos presented in Introduction to Forex section.
This section is divided into four categories, filled with additional videos. It marks a proper conclusion to the Trading Academy. Oddly, the Beginners Course is listed here.
A glossary is available, which covers basic terminology. It would be pleasing to have an alphabetic navigation bar so that traders may navigate it more readily. The list is rather limited and will hopefully be extended to include more Forex-related terms in the future.
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Support is available 24/5, and clients can either send an e-mail, call support, or engage with customer support via a live chat feature. The support staff is fluent in English, Arabic, and Russian. LegacyFX is reachable if needed, but most traders should never require this service.
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LegacyFX Bonuses and Promotions
As an incentive to deposit and start trading, LegacyFX awards risk-free trades based on the size of the initial deposit. This promotion is solely offered to new account holders, and dependent on the first-time deposit. For a $1,000 deposit, this broker grants three risk-free trades up to $50 each. A $5,000 initial deposit is eligible for five risk-free trades up to $100 each, while a $10,000 deposit qualifies for seven risk-free trades up to $150.Back to Top
Opening an Account
Opening an account is conducted through an online form, which should take only a few moments to complete. LegacyFX states that it complies with AML regulations, which means that personal information such as a copy of the trader's ID and proof of residence will be required. Given the regulatory environment and clean record, traders may trust this broker with their information.
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Deposits and Withdrawals
The minimum deposit for a LegacyFX account is $500, while there is a maximum deposit of $10,000 with credit/debit cards. LegacyFX’s website clearly states that withdrawals to credit cards can only be in the amount of the deposit from that particular card; the remainder will be wired to the client’s bank account. Clicking on Bank Wire Transfers returns the bank wire information, while all other buttons lead to a log-in screen. Legacy FX covers all deposit and withdrawal fees for transactions via major credit/debit cards, Skrill, Neteller, and bank wires above $200.
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- Headquarters : Cyprus
- Regulation :
- Type of Broker : Market Maker
- U.S. Clients Allowed :
- Minimum Deposit : $500
- Maximum Leverage : 1:200
- Commissions / Spreads : Commission + Spread
- Account 1 : Silver
- Account 2 : Gold
- Account 3 : Platinum
- Demo Account :
- Islamic Account :
- Segregated Account :
- Managed Accounts :
- Institutional Accounts :
- Deposit Options :
- Withdrawal Options :
- ETFs :
- CFDs :
- Commodities :
- Metals :
- Stocks :
- Oil :
- Gold :
- Binary Options :
- Indices :
- Type of Platform : MetaTrader 5
- Platform Languages :
- OS Compatibility :
- Trading Signals :
- Market Analysis :
- Chart Trading :
- Guaranteed Stop Loss :
- One-click Execution :
- Mobile Trading :
- Website Languages :
- Support Hours : 24/5
- E-mail Support :
- Chat :
Pros and Cons
Choice of Accounts & Platforms
Spreads Are Not Low
Where is LegacyFX based?
LegacyFX is headquartered in Port Vila, Republic of Vanuatu.
How does LegacyFX make money?
LegacyFX makes most of its money from spreads in currency pairs, commissions charged on stock trades, and from client losses in accounts. This broker is a market maker and acts as the direct counterpart to traders.
How can I deposit into a LegacyFX account?
LegacyFX offers credit/debit card deposits, wire transfers, Skrill, and Neteller.
What is the minimum lot size at LegacyFX?
LegacyFX has a minimum lot size requirement of 0.01 standard lots.
When does a margin call take place at LegacyFX?
LegacyFX failed to provide any information in regards to this category.
Is LegacyFX regulated?
AN ALL NEW INVESTMENTS (VA) LTD, the owner of LegacyFX, is authorized and regulated by the Vanuatu Financial Services Commission, under license number 14579 since April 2017. It additionally operates as a CySEC and an NBRB regulated entity.
What is the maximum leverage offered by LegacyFX?
LegacyFX offers a maximum leverage of 1:200 in all accounts.
How do I open an account with LegacyFX?
LegacyFX has an online application form, which is the standard operating procedure.
Does LegacyFX offer the MetaTrader Trading Platform?
LegacyFX only offers the MT5 trading platform.
What is the minimum deposit for LegacyFX?
The minimum initial deposit is $500, and there is no further information on follow-on deposits, which generally carry a smaller requirement.
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LegacyFX is a fairly new, albeit substantially regulated Forex broker, operating out of the Republic of Vanuatu, Cyprus, and Belarus. In general, this broker has a clean regulatory record, its transparency is acceptable, though it unfortunately is lacking in terms of its technology. When it comes to education, this broker has created a well-equipped and solid service for new traders.
The biggest positive is the asset selection, where this broker has done an outstanding job of offering a wide range of assets. The availability of swap-free accounts for all traders is unusual and could be interesting for traders worldwide. This broker grants a free trading signals package, and its education center and the video library are accessible to everyone. An incentive in the form of risk-free trades is ready to entice new account openings and more substantial deposits.
LegacyFX only provides the MT5 trading platform (albeit with multi-lingual support to traders), which renders it an unacceptable choice for established traders. Spreads are high with 1.6 pips in Silver accounts, which require a $500 minimum deposit. This tier is where most new traders will trade from, but the trading environment is overpriced. A $25,000 deposit is demanded to receive access to spreads as low as 0.6 pips. The entire website could do well with a major design overhaul as it is littered with navigational errors.
Overall, the impression we got during our LegacyFX review is one of a stable broker with some interesting features to offer traders. It is proactively working on improvements. While adjustments are required from the broker’s side, the potential is evident, and the will to create a great brokerage is visible. Patient traders looking for asset diversity may very well find what they need at LegacyFX.Back to Top
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