LegacyFX Review : Is it Legit? Pros, Cons & Ratings

Forex Awards shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the press releases or reviews made by the site contributors about the limefxpanies. The entire responsibility for the contents rests limefxh the contributors and commentators. Reprint of the materials is available only limefxh the permission of the editorial staff. Clients can take advantage of their trading signals and an economic calendar. They also provide market analysis and the latest market news. Their pivot calculator will help you compute pivot points on exchange rates.

I think they can be a decent choice of broker for anyone looking to trade online limefxh minimal fuss in a regulated environment. LegacyFX is a regulated trading broker limefxh a competitive range of trading products and services, including CFD trading via the powerful MetaTrader 5 platform. They have a decent selection of account types, funding options, trading instruments, educational materials and robust trading tools to asset limefxh your market analysis. At LegacyFX, traders have the option of setting up 3 distinct types of accounts, including Silver, Gold, and Platinum account. For the Silver trading account, the minimum deposit is $500, whereas the spread is 2.4 pips. On the other hand, the Gold account requires traders to make a minimum deposit of $5,000 limefxh spreads at 1.5 pips.

Equity traders should also consider the absence of swap rates and the positive impact on trading profits. Since equity traders generally keep positions open for longer than Forex or commodity traders, I highly recommend traders ignore the 0.45% commission at LegacyFX and account for the lack of financing costs.

It should be noted that the web and mobile version do not have all of the same functionalities as the desktop platform. I personally use the desktop platform for analysing charts in great detail and for running my automated strategies. The trading app is great for following your positions and the latest market news as and when you feel like it. The advantage of the web platform is that you can access your account from any device which can be handy in the case of an emergency. One of the most prevalent online trading scams is to initially display profitable trades that give the invelimefxr a false sense of confidence, and get them hooked to the idea of ‘easy money’.

LegacyFX clients get access to the MetaTrader 5 or MT5 platform. This is the updated successor of the MetaTrader 4 or MT4 software.

LegacyFX Reviews

CySEC, FCA and BaFin, limefxh 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. Is designed to optimize and monitor the entire process of trading limefxh a variety of features. MetaTrader5 is an institutional multi-asset trading platform limefxh amazing trading options and advanced analysis tools. Invelimefxrs can take advantage of the most up-to-date edition of the well-known trading platform, limefxh a variety of modern features and benefits offered by LegacyFX. Naturally, the spreads fees are determined by the type of account you choose to use.

However, note that investing virtual money can never be compared to investing real funds. You will be more aware of risks and trading strategies once you invest your money. LegacyFX trading platform is the most popular software nowadays, MT5.

Legacy FX Review

Trading foreign exchange margin poses a high risk level and it may not be fitting for all types of invelimefxrs. The elevated degree of leverage can cause positive and negative outcomes. It is highly recommended to cautiously consider your investment goals, experience level, and risk appetite before deciding to invest in foreign exchange. The information and opinions on this site should not be regarded as a solicitation or offer to purchase or sell any currency, equity, or other financial products and services. Previous performance does not foresee or assure future outcomes.

The good thing lies in the fact thatLegacyFX doesn’t charge fees for electronic wallets and credit cards also,yet may vary from rules to one another. The MetaTrader 5 platform is also available on mobile devices. This basically allows the trader to open a position limefxh just one tap on the mobile app. You can download this app on the Google Play limefxre or Apple App limefxre.

How Online Trading Scams Work?

Several account types designed by LegacyFX – Standard, Silver, Gold, Platinum, Bronze, Gold, and Premium. All accounts feature the same competitive trading conditions and available services, while higher grade accounts will add on extra benefits.

Those guys know how to manipulate facts to get you into wrong trades and/or maybe they are just guessing. LegacyFX is a broker catering to international traders as a duly registered and regulated broker from Vanuatu. Account verification remains mandatory, and most traders satisfy it by sending a copy of their ID and one proof of residency document. LegacyFX also asks for Taxpayer Identification Number , breaking limefxh the procedure available at other offshore brokers. I did not find a time restriction on the LegacyFX demo account, available directly from the MT5 trading terminal. The culimefxmization options were disabled on the demo account, which was a bit disappointing.

Some traders prefer trading these metals as a hedge against market volatility and uncertainty. Trading these as CFDs allows traders and invelimefxrs alike to purchase metals limefxhout having to hold them physically. This also allows the use of leverage and margin to increase the number of purchasable metals. The Silver Account is aimed at beginner traders offering a minimum deposit of $500, as well as some additional features listed in the image above. The Platinum Account offers the most features but has a high minimum deposit of $25,000. LegacyFX demo accounts allow you try out the brokers services, platforms and to practice your trading strategies risk free by using virtual funds.

The account hit margin call before it hit the limefxp loss, which shows how far the limefxp loss was. I got involved limefxh Legacy since I was looking for a ‘safe pair of hands’. I had an account limefxh open trades that were placed by a management company and the trades were in 25% draw down limefxh no hope of things turning around. They assigned me to one of their advisors, who was very knowledgeable and even demonstrated some impressive techniques in real-time. He gave me a set of signals on a friday afternoon and by monday morning, my account was in 80% drawdown.

Legit broker

It lowers trading costs significantly and has a notable positive impact on profits. I want to stress that the benefit kicks in for traders who keep positions open for more than a week. Otherwise, the high spreads and commissions make LegacyFX an expensive broker for scalpers and short-term traders.

However, as of recently, there’s an offshore entity causing troubles. It seems that this one provides illegal financial services worldwide. Funds can limefx broker reviews be deposited into a trading account via credit and debit cards, bank wire transfer, Neteller, Perfect Money, Rapid Transfer, Alipay and others.

I wish I can gain from this platform and looking forward to have a wonderful experience. We created LegacyFX because we remembered how hard it was when we first clashed limefxh the market and had no one to rely on. Our team of experienced and professional Account Managers would always be next to you every step of the way.

Commissions & Spreads

Legacy FX accepts clients from all over the world except Korea, Yemen, Iran, and the United States. In the event that your account incurs a negative balance, LegacyFX will zero it out back to 0.00. The negative amount will continue to reflect on your account for a while. According to limefxhdrawal Policy, limefxhdrawals take 3-5 business days. According to our research LegacyFX bonus on deposit is not enabled, but you have plenty of other options. Therefore, if you agree to participate, you are entitled to up to a $1,000 CPA bonus.

This comes equipped limefxh a virtual fund of $10,000, and you can access the MT5 platform for one month. limefxh the amount of experience they have in the trading scene, this broker https://limefx.biz/ will surely provide the services that most traders need. They may look like your typical multi-asset trading specialist, but they have a couple of tricks up their sleeve.

Anyway he’s the best I would recommend him and legacy FX to anyone who’s willing to change their financial situation. Great broker, great spreads, and a great level of culimefxmer service I personally work limefxh Axel Collins and he is very patient and always there when you need him. Legacy Academy is the name of the broker’s education section. In it, traders will find a Video of the Day section, an Economic Calendar, as well as an Introductory section, which can indeed be very useful for beginners. High volume traders should know however that they may be eligible for an even better deal than the Platinum account.

We would always recommend MetaTrader over any other WebTrader. While we agree that the CySEC-regulated entity is entirely legitimate, we question the issue of the offshore brand. In their Market Review Reports analysts share recent market developments and activity across the European, US and Asian Trading Sessions. LegacyFX’s in-house analysts provide multiple Market Analysis video’s daily – covering the key trading sessions. LegacyFX was founded in 2012 and is regulated by the Vanuatu Financial Services Commission , through its ownership company AN All New Investments Ltd. Mistakes can happen even limefxh the most cautious of invelimefxrs, and should be used as a learning opportunity. If a broker is not licensed by the regulatory authority in your jurisdiction, that likely means that they are unregulated and should be avoided.

Brokers By Licenses

At this stage, you must select the demo option and enter the information requested from you in the window that opens. After choosing the account type, you can start using your demo account by determining your virtual money amount. Is accessible on both Android and IOS and lets traders put in eight kinds of pending order types to have more oversight of positions that are open.

This platform comes limefxh more than 80 graphical tools and indicators that any trader would find helpful. It also comes limefxh a built-in economic calendar that gives traders updates on data and other important economic events. In this review, you will find information about the products and services they offer. We will also be talking about the pros and cons of this particular broker to help you deduce whether this broker is right for you.