Legacy FX Review

Review

Legacy FX, relaunched in 2017, is a Forex and CFD broker headquartered in Cyprus, and regulated in Cyprus under CySEC. They provide a trading platform that offers traders a wide range of assets for trading in indices, commodities, individual stocks, and Forex currency pairs across both major and minor financial markets. 

Accounts

There are four different account types to choose from with Legacy FX. The Silver account can be opened with a deposit of as little as $100, offering a minimum spread of 2.5 pips. The Gold account can be opened with a minimum deposit of $5,000, offering a minimum spread of 1.5 pips and the added bonus of one-on-one support. The ECN account also requires a minimum deposit of $5,000, offering raw spreads from a minimum 0.04 pips plus commission. This account comes with free signals and a direct line to the brokerage dealing room. Finally, the Platinum account can be opened with a minimum deposit of $15,000, offering a minimum spread of 1.1 pips and the same extras as all the other accounts combined. All the account types, except the ECN account, offer the option of fixed spreads.

A demo account is available, as is typical with nearly all spot Forex brokers.

Islamic accounts are also offered.

A wide range of Forex currency pairs, commodities, and CFDs may be traded with Legacy FX.

Features

One of the most notable features about this broker is the wide range of trading platforms that are offered for clients to use. The well-known and popular Metatrader 4 is available, as is the Sirix Web Trader, which includes a social trading element.

Legacy FX also offers educational content about trading in general and about Forex trading in particular, which can be useful to clients, particularly for beginners or less experienced traders concerned about their ability to navigate the market successfully.

Finally, Legacy FX offers clients opening market-maker style accounts a choice between a fixed or variable spreads regime.

Education

Legacy FX’s educational offering consists of some textual information available on the site, which explains the rudiments of the Forex market. The Legacy FX website claims to offer an Academy about trading and Forex, but the material did not seem to be available within the website at the time of this Legacy FX review. The education section also offers a detailed glossary and FAQ, which is very informative.

Bonuses and Promotions

At the time of writing, no bonuses and promotions are offered, due to the fact that CySEC, the Cypriot regulator, has banned new bonuses and promotions since a time prior to this broker’s relaunch.

Deposits/Withdrawals

Depositing funds into a Legacy FX account is an easy and secure process. Funding can be done using an extremely wide range of methods, including credit and debit cards, Skrill, CashU, WebMoney, and bank transfers. Withdrawals can be made through exactly the same methods.

At the time of this Legacy FX review we could not ascertain whether Legacy FX imposes any minimums or maximum requirements on deposits or withdrawals.

Customer Support

Customer support is based in Cyprus, but there are dedicated lines with English support from Britain and Arabic support from Bahrain. Clients can contact a Legacy FX representative by telephone during business hours and can use email anytime of the day.

Conclusion

Legacy FX seems to have a reasonably well-rounded offering for traders looking to trade CFDs on indices and a few individual shares as well as a wide offering of major and minor Forex currency pairs. Fans of fixed spread trading and social trading will find their offer especially interesting, and quite probably attractive enough to open an account.

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Features

Features Introduction

Legacy FX has many attractive features including the website itself which uses colorful snapshots and easy access to information. In terms of features, the stand-out strengths of this broker’s offerings are:

• A wide choice of account types, including both market-maker and ECB-type accounts, plus an Islamic option.
• A choice of the two major and generally most popular trading platforms in the industry: Metatrader 4 and Sirix Web Trader. Sirix includes a strong social element, so fans of social trading are well accommodated with this option.
• An unusually wide range of instruments available for trading: all the major and minor Forex currency pairs, as well as several exotics; also, several major individual stocks, plus most of the major commodities and global equity indices wrapped as CFDs.
• Regulated by a major industry center (CySEC).
• The market-maker type account can be opened with either fixed or variable spread regimes.

  

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Platforms

MetaTrader4

The MetaTrader 4 is an independent trading platform, developed for trading FX, commodities and other products and is one of the most advanced and easy platforms to use. It remains the gold standard of trading platforms.

In addition to the wide range of markets available to trade, the MT4 platform provides traders with a multilingual interface, instant execution, built in help guides for MT4 and MetaQuotes Language 4, a complete technical analysis package including a wide range of in-built indicators and charting tools, various custom indicators and time periods and more.

Automated trading is also offered through the MetaTrader 4 platform where traders can create and test their automated trading strategies by using the MetaEditor, Strategy Tester and Compiler tools within the MT4 platform.

With this automated trading system traders can create Expert Advisors, software programs enabling traders to constantly monitor the markets. Custom Indicators help traders to predict future price movements by analyzing past and current price information. And the Scripts feature gives traders the opportunity to set up an automatic repetition of specific operations such as closing all positions with a single keystroke.

Sirix Web Trader

Legacy FX offers the advanced web-based SIRIX trading platform. SIRIX is becoming something of an industry standard and is offered by a wide range of Forex brokers. The platform is entirely web-based, requiring no download or software installation. The platform has a built-in, sophisticated charting package including the most popular technical indicators and one-click trading.

Sirix also includes an innovative social trading element, where within the actual platform itself you can see what other traders are buying and selling, giving traders the chance to learn from other traders and share in real time as they trade.

Sirix Mobile & Metatrader4 Apps

The Legacy FX mobile platform consists of apps that are specially designed for iOS and Android powered phones and tablets. They enable traders to manage their trading portfolio and also access live rates, open and close positions, view charts, and many more.

The mobile apps include the following features:  a full-function trade platform, real time charts, instant execution of trades, free charts, an execution and examination of pending trade orders.

 

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User Reviews

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