Newbie traders and professional traders who want to test the broker usually start with this account type. To open the Silver account, you must be able to produce $250, which is quite reasonable, because the account comes with a ton of perks, apart from analysis insights, dealing Room Direct Line, and 1-on-1 support. LegacyFX reviews by verified customers, cashback rebates, expert ratings, spreads & fees, leverage, demo accounts, downloads, trading platforms and more.
LegacyFX Affiliate Program
Client deposits remain segregated from corporate funds at LegacyFX, and traders get negative balance protection, which I believe is an absolute necessity for leveraged trading. Regrettably, there is no investor compensation fund, for example, via the Hong-Kong-based Financial Commission, the primary authority for brokers regulated in smaller jurisdictions. Another option would be a third-party insurance policy, legacy fx review which LegacyFX does not provide. It should be said, however, that many of today’s top brokers don’t provide these assurances, but it is a nice-to-have for brokers that offer it. Despite the many positive, the spreads starting from 0.6 pips are not the lowest and the minimum deposit of $500 is also quite high. I also feel like they could expand the trading instruments to include some more individual stocks.
Other trading platforms
He has several years experience in the forex trading business and has started to trade in Bitcoin and other crypto markets too. LegacyFX also operates social media accounts on Facebook, Instagram, LinkedIn, Twitter, and YouTube, where you can find additional information on the broker’s services. The minimum amount required for a deposit for this one is $5,000. Forex traders can gain access to all the features and perks as well as the ones covered by the Silver account for the $5,000. Also, the support and customer service team of the broker is amazing – they are always around to answer customers for every trading session.
LegacyFX Regulation / Money Protection
It’s updated frequently and can help you stay up to date with some of latest financial news. As for the minimum deposit amount, the Silver account at LegacyFX requires 500$ as a start, while other accounts deploy higher levels of first deposits. The pleasant moment is that LegacyFX does not charge any fees on credit card/electronic wallet deposits as well, yet this may vary from one rule to another. LegacyFX’s educational offering is in line with the industry average – at least when it comes to its video content. Their educational Academy section is well organized, with video courses and lessons arranged by experience level. Safe account program and zero feeson deposits and withdrawals, appliedto all account types.
Best signals
- Minimum deposit requirements start at $500 for the Standard account, fairly high when compared to other brokers.
- The single platform offering is also limiting to less experienced traders.
- Traders must also submit their Tax Payer Identification Number (TIN), which other offshore brokers do not require.
- There is a risk that your bank or another third party might apply charges on cash transfers.
There are no swap fees on long-term positions and no hidden commissions and fees. For those that opt for the Platinum account, the minimum deposit is $25,000. This allows traders to trade profitably https://forexbroker-listing.com/ without spending so much on pips. With this money, traders can get enough access to all the broker’s trading platforms, educational bonus, technical support, and 1-on-1 support.
All Legacy FX withdrawal requests submitted – regardless of the withdrawal method chosen – will be processed within 3-5 business days. LegacyFX is fully regulated by Vanuatu Financial ServicesCommissions (VFSC). The Vanuatu Financial Services Commission (VFSC) is the financial regulatory authority of Vanuatu. The use of MT5 is a huge point in LegacyFX’s favor, as not many other brokers use this software, preferring, instead, to stick to MT5’s predecessor, MetaTrader 4. The fact that MetaTrader 5 is a mainstay of this broker makes it unique—in a good way. AM GLAD ABOUT THE SUCCESS STORY I GAINNED FROM FINANCE CHARGE BACK,A bunch of scammers.
You’re doing well, I love everything about education you provide, and the level of willingness to help beginners. The only thing I don’t like is the platforms you use for deposit and withdrawals, those of here in Ghana we use mobile money to make transactions a lot so you should look at that area. I have dealt with several brokers and things have not worked. Your signals are top notch and you have made it easy for me to trade after several years of failure.
Take accountiblity of your actions and do not blame others for your actions. DayTrading.com is committed to helping traders of all levels make informed decisions about which broker to trade with. If you have experience trading with LegacyFX please share your personal review of the broker and what you think are strong and weak points. Compare LegacyFX with the top 3 similar brokers that accept traders from your location. Yes, you can open a live account and a demo account simultaneously. You are free to switch between the two accounts from within the platform.
LegacyFX is fully regulated by Vanuatu Financial ServicesCommissions (VFSC) and all client funds are kept in segregated accounts. LegacyFX main objective is to offer financial transparency and greater client protection. Jeff Anberg is a Staff Editor at BrokerNotes.co and ForexBrokers.com. Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets. He is a long-time active investor and engages in research on emerging markets like cryptocurrency. Jeff holds a Bachelor’s Degree in English Literature with a minor in Philosophy from San Francisco State University.
They also appreciate hearing how they can improve the support available to traders. I have always been pleased with the support and like how they have taken the time to respond to both positive and negative feedback online. A contract for differences (CFD) is a financial contract that pays the differences in the settlement price between the open and closing trades. This means that you can speculate on which direction the price will move without needing to physically own the underlying asset.
Traders can choose between fixed or variable spread accounts. Adjusting the different background colours and timeframe settings allowed us to personalise the screen appearance and to set charts to match our trading strategies. All in all, the trading execution experience using MT5 can be described as faultless and as good as any other platform in the market. Our LegacyFX review involved booking test trades using the WebTrader and downloadable desktop versions of the MT5 platform. Both platforms have similar functionality; choosing between them depends on your trading style. For many, the web-based version is an ideal choice as it allows you to trade from different devices anywhere there is an internet connection.
Please note, some markets may only be available via CFDs or other derivatives. Most importantly, the broker is regulated by five top regulatory bodies that cover most European countries, Middle East Asia, and Sub-Saharan Africa. That fact alone is an excellent reason to trade forex with this broker. Queries which are more detailed in nature, or need resolution when the telephone desk is not available can be sent to the support team in writing.