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LegacyFX Review
Updated January 07, 2022
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts for Difference (‘CFDs’) are complex financial products that are traded on margin. FX and CFDs carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, CFDs may not be suitable for all investors because you may lose all your invested capital. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved considering your investment objectives and level of experience. Seek independent advice, if necessary.
KEY TAKEAWAYS
- 7 account types, suitable for any trader/investor
- FX trading with 0 commissions and no rollover fees
- Excellent trading education materials
- Instant and commission-free deposits
5.0
| Entity Name | Licence & Regulation | Client Money Protection | Deposit Compensation Scheme | Negative Balance Protection |
|---|---|---|---|---|
| A.N. Allnew Investments Ltd | Cyprus CySEC Licence | ✔️ | ✔️ up to €20,000 |
✔️ |
| A.N. Allnew Investments Ltd | UK FCA Licence | ✔️ up to £85,000 |
✔️ | |
| A.N. Allnew Investments (VA) Ltd | Vanuatu VFSC Licence | ❌ | ✔️ |
Entity/Regulation
It's possible to open any type of trading account with the A.N. Allnew Investments (VA) Ltd entity, except for traders in geographic regions not covered by the broker, such as the US, Israel, Iran, Syria, Afghanistan, Myanmar, North Korea, Somalia, Yemen, Iraq, Sudan, South Sudan, British Columbia, Ontario and Manito. The Vanuatu entity serves, mainly, the international clientele, and also the traders looking for higher leverage ratios – up to 200:1. Let’s check out the A.N. Allnew Investments Ltd entities in more detail.
- European regulation: A.N. Allnew Investments Ltd, with address at 47 Ioanni Kondylaki Street, Q Tower, CY 6042, Larnaca, Cyprus, is registered as a Cypriot Investment Firm (CIF) with number 348194 and is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 344/17. The CySEC license allows A.N. Allnew Investments Ltd (trading as LegacyFX) to carry out brokerage activities in Europe, as an intermediary in the financial markets, respecting the MiFID obligations
- International regulation: A.N. Allnew Investments (VA) Ltd, with a registered address at Govant Building, 1st Floor, Kumul Highway, PortVila, Vanuatu is the counterparty for international customers. This entity is registered in Vanuatu, with company number 14579 and is regulated by the Vanuatu Financial Services Commission (VFSC).
- UK regulation: A.N. Allnew Investments Ltd is a company with a Temporary Permission since 17/01/2018, and is regulated in another European Economic Area (EEA) country. The company can offer certain products or services in the UK. The firm must meet minimum standards agreed upon across all EEA countries. A.N. Allnew Investments Ltd is authorised and regulated by the FCA, with firm reference number 797343.
Client Money Protection
LegacyFX complies with the highest safety standards for clients' funds. LegacyFX also complies with client money handling regulations and employs strict policies and procedures regarding the maintenance and operation of these accounts.
For these reasons, LegacyFX clients' funds are kept in top-tier international banks, fully segregated from the company’s funds, and LegacyFX does not use these funds for any company operational expenses or purposes.
For these reasons, LegacyFX clients' funds are kept in top-tier international banks, fully segregated from the company’s funds, and LegacyFX does not use these funds for any company operational expenses or purposes.
Deposit Compensation Scheme
LegacyFX does not offer deposit insurance, as the company is not a member of any Investor Compensation Fund. The deposit compensation is not a requirement by the Vanuatu VFSC, where LegacyFX is regulated. In the unlikely event that LegacyFX becomes insolvent, or is unable to pay claims against it if the firm has stopped trading, clients might not be entitled to any compensation.
Negative Balance Protection
For accounts opened with LegacyFX, there is a default Negative Balance Protection mechanism in place. With the NBP mechanism, customers of LegacyFX are protected from any losses bigger than their original investments, in cases of extreme market volatility.
Accounts, Instruments and Platforms
| Accounts | Instruments | Platforms | Social trading | Maximum Leverage |
|---|---|---|---|---|
| ✔️Standard ✔️Bronze ✔️Silver ✔️Gold ✔️Platinum ✔️Premium ✔️VIP ✔️PAMM ✔️Islamic Accounts |
✔️Forex ✔️Indices ✔️Stocks ❌Futures ✔️ETFs ❌Bonds ✔️Commodities ✔️Cryptos |
❌MT 4 ✔️MT 5 ❌cTrader |
✔️Copy Trading | 200:1 Globally |
Account types and currencies
- Trading accounts: LegacyFX offers several account types suitable for different types of traders/investors; Standard, Bronze, Silver, Gold, Platinum, Premium and VIP. LegacyFX also offers swap-free accounts for traders of Islamic belief.
- Social trading: LegacyFX offers social trading, and copy trading accounts, for investors and strategy providers.
- PAMM: LegacyFX also offers PAMM accounts for money managers.
- Leverage: LegacyFX maximum leverage is 200:1 for the Standard, Bronze, Silver, Gold, Platinum and Premium accounts. The VIP account leverage limits can be customised.
- Account currencies: Currently, LegacyFX trading accounts are only available in EUR, GBP and USD.
Financial instruments
Trading with LegacyFX can be done only via the MT5 platform, available for Windows desktops (32b and 64b), for Mac OS, also as a Web Trader version compatible with Chrome, Firefox, Safari and Opera and complemented with the mobile apps for Android and iOS.
LegacyFX offers a hand-picked selection of more than 400 financial instruments to trade (with the MT5 platform) from 6 different asset classes, including CFDs in forex, indices, stocks, commodities and cryptocurrencies.
LegacyFX offers a hand-picked selection of more than 400 financial instruments to trade (with the MT5 platform) from 6 different asset classes, including CFDs in forex, indices, stocks, commodities and cryptocurrencies.
- FX market - 48 currency pairs (including Minor and Exotic crosses).
- Indices - 18 world indices CFDs, including the CAC40, US100, UK100, JP225 and GER40.
- Stocks - 313 stocks CFDs of leading US and European companies and banks, such as eBay, BMW, Commerzbank, Puma, Google, Intel, Netflix, Rolls-Royce, Tesco, RBS, and Tesla.
- Commodities - 18 commodities CFDs available for trading with 7 metals (including Gold, Silver, Aluminium), 4 energies (including the UK Oil, US Oil and Nat Gas) and 7 softs (including Corn, Coffee, Soybean, Sugar).
- ETFs - 13 ETFs CFDs of several sectors including mining, energy, technology, bond markets and retail, tracking the overall performance of the equity markets in 35 countries and across 6 continents.
- Cryptocurrencies - 8 cryptocurrencies CFDs crosses for trading versus the USD and the EUR, including BTC, LTC, ETH and XRP.
Pricing
4.0
| Pricing/ Account |
Standard | Bronze | Silver | Gold | Platinum | Premium | VIP |
|---|---|---|---|---|---|---|---|
| Spread EUR/USD (variable) | from 1.6 pip | from 1.6 pip | from 1.6 pip | from 1 pip | from 1 pip | from 0.6 pip | from 0.6 pip |
| Commissions EUR/USD (1 lot) | ❌ | ❌ | ❌ | ❌ | ❌ | ❌ | ❌ |
| Minimum Deposit | from $500 | from $1000 | from $3000 | from $5000 | from $10000 | from $25000 | from $50000 |
Spreads
LegacyFX offers investors industry-leading pricing, and competitive trading spreads across several asset classes, especially on forex pairs. For the most traded pair, the EUR/USD, the Standard, Bronze and Silver accounts average spread with LegacyFX is 1.6 pip, commission-free. Things improve much more with the Gold and Platinum accounts. Again, for the EUR/USD, the average spread is 1 pip, and also commission-free. The Premium and VIP accounts offer an unbeatably low average spread of 0.6 pip, and again, commission-free.
For the EUR/USD, with a 0.6 pip average spread and no trading commissions (the equivalent to $6 per 100,000 currency units traded), we can compare how LegacyFX priced its Premium and VIP accounts to beat the competition. The broker positions its pricing to be a serious contender with other top brokers offering ECN trading models, which normally charge $7 trading commissions per traded lot (plus an average spread of 0.2 pip, totalling $9 per 100,000 currency units traded).
But LegacyFX isn't just offering competitive spreads on FX trading! Investors can also trade Gold/USD with an average spread of 0.27, Sugar CFDs with an average spread of 0.06 and the US500 with an average spread of 0.40 (and it's all commission-free).
For the EUR/USD, with a 0.6 pip average spread and no trading commissions (the equivalent to $6 per 100,000 currency units traded), we can compare how LegacyFX priced its Premium and VIP accounts to beat the competition. The broker positions its pricing to be a serious contender with other top brokers offering ECN trading models, which normally charge $7 trading commissions per traded lot (plus an average spread of 0.2 pip, totalling $9 per 100,000 currency units traded).
But LegacyFX isn't just offering competitive spreads on FX trading! Investors can also trade Gold/USD with an average spread of 0.27, Sugar CFDs with an average spread of 0.06 and the US500 with an average spread of 0.40 (and it's all commission-free).
Rollover Rates
Good news! Legacy FX does not charge any swap fees in none of the three account types. The company reserves the right to alter these at any time and the table will then be immediately updated accordingly. Please visit the LegacyFX Accounts Page for more information.
Deposits/Withdrawals and Other Fees
- Deposit fees - Trading accounts can be opened in 3 different currencies and maintained via 8 different funding methods. LegacyFX accepts deposits via bank wires, debit and credit cards, and deposits with the most popular e-wallets, including Neteller, Perfectmoney and Skrill. The broker accepts also deposits with the 3 most popular cryptos (BTC, LTC and ETH). LegacyFX does not charge any fees for deposits (please note that banks or/and e-wallet providers may charge a transfer fee).
- Withdrawals fees - LegacyFX's standard processing time for withdrawal requests is the same business day. And also here, more good news! LegacyFX does not charge additional fees for withdrawals. For more information, please visit the LegacyFX deposit and withdrawals dedicated page.
- Inactivity fee - Currently, LegacyFX does not charge any inactivity fees or account maintenance fees.
Popularity
4.0
| Forex Education | Deposit Options | Deposit/Withdrawals Fees | Non-expiring demo account | Customer Support |
|---|---|---|---|---|
| Advanced courses E-books Trading ideas Technical analysis Blog Market news Calendar Calculators |
Cards Bank Wire E-wallets Cryptos |
❌/❌ | ❌ - 1 month | Multi-language 24/5 Support Live Chat Local phone number |
With nearly 10 years of experience, the LegacyFX brand is fast-becoming one of the most popular brokers. The company has a global presence and provides competitive trading to thousands of traders, globally. With years of professional experience in the financial markets, LegacyFX is one of the most trusted and transparent brokers in the industry, striving to build trust through openness along with providing great products and services, and the group's core values are tightly aligned with that vision.
LegacyFX is nonetheless a popular CFDs broker amongst traders for the variety of instruments available for trading, its excellent pricing and trading costs, merged with a no swaps on long-term positions nor hidden commissions and fees policy, providing the ideal conditions for long term trading and investment.
LegacyFX ensures all trades are executed at the best available price, with no re-quotes, which make a perfect, all in one experience for traders at any level. Extra popularity points also for the accepted funding methods and LegacyFX's policy of no fees on deposits and withdrawals.
LegacyFX also earns some extra popularity points for their superb range of forex, and trading, education materials, available through the "Education" and "Trading Tools" tabs, with a highlight to the market analysis and forecasts prepared by experts, trading ideas from the LegacyFX market signals, and traders can also stay in the loop with daily blog articles.
| Funding Methods | Bank Wire, Debit & Credit Cards, Neteller, Skrill, VLoad, PerfectMoney, Bitcoin, Ethereum, Litecoin |
|---|---|
| Support Languages | Arabic, English, German, Russian, Spanish |
- Minimum deposit - Opening a trading account with LegacyFX couldn't be easier and it can all be done online, via the website, taking only a few minutes to complete. The minimum deposit requirement with LegacyFX varies from $500 to $50,000, depending on the account chosen - the higher the initial deposit, the more account perks. Please refer to the Account Types - LegacyFX webpage for more info.
- Customer support - LegacyFX's multi-language customer support service is available 24 hours, 5 days a week, in 5 languages. LegacyFX's support is available via local phone numbers (subject to jurisdictions), email, contact form and through the live chat widget directly on the broker's website and WhatsApp.
Broker Profile
LegacyFX is a CFDs broker focusing on offering high-quality services and comprehensive support both to its clients and partners. Its professional team is committed to finding innovative solutions and introducing new technologies so that LegacyFX clients from all over the world could get the best trading conditions. LegacyFX team of experts take an active part in various industry conferences and events, where they discuss trends and prospects of financial markets.
LegacyFX strives to offer the best possible trading experience by constantly improving its range of financial instruments and trading platforms, following the latest trends and solutions. The broker offers one of the lowest pricing for forex trading (average $6 per 100,000 currency units traded, or 1 round lot), commission-free and with no rollover fees.
LegacyFX is a substantially regulated Forex broker operating out of the Republic of Vanuatu, Cyprus, and Belarus. The MiFID compliant broker is regulated by CySEC, VFSC, NBRB, and others. This broker has been in business since 2012, and has a clean regulatory record and has won multiple awards worldwide for its brokerage services.
LegacyFX provides its clients segregated accounts with negative balance protection. The broker uses the popular MetaTrader5 (MT5) software, offering an excellent medium for the trades to trade currencies, commodities, indices, private stocks and metals in a secure environment. The availability of swap-free accounts for all traders is unusual and could be interesting for traders worldwide. LegacyFX operates a well-equipped and reliable service for new traders – the LegacyFX Academy.
In nearly 10 years of activity in the financial markets, LegacyFX has earned the trust of several thousand customers around the world as it is a real alternative to other top brokers, not only for its competitive trading costs but also for the excellent trading environment and reliable execution.
Overall, on our LegacyFX review, the broker scores 4.0 out of 5.0 as it is a great choice for traders looking to diversify their financial portfolio with a great range of hand-picked instruments, but, mainly, because of the broker's competitive pricing and fast execution speeds. Slightly affecting LegacyFX overall score is its choice of the financial regulator for the global markets, the Vanuatu VFSC, which might scare off some traders, as the nation-island is still to implement stronger regulations regarding retail traders protection. Still, despite this less positive factor, LegacyFX is a great option and a popular CFDs broker with traders in the EEA region, and also for its attractive no-fees on deposits and withdrawals policy.
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LegacyFX strives to offer the best possible trading experience by constantly improving its range of financial instruments and trading platforms, following the latest trends and solutions. The broker offers one of the lowest pricing for forex trading (average $6 per 100,000 currency units traded, or 1 round lot), commission-free and with no rollover fees.
LegacyFX is a substantially regulated Forex broker operating out of the Republic of Vanuatu, Cyprus, and Belarus. The MiFID compliant broker is regulated by CySEC, VFSC, NBRB, and others. This broker has been in business since 2012, and has a clean regulatory record and has won multiple awards worldwide for its brokerage services.
LegacyFX provides its clients segregated accounts with negative balance protection. The broker uses the popular MetaTrader5 (MT5) software, offering an excellent medium for the trades to trade currencies, commodities, indices, private stocks and metals in a secure environment. The availability of swap-free accounts for all traders is unusual and could be interesting for traders worldwide. LegacyFX operates a well-equipped and reliable service for new traders – the LegacyFX Academy.
In nearly 10 years of activity in the financial markets, LegacyFX has earned the trust of several thousand customers around the world as it is a real alternative to other top brokers, not only for its competitive trading costs but also for the excellent trading environment and reliable execution.
Overall, on our LegacyFX review, the broker scores 4.0 out of 5.0 as it is a great choice for traders looking to diversify their financial portfolio with a great range of hand-picked instruments, but, mainly, because of the broker's competitive pricing and fast execution speeds. Slightly affecting LegacyFX overall score is its choice of the financial regulator for the global markets, the Vanuatu VFSC, which might scare off some traders, as the nation-island is still to implement stronger regulations regarding retail traders protection. Still, despite this less positive factor, LegacyFX is a great option and a popular CFDs broker with traders in the EEA region, and also for its attractive no-fees on deposits and withdrawals policy.
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LegacyFX User reviews
LegacyFX Account types user rating
(0)Standard
(0)Bronze
(0)Silver
(0)Gold
(0)Platinum
(0)Premium
(0)VIP