2021 LegacyFX Review • Pros, Cons & More • Benzinga – Benzinga

LegacyFX Quick Summary

Tradable assets Over 200 tradable assets including major, minor and exotic currency pairs
Platform MetaTrader 5
Mobile app Yes
Account minimum $500
Available account types 7

LegacyFX has a somewhat high minimum deposit compared to other forex brokers at $500. Nevertheless, the broker offers some of the lowest dealer spreads in the business, starting at 0.5 pips. LegacyFX guarantees the best exchange rate available for all trades executed for its clients with no re-quotes. 

Depending on the account type you choose, you can access variable or fixed spreads for major, minor and exotic currency pairs. The table below shows LegacyFX’s major currency pair dealing spreads with margin requirements, minimum and maximum quantities for trades in units and lots, volume steps in units and lots, contract size, digits for currency quotes and variable target spreads for the 3 different account types: Platinum, Gold and Silver. 

Screenshot of LegacyFX’s pricing table.

In addition to forex currency pairs, you can trade CFDs on stocks, commodities like gold and oil, cryptocurrencies, indices and stocks. 

Because LegacyFX supports the MT5 trading platform, the broker already offers a platform that many forex traders are familiar with. In addition to LegacyFX’s trading platform, other examples of its ease of use include:

  • Easy onboarding 
    • Can sign up for a demo account in less than 10 minutes
    • User-friendly interface with detailed analysis and educational resources 
  • MetaTrader5 software for desktop and mobile devices and is available in a web version that requires no downloading
  • Simple deposit and withdrawal methods
  • The MT5 software and the LegacyFX interface combine to make access easy for both experienced and novice traders

LegacyFX has extensive educational resources for traders from beginners to seasoned professionals. Educational resources that LegacyFX provides include:

  • Video library: The extensive video library covers a wide range of topics including, buying and selling and currency pairs for beginners, chance and risk, emotional trading, technical analysis, tutorials for MT5, calculating pips, and passive and aggressive trading.
  • In-depth courses: In-depth courses for beginners and advanced traders include CFDs and stocks, trading tools and trading strategies. 
  • Ebooks: LegacyFX ebooks provide a wealth of information on markets and trading.  Subjects include trading the market, beginners’ strategies, trading psychology and various books on technical and fundamental market analysis. 
  • Glossary: The LegacyFX website includes an extensive glossary with the terms and expressions relevant to forex trading.  

In addition to its excellent educational resources, LegacyFX provides traders with basic and advanced trading tools including:

  • Trading signals: You can access live trading signals that employ some of the most popular technical analysis indicators like Williams %Return, Bull/Bear Power, the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD) and Stochastic RSI. The signals cover a wide range of tradable assets, as well as forex currency pairs.
  • Technical analysis: In this area of the broker’s website, you can find video tutorials on daily market analysis and how to interpret charts on commodities, indices, stocks and currency pairs.
  • Market news: The latest market news can be accessed with direct links to trade the markets covered in the news reports. 
  • Economic calendar: This feature shows all the important economic releases affecting the world’s currencies so you can keep abreast of news that may impact your trading decisions. 
  • Calculators: The LegacyFX website provides traders with several useful calculators that include a pivot calculator showing pivot points on exchange rates, a deal size calculator for money management and a Fibonacci calculator for in-depth technical analysis. 
  • Data analytics: This useful feature gives you access to TradingView’s premium analytics portal that includes real-time charts, fundamental data and a cryptocurrency market widget. 

LegacyFX customer support staff can be reached Monday through Friday from 8 a.m. until 12 p.m. (GMT +3). You can reach several of the broker’s departments directly through email including compliance, complaints, dealing, affiliates and support.   

You can also contact its office in Vanuatu directly through email and phone. Under the “Call Us” area on the Contact Us page of the broker’s website, links to the Customer Service and Dealing buttons seem to be disabled and directed to a blank page in both cases. 

Email Support@legacyfx.com
Phone Local Vanuatu number: 413 1 508 7455
Direct mail Govant Building
Kumul Highway
P.O. Box 1276 Port Vila
Republic of Vanuatu

LegacyFX provides its customers with brokerage services for forex and CFD trading on gold, oil, cryptocurrencies, indices and major stocks. The broker supports the MT5 trading platform exclusively as its main trading platform and offers competitive dealing spreads starting at 0.5 pips. 

You can choose from 7 different account types with different account minimums:

  1. Standard: $500
  2. Bronze: $1,000
  3. Silver: $3,000
  4. Gold: $5,000
  5. Platinum: $10,000
  6. Premium: $25,000
  7. VIP: $50,000

No fees are charged for the first 6 accounts, but the VIP account is customizable and may carry certain fees. All of the account types include the trading academy, live support, daily signals, tips and updates, a private channel and access to commodity trading and a swap-free account. 

The premium account type offers platinum sessions and advanced mentoring, while the platinum account provides a dealing room direct line and trading plan assistance. The gold account gives you access to the direct dealing desk, personal success goals and basic mentoring counseling, as well as a VIP EU Mastercard credit card. 

The silver account gives you access to stock trading, trading psychology evaluations and protected trades. The features mentioned for the silver, gold, platinum, premium and VIP accounts are not available in the standard or bronze accounts. 

The LegacyFX mobile app is available for Android and iOS devices and is basically the MT5 platform on a mobile device. The app’s features include:

  • One-click trading: You can open a position with just a click on your mobile device.
  • Crypto trading: MT5 now supports crypto trading with new and unique features. 
  • Expanded technical analysis tools: MT5 now lets you pick from 21 different time frames and 9 additional techniques for structuring charts.
  • Optimized strategy tester: Expert advisor (EA) addons and software can be tested with detailed result presentations.
  • Improved EAs: Integrated Metaquotes Language (MQL) forex market product tabs for EAs are available.
  • Economic calendar: An important feature for any forex trader. 

LegacyFX desktop and mobile MT5 applications.

Despite being a relative newcomer on the online forex broking scene, LegacyFX has comparable services to many well-regarded brokers that have been around much longer.

One of the drawbacks of LegacyFX is that it doesn’t accept U.S. or Canadian clients. On the plus side, the firm does offer decent educational materials for novices, as well as both forex and CFD trading on a variety of asset classes that should suit most traders. 

You can also check out the appropriateness of LegacyFX’s services and its supported MT5 platforms for your needs by opening up a demo account with the broker before funding a live account. 

Leave a Reply

Your email address will not be published. Required fields are marked *