MT5 Platform LegacyFX Trade with LegacyFX Forex Broker Legacy FX

I believe LegacyFX is best for equity traders with deposits exceeding $5,000, which is the minimum required to unlock all beneficial services at LegacyFX. MetaTrader5 for Desktop is designed to monitor and optimize your entire trading process by offering broad functionality. Enjoy the latest version of the most popular trading platform with plenty of cutting-edge features and benefits brought to you by LegacyFX. However, the high minimum deposit and spreads are likely not competitive enough to attract many beginners. The single platform offering is also limiting to less experienced traders. LegacyFX offers a decent selection of educational resources for all experience levels, including courses, e-books, video tutorials, and market news.

LegacyFX Spreads

Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets. User-friendly interface; offers more features, advanced trading tools and superior support. Through our Safe Mode Program, zero fees on deposits and withdrawals, it’s no wonder how we offer the most advanced trading conditions. I find the third-party deposits available at LegacyFX confusing, as it violates globally accepted AML stipulations. LegacyFX attempts to counter it with a Transaction Authorization / Declaration of Deposit (DOD) Form, which all traders must sign. No deposit and withdrawal fees exist, but LegacyFX reserves the right to add them.

Customer Support

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. Legacy FX offers access to MetaTrader 5 (MT5), which is the most popular multi-asset platform on the market today. As the successor to the infamous MetaTrader 4 platform and offers advanced features and tools. Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry.

Spreads & Commission

No need for additional software of browser extensions, the WebTrader is compatible with all operating systems and trading operations. Asktraders is a free website that is supported by our advertising partners. As such we may earn a commision when you make a purchase after following a link from our website. A transaction cannot be canceled; you can, however, immediately request a withdrawal for the full amount of your deposit.

1. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).
2. LegacyFX does not have a physical presence in South Africa, which is not a requirement to accept traders from South Africa.
3. Besides, the main tool and a very powerful one in the LegacyFX business strategy is – education, which attracts new traders and gives a great opportunity for both parties.
4. As a MetaTrader-only broker, LegacyFX offers a decent variety of instruments with 425 symbols and 41 forex pairs – all available on MT5.
5. This means, of course, that the broker’s profit is coming primarily from the spreads, so your trading costs will be dependent on these.
6. It is easy to install the MT5 plugin and get a simple interface with all of the Autochartist features which your can customise according to your preferred trading environment.

GOLD account

LegacyFX offers some of the lowest spreads and commission-free trading, no rollover fees on long-term positions, negative balance protection, and client funds are separate from LegacyFX’s funds. LegacyFX is GDPR compiled and fully regulated by CySEC, FCA and BaFin, with the 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. LegacyFX provide dedicated 24-hours customer support via phone, chat and email. The broker values customers and are happy to answer all general, technical and account related questions that you may have. 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.

What Is The Minimum Deposit Requirement For LegacyFX?

Overall, we can safely say that MT5 is a great trading platform that can be used not only for order placement but for conducting in-depth technical analysis as well. As a MetaTrader-only broker, LegacyFX offers a decent variety of instruments with 425 symbols and 41 forex pairs – all available on MT5. 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. The range of accounts available from LegacyFX will vary, depending on whether you choose its EU entity regulated by CySEC, or its international entity in Vanuatu.

In our review of Legacy FX, we will be discussing the broker’s trading fees, trading software, customer service, tools for research, educational material, and more. Based on the responses provided in regards to your Annual Net Income and Estimated Net Worth, your investment profile does not meet our internal criteria for opening a trading account with us. Please ensure that you have provided accurate responses before submitting your application. Based on the response provided, your investment profile does not meet our internal criteria for opening a trading account with us. LegacyFX does not offer deposit bonuses but maintains a Loyalty Program for affiliates.

LegacyFX have a section of their website that is dedicated to supplying trading signals on a variety of different assets. There is a good variety of live, daily, weekly and monthly signals. I think it is better to trade manually as this can be a good way to learn from your mistakes and improve as a trader in the long term. However, I understand that social trading can be a great solution for those of you who do not have the time or knowledge to trade by yourself. If that is the case, eToro is one of the best social trading platforms out there.

LegacyFX is a regulated trading broker with 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 with your market analysis. LegacyFX extends comparative advantages to all its customers in an effort to provide all traders with additional trading strength and control. You can request a reduction in spreads if you trade enough volume each month.

I prefer more client protection in the form of a compensation fund, but overall, LegacyFX presents a secure trading environment. The asset selection remains average, and while spreads and commissions are high, the lack of swap rates results in a competitively priced broker for traders who maintain positions for more than five trading days. LegacyFX offers services from third-party provider Autochartist, features data and analytics from TradingView, and complements it with a live trading signals page.

They analyze quotes from financial instruments allowing traders to execute the most profitable trades. Thousands of these indicators can be downloaded for free on the MQL5 codebase. Trade Forex and CFDs with the MetaTrader 5 web platform without installing or downloading any software application. You can trade on the Forex market with any browser and operating system with an internet connection. Access your trading account with the MetaTrader5 web platform right now. Yes, you can open a live account and a demo account simultaneously.

LegacyFX demo accounts allow you try out the brokers services, platforms and to practice your trading strategies risk free by using virtual funds. This can be a great way to see if the broker is suitable for your needs and to build your confidence up before making a financial commitment. In addition to educational material, the broker also offers market analysis, trading calculators, market news, and technical analysis to its clients. Overall, the educational material and tools for research are extensive with this broker.

Positions opened within a 24-hour period after the close of a broker’s normal trading hours are intraday trading positions. Overnight trading positions are those positions that are still open at the end of trading hours. A standard lot equals 100,000 units of the traded currency pair; a mini lot equals 10,000 units, and a micro lot equals 1,000 units. Overall, the customer service at legacy fx review is great, and the agents were able to answer all our questions in a professional and timely manner.

These payments are usually instant, though some providers, such as Skrill, can take up to half an hour to clear. Some e-wallets may have restrictions on the currencies that can be used. There is not usually a minimum withdrawal amount, but check with your individual provider.

We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points. LegacyFX is an intriguing broker as it only offers the MT5 trading platform with a promise of no swap rates on leveraged overnight positions. Retail traders with portfolios below $25,000 must accept higher spreads, but the absence of fees on overnight positions piqued my interest. I reviewed LegacyFX to conclude if the swap-free offer creates a competitive advantage. How does LegacyFX compare to the elite brokers in the Forex industry?

The Silver Account requires a deposit of $3,000 and offers basic analysis and basic mentoring. The Gold Account has a minimum deposit requirement of $5,000, and this is the level at which you’ll get access to the direct dealing desk, plus other perks such as a VIP EU Mastercard. Platinum Account holders will need a minimum deposit of $10,000, but will have access to further perks, including a trading plan and dealing room direct line. The Premium Account requires a deposit of at least $25,000 and includes advanced mentoring opportunities. The spreads available to you across various asset classes will also improve as you move up the account levels. All account types come with daily signals, live support, and access to the trading academy, and all are commission free with no swap fees.

Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven https://forexbroker-listing.com/ variables. LegacyFX is a plain-vanilla MetaTrader 5 (MT5) broker that offers a medium range of CFD markets and forex pairs. It has built a good foundation of research offerings, and its investor education content is on par with the industry average. Overall, LegacyFX still has room to grow, and trails behind the best MetaTrader brokers.

Other advantages include quality customer service and a well-stocked education centre offering various tutorials, webinars and eBooks. There is also a good choice of trading tools and market analysis resources, so customers will feel well-supported by the broker in carrying out their trading activities. Legacy FX takes all necessary measures to secure client funds and ensure a safe trading environment. Client funds are insured and held in company-managed, segregated fiduciary bank accounts, which cannot be used for internal company purposes. Transactions are executed by Level-1 PCI-Certified international service providers, and servers are all located in data centers that are SAS-70 certified. Investor activities are secured by 256-bit RapidSSL encryption and our entire trading system is meticulously fire-walled.