LegacyFX Review 2023 – Details About This Offshore Broker
LegacyFX Review 2023 – Details About This Offshore Broker

Since 2021 LegacyFX is operating on financial markets worldwide under the brand An All New Investments. This broker is registered and licensed in Vanuatu by VFSC. However, out of all licenses available, these offshore licenses belong to the Tier 3 group. Moreover, they are considered loose licenses.

Before we go any further, we suggest reading our brokerage reviews on Alpari, Everfx, and FBS.

Broker status:Regulated Broker
Regulated by:VFSC Vanuatu, CySEC, TPR with FCA
Websites:Int.legacyfx.com
Regulators’ Complaints:FCAA
Owned by:An All New Investments ( VA ) Ltd.
Headquarters Country:Vanuatu
Foundation year:2021
Supported Platforms:MT5
Minimum Deposit:$500
Cryptocurrencies:Yes – BTC, ETH, LTC
Types of Assets:Forex, Commodities, Indices, Shares, Cryptocurrencies
Maximum Leverage:N/A
Free Demo Account:Yes
Accepts US clients:No

Is LegacyFX a Reliable Trading Broker?

In the first place, they are regulated by a VFSC. Consequently, they should be trusted. However, LegacyFX broker doesn’t have Tier 1 regulation. We checked the database of FCA, BaFin or ASIC as the most trusted ones and there is no record of LegacyFX. The only thing LegacyFX broker has is TPR with the FCA and recently approved CySEC regulation.

Besides the loose license, they don’t reveal some key trading conditions like leverage. Thus, some clients had bad experiences that could be maybe identified as true based on FCAA warning. However, they have earned FCA TPR agreement and CySEC license.

Reasons for Using a Regulated Broker for Trading

As a matter of fact, the regulated company provides security. However, some regulations are stricter than others. Equally important are trading conditions that should comply with some rules. Otherwise, traders would be exposed to extreme risk.

Financial Watchdogs’ Red Flags and Warnings

LegacyFX Financial Watchdogs' Red Flags and Warnings

Surprisingly for a such known broker that is even a sponsor of a football club, we found a warning against them. Canadian FCAA issued it in April 2022. Therefore, you should reconsider trading with this broker. If you are still not sure, continue reading.

Broker Trading Software – Is MetaTrader 5 Available?

Equally important as security is the trading platform. LegacyFX broker provides the most trusted and most advanced platform Meta Trader 5. It provides a wide range of advanced chart and indicator options, social and copy trading, advanced EAs and more. Therefore, it’s widely present among traders.

LegacyFX Mobile Application

Comparatively, Meta Trader 5 mobile app has one very important advantage. It’s accessible anytime anywhere. Usually, traders find it beneficial because they can take advantage of the markets. Not to mention that is available for both iOS and Android devices.

WebTrader

Web trading is often the least favorite among traders. The reason for that is a dependency on a web browser and device hardware. Although it provides all same features as a desktop version. However, it is way better than proprietary web-trader often used by offshore brokers.

Trader’s Reviews of LegacyFX

Nevertheless, what surprised us the most are LegacyFX reviews. Out of 753 comments on Trustpilot, almost 20% were negative comments. People from all parts of the world were commenting on bad service from LegacyFX trading company. As a result, you could expect potential issues with this broker.

LegacyFX’s Trading Assets and Instruments

Another key point is the availability of trading instruments. LegacyFX broker offers all 5 major instrument classes. Those are:

  • Forex� � � � � � � � � � USD/SEK, AUD/NZD, GBP/HKD
  • Commodities� � � � � � oil, gold, palladium
  • Indices� � � � � � � � � � � DJI, CAC40, AU200
  • Shares� � � � � � � � � � � Amazon, Pfizer, BMW
  • Cryptocurrencies � � � BTC, ETH, XRP

Since leverage is unknown with LegacyFX traders should be cautious in their first steps.

LegacyFX� Service Countries

As can be seen in some LegacyFX reviews they are active worldwide. They are mainly present in countries like:

  • Canada
  • UK
  • Australia

Must be remembered that the UK only allows companies to trade with an FCA license or TPR. The reason for that is their exclusion from the EU.

Account Types Offered by LegacyFX

Certainly, trading account types are not precise. Every account is commission-free, but besides that, you don’t have any visible benefits. Overall, benefits are regarding educational packages, trading tools availability, account manager assistance, etc. Anyway, here are the options:

  • Standard � � � $500
  • Bronze� � � � � $1.000
  • Silver� � � � � � $3.000
  • Gold � � � � � � $5.000
  • Platinum � � � $10.000
  • Premium � � � $25.000
  • VIP � � � � � � � $50.000 – Customized account

Free Demo Account – Does The Broker Offer It?

Unlike many other offshore brokers, this one offers access to a demo account. So, if anyone wants to test it out, they can do it for free. However, many traders prefer micro accounts over demos. Unfortunately, the minimum requirement with LegacyFX broker is $500.

PAMM – Accounts

On the contrary, something exclusive that LegacyFX offers is PAMM. Percentage allocation money management is a new way of trading where traders invest money in a trading pool. Consequently, more buying power is provided and profits are split between investors. Since this is an offshore trading company and market specialists could be unlicensed, maybe think twice about it.

LegacyFX Affiliate Program

In general, these programs are designed to bring more people to the company. Yet, clients get rewarded in some way. In this case, LegacyFX provides a $1.000 bonus per customer referred. Important to realize is that no EU regulator allows any kind of bonuses provided to clients.

LegacyFX� Deposit and Withdrawal Policies

Another key point is the withdrawal processing time. In this case, a broker has 3-5 business days to review the transaction. course, they need to make sure that you comply with AML and TF laws. In other words, some traders would say they are looking for a potential excuse.

Payment Methods Available

Nevertheless, all payment methods have different conditions. For example, some of the methods are:

  • Bank transfers��
  • Cards – Visa, Master Card
  • e-payments � – Skrill, Neteller, Crypto wallet, Gigadat, iDeal and more

Generally speaking, they are all secure and reliable methods. Some are processed instantly and some bit longer. However, you have a maximum limit that can be deposited and withdrawn with every method.

LegacyFX Terms & Conditions – What You Need to Know

Important to realize is that this is an offshore regulated broker. They are violating some rules by offering bonuses to their clients. With this in mind, you should approach trading here carefully. Above all, there are warnings issued besides licensing. Therefore, think for yourself and don’t let anyone persuade you.

Leverage, Spreads and Fees

The maximum leverage for trading is 1:200. This is different for each instrument. The size of the spread, which is the difference between the buy and sell prices, also depends on the asset and the type of trading account. Additional fees you can check in the T&C section. The only notable one is the inactivity fee which is $10. Moreover, maintenance of the account is free of charge.

What Should I Do If I Have A Problem With LegacyFX?

All things considered, you can expect some difficulties with LegacyFX broker. However, you can reach out to the regulator first. Since most traders complain about withdrawals, you can always contact our recovery team.

What Is LegacyFX?

LegacyFX is an offshore trading company that provides trading on FX and CFD markets worldwide.

Is LegacyFX a Regulated Broker?

Even though LegacyFX is regulated, their license is quite loose because it is VFSC ( Vanuatu ). It belongs to the Tier 3 group of regulations. Recently they were approved TPR with the FCA and CySEC license. Yet, we expect to see if they will comply with those.

Is LegacyFX Available in the United States or the UK?

There are no confirmed cases where traders from the US or the UK were involved in trading with LegacyFX trading company.

Does LegacyFX Offer a Demo Account?

Unlike some other companies, LegacyFX doesn’t offer a demo account. Only a wide range of live trading accounts.

Unfortunately, many users start reading reviews only after falling victim to scams. We sincerely hope that you are not one of them!
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