Legends FX Markets Forex Broker

Note: Legends FX Markets' official website: https://www.legendsfxmarkets.com/ is currently inaccessible normally.Legends FX Markets Review SummaryFounded2020Registered Country/RegionSt Vincent and the GrenadinesRegulationNo regulationMarket Instruments/Demo Account✅EUR/USD SpreadFrom 1 pipLeverageUp to 1:400Minimum Deposit$1Trading PlatformMT4Customer SupportAddress: First Floor, First St Vincent Bank Ltd Building James Street, Kingstown, St Vincent and the GrenadinesEmail: support@legendsfxmarkets.comLegends FX Markets Information Legends FX Markets was registered in offshore St Vincent and the Grenadines in 2020 and currently does not maintain a viable website, so we are not sure about its actual business scope. The minimum deposit is said to be $1 and trading platform is the popular MT4, but the link directed to another shabby platform named “Pure M Global”. To make the matter worse, the broker has never been regulated by any financial watching bodies.Regulatory Status Regulation is a crucial aspect of evaluating the legitimacy and reliability of a brokerage firm, and in the case of Legends FX Markets, the broker operates without any valid regulatory oversight. The absence of a regulatory framework raises significant concerns regarding the broker's adherence to industry standards, financial transparency, and the protection of client interests.Downsides of Legends FX Markets Unavailable website: Legends FX Markets' website cannot be opened currently. Regulatory concerns: The company operates without any regulations, meanig that it does not comply to rules from any regulatory authorities. This heightens trading risks with them. Fake MT4 link: The broker's claimed MT4 trading platform actually directed to another irrelevant platform called “Pure M Global”, which seems to be another possible offshore scam broker. This should be an alarming warning sign to traders that the broker might be a fraud. Limited transparency: Due to unavailable website, the company's business scope, as well as trading conditions are not known to the public, leaving traders in the complete dark about their investment products and costs. Withdrawal fees charged: Legends FX Markets charges withdrawal fees for each funding method, some of them are quite high. For example, SWIFT withdrawals costs €30 plus 2% of withdrawal amount, which will be a huge burden for traders, especially for those who only withdrawal a small amount of money.Account Type/Fees Except for a demo account for traders to test their new trading strategies, Legends FX Markets also offers two live accounts, namely “STP account” and “ECN account”. There is no minimum deposit requirement to open both accounts,so you can start trading from only $1. Spreas is from 0 pip in the ECN account and from 1 pip in the STP account. For trading commissions, the broker does not disclose any information.Leverage The leverage offered by Legends FX Markets is capped at 1:400, which is a little higher than the standard set by EU regulators. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.Trading Platform Legends FX Markets boasts that their tradings can be executed via the robust and advanced MetaTrader 4 platform which is widely recognized and used worldwide for its intuitive interface, built-in charting tools, and market analysis. However, the link of the platform acutally directly to an unknown and different broker platform “Pure M Global”, which indicates that the broker pretents to provide MT4 platform but might actually conducting fraud activities via another name or company.Deposit & Withdrawal Legends FX Markets accepts payment methods by several methods: SEPA offers free deposits with a withdrawal fee of €5. SWIFT charges a deposit fee of €20 plus 1.5%, while withdrawals costs €30 plus 2%. ETANA CUSTODY requires a minimum deposit of €500 and deposit fee of $20, with withdrawal fees set at $25. GTBank provides free deposits, but withdrawals incur a fee of 1% in USD or 1S in NGN. Ethereum transactions have free deposits and a withdrawal fee of 0.02 ETH, while Ripple withdrawal fees are set at 5 XRP. BTC/BCH: Free deposits and withdrawals are charged at 0.005 BTC and 0.005 BCH respectively.Payment MethodDeposit FeeWithdrawal FeeSEPA❌€5SWIFT€20 + 1.5%€30 + 2%ETANA CUSTODY$20$25BTC❌0.005 BTCBTH❌0.005 BCHGTBank❌1% in USD, 1S in NGNEthereum❌0.02 ETHRipple❌5 XRP