Legacy Global Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
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The information provided by the Legacy Global website is too limited, and I couldn't find detailed information on spreads and commissions. Do I have to wait until I start trading to find out?
In this comprehensive review of Legacy Global, we delve into the broker's regulatory status, user experiences, and features. While some users appreciate the trading platform and educational resources, others have raised concerns about the lack of stringent regulation and high minimum deposit requirements. This review aims to provide a balanced view of Legacy Global, highlighting both its strengths and weaknesses.
Note: It's important to recognize that Legacy Global operates through various entities in different regions, which may lead to variations in services and regulations. This review synthesizes information from multiple sources to ensure fairness and accuracy.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 6 |
| Tools and Resources | 7 |
| Customer Service & Support | 5 |
| Trading Setup (Experience) | 6 |
| Trustworthiness | 4 |
| User Experience | 5 |
How We Rate Brokers: Our ratings are based on a combination of user feedback, expert analysis, and factual data regarding the broker's services and features.
Established in 2012, Legacy Global is a multi-asset brokerage that offers trading services across various asset classes, including forex, commodities, and cryptocurrencies. The broker primarily operates on the MetaTrader 5 (MT5) platform, which is known for its advanced trading capabilities. While Legacy Global claims to be regulated by the Vanuatu Financial Services Commission (VFSC) and the Cyprus Securities and Exchange Commission (CySEC), the lack of a Tier-1 regulatory body raises concerns among potential traders.
Regulatory Regions:
Legacy Global operates under different regulatory frameworks depending on the entity. While it is regulated by the VFSC, which is often considered a low-tier regulator, it also claims oversight by CySEC, a mid-tier regulator. This dual structure may lead to varying levels of investor protection and service quality across regions.
Deposit and Withdrawal Currencies/Cryptocurrencies:
The broker allows deposits and withdrawals in multiple currencies, including USD, EUR, and GBP. Additionally, cryptocurrencies such as Bitcoin are accepted for transactions, which can appeal to a wider range of traders.
Minimum Deposit:
The minimum deposit requirement at Legacy Global is relatively high, set at $500 for most account types. This amount may deter beginner traders who are looking for more accessible entry points into the market.
Bonuses/Promotions:
Currently, Legacy Global does not offer any notable bonuses or promotions, which is a common practice among many regulated brokers to ensure compliance with financial regulations.
Tradeable Asset Classes:
Legacy Global provides access to a diverse range of trading instruments, including forex pairs, commodities, indices, and cryptocurrencies. However, the total number of assets available is somewhat limited compared to industry leaders.
Costs (Spreads, Fees, Commissions):
The cost structure at Legacy Global can be considered average, with spreads starting from 1.6 pips for major currency pairs. While there are no commissions on most trades, the spreads can be higher for lower-tier accounts, impacting overall trading costs.
Leverage:
Legacy Global offers leverage of up to 1:200, which can enhance trading potential but also increases risk. This leverage is competitive but may vary based on the trader's location and regulatory restrictions.
Allowed Trading Platforms:
The broker exclusively utilizes the MetaTrader 5 platform, which is popular among traders for its comprehensive features. However, the absence of MetaTrader 4 may limit options for those accustomed to the older platform.
Restricted Regions:
Due to regulatory restrictions, Legacy Global does not accept clients from certain regions, including the United States and Canada. This limitation could affect its accessibility for a broader audience.
Available Customer Service Languages:
Legacy Global provides customer support in multiple languages, including English, Arabic, and Russian. However, the support is only available during business hours and does not operate on weekends, which may be inconvenient for some traders.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 6 |
| Tools and Resources | 7 |
| Customer Service & Support | 5 |
| Trading Setup (Experience) | 6 |
| Trustworthiness | 4 |
| User Experience | 5 |
Account Conditions (6/10): The minimum deposit requirement is higher than average, which may be a barrier for entry-level traders. However, the variety of account types does provide some flexibility.
Tools and Resources (7/10): Legacy Global offers a decent range of educational materials, including video tutorials and webinars. However, the lack of written resources and comprehensive market analysis is a drawback.
Customer Service & Support (5/10): While customer service is available in multiple languages, the limited hours of operation and mixed reviews about response times may leave some traders wanting more.
Trading Setup (Experience) (6/10): The trading experience on the MT5 platform is generally positive, but the absence of MT4 may deter some users. The spreads can be higher for certain account types, impacting profitability.
Trustworthiness (4/10): The absence of a Tier-1 regulatory authority raises concerns about the safety of funds. Users should exercise caution, especially when trading with offshore entities.
User Experience (5/10): Overall user feedback is mixed, with some praising the platform's functionality while others report issues with execution and customer service.
In conclusion, while Legacy Global offers a range of trading options and educational resources, potential users should carefully consider the regulatory environment and the associated risks. The broker's overall trustworthiness and user experience could benefit from improvements in customer support and a more robust regulatory framework. As always, it's advisable to conduct thorough research and consider personal trading needs before selecting a broker.
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