LegacyFX 2025 Review: Everything You Need to Know
Summary: LegacyFX is a regulated broker that offers a range of trading options, including forex and CFDs, primarily through the MT5 platform. However, user experiences vary significantly, with some praising the educational resources and customer support, while others express concerns about high spreads and withdrawal issues.
Note: It is important to consider that LegacyFX operates through multiple entities in different regions, which can lead to varying trading conditions and regulatory oversight. This review synthesizes data from multiple sources to provide a balanced perspective.
Ratings Overview
How We Rated the Broker: These scores are based on a comprehensive analysis of user experiences, expert opinions, and factual data from various reviews.
Broker Overview
Founded in 2012, LegacyFX is operated by A.N. All New Investments Ltd., with its headquarters in Cyprus. The broker offers trading services primarily through the MT5 platform, allowing access to a variety of financial instruments, including forex, commodities, indices, and cryptocurrencies. It is regulated by the Cyprus Securities and Exchange Commission (CySEC) and has additional licenses from the Vanuatu Financial Services Commission (VFSC) and the Financial Conduct Authority (FCA) in the UK.
-
Regulated Geographical Areas: LegacyFX is primarily regulated in Cyprus under CySEC, which is considered a mid-tier regulatory authority. The broker also operates under the VFSC, which is categorized as a low-tier regulator. This dual regulation can lead to varying levels of protection for clients, depending on the entity they are trading with.
Deposit/Withdrawal Currencies/Cryptocurrencies: The broker accepts deposits in several currencies, including USD, EUR, and GBP. It also supports cryptocurrency transactions for deposits and withdrawals.
Minimum Deposit: The minimum deposit required to open a standard account with LegacyFX is $500. This is relatively high compared to other brokers in the industry, which often have lower minimums.
Bonuses/Promotions: LegacyFX does not offer any specific bonuses or promotions, which can be a drawback for traders looking for additional incentives.
Tradable Asset Classes: The broker offers a wide range of tradable assets, including over 40 forex pairs, commodities, indices, stocks, and cryptocurrencies. However, the total number of available instruments (425) is below the industry average.
Costs (Spreads, Fees, Commissions): LegacyFX's spreads start from 1.6 pips for the silver account, which some users have criticized as being high. The broker does not charge commissions on most trades, but the spreads can be a significant cost factor.
Leverage: The maximum leverage offered by LegacyFX is up to 1:200, which is competitive but may vary depending on the asset class and regulatory restrictions.
Allowed Trading Platforms: LegacyFX exclusively offers the MT5 trading platform, which is known for its advanced features and user-friendly interface. However, the lack of MT4 may be a disadvantage for traders who prefer that platform.
Restricted Regions: LegacyFX does not accept clients from several countries, including the United States, Canada, and certain other jurisdictions, which may limit its accessibility for some traders.
Available Customer Support Languages: The broker provides customer support in multiple languages, including English, Arabic, Spanish, and German, which enhances its appeal to a global audience.
Detailed Rating Breakdown
-
Account Conditions (6.5/10): The account types available at LegacyFX include standard, silver, gold, and platinum, each with varying minimum deposit requirements and associated spreads. While the tiered structure allows for different levels of service, the minimum deposit is considered high by many users.
Tools and Resources (7.0/10): LegacyFX offers a decent range of educational resources, including video tutorials and webinars. However, the quality and depth of written materials are often criticized as insufficient.
Customer Service (7.5/10): Customer support is generally rated positively, with users noting the availability of live chat and responsive service. However, support is not available on weekends, which can be a limitation for some traders.
Trading Experience (6.0/10): User experiences vary widely, with some traders reporting issues with execution speed and high spreads, particularly on lower-tier accounts. The MT5 platform is praised for its features, but the lack of MT4 may deter some users.
Trustworthiness (6.5/10): LegacyFX is regulated by CySEC, which adds a level of credibility. However, the offshore regulation from VFSC raises concerns about the overall safety of funds. Some user reviews indicate withdrawal issues, which could impact trust.
User Experience (6.0/10): Overall user experiences are mixed, with some users appreciating the educational resources and trading tools, while others report significant issues with withdrawals and customer service.
In conclusion, the LegacyFX review indicates that while the broker has several appealing features, including a robust trading platform and a variety of educational resources, potential clients should be cautious due to mixed user feedback and the high minimum deposit requirement. The varying regulations across different entities also necessitate careful consideration before committing funds.
