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LegacyFX Review 2024

Written by BrokerNotes.co
Fact-checked by Steven Hatzakis, Joey Shadeck
Edited by Jeff Anberg

June 04, 2024

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

LegacyFX, established in 2012, presents a very standard offering in the forex and CFD trading space. Our research identified that it lacks some of the competitive features seen in higher-rated brokers, which impacts its overall attractiveness.

Overall Rating

6.7 / 10

Minimum Deposit

$500

Trust Score info

High Risk

Pros and Cons

thumb_up_off_alt Pros

Offers Copy Trading: Good for those interested in mimicking successful traders.
Comprehensive Education: Includes advanced and beginner education videos.
MetaTrader 5: Offers MetaTrader 5 access, a popular platform with advanced features for forex trading.

thumb_down_off_alt Cons

Limited Tradeable Symbols: Only 425, below the industry average of 3,623.
Educational content: LegacyFX's educational offering omits a lot of details in its written content, and is primarily video-focused.
Limited regulatory coverage: Lack of a tier-1 regulator other than their Cyprus license brings down their overall trust score.

Ratings Summary

Investment Types - 7.0/10
Commissions & Fees - 6.5/10
Trading platforms - 6.5/10
Research - 6.5/10
Mobile Apps - 6.5/10
Education - 7.0/10
Overall - 6.7/10

Can I trust LegacyFX?

LegacyFX is MiFID regulated through their license from CySEC, the Cyprus forex regulator. Our research from ForexBrokers.com indicates it has a high-risk trust score with a rating of 67.

LegacyFX is currently licensed and/or authorised by the following regulatory bodies:

Tier-1 Regulators - Regulated in the European Union via the MiFID passporting system
Tier-2 Regulators - None
Tier-3 Regulators - None
Tier-4 Regulators - Vanuatu Financial Services Commission (VFSC)

Is LegacyFX good for beginners?

LegacyFX offers advanced and beginner education videos but the written content leaves much to be desired. Beginners who wish to learn by reading rather than watching videos will be better served at other brokers.

Feature	LegacyFX
Education (Forex or CFDs) info	Yes
Client Webinars info	Yes
Videos - Beginner Trading Videos info	Yes
Videos - Advanced Trading Videos info	Yes
Investor Dictionary (Glossary) info	Yes

LegacyFX commissions and fees summary

LegacyFX has a below-average fee structure with a $500 minimum deposit required and no inactivity fees.

Feature	LegacyFX
Minimum Deposit info	$500
Average Spread EUR/USD - Mini info	N/A
Average Spread EUR/USD - Standard info	N/A
All-in Cost EUR/USD - Active info	N/A
Active Trader or VIP Discounts info	Yes

LegacyFX trading platforms and tools

tips_and_updates Did you know? Trading platforms comparison

Of the 60+ brokers reviewed on BrokerNotes, 64% offer a proprietary platform, 100% offer a web platform, 91% offer a desktop platform, 11% offer cTrader, 14% offer ZuluTrade, 81% offer MetaTrader 4, and 64% offer MetaTrader 5.

LegacyFX's trading platforms and tools are below average. While it offers MetaTrader 5 and trading signals, it lacks MetaTrader 4 and a proprietary platform, making it less appealing for traders seeking a variety of robust tools.

Trading platforms offered: MetaTrader 5 only.

Trading tools: Includes trading signals.

Copy trading: Available for those interested in mirroring other traders' strategies.

Feature	LegacyFX
Virtual Trading (Demo) info	Yes
Proprietary Platform info	No
Desktop Platform (Windows) info	Yes
Web Platform info	Yes
MetaTrader 4 (MT4) info	No
MetaTrader 5 (MT5) info	Yes
DupliTrade info	No

LegacyFX trading platform screenshots

LegacyFX MT5 desktop trading platform watchlist

LegacyFX MT5 desktop trading platform charts

LegacyFX MT5 desktop trading platform signals market

Mobile trading apps at LegacyFX

LegacyFX's mobile trading apps are below average, offering basic functionality but lacking the robust features seen in higher-rated brokers.

Feature	LegacyFX
Android App info	Yes
Apple iOS App info	Yes
Mobile Economic Calendar info	Yes
Mobile Alerts - Basic Fields info	Yes
Mobile Charting - Draw Trendlines info	Yes
Mobile Watchlist info	Yes

LegacyFX mobile app screenshots

How do I open an account with LegacyFX?

Visit the LegacyFX website.
Click on the "Open Account" button.
Fill out the registration form with your personal information.
Verify your identity by submitting required documents.
Fund your account using the available funding methods.
Start trading.

What can I trade at LegacyFX?

LegacyFX offers 44 forex pairs and a total of 425 tradeable symbols, which is significantly below the industry average of 3,623 symbols, limiting the diversity of trading options.

Feature	LegacyFX
Tradeable Symbols (Total) info	425
Forex Pairs (Total) info	44
Social Trading / Copy Trading info	Yes
Cryptocurrency (Physical) info	No
Cryptocurrency (Derivative) info	Yes
Spread Betting info	No

LegacyFX research screenshots

Account funding at LegacyFX

LegacyFX supports various funding methods including bank wires, Neteller, Skrill, and credit cards. However, it does not support PayPal.

Feature	LegacyFX
Visa/Mastercard (Credit/Debit) info	Yes
Bank Wire (Deposit/Withdraw) info	Yes
PayPal (Deposit/Withdraw) info	No
Skrill (Deposit/Withdraw) info	Yes
Neteller (Deposit/Withdraw) info	Yes

About LegacyFX

LegacyFX, founded in 2012, is a brokerage firm offering forex and CFD trading services as a MetaTrader 5 broker. It is regulated under MiFID through Cyprus. The firm's trust score and overall ratings indicate areas needing improvement.

Compare LegacyFX

See how LegacyFX stacks up against other brokers.

LegacyFX vs Spreadex LegacyFX vs RoboForex LegacyFX vs Pepperstone LegacyFX vs Moneta Markets LegacyFX vs FP Markets LegacyFX vs GBE brokers LegacyFX vs ATFX LegacyFX vs FxPro LegacyFX vs DooPrime LegacyFX vs TeleTrade LegacyFX vs ActivTrades LegacyFX vs ACY Securities LegacyFX vs FXCM LegacyFX vs Markets.com LegacyFX vs Interactive Brokers LegacyFX vs TopFX LegacyFX vs FXGT.com LegacyFX vs Swissquote

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Methodology

At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.

Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.

All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.

Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

About the Editorial Team

BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.

Steven Hatzakis is the Global Director of Online Broker Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. 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).

Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.

Jeff Anberg is a Staff Editor at BrokerNotes.co and ForexBrokers.com. Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets. He is a long-time active investor and engages in research on emerging markets like cryptocurrency. Jeff holds a Bachelor’s Degree in English Literature with a minor in Philosophy from San Francisco State University.