LegacyFX Review

LegacyFX is a plain-vanilla MetaTrader 5 (MT5) broker that offers a medium range of CFD markets and forex pairs. It has built a good foundation of research offerings, and its investor education content is on par with the industry average. Overall, LegacyFX still has room to grow, and trails behind the best MetaTrader brokers.

• Minimum Deposit: $500
• Trust Score: 74
• Tradeable Symbols (Total) : 425

LegacyFX pros & cons

Pros:

• MetaTrader 5 is available.
• Regulated primarily in Cyprus.
• Good variety of videos for research and education.

Cons:

• Ebooks lack detail, and the educational user interface is outdated.
• The research section lacks written materials.
• Educational content is too video-focused.
• No average spread data was published to assess trading costs.
• Silver account spreads appear expensive at 1.6.

Overall Summary

Offering of investments

LegacyFX offers 425 CFDs across a variety of popular asset classes that includes equities, ETFs, commodities, metals, forex and cryptocurrencies.

Cryptocurrency: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents.

LegacyFX offering of investments:

Commissions and fees

The range of accounts available from LegacyFX will vary, depending on whether you choose its EU entity regulated by CySEC, or its international entity in Vanuatu. Unfortunately, there are no average spreads available to assess the true cost of trading with LegacyFX, which is something I’ve come to expect from the best brokers in this category.

EU entity: LegacyFX offers three account types for EU residents – Silver, Gold, and Platinum – which require a minimum deposit of $500, $5,000, and $25,000, respectively. Advertised spreads are lowest on the Platinum account and slightly higher on the Gold account. The Silver account has considerably higher trading costs, with the lowest minimum spread as high as 1.6 pips on the EUR/USD.

Vanuatu entity: LegacyFX offers seven account types for international clients, including Standard (minimum deposit $500), Bronze ($1,000), Silver ($3,000), Gold ($5,000), Platinum ($10,000), Premium ($25,000) and VIP ($50,000). The account type determines your level of client support – such as mentoring and the ability to speak with the trading desk – and the range of access to trading tools.

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Mobile trading apps

With no proprietary mobile app available, LegacyFX trails behind industry leaders such as IG and Saxo Bank. For our top picks among trading apps, read our guide to Best Forex Trading Apps.

Apps overview: Since LegacyFX is a MetaTrader-only broker, iOS and Android versions of the MT5 app come standard and are both available for download from the Apple iTunes store and Google Play store, respectively. MetaTrader 4 (MT4) is not available.

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LegacyFX mobile trading:

Other trading platforms

LegacyFX is a MetaTrader-only broker. It offers the standard, no-frills MT5 experience. LegacyFX does make the Autochartist plugin available, but otherwise there are no notable add-ons to help LegacyFX stand out from amongst the best MetaTrader brokers.

Platforms overview: The full MetaTrader suite – for desktop and web – is available at LegacyFX. The desktop trading platform is available for the macOS and Windows operating systems, and the web version can be easily accessed via any modern browser.

Charting: The MetaTrader platform suite is known for its robust user-friendly charts. With the ability to drag and drop nearly 50 indicators, rearrange multiple windows and tabs, and zoom in and out, charting is a breeze on MT5.

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LegacyFX trading platform:

Market research

LegacyFX’s research offering is close to the industry average. It has a decent library of video content – though the layout feels outdated – but it lacks a solid offering of written articles. LegacyFX has created something it can build on here, but is still far behind the best brokers in this category.

Research overview: LegacyFX houses its research offering within the Trading Tools section of its website. There, I found an economic calendar, trading signals from Autochartist, along with daily analysis videos that each focus on one or two particular currency pairs.

Market news and analysis: The market news section on LegacyFX’s website displays articles in headline format, which can be expanded to reveal additional information in a bulleted format. I thought the market news headlines were just OK – I didn’t find research articles at LegacyFX, which left me wanting more.

Autochartist: LegacyFX provides trading signals from Autochartist, a provider of research solutions for the forex and CFD industry. Autochartist is available as a plugin for MT5 at LegacyFX, and is also found in the Trading Tools section under Market Reports.

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LegacyFX research:

Education

LegacyFX’s educational offering is in line with the industry average – at least when it comes to its video content. Their educational Academy section is well organized, with video courses and lessons arranged by experience level.

However, LegacyFX’s range of written materials is limited to roughly a dozen ebooks – all of which I found to be overly basic. By and large, LegacyFX simply falls behind the best brokers in this category.

Learning center: The educational content includes at least ten beginner videos as well as more advanced recordings as part of LegacyFX’s Academy. Additional videos are archived on the broker’s YouTube channel.

Room for improvement: Adding more written material will help balance LegacyFX’s educational offering. As it is, there are practically no articles besides their ebooks – which I found to be lacking in detail.

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LegacyFX education:

Final thoughts

As a MetaTrader-only broker, LegacyFX offers a decent variety of instruments with 425 symbols and 41 forex pairs – all available on MT5.

Overall, however, LegacyFX struggles to compete with the best MetaTrader brokers. Publishing its average spread data each month, as well as improving its research and education offerings would help elevate LegacyFX, and bring it closer to the industry leaders.

About LegacyFX

Founded in 2012, LegacyFX is a brand of Allnew Investments Ltd., which is authorised and regulated by the Cyprus Securities and Investment Commission (CySEC) and AN ALL NEW INVESTMENTS (VA) regulated by the Vanuatu Financial Services Commission (VFSC).

2021 Review Methodology

For our 2021 Forex Broker Review we assessed, rated, and ranked 27 international forex brokers over a three-month time period resulting in over 50,000 words of published research.

Each broker was graded on 108 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure (read about Trust Score here).

As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.

Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Learn more about how we test.

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.