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LegacyFx Review

Steven Hatzakis

Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Blain Reinkensmeyer

March 09, 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 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.

3.5/5 Stars Overall
  • Minimum Deposit: $500
  • Trust Score: 67
  • Tradeable Symbols (Total): 425

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thumb_up_off_alt Pros

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

thumb_down_off_alt Cons

  • Recent lapse of FCA license has brought down its Trust Score.
  • Ebooks lack detail, and the educational user interface is outdated.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

Feature LegacyFX logoLegacyFX
Overall Rating info 3.5/5 Stars
Trust Score info 67
Offering of Investments 3.5/5 Stars
Commissions & Fees 3.5/5 Stars
Platform & Tools 3.5/5 Stars
Research 3.5/5 Stars
Mobile Trading 3.5/5 Stars
Education 3.5/5 Stars has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. Here's how we test.

Is LegacyFX safe?

Trust Score

LegacyFX is considered High Risk, with an overall Trust Score of 67 out of 99. LegacyFX is not publicly traded and does not operate a bank. LegacyFX is authorised by one Tier-1 regulator (Highly Trusted), zero Tier-2 regulators (Trusted), zero Tier-3 licenses (Average Risk), and one Tier-4 regulator (High Risk). LegacyFX is authorised by the following Tier-1 regulator: Regulated in the European Union via the MiFID passporting system. Learn more about Trust Score.

Feature LegacyFX logoLegacyFX
Year Founded info 2012
Publicly Traded (Listed) info No
Bank info No
Tier-1 Licenses info 1
Tier-2 Licenses info 0
Tier-3 Licenses info 0
Tier-4 Licenses info 1

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.

Feature LegacyFX logoLegacyFX
Forex Trading (Spot or CFDs) info Yes
Tradeable Symbols (Total) info 425
Forex Pairs (Total) info 44
U.S. Stock Trading (Non CFD) info No
Int'l Stock Trading (Non CFD) info No
Social Trading / Copy Trading info Yes
Cryptocurrency (Physical) info No
Cryptocurrency (Derivative) info Yes
Disclaimers Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients).

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.

Feature LegacyFX logoLegacyFX
Minimum Deposit info $500
Average Spread EUR/USD - Standard info N/A
All-in Cost EUR/USD - Active info N/A
Active Trader or VIP Discounts info Yes
ACH or SEPA Transfers info No
PayPal (Deposit/Withdraw) info No
Skrill (Deposit/Withdraw) info Yes
Visa/Mastercard (Credit/Debit) info Yes
Bank Wire (Deposit/Withdraw) info Yes

Mobile trading apps

With no proprietary mobile app available, LegacyFX trails behind industry leaders such as IG and Saxo. 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 App Store and Google Play store, respectively. MetaTrader 4 (MT4) is not available.

Feature LegacyFX logoLegacyFX
Android App info Yes
Apple iOS App info Yes
Mobile Alerts - Basic Fields info Yes
Watchlists - Total Fields info 7
Watchlist Syncing info No
Charting - Indicators / Studies (Total) info 30
Charting - Drawing Tools (Total) info 15
Mobile Charting - Draw Trendlines info Yes
Mobile Charting - Multiple Time Frames info Yes
Mobile Economic Calendar info Yes

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.

Feature LegacyFX logoLegacyFX
Virtual Trading (Demo) info Yes
Proprietary Platform info No
Desktop Platform (Windows) info Yes
Web Platform info Yes
Social Trading / Copy Trading info Yes
MetaTrader 4 (MT4) info No
MetaTrader 5 (MT5) info Yes
DupliTrade info No
ZuluTrade info No
Charting - Indicators / Studies (Total) info 30
Charting - Drawing Tools (Total) info 15
Charting - Trade From Chart info Yes
Watchlists - Total Fields info 7
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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.

Feature LegacyFX logoLegacyFX
Daily Market Commentary info Yes
Forex News (Top-Tier Sources) info Yes
Autochartist info Yes
Trading Central (Recognia) info No
Social Sentiment - Currency Pairs info No


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.

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

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, and its lack of numerous regulatory licenses ultimately brings down its Trust Score. In addition, publishing its average spread data each month and improving its research and education offerings would help bring LegacyFX closer to the industry average.

About LegacyFX

Founded in 2012, LegacyFX is a brand of A.N. 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). The LegacyFX brand also holds regulatory status with the National Bank of the Republic of Belarus, the country's central bank and regulator for local financial markets.

2024 Review Methodology

At, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).

Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.

We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.

Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s overall Trust Score.

All content on is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Generative AI tools are not a part of our content creation or product testing processes. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. Read our Generative AI policy to learn more.

Read our full explanation and accounting of our research and testing process to 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. Read more on forex trading risks.

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About the Editorial Team

Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for 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).

John Bringans
John Bringans

John Bringans is the Senior Editor of An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.

Blain Reinkensmeyer
Blain Reinkensmeyer

Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.