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LegacyFX Review

Steven Hatzakis

November 22nd, 2021
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. This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendation.

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.

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  • Ebooks lack detail, and the educational user interface is outdated.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

FeatureLegacyFx
Overall 3.5 Stars
Trust Score74
Offering of Investments 3.5 Stars
Commissions & Fees 3.5 Stars
Platforms & Tools 3.5 Stars
Research 3 Stars
Mobile Trading 3.5 Stars
Education 3.5 Stars

Is LegacyFX safe?

help 74
Trust Score

LegacyFX is considered average-risk, with an overall Trust Score of 74 out of 99. LegacyFX is not publicly traded and does not operate a bank. LegacyFX is authorised by one tier-1 regulators (high trust) and one tier-2 regulator (average trust). LegacyFX is authorised by the following tier-1 regulator: the Financial Conduct Authority (FCA). Learn more about Trust Score.

Regulations Comparison

FeatureLegacyFx
Year Founded2012
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses1
Tier-2 Licenses1
Tier-3 Licenses0
Trust Score74

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:

FeatureLegacyFx
Forex Trading Yes
CFD Trading Yes
Tradeable Symbols (Total) 425
Forex Pairs (Total)41
US Stock Trading (Non CFD) No
Int'l Stock Trading (Non CFD) No
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Social Trading / Copy-Trading Yes

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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LegacyFX pricing summary:

FeatureLegacyFx
Minimum Deposit$500
Average Spread EUR/USD - Standard0.00
All-in Cost EUR/USD - Active0.00
Active Trader or VIP Discounts Yes
Execution: Agency Broker No
Execution: Market Maker No

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.

Gallery

LegacyFX mobile trading:

FeatureLegacyFx
Android App Yes
Apple iOS App Yes
Alerts - Basic Fields Yes
Watch List Yes
Watch List Syncing No
Charting - Indicators / Studies(Default MT5)
Charting - Draw Trendlines Yes
Charting - Trendlines Moveable No
Charting - Multiple Time Frames Yes
Charting - Drawings Autosave Yes
Forex Calendar No

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.

Gallery

LegacyFX trading platform:

FeatureLegacyFx
Virtual Trading (Demo) Yes
Proprietary Platform No
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) No
MetaTrader 5 (MT5) Yes
cTrader No
DupliTrade No
ZuluTrade No
Charting - Indicators / Studies (Total)(Default MT5)
Charting - Drawing Tools (Total)(Default MT5)
Charting - Trade From Chart Yes
Watchlists - Total Fields(Default MT5)
Order Type - Trailing Stop No

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.

Gallery

LegacyFX research:

FeatureLegacyFx
Daily Market Commentary Yes
Forex News (Top-Tier Sources) No
Weekly Webinars No
Autochartist Yes
Trading Central (Recognia) No
Delkos Research No
Social Sentiment - Currency Pairs No
Economic Calendar Yes

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:

FeatureLegacyFx
Has Education - Forex or CFDs Yes
Client Webinars No
Client Webinars (Archived) Yes
Videos - Beginner Trading Videos Yes
Videos - Advanced Trading Videos Yes
Investor Dictionary (Glossary) 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. 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.


About the Author

Steven Hatzakis

Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.








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Trading CFDs, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published website as of 12/14/2020 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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