LegacyFX conducts operations in global financial markets under the brand “An All New Investments.” The broker is registered and holds a license from the Vanuatu Financial Services Commission (VFSC). It’s important to note that these licenses fall within the Tier 3 category, and they are generally considered to be less stringent or less restrictive in their regulations.
Website – https://legacyfx.com/
Address – Govant Building, Kumul Highway, P.O.Box 1276 Port Vila, Republic of Vanuatu
Warning – Not recommended by review websites like IOTSPY
Regulation – Offshore
Domain Age –
| Domain Name | legacyfx.com |
|---|---|
| Date Registered | May 14, 2004 |
| Domain Age | 19 years, 4 months, 22 days, 15 hours, 59 minutes, 4 seconds |
Is LegacyFX legit or a scam?
Initially, LegacyFX operates under VFSC regulation, which might inspire confidence. However, it’s essential to note that they lack Tier 1 regulation. Extensive checks in reputable databases like FCA, BaFin, or ASIC, known for their stringent oversight, do not yield any records of LegacyFX. Their regulatory framework primarily consists of a TPR agreement with the FCA and recently acquired CySEC regulation.
In addition to their relatively lax licensing, LegacyFX falls short in disclosing critical trading conditions, including leverage. As a result, some clients have reported negative experiences, potentially corroborated by an FCAA warning. Nevertheless, it’s worth mentioning that they have secured an FCA TPR agreement and a CySEC license, adding a layer of credibility to their operations.
Trading Accounts
Trading account types at LegacyFX are relatively straightforward, with each account being commission-free. However, the primary distinctions lie in the associated benefits, which encompass access to educational packages, availability of trading tools, and personalized assistance from an account manager, among others.
The available account options include Standard at $500, Bronze at $1,000, Silver at $3,000, Gold at $5,000, Platinum at $10,000, Premium at $25,000, and VIP, which offers a customized account for those with a minimum of $50,000 to invest.
Trading Platform
As crucial as security is, the trading platform also holds significant importance. LegacyFX broker offers the highly trusted and advanced Meta Trader 5 platform. This platform boasts an extensive array of advanced charting tools, indicators, social and copy trading features, advanced Expert Advisors (EAs), and more. Consequently, it enjoys widespread popularity among traders for its robust and comprehensive offerings.
Deposit and Withdrawal Methods
However, it’s essential to note that each payment method comes with distinct conditions. Among the available methods are bank transfers, Visa and Mastercard cards, and e-payment options such as Skrill, Neteller, Crypto wallets, Gigadat, iDeal, and more.
In broad terms, these methods are known for their security and reliability. Processing times may vary, with some offering instant transactions while others take a bit longer. Additionally, it’s important to be aware that each method has its maximum deposit and withdrawal limits.
Trading Conditions
The maximum trading leverage stands at 1:200, although this can vary for each specific financial instrument. The spread size, representing the gap between buying and selling prices, is contingent on the asset and the type of trading account selected.
Further details regarding additional fees can be found in the Terms and Conditions section. Notably, there is an inactivity fee of $10, with account maintenance being free of charge. It’s important to note that LegacyFX does not provide a demo account, opting instead to offer a diverse selection of live trading accounts.
Conclusion
LegacyFX operates as a CySEC-licensed broker, providing online trading across a diverse range of products via the industry-leading MetaTrader 5 platform. However, from our perspective, one of the primary drawbacks associated with this broker pertains to the wider spreads they offer.
If you have been targeted by a LegacyFX scam or any fraudulent scheme, you can take action by filing a complaint. Just fill out a complaint form on our website, and you’ll be eligible for a free consultation with our experts to guide you through the steps to recover your funds.
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