Pros & cons of Legacy FX

Legacy FX Fact sheet

Selecting a safe and reliable broker is critical for successful currency and CFD trading. The most important indicator of safety is regulations. Rules and guidelines are set in place by regulators to protect investors from fraudulent behavior from brokers. 

Legacy FX is regulated by the Vanuatu Financial Services Commission (VFSC) under license number 14579. It should be noted that the regulator is not a top-tier body and its policies are not all too strict. However, we can say that the broker can be trusted. 

Brokers offer different account types to meet the needs of different traders. There are a million ways to make money on the market and while some prefer commission-free trading, others are looking for raw market spreads. Unfortunately, this broker only offers commission-free trading. Legacy FX stands out from its competitors by offering a wide range of account types. Let’s check them out in more detail.

Pros & cons of Legacy FX account types

The broker offers protected trades, with the exception being the STANDARD and BRONZE account types. This feature enables traders to undo their open positions to avoid losses. It should be noted that such promotions are not offered by tightly regulated brokers. 

STANDARD account

This account type is the most affordable and traders can open the account for 500 USD. It’s important to note that only FX and commodities are available for trading. A swap-free version, or also known as Islamic accounts, is also available. The maximum available leverage is 200:1. Trading fees are the highest on this account and start from 1.6 pips on EUR/USD. 

BRONZE account

The minimum initial deposit required to open this account type is 1,000 USD. This account type is very similar to the STANDARD account, However, trading fees are slightly lower and traders get an auto-charting tool and 3 protected trades.

SILVER account

With a SILVER account, traders get access to not only currencies and commodities but to stock trading as well. However, it should be noted that the minimum initial deposit required to open this account is 3,000 USD. 

GOLD account

In order to be able to open the GOLD account, traders need to deposit at least 5,000 USD. Traders get 5 protected trades, direct dealing desk trading, access to stock trading, and several other benefits. 

PLATINUM account

PLATINUM account holders get even more free features as this account comes with 7 protected trades but the minimum initial deposit required to open the account is 10,000 USD. 

PREMIUM account

PREMIUM account holders pay low trading fees as spread markups on EUR/USD start from 0.6 pips. There are 7 protected trades offered and traders get additional benefits such as advanced mentoring. The minimum deposit requirements are high though and traders will need to deposit 25,000 USD or more to get access to this account. 

VIP account

For VIP account holders there are customizable account features and trading fees are the lowest with the best trading conditions being offered. However, it should be noted that the minimum initial deposit required to open the account is 50,000 USD.

Depending on the account type, trading fees may vary dramatically with the highest trading fees being on STANDARD accounts. The higher the initial deposit requirements, the better the trading conditions will be. The best trading fees are on VIP and PREMIUM account types, where fees on EUR/USD start from 0.6 pips. 

The brokers' trading fees for low-budget traders are high. However, it should be noted that there are no commissions or fees on deposits and withdrawals. On the other hand, there’s an inactivity fee of 10 account currency per month, after 90 days of inactivity which is a bit of a downer. 

Comparing Legacy FX fees with other brokers

The STANDARD account of Legacy FX is the most accessible, as the minimum initial deposit required to open the account is 500 USD. As such, for the comparison, we picked the trading fees of the STANDARD account. 

Legacy FX fees compared to Interactive Brokers fees

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

Legacy FX fees compared to CM Trading fees

Legacy FX fees compared to plus500 fees

Legacy FX fees compared to XM fees

Legacy FX fees compared to AvaTrade fees

Legacy FX fees compared to Capital.com fees

Legacy FX offers access to MetaTrader 5 (MT5), which is the most popular multi-asset platform on the market today. The software was developed by MetaQuotes Corp. in 2010. As the successor to the infamous MetaTrader 4 platform and offers advanced features and tools. 

MT5 supports the trading of various asset classes, including currencies, stocks, futures, bonds, and options. It provides traders with many charting capabilities and necessary tools for technical analysis. 

Desktop, mobile, and web trading versions of MetaTrader 5 are available. Overall, we can safely say that MT5 is a great trading platform that can be used not only for order placement but for conducting in-depth technical analysis as well. 

Educational material is accessible under the “Learn” section on the broker’s main webpage. The section offers material for both advanced and novice traders, including:

• Intro to Forex
• Intro to Futures
• VOD
• Ebooks
• What is forex
• Beginners
• Advanced
• Glossary

In addition to educational material, the broker also offers market analysis, trading calculators, market news, and technical analysis to its clients. Overall, the educational material and tools for research are extensive with this broker. 

Legacy FX offers great customer support that is available via live chat, email, or over the phone. Customer service is available in 5 languages, including:

• English
• Arabic
• Spanish
• German
• Russian

Overall, the customer service at Legacy FX is great, and the agents were able to answer all our questions in a professional and timely manner. 

To sum everything up, Legacy FX is a multi-asset global broker that offers access to trading CFDs on stocks, commodities, cryptocurrencies, ETFs, energies, Forex, indices, and metals. The maximum available leverage is 200:1. Trading fees depend on the account type. The broker offers a wide range of account types to choose from and the higher the initial deposit requirements for opening an account, the better the trading conditions will be. On a STANDARD account, initial deposits start from 500 USD. There is only 1 available trading platform and it is MetaTrader 5. The broker is regulated by the Vanuatu Financial Services Commission (VFSC).