LegacyFX Broker Review, ForexTrend

LegacyFX Broker Review

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LegacyFX is a forex brokerage firm offering a wide range of products and services since it was founded in 2017. It boasts years of professional experience and knowledge of all the financial markets. It has also risen as one of the most transparent and trusted forex brokers by clients. 

LegacyFX Broker Review, ForexTrend

LegacyFX Regulation and Security

One of the core principles of LegacyFX is transparency, which is why it implements a number of security measures and abides by the highest safety standards. LegacyFX is registered and fully regulated by the Vanuatu Financial Services Commission or VFSC since it began offering financial services in 2017. But aside from that, another trusted regulatory authority also regulates this broker. The Cyprus Securities Exchange Commission or CySEC also regulates this broker. 

LegacyFX is the trading brand of A.N. Allnew Investments Ltd, a European company authorized by several European regulators, including the Financial Conduct Authority. It is also licensed and registered under the Federal Financial Supervisory Authority or also known as BaFIN in Germany. Lastly, it also abides by the regulatory standards of the Cyprus Securities and Exchange Commission.

In its years of service, LegacyFX has also been at the receiving end of awards and recognitions. It received the BEST FOREX BROKER and BEST EDUCATION & TRAINING in the Middle East awards for 2020. It was also recognized as the BEST NEW FOREX BRAND 2020 by the globalbrandsmagazine.com. Other than these recent ones, it has also garnered other awards in its early years of service.

LegacyFX Platform Services

LegacyFX offers quality platform services, from a reliable platform, to competitive spreads and leverage, and to a wide range of products and assets. Below are some of this broker’s outstanding services in the area of trading platforms.

MetaTrader5

LegacyFX provides the MetaTrader5 in both desktop and web versions, allowing each client to assess which is preferable to them. With MT5, traders can enjoy more than 80 indicators and graphical tools, a one-click trading function, rapid execution speed, competitive market view and economic feed, an EA strategy tester, a historical data center, and multiple time frames. Unlike MT4, MT5 is a multi-asset platform that allows you to trade in at least five financial markets, making it an ideal platform for trading forex, cryptocurrencies, stocks, and indices for both long-term and short. 

Spreads & Leverage

The spreads offered by LegacyFX usually vary with the type of accounts chosen by the trader. Each account type has its own spread range and differs from a fixed or variable type. For example, the spread for the EUR/USD currency pair starts from 1.6 pips under the Silver account. Tighter spreads are offered under the Gold and Platinum accounts from as low as 0.6 pips. 

When it comes to leverage, LegacyFX offers from a minimum of 1:5 to a maximum of 1:200, which also depends on the asset to be traded. For stocks, the usual spread is 1:5, forex 1:200, precious metals 1:100, indices 1:100, cryptocurrencies 1:5, and commodities 1:100. 

Trading Instruments

LegacyFX offers up to 200 instruments ranging in six asset classes. For currencies, there are more than 40 pairs, ranging from majors, minors, and exotics. For indices, this broker offers 12 global indices, both major and minor. There are 7 precious metals, of course including gold and silver, as well as the most tradable cryptocurrencies like Bitcoin, Litecoin, Ripple, and Ethereum. LegacyFX offers 11 commodities in the areas of energy and agriculture, as well as global equity stocks like the FTSE 100 and the DAX 30. 

LegacyFX Broker Review, ForexTrend

LegacyFX Tools and Analysis

LegacyFX offers three basic, but equally necessary, tools and analytical materials that their clients can fully access. These are Market News, Technical Analysis tools, and Forex Signals. 

Market News

This tool keeps all traders updated with the latest market movements, as well as political, economic, and financial events that have direct impact on the markets. These daily updates are necessary in informing traders all around the world about the state of various assets they trade, as well as any event that may impact their trades. Topics on this tool range from the dollar’s movement, to Fed rates, to central bank policies, to oil prices, and to IPOs.

Technical Analysis

Technical analysis tools are very important in the day-to-day trades of investors. They are very handy in spotting market opportunities through identifying trends, determining support and resistance, and more. Technical indicators are commonly used by traders worldwide as their analytical tools in assessing each trade.

Forex Signals

LegacyFX also provides a set of live forex signals to help traders spot market opportunities for them. It shows the significant price movements of various currency pairs to let traders create profitable trades. 

LegacyFX Conclusion

LegacyFX is proven to be a reliable and trustworthy online brokerage firm that offers a wide range of quality services. It is widely trusted by its clients and praised by broker reviewers. It has also received a number of awards, further reinstating that it is worth trading with.