LegacyFX Review 2024
Written by BrokerNotes.co
Fact-checked by Steven Hatzakis, Joey Shadeck
Edited by Jeff Anberg
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, established in 2012, presents a very standard offering in the forex and CFD trading space. Our research identified that it lacks some of the competitive features seen in higher-rated brokers, which impacts its overall attractiveness.
Overall Rating
Minimum Deposit
Trust Score
Pros and Cons
Pros
- Offers Copy Trading: Good for those interested in mimicking successful traders.
- Comprehensive Education: Includes advanced and beginner education videos.
- MetaTrader 5: Offers MetaTrader 5 access, a popular platform with advanced features for forex trading.
Cons
- Limited Tradeable Symbols: Only 425, below the industry average of 3,623.
- Educational content: LegacyFX's educational offering omits a lot of details in its written content, and is primarily video-focused.
- Limited regulatory coverage: Lack of a tier-1 regulator other than their Cyprus license brings down their overall trust score.
Ratings Summary
- Investment Types - 7.0/10
- Commissions & Fees - 6.5/10
- Trading platforms - 6.5/10
- Research - 6.5/10
- Mobile Apps - 6.5/10
- Education - 7.0/10
- Overall - 6.7/10
Can I trust LegacyFX?
LegacyFX is MiFID regulated through their license from CySEC, the Cyprus forex regulator. Our research from ForexBrokers.com indicates it has a high-risk trust score with a rating of 67.
LegacyFX is currently licensed and/or authorised by the following regulatory bodies:
- Tier-1 Regulators - Regulated in the European Union via the MiFID passporting system
- Tier-2 Regulators - None
- Tier-3 Regulators - None
- Tier-4 Regulators - Vanuatu Financial Services Commission (VFSC)
Is LegacyFX good for beginners?
LegacyFX offers advanced and beginner education videos but the written content leaves much to be desired. Beginners who wish to learn by reading rather than watching videos will be better served at other brokers.
| Feature |
LegacyFX
|
|---|---|
| Education (Forex or CFDs) | Yes |
| Client Webinars | Yes |
| Videos - Beginner Trading Videos | Yes |
| Videos - Advanced Trading Videos | Yes |
| Investor Dictionary (Glossary) | Yes |
LegacyFX commissions and fees summary
LegacyFX has a below-average fee structure with a $500 minimum deposit required and no inactivity fees.
| Feature |
LegacyFX
|
|---|---|
| Minimum Deposit | $500 |
| Average Spread EUR/USD - Mini | N/A |
| Average Spread EUR/USD - Standard | N/A |
| All-in Cost EUR/USD - Active | N/A |
| Active Trader or VIP Discounts | Yes |
LegacyFX trading platforms and tools
Did you know? Trading platforms comparison
Of the 60+ brokers reviewed on BrokerNotes, 64% offer a proprietary platform, 100% offer a web platform, 91% offer a desktop platform, 11% offer cTrader, 14% offer ZuluTrade, 81% offer MetaTrader 4, and 64% offer MetaTrader 5.
LegacyFX's trading platforms and tools are below average. While it offers MetaTrader 5 and trading signals, it lacks MetaTrader 4 and a proprietary platform, making it less appealing for traders seeking a variety of robust tools.
Trading platforms offered: MetaTrader 5 only.
Trading tools: Includes trading signals.
Copy trading: Available for those interested in mirroring other traders' strategies.
| Feature |
LegacyFX
|
|---|---|
| Virtual Trading (Demo) | Yes |
| Proprietary Platform | No |
| Desktop Platform (Windows) | Yes |
| Web Platform | Yes |
| MetaTrader 4 (MT4) | No |
| MetaTrader 5 (MT5) | Yes |
| DupliTrade | No |
LegacyFX trading platform screenshots
Mobile trading apps at LegacyFX
LegacyFX's mobile trading apps are below average, offering basic functionality but lacking the robust features seen in higher-rated brokers.
| Feature |
LegacyFX
|
|---|---|
| Android App | Yes |
| Apple iOS App | Yes |
| Mobile Economic Calendar | Yes |
| Mobile Alerts - Basic Fields | Yes |
| Mobile Charting - Draw Trendlines | Yes |
| Mobile Watchlist | Yes |
LegacyFX mobile app screenshots
How do I open an account with LegacyFX?
- Visit the LegacyFX website.
- Click on the "Open Account" button.
- Fill out the registration form with your personal information.
- Verify your identity by submitting required documents.
- Fund your account using the available funding methods.
- Start trading.
What can I trade at LegacyFX?
LegacyFX offers 44 forex pairs and a total of 425 tradeable symbols, which is significantly below the industry average of 3,623 symbols, limiting the diversity of trading options.
| Feature |
LegacyFX
|
|---|---|
| Tradeable Symbols (Total) | 425 |
| Forex Pairs (Total) | 44 |
| Social Trading / Copy Trading | Yes |
| Cryptocurrency (Physical) | No |
| Cryptocurrency (Derivative) | Yes |
| Spread Betting | No |
LegacyFX research screenshots
Account funding at LegacyFX
LegacyFX supports various funding methods including bank wires, Neteller, Skrill, and credit cards. However, it does not support PayPal.
| Feature |
LegacyFX
|
|---|---|
| Visa/Mastercard (Credit/Debit) | Yes |
| Bank Wire (Deposit/Withdraw) | Yes |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | Yes |
| Neteller (Deposit/Withdraw) | Yes |
About LegacyFX
LegacyFX, founded in 2012, is a brokerage firm offering forex and CFD trading services as a MetaTrader 5 broker. It is regulated under MiFID through Cyprus. The firm's trust score and overall ratings indicate areas needing improvement.
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Methodology
At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.
Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.
Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).
AI disclaimer
We use proprietary AI technology to assist in some aspects of our content production. However, our scores, ratings, and rankings of online brokers are based on our in-depth product testing and thousands of hand-collected data points. Learn more about our AI Policy and 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 foreign exchange risk.
About the Editorial Team
BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.
Steven Hatzakis is the Global Director of Research for BrokerNotes.co and ForexBrokers.com. 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).
Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.
Jeff Anberg is a Staff Editor at BrokerNotes.co and ForexBrokers.com. Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets. He is a long-time active investor and engages in research on emerging markets like cryptocurrency. Jeff holds a Bachelor’s Degree in English Literature with a minor in Philosophy from San Francisco State University.