Legacy FX Broker Review: Is this a Scam or a Legit Service?
The company has its head office in the Republic of Vanuatu and works from Monday to Friday from 8 am to 0 am. You can contact the office by email or phone, choosing an option that suits you best. When visiting these sites, keep in mind that people generally do not post comments unless they want to vent. If the poster seems barely coherent, it is very unlikely that they possess the ability to comprehend the lawyer imposed legalese mumbo-jumbo that is part and parcel of the disclosure and agreement documents that all brokers use. With further regard to these, a broker that explains these documents in plain language should get a check in the plus column. Don’t fall into the trap of thinking that a broker will treat you better if you open a live account.
A technical analysis section features daily analysis video, commodity charts, index charts, stock charts and currency charts. Trading with confidence and success relies heavily on knowing and understanding the markets. That is why the research options offered by brokers are an integral part of its characteristics when choosing the right company to trade with. Prospective traders must be assured that the brokerage firm they have chosen offers the necessary support and help whenever they need it. A platform can be multi-active which implies that it allows clients to not only trade forex but also other asset classes like CFDs on stocks, stock indices, precious metals and cryptocurrencies.
This however will not pose a problem for newcomers for its well equipped and robust services. Legacy FX is a brokerage company registered in Vanuatu, it began the operation in 2012 but relaunched in 2017 with fresh offerings. It has since emerged as a leader in the forex brokerage space. It offers varied asset selections and stresses its transparency as its main USP. LegacyFX is among few brokers offering the MT5 trading platform, having MiFID and FCA compliance.
- Likewise, be wary of extremely positive reviews, especially those touting phenomenal profits and astronomical winning streaks and percentages.
- The customer service representative can be contacted using a simple click using the chat module.
- There are reputable, honest, transparent brokers among both market makers and ECNs.
- It is a Cypriot forex brokerage company which was founded in 2012 and is based in Larnaca.
Something desirable, but not mandatory in this regard is to choose a broker that permits a simulated trading account to be available even after the live account has been set up. At one time, market maker brokers had a reputation for engaging in several or more unscrupulous practices, and most experts would advise steering clear of this type. The important factor in this regard is not necessarily the amount of money so much as it is the necessity that this money is pure risk capital.
Forex Broker Reviews
Very few details about LegacyFX deposit and withdrawal fees are known. With Visa, MasterCard, Maestro, and Visa Electron credit cards, merchants can deposit from $ 500 to $ 10,000, and merchants can withdraw a minimum of $ 200 to a maximum of $ 10,000. Withdrawals to credit cards can only be made to the full deposit amount of that particular card. LegacyFX also provides Islamic accounts for those that prefer interest-free income. A forex demo account with a virtual balance of $ 50,000 is also available.
LegacyFX offers a hand-picked selection of more than 400 financial instruments to trade from 6 different asset classes, including CFDs in forex, indices, stocks, commodities and cryptocurrencies. We are so happy to hear that you are satisfied with the support provided by your Account Manager. We created our broker knowing how important it was to assist beginner traders in their trading journey.
The second thing that concerned you was the legitimacy of the Telegram channels we used to work with. We did that because we understood that clients were trading blindly, with the information provided in the channels but they were not understanding the meaning of their actions. We value education, therefore, we have decided to pursue a more personal approach so we could be sure that each and every client is aware of their actions in any situation that may occur on the market. LegacyFX is here to teach everyone who has the courage and adventurous soul to take the first step of becoming a skilled trader. Our account managers are constantly giving their best to help, educate, and provide an answer to every question the client may have. Our team always strived to provide the best possible support and education to beginners and not only.
This may be helpful, but it’s essential to discern what an appropriate bonus is. The margin is the amount of money required in your account in order to open a position. The margin is calculated based on the current price of the base currency against the US dollar, the size of the position and the leverage applied to your https://broker-review.org/ trading account. I’ve just funded my account but I haven’t started trading these 5 stars are for Kai Evans, Rose Aubrey and Jason Wolf. They are very patient and they do not give up on their clients. LegacyFX really cares for their clients, am still new I’ve just joined the company and their service is amazing!.
Technical analysis and education tools are available for all kinds of accounts. The Platinum account requires a minimum deposit of $ 25,000, and the spread is as low as 0.6 pips. The Silver account is available for a minimum deposit of $ 500, and the silver account spread starts from 1.6 pips. Withdrawals fees – LegacyFX’s standard processing time for withdrawal requests is the same business day.
Forex for Your Trading Activities
There are no open outcry trading pits held at a physical location as with the world’s stock and future exchanges. In fact, the New York and Tokyo Stock exchange’s combined with the total volume of the Chicago Mercantile and COMEX exchanges do not equal the dollar volume of the Forex markets. We’re Forex proponents and intend to state the case, should you find that your time and finances dictate legacyfx review a choice of one financial instrument to the exclusion of others, that FOREX is the prudent, logical choice. Advice to the effect that an investment portfolios should be diversified notwithstanding, we’re going to maintain that investing is one thing but trading is not investing, it is trading. When we receive your order, it will take 2-3 days to process, pack, and ship your order.
Fxverify is the first of it’s kind and only publishes user reviews by verified customers with a real LegacyFX trading account. The financial market is one big vast ocean full of opportunities. We are pleased to see that our clients take advantage of our education and assistance and successfully learn to navigate the sometimes stormy but fruitful waters of trading. I have dabbling in trading before but still consider myself a beginner.
MARKETS, PRODUCTS AND INSTRUMENTS
The screenshot above shows a part of the available trading assets. As you can see, they even have comfortable terms like a commission-free variable target spread of 0.6 pips. This is a competitive term, and not many brokers have such low fees. More information can be found on the LegacyFX’s official website.
The same can be availed in Mobile phones using the Android and iOS platforms. The mobile platform allows one-click trading, allowing eight different types of orders and multiple assets. Although MT5 is considered an advanced platform over its predecessor, it lacks some key features that make it less probable for already established traders.
In addition, since august 1, 2018, the European Securities and Markets Authority has implemented investor protection measures on the marketing, distribution or sale of CFDs to retail clients. Commissions are the fees charged by an investment broker on a trader to transact on behalf of the trader. The level of commissions varies from broker to broker and also depends on the asset traded and the type of service offered by the broker. The Gold account requires a minimum deposit of $ 5,000 with spreads as low as 1.0 pips. This broker offers four different account types, Silver, Gold, Platinum and VIP, are offered.
Both cryptocurrencies and CFDs are complex leveraged instruments with a high level of risk. You should carefully consider whether you understand how these financial instruments operate and whether you can afford to lose money. LegacyFX is a substantially regulated Forex broker operating out of the Republic of Vanuatu, Cyprus, and Belarus. The MiFID compliant broker is regulated by CySEC, VFSC, NBRB, and others.
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A user with the profile name “Gclnesh” summarized his experience as pleasant and specifically impressed with the educational resources provided by LegacyFX. The broker seems to stand true to their claim of mentoring newcomers through their learning resources. One of the first things a potential trader has to establish is whether or not a broker like LegacyFX is safe to trade with.
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