LegacyFX broker review: Is this brokerage Company trustworthy?
LegacyFX has revamped its operations recently in the year 2017 with completely redesigned brokerage services. Its multi-asset trading specialty maneuvered it among the brokerage services to look out for. Does this recent revamp make investing in LegacyFX worth the money or are there any red flags to watch before investing? Our comprehensive review based on online information should answer most of your queries.
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.
The company works under the regulation of three reputable authorities: CySEC, NBRB, and VFSC. It currently operates in such countries as Cyprus, Bulgaria, Belarus, and it has also got a research and development office located in Ukraine. LegacyFX appeals to new traders with their robust and well-structured brokerage service.
What can you trade with LegacyFX?
About five different categories of assets are available to trade at LegacyFX. They include;
- Commodity CFDs
- Indices and Stocks
LegacyFX offers over two hundred financial assets that can be traded, the instrument number is very diverse. The brokerage puts a neat and intuitive approach that makes it easier for new traders to become accustomed.
Payment methods at LegacyFX
LegacyFX provides transaction using several payment methods
- Bank Cards
- Wire transfer
Some restrictions in using credit cards for withdrawals are held here. They can only be used to withdraw a sum equal to the deposit. The remaining or exceeding sum is transferred to the client’s bank account. The transaction charges for 200USD and above are covered by LegacyFX for all major bank cards, Alipay, Neteller, PaySafeCard, Perfect Money, and others. Withdrawals are free for the amounts above 200USD.
Trading platforms at LegacyFX
LegacyFX offers its customers trading facilities on both Desktop and Mobile. The widely used MetaTrader 5 can be used in both browsers and on desktop. 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. This however will not pose a problem for newcomers for its well equipped and robust services.
LegacyFX is also providing the option to integrate the AutoChartist plugin through the MT5 platform. The main feature of the plugin is notifying new market trends through chart formation and Fibonacci graphs. This service can be availed in both desktop and mobile versions.
Customer support at LegacyFX
LegacyFx offers diverse tools to access their customer support over any queries, the live chat module is available on every page of the website. The customer service representative can be contacted using a simple click using the chat module. The service appears to be well informed and able to assist in most of the cases. The website has a detailed list of FAQs on various topics and has links to the social media profiles of brokers. The operating time of the brokers as mentioned on the website is Monday to Friday.
The website also connects us to various support channels of the brokers for networking and professional queries. An online callback request can be scheduled using the form or contacted via phone or email detailed in the “Contact Us” section of the page. LegacyFX touts transparency and “continued learning” as the main objectives of its mission. The customer support specialists provide assistance in Russian, English, and Arabic pandering to global audiences. Other important details can be found on the website.
Customer reviews about LegacyFX
We tried to scan the web pages dealing with reviews on LegacyFX, it had been fairly estimated by most of the reviews with Trustpilot giving a rating of 3.9 and 66% positive remarks, which is impressive for any broker that has revamped its operation recently.
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.
Another user with the profile name “Kenneth Obeng” in his early review described the problems he faced in withdrawing and with an unstable mobile trading platform. But he updated his review with positive feedback after sorting assistance from educational resources.
Overall, LegacyFX has been getting positive reviews from more experienced users whereas the newer ones are experiencing many issues with withdrawals and other technical stuff. We recommend to carefully consider the term and invest a smaller amount to get accustomed to the trading environment.
LegacyFX is a promising broker with several trading regulations making it one of the most secure and user-friendly brokers. They are trying to present a modern yet powerful trading experience that can be scaled to both mobile and desktop. With free access to its education center and video library, LegacyFX is dedicated to bringing in more trader base. The swap-free account, zero deposit, and withdrawal charges is an interesting option for traders to consider.