LegacyFx Broker Review

LegacyFx Broker Review

LegacyFX, founded in 2012, is backed by A.N. Allnew Investments Ltd., regulated by the Cyprus Securities and Investment Commission (CySEC), and AN ALL NEW INVESTMENTS (VA), under the governance of the Vanuatu Financial Services Commission (VFSC). The National Bank of the Republic of Belarus, overseeing regional financial markets, also grants regulatory status to LegacyFX.

As a standard MetaTrader 5 (MT5) broker, LegacyFX offers a modest selection of CFD markets and forex pairs. While it has a solid foundation in research offerings, the lack of average spread data makes it challenging to assess the true cost of trading.

Trading Instruments at LegacyFx

LegacyFX covers a range of asset classes, providing 425 CFDs, including stocks, ETFs, commodities, metals, forex, and cryptocurrencies.

Cryptocurrency trading is available through CFDs, but U.K. residents and retail traders from a U.K. broker entity are restricted from purchasing crypto CFDs.

Account Types

The assortment of accounts at LegacyFX varies based on whether you choose the EU entity (governed by CySEC) or the global entity in Vanuatu. Unfortunately, unlike top brokers, LegacyFX does not provide average spreads, impacting the transparency of trading costs.

For EU citizens, LegacyFX offers Silver, Gold, and Platinum accounts with minimum deposits of $500, $5,000, and $25,000, respectively. The Platinum account features the lowest advertised spreads.

Clients from Vanuatu can choose from seven account types, including Standard, Bronze, Silver, Gold, Platinum, Premium, and VIP, each with different minimum deposit requirements and varying levels of client support and access to trading tools.

LegacyFx Trading Platforms

LegacyFX lacks a dedicated mobile app, placing it behind market leaders like IG and Saxo Bank. The MT5 app is pre-installed on iOS and Android devices, available for download from the respective app stores. Notably, the MT4 platform is not accessible.

Charting is typical for MetaTrader users, offering a straightforward MT5 experience. While LegacyFX provides the Autochartist plugin, there are no standout add-ons that differentiate it from other MetaTrader brokers.

The complete MetaTrader suite for desktop and web is available, compatible with both Windows and macOS operating systems.

Market Research

LegacyFX’s research selection is comparable to competitors, featuring a dated layout but a respectable library of video content. However, it falls behind in written articles, leaving room for improvement.

Research services, including currency pair-specific daily analysis videos, an economic calendar, and trading signals from Autochartist, are available in the Trading Tools section.

Market news and analysis articles are presented in headline format on the website, but the content may leave users wanting more. Autochartist, integrated as an MT5 plugin, delivers trading signals.

Education

LegacyFX’s educational offering through video content aligns with industry standards, categorized by experience level in their Academy section.

However, the written materials are limited to a few ebooks, which may be considered overly simple. The educational content, including advanced recordings and videos for beginners, is available on both the Academy and the broker’s YouTube channel.

Conclusion on LegacyFx

As a MetaTrader-only broker, LegacyFX offers a respectable range of instruments with 425 symbols and 41 forex pairs on MT5.

However, it faces challenges in competing with top MetaTrader brokers, and the lack of regulatory licenses may impact the company’s trustworthiness. Releasing average spread data monthly and enhancing research and educational options could bring LegacyFX closer to industry standards.

FXGM Broker Review 

FXGM Broker Review 

FXGM, a registered brand under Depaho Ltd., operates as an online broker providing trading services across various financial markets, including Forex, stocks, commodities, options, indices, and cryptocurrencies. Headquartered in Nicosia, Cyprus, FXGM falls under the regulatory purview of the Cyprus Securities and Exchange Commission (CySEC) and the Financial Sector Conduct Authority (FSCA).

Regulatory Framework

Depaho Ltd., the company behind FXGM, is a Cypriot investment firm registered in 2011. Regulated by CySEC, it adheres to the European Union’s Markets in Financial Instruments Directive (MiFID) and operates within the European Economic Area (EEA). Additionally, the Financial Sector Conduct Authority of South Africa sanctions the company’s activities.

Despite its regulatory backing, FXGM has faced criticism online, with some users alleging aggressive marketing tactics and commission charges. In 2015, CySEC fined the company for misleading clients, leaving a mark on its reputation.

Trading Features

FXGM offers a range of features for traders:

  • Regulatory Oversight: The broker is fully regulated by competent authorities, providing a secure trading environment.
  • Multilingual Customer Support: Clients benefit from quality customer support available in eight different languages.
  • Proprietary Trading Platforms: FXGM provides its own trading platform, PROfit, along with a mobile version. The platform allows for one-click trading but may be perceived as slightly complex.
  • Diverse Trading Instruments: With over 150 trading instruments, FXGM caters to a wide range of assets, including forex, commodities, indices, stocks, and cryptocurrencies.

FXGM: Trustworthy Broker or Scam?

While FXGM is officially regulated and compliant with necessary requirements, negative reviews online raise concerns. The broker’s aggressive marketing methods and alleged attempts to persuade clients to trade unconditionally have been criticized. The past fine from CySEC adds to the mixed sentiments about the broker.

Trading Accounts

FXGM offers various types of trading accounts, each providing distinct privileges. These accounts include Silver, Gold, and Platinum, with benefits such as a personal account manager, educational content, and more. However, experienced traders may find these perks unnecessary.

Above the Silver level, traders gain a limited subscription to independent technical analysis provider Trading Central. FXGM also offers “10 Protected Positions” for traders to familiarize themselves with the platform without risking capital.

Trading Platforms

FXGM provides two trading platforms: MetaTrader4 (MT4) and its proprietary platform, PROfit.

  • MT4: A popular and functional platform, favored by many traders.
  • PROfit: FXGM’s in-house platform, slightly more cumbersome, with features like one-click trading and a mobile version for iOS and Android.

Minimum Deposit, Spreads, and Leverage

FX Global Market requires a minimum deposit of $200, somewhat higher than industry averages. Spreads, however, may not align with current industry standards, with the average spread on EUR/USD being three pips.

The offered leverage is 1:100, extending to 1:200 for experienced traders. Notably, some brokers provide higher leverage, reaching up to 1:500 or more.

Deposits and Withdrawals

FXGM supports various payment methods for deposits and withdrawals, including credit/debit cards, bank transfers, SOFORT Banking, Neteller, Skrill, and EasyEFT (for South African residents). Deposits are processed instantly, while withdrawal requests are typically handled within 24 hours.

Conclusion

In conclusion, FXGM operates as an officially regulated broker meeting necessary standards. However, negative reviews regarding its marketing tactics and past regulatory issues leave a sense of ambiguity. Traders should carefully weigh the pros and cons, considering their preferences and requirements before choosing FXGM as their broker.