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.

Blammo Ltd, a purported financial services company, presents itself as a provider of various financial products and services, encompassing forex and CFD trading, asset management, investment advice, and wealth management. However, a notable red flag is the absence of regulatory oversight, a critical concern for traders prioritizing legitimacy and protections. Operating under the guise of a new digital asset bank founded in February 2019, Blammo seeks to offer uncomplicated and affordable crypto-financial products globally, concealing details about its physical office or founders.

While the presentation of Blammo’s website exudes professionalism and informativeness, the dearth of information regarding the company’s history, ownership, and management raises skepticism about the firm’s legitimacy and credibility.

Trading Instruments

Blammo Ltd extends its clientele access to an assortment of trading instruments across various asset classes, including forex, commodities, indices, and cryptocurrencies. A closer examination of the trading instruments provided by Blammo reveals the following:

• Forex: Blammo purports to offer a variety of currency pairs, including major, minor, and exotic pairs. Claiming to provide tight spreads and fast execution in a 24/5 forex trading environment, the broker may not live up to the expectations set.
• Commodities: Blammo’s offering includes access to commodities like gold, silver, oil, gas, wheat, and soybeans as CFDs, enabling clients to speculate on price movements without ownership.
• Indices: Clients are granted the opportunity to trade global stock indices such as the S&P 500, FTSE 100, and Nikkei 225 as CFDs, supposedly allowing them to benefit from price movements without owning the underlying assets.
• Cryptocurrencies: Blammo facilitates the trading of cryptocurrencies like Bitcoin, Ethereum, and Litecoin as CFDs, enabling speculation on digital asset price movements without ownership.

Regulation and Security

The absence of regulatory oversight for Blammo Ltd raises significant concerns. Regulated forex brokers adhere to standards, ensuring client protection, and undergo regular audits for compliance. The lack of regulation increases the risk of fraud, financial mismanagement, and other unethical practices, as clients may not benefit from the same protections offered by regulated brokers.

In terms of security, Blammo claims to utilize measures such as encryption and secure servers. However, without regulatory oversight, the adequacy of these security measures remains uncertain, leaving clients in the dark about the protection of their funds and data.

Trading Terms and Accounts

Blammo offers a range of account types, each with varying conditions such as minimum deposits, spreads, and leverage. The six basic account types, from “Beginner” to Platinum, exhibit considerable disparities in minimum deposit requirements, leverage, and available assets.

Trading Platforms

Blammo provides access to popular trading platforms, including the MetaTrader 4 (MT4) platform and a web-based platform. While these are acknowledged for their features, the lack of platform diversity may leave traders desiring more choices.

Spreads and Commissions

Blammo claims to offer competitive spreads, starting from as low as 0.1 pips for major currency pairs, without charging commissions. However, the actual competitiveness of these spreads remains subjective, and the absence of commissions does not necessarily translate to overall reduced trading costs.

Leverage

Blammo allows leverage up to 1:500, amplifying profits but also intensifying the risk of losses. The high leverage may attract risk-seeking traders but poses a substantial risk.

Deposit and Withdrawal Methods

Blammo supports various deposit and withdrawal methods, with a claimed withdrawal processing time of 24 hours. However, the actual processing time may depend on the withdrawal method and third-party payment providers.

Advantages of Trading with Blammo:

• Diverse range of trading instruments.
• Competitive spreads, starting from as low as 0.1 pips for major currency pairs.
• Leverage up to 1:500, enabling larger positions in the market.
• Access to popular trading platforms, including MetaTrader 4 (MT4).
• Multilingual customer support available 24/5 via phone, email, and live chat.
  

Drawbacks of Trading with Blammo:

• Lack of regulation, raising concerns for those prioritizing oversight and protections.
• Limited information about the company’s ownership and management.
• No negative balance protection, risking potential losses exceeding the initial deposit.
• No segregated client accounts, potentially exposing client funds to operational risks.
• Limited educational resources and research tools for skill enhancement.
• Inactivity fees for dormant accounts over a specified period.
  

Conclusion on Blammo

Blammo, despite offering a variety of trading instruments, competitive spreads, and high leverage, falls short in critical areas. The absence of regulation, limited transparency regarding ownership, and management, coupled with potential risks like the lack of negative balance protection and inactivity fees, raise substantial concerns for traders. Additionally, the broker’s limited educational resources and research tools may hinder the trading experience for those seeking skill enhancement. Traders should thoroughly evaluate the advantages and disadvantages before considering an account with Blammo, conducting meticulous research to ensure suitability for their trading needs and preferences.