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.